The US will impose a 35pc tariff on all imports from Canada effective on 1 August, President Donald Trump said in a 10 July letter to Canadian prime minister Mark Carney. The letter, which Trump posted on social media, noted that Canada previously planned retaliatory tariffs in response to the US' first tariff threats in the spring. He repeated his earliest justification for the tariffs — the illegal smuggling of fentanyl into the US from Canada — and said he would consider "an adjustment" to the tariffs if Canada worked with him to stop that flow.
Related news posts
US sheds 23,000 jobs in July, revisions lower
US sheds 23,000 jobs in July, revisions lower
Houston, 7 August (Argus) — The US unexpectedly shed jobs in July and revisions halved gains in the prior two months, suggesting the labor market is weakening in the face of uncertainty spawned by rising energy costs linked to the Mideast Gulf war. The US unexpectedly lost 23,000 non-farm jobs in July, the Labor Department reported. That compared with a median average of about 80,000 job gains expected by economists surveyed by Trading Economics. Job gains in June were revised down to 20,000 from an initially reported 57,000, with May revised lower to 63,000 from an initially reported 129,000, for combined downward revisions of 103,000. "Looking ahead, we expect businesses to remain cautious about hiring in response to higher energy prices and uncertainty about how AI will affect staffing needs," Pantheon Macroeconomics said in a note. Total nonfarm employment averaged growth of 34,000/month for the 12 months prior to July. Average hourly earnings increased by 3.2pc in the 12 months to July, slowing from 3.4pc in June. The unemployment rate ticked lower to 4.1pc in July, the lowest since June last year, from 4.2pc the prior month. Retail trade lost 19,000 jobs in July, including 5,000 losses at gasoline stations and fuel dealers. Financial activities lost 14,000 jobs, and is down by 121,000 since a recent peak in May 2025. Health care added 22,000 jobs. Government jobs lost 53,000, partly reflecting lost teaching jobs as the school year ended. Following the report, odds of a quarter point Fed rate increase at the September meeting fell to 44pc in the CME's FedWatch tool from 55pc the prior day. The Fed has signaled it might hike rates to bring down inflation but signs of mounting labor market weakness could prompt it to hold longer. The report "is another nudge for the Fed to keep policy on hold for an extended period as inflation stemming from higher oil prices, tariffs and the AI buildout fades," Oxford Economics said in a note. Manufacturing added 5,000 jobs while construction added 22,000 jobs. Mining and logging shed 2,000 jobs. Transportation and warehousing added 9,700. Leisure and hospitality lost 40,000. The labor force participation rate, which tracks those employed and those actively seeking work, ticked lower to 61.4pc, the lowest since the Covid pandemic. The lower rate reflects rising retirements and discouraged workers. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Saudi Arabia, Turkey and Pakistan sign defence pact
Saudi Arabia, Turkey and Pakistan sign defence pact
London, 7 August (Argus) — Saudi Arabia, Turkey and Pakistan signed a joint defence pact in Mecca today. The agreement aims to "strengthen collective defence" and "stipulates that any armed attack against any one of the three states shall be regarded as an attack against them all", according to a joint statement. The deal follows a period of heightened instability in the Middle East centred around the US-Iran war. Saudi territory, including its oil and gas assets, has been repeatedly attacked by Iran and Iran-backed groups in Iraq and Yemen since the start of the war. It remains unclear what the defence pact commits the three states to in the event of any attack. Turkey was also targeted in the war's early stages. The agreement aligns three Sunni-majority Muslim countries closer together, with each bringing different strengths. Saudi Arabia is Opec's leading member and one of the world's largest oil producers, giving it significant financial power. Turkey has Nato's second largest army and has developed a strong defence industry in recent years, while Pakistan is the world's fifth most populous country and has nuclear weapons. Some analysts see the emerging alliance as a reaction to destabilising moves in the region by the US and Israel on the one hand and Iran and its proxies on the other. It follows an earlier defence pact signed between Saudi Arabia and Pakistan in September. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
UAE’s Adnoc expands tanker fleet in $1.3bn deal
UAE’s Adnoc expands tanker fleet in $1.3bn deal
Dubai, 7 August (Argus) — Abu Dhabi state-owned Adnoc's logistics arm has agreed to acquire 11 tankers for $1.3bn, expanding its crude and LPG shipping capacity as the UAE prepares for higher oil and gas exports. The acquisitions comprise six very large crude carriers (VLCCs), each capable of carrying around 2mn bl of oil, and five very large gas carriers (VLGCs). The additions will increase Adnoc Logistics and Services' crude tanker fleet to 14 vessels and its gas fleet to 12. Nine of the vessels were acquired on the secondary market and are due for delivery this quarter, with two newbuild VLGCs acquired through a Chinese shipyard due to follow in the fourth quarter. The VLCC acquisitions come as Adnoc prepares for higher crude exports, with the UAE targeting oil production capacity of 5mn b/d by 2027. They could give the company greater control over deliveries at a time when the US-Iran conflict has disrupted traffic through the strait of Hormuz and tightened tanker availability. Adnoc's 1.8mn b/d Adcop pipeline running from Habshan to Fujairah has provided a partial bypass of the strait since the war began. The company plans to expand the pipeline's capacity to around 3.3mn b/d by 2027, freeing up more crude for export from Fujairah. The latest acquisitions extend a rapid expansion of Adnoc's shipping business. Last month, Adnoc Logistics and Services ordered four LNG carriers worth about $900mn ahead of the planned 2028 start-up of Adnoc's 9.6mn t/yr Ruwais LNG export terminal. The company also added 32 tankers to its fleet through last year's $1.04bn acquisition of an 80pc stake in Navig8. By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump promises Hormuz deal 'soon'
Trump promises Hormuz deal 'soon'
Washington, 6 August (Argus) — President Donald Trump again said on Thursday that a deal to reopen the strait of Hormuz to navigation is imminent, even though Tehran appears to be insisting on major concessions from Washington. "I am involved in the negotiations," Trump told reporters at the White House, adding that "we're doing fine" and that a deal could be concluded "very soon". Trump may have been referring to the dialogue between Iran and Oman when he began on 2 August to reference ongoing talks with Iran that he said would result in reopening Hormuz within a day or two. Iran and Oman are close to issuing a joint statement specifying "geographical co-ordinates" of a safe transit route through Hormuz, Iran's foreign ministry said on Wednesday. But Tehran is demanding the lifting of the US blockade and other concessions from Washington. The deal with Oman "by itself would not make Hormuz safe for transit", Iran's foreign ministry said. The US naval blockade remains in place, and the strait of Hormuz is "sort of open right now", Trump said on Thursday. But he acknowledged that threats posed by Iran are deterring many shippers from using the Mideast Gulf waterway. "We control it, but they can always shoot something, or drop a mine, and if you have one mine sitting out there, you sort of mess things up because people don't want to take their billion-dollar boats and accidentally get hit by a mine," he said. Trump, who has been expressing unease about elevated energy prices, said on Thursday that "oil prices now are coming down very rapidly, it's down to $75/bl". September Nymex WTI rose by $2.07/bl to $77.29/bl on Thursday, bouncing higher after steep losses earlier in the week. Vessel traffic through the strait of Hormuz on Wednesday remained confined mostly to the Iranian-favored northern traffic lane, with maritime security firm Windward recording nine inbound transits and 11 outbound transits, with two transits in both directions taking place on the US-supported southern traffic lane along the coast of Oman. Iran continues to exert pressure on commercial shipping through the strait by attacking intermittently and by issuing warnings to vessels. A tanker transiting north toward the strait of Hormuz on Wednesday reported two loud explosions in its vicinity, leading it to alter its course and abort transit, according to the UK Trade Maritime Operations (UKTMO). Iran's forces on Thursday confronted "hostile enemy targets" near the Qeshm island in the strait of Hormuz, said Iranian news agency Tasnim, which is tied to the Islamic Revolutionary Guards Corps. The report did not detail whether any vessel came under attack. The Iranian claim has not been independently verified. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Business intelligence reports
Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.
Learn more