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.
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US-Iran war: Latest news
US-Iran war: Latest news
Houston, 4 March (Argus) — A round-up of the latest Argus news stories focusing on the US-Israel and Iran conflict. TOP HEADLINES US ship insurance not enough for Hormuz US rationale for Iran attack evolves US denies push for Kurdish incursion into Iran LATEST NEWS Crude Goldman Sachs raises 2026, 2027 crude price forecasts Iraq cuts crude output following Hormuz disruption Mideast crude benchmarks hit four-year high US Gulf crude premiums near 6-year high on Iran war Refined products Central Atlantic gasoline stocks reach multi-year high USMC jet fuel prices rise to multi-week highs US-Iran war knocks RVO off 5-year highs US Gulf coast jet fuel prices hit 3-year high Hormuz squeeze prompts Australia demand in USGC Iran conflict has limited impact on EU MTBE, so far European jet values triple from all-time highs Freight USGC MR freight rates blast past all-time highs Record-high VLCC deals emerge in USGC No tankers crossed Hormuz on 3 March: JMIC Hormuz naval escort unlikely in the near-term: SSY NGL/Natural gas Turkey mulls back-up gas on potential Iran cut: traders Iraq hit by nationwide power outage Metals US scrap buyers brace for jump in aluminum premium Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US adds critical minerals to focus in Venezuela
US adds critical minerals to focus in Venezuela
Caracas, 4 March (Argus) — US interior secretary Doug Burgum is discussing mining and the critical minerals supply chain with Venezuelan officials in Caracas, the US embassy in Venezuela said today. Burgum is making contact with "US and Venezuelan businesses, and will work for a legitimate mining sector and safe value chain of critical minerals", the embassy said. The US has claimed management of Venezuela's major commodities in the wake of its arrest of former president Nicolas Maduro on 3 January. Burgum will visit for two days, and will also discuss general energy topics including oil, interim president Delcy Rodriguez said in a joint appearance with the secretary. Venezuela's government plans to soon present a legislative proposal to open its mining sector to more investment, similar to what it did recently in its hydrocarbons sector, Rodriguez said. Venezuela has said it has large untapped deposits of critical minerals, although specific data is limited. It has also struggled with widespread illegal mining and smuggling. Trump praised interim president Rodriguez, previously Maduro's vice-president, in a social media post on Wednesday, saying she is "working with U.S. Representatives very well". Venezuela continues to produce about 1mn b/d of crude, but Trump has vowed that US oil investment will soon boost output, adding that the "Oil is beginning to flow". By Carla Bass Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US court orders refunds on Trump's IEEPA tariffs
US court orders refunds on Trump's IEEPA tariffs
Washington, 4 March (Argus) — A federal court has ordered President Donald Trump's administration to begin processing refunds on tens of billions of dollars in emergency tariffs the US Supreme Court said last month were unlawful. US Customs and Border Protection (CBP) must recalculate final duties owed on "any and all" imported goods without including the tariffs that Trump imposed under law called the International Emergency Economic Powers Act (IEEPA), Richard Eaton, a judge on the US Court of International Trade, wrote in a three-page decision on Wednesday. Eaton, who said he is the only judge on the court hearing IEEPA tariff refund cases, said the Supreme Court's decision that struck down Trump's emergency tariffs should provide across-the-board relief, even to those that had not filed lawsuits. Thousands of companies have already filed lawsuits seeking refunds of the IEEPA tariffs, which collected an estimated $175bn from importers during the nearly one-year period when Trump had them in effect. "All importers of record whose entries were subject to IEEPA duties are entitled to the benefit of the Learning Resources decision," Eaton wrote, referencing the name of the Supreme Court's tariff ruling. The court's order does not explicitly lay out the refund process, but instead applies to customs entries that are "unliquidated" — those that are pending — and those that are liquidated but not yet final. The order, issued as part of a tariff refund lawsuit an air filtration product company filed less than a week ago, suggests that courts intend to move quickly on refunds after the Supreme Court's 6-3 ruling finding Trump had no authority to impose his emergency tariffs. Earlier this week, a federal appeals court denied a request by the Trump administration for a months-long delay in court proceedings over tariff refunds, allowing tariff lawsuits to resume in the Court of International Trade. Trump previously said the refund process might take "years" to resolve in court. The Trump administration told Eaton this week it was still considering "next steps" for the Supreme Court opinion, including the mechanics and "scope" of refunds. As of Wednesday, CBP said it had not paid refunds on any of the IEEPA tariffs. In a court filing earlier on Wednesday, the administration conceded that it would have to also pay interest on any tariff refunds it is required to make. The cumulative interest payments on the refunded tariffs could reach $700mn each month, according to calculations the think tank Cato Institute published this week. US senator Ed Markey (D-Massachusetts), in a letter on Wednesday to administration officials, said that the Trump administration's "dithering" on tariff refunds had created an opening for those on Wall Street to offer small companies with immediate cash needs "pennies on the dollars" to purchase their tariff refund rights. Further delaying tariff refunds would result in "more pain" for US companies and their customers, he wrote. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
No tankers crossed Hormuz on 3 March: JMIC
No tankers crossed Hormuz on 3 March: JMIC
New York, 4 March (Argus) — There was no tanker traffic through the strait of Hormuz on 3 March, the fourth day of fighting between the US, Israel and Iran, due to threats of attacks from Iran and satellite jamming, according to global maritime security partnership Joint Maritime Information Center (JMIC). That total on Tuesday compares to 50 tankers on 28 February, the first day of fighting, and three tankers each on 1 and 2 March, according to the JMIC in a notice shared by the United Kingdom Maritime Trade Operations. Cargo ship traffic dropped to only a single vessel on 3 March from 98 on 28 February, 18 on 1 March and seven on 2 March. The historical daily average for all vessels through the strait is about 138 ships, JMIC said. The notice, which was published by JMIC at about 12:27pm ET on 4 March, included four vessels in a list of confirmed vessel incidents from the "approximately past 24 hours". The containership Safeen Prestige was the only vessel with damage the JMIC did not describe as "minimal" and the only vessel that was located within the strait of Hormuz at the time of its incident. The Gold Oak dry bulker, anchored near Fujairah, sustained minimal damage. The tanker Libra Trade r also sustained minimal damage 10 nautical miles off the coast of UAE. "US and Israeli-affiliated or flagged vessels are advised to minimize time spent pier-side or at anchor within high-risk zones to reduce vulnerability of targeting," JMIC said. "Maintaining movement and avoiding predictable patterns remains critical for mitigating the risk of targeting strikes or collateral damage." Vessel tracking data and navigational tools within the region will likely become increasingly unreliable in the days to come with significant Global Navigation Satellite System jamming underway throughout the strait of Hormuz, Gulf of Oman and the Arabian Gulf, according to JMIC. "Observed impacts include positional offsets, Automatic Identification System anomalies and intermittent signal degradation," JMIC said. By Ross Griffith Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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