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Canada is preparing for new 50% U.S. tariffs on nearly $20bn of goods from Wednesday as negotiations with Washington remain far from an agreement, raising concerns over further job losses and weaker investment. The duties will cover products including wine, furniture, dairy, cement and clothing, affecting about 5.2% of the $383bn of U.S. goods imports from Canada in 2025, and will apply even to products qualifying for preferential treatment under the U.S.-Mexico-Canada Agreement. Auto tariffs and Canada’s dairy system remain key sticking points in wider negotiations, while businesses have warned that a 50% levy could make some Canadian products uncompetitive in the U.S. and particularly hurt smaller exporters. The dispute also threatens to complicate the future of the USMCA after President Donald Trump declined to extend the agreement for another 16 years, leaving it subject to annual reviews.

 

US News and World Report

Personal information belonging to nearly 14,000 customers of hardware crypto wallet provider Trezor has been exposed following a data breach at one of its shipping providers, potentially increasing the risk of phishing, fraud, and physical attacks against digital asset holders. The breach exposed the names, addresses, phone numbers, and email addresses of 11,742 customers, while the names, cities of residence, and emails of another 1,947 customers were compromised. The affected customers are in the U.S., U.K., Sweden, Colombia, Brazil, Italy, and Portugal, and received their devices between May 10th and August 8th. The incident is the second security problem involving hardware, or “cold,” wallets in two weeks. More than $100m was stolen from Coldcard wallet holders on July 30th after a vulnerability resulted in private keys being generated without sufficient security, highlighting how self-custody can shift rather than eliminate risks for crypto investors.

 

Bloomberg

Financial Times

The Trump administration is imposing tariffs of up to 100% on imported drones and components as it seeks to reduce U.S. reliance on foreign suppliers, particularly China. Drones weighing more than 25kg or possessing sensitive capabilities will face the highest rate, while smaller drones and many components will attract 25% duties. Lower rates will apply to some trading partners, including 15% for the EU, Japan, Switzerland and Taiwan, and 10% for the U.K. The measures follow earlier restrictions on foreign-made drones and come as China tightens scrutiny of drone-related exports to the U.S. Analysts said the measures could accelerate a broader decoupling of U.S. and Chinese drone supply chains.

 

Bloomberg

The Securities and Exchange Commission has been urged to reconsider a proposal to scrap a longstanding rule requiring the execution of stock trades at the best available price. Citadel Securities said the regulator's proposal could divert trading from public exchanges, ​harm retail investors and reduce market liquidity. "We urge the Commission ​to reconsider this Proposal, including the far less risky alternative of imposing a minimum volume threshold for exchanges to receive ​protected quote status," the market-making firm said.

 

Reuters

A correction in U.S. technology stocks is likely and could threaten the financial stability of the Eurozone, according to a blog post by a team of European Central Bank economists. "Economic research on past technological revolutions points to a worrisome ​conclusion: a correction of current stock market valuations is likely," ⁠said the post, which added that even if AI does live up to expectations and profits rise, stocks may still fall because it is ​hard to fulfil markets' excessively optimistic profit growth bets.

 

Financial Times

Reuters

Newly confirmed Attorney General Todd Blanche has faced scrutiny during an interview on NBC's “Meet the Press” regarding his independence from the White House. Blanche refrained from saying that he would always act independently, but said that President Trump has “never” asked him to prosecute specific individuals. “The president will never ask me to do something unethical or legal or illegal,” Blanche told NBC host Kristen Welker. “He never has. He never will. And no, I have – I swore to the constitution of the United States, like every cabinet secretary has done, and like every attorney general before me has done. And so, this narrative that’s mostly pushed by the left and pushed by the media that the president’s going to pull me aside and ask me to do something illegal is completely a false narrative, not true, will not happen and hasn’t happened.”

 

Forbes

Boston Globe

The Guardian

Two media entities have sued President Donald Trump over his social media platform’s $100,000-a-month program that offers paid early access to his Truth Social posts. The lawsuit, filed in the U.S. District Court for the Southern District of New York by nonprofit newsroom The Intercept and the Freedom of the Press Foundation, alleges the practice “is extraordinary, corrupt, and unconstitutional.” The plaintiffs also say the program violates their First Amendment rights to access presidential statements “on equal terms with other members of the press and public.”

 

Politico

Reuters

The Guardian

A Wyoming woman alleges in a federal lawsuit that her stepfather used the Grok chatbot to transform a childhood photo of her into child sexual abuse material. The woman has joined a lawsuit filed by three Tennessee teenagers against Elon Musk's xAI over the role the company's chatbot allegedly played in creating child sexual abuse material. “Limitless access to these tools is spreading so quickly,” said the woman. “It is taking everyday life and turning it into child sexual abuse.”

 

Techcrunch

Washington Post

Workers at the Cargill plant in Fort Morgan, Colorado, have voted to approve a new contract, bringing an end to a labor dispute that had dragged on for three months. More than 1,700 union employees were locked out of the beef processing facility in May. Cargill said it had made the decision to lock the doors after the union voted against their latest contract offer and amid concerns about a possible strike. Employees, who said they felt like the move was a punishment for asking for better wages, have now voted overwhelmingly to accept a contract proposal from the company that they had previously rejected. Dean Modecker of the Teamsters Local 455 union said: "It's not ​the deal that we were hoping to get . . . But to be fair, our people work for a ‌living ⁠and they don't know anything else. We were getting worried just like anybody else."

 

CBS News

Reuters

Rebel Creamery, which sells its low-carb Rebel Ice Cream through major U.S. retailers including Walmart, Target, and Kroger, has filed for Chapter 11 bankruptcy protection as it seeks to restructure its debts following a $23.8m judgment in a trademark dispute. Rival ice cream brand Van Leeuwen sued Rebel in 2021, alleging trademark infringement and copied branding, with a court subsequently ordering Rebel to redesign its packaging and awarding Van Leeuwen $23.8m in disgorged profits. Rebel’s bankruptcy petition lists both assets and liabilities of between $10m and $50m.

 

Cincinnati Enquirer

A CNBC Generation Lab poll has found 46% of Americans aged 18-34 view democratic socialism favorably, compared with 23% unfavorably. Nearly 80% were negative about the U.S. economy, with housing and secure employment among the biggest financial pressures. Meanwhile, 45% expect AI to negatively affect their careers, most favor regulation, and large majorities distrust leading technology executives to act responsibly on AI.

 

CNBC

The U.S. recall of products containing salmonella-linked jalapeños has expanded, with NatureBest Precut & Produce and Whole Foods Market joining earlier recalls affecting dozens of products sold through major retailers including Walmart, Target, Kroger, and Trader Joe’s. The contamination has been traced to fresh jalapeños grown in Sinaloa, Mexico, and imported by Coast Citrus Distributors, with investigators identifying a single grower as the source. As of 5 August, the outbreak had infected 345 people across 27 states and resulted in 36 hospitalizations, although no deaths have been reported. Early cases were largely linked to Mexican-style restaurants, including Chipotle and QDOBA, but both chains stopped serving the affected peppers in late July and are no longer considered an ongoing risk.

 

US News and World Report