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Canada has announced C$27.6bn ($19.91bn) of counter-tariffs on U.S. imports in response to President Donald Trump’s latest trade measures, doubling existing duties on American steel and aluminum from 25% to 50% and introducing tariffs of between 15% and 50% on more than 700 other products, including fish, paper, cheese, furniture, clothing, appliances, and machinery. The measures, which take effect on 8 September, are intended to match the latest U.S. tariffs “dollar for dollar” and will cover goods representing around 7.3% of Canada’s total imports from the U.S. Ottawa has also unveiled C$7.5bn of additional support for workers and businesses affected by the escalating trade dispute, including C$1.5bn for small and medium-sized businesses, C$500m in loans, and a new C$2bn fund for companies developing “shovel-ready projects”, alongside C$3.5bn of expanded employment support. The retaliation follows the collapse of recent Canada-U.S. trade negotiations, while Mr Trump has threatened further tariffs on Canadian autos and steel from January.

 

National Post

Toronto Star

Washington Post

Wall Street Journal

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U.S. consumer confidence declined in August to its lowest level since the start of the year, as concerns about future business conditions, employment, and incomes outweighed improved perceptions of the current labor market. The Conference Board’s confidence index fell 0.8 points to 89.4, below economists’ median forecast of 90.2, while its expectations measure dropped to the lowest level since January. High gasoline prices, broader cost-of-living pressures, and slower hiring have weighed on households, although consumers’ assessment of present conditions rose to a four-month high, with more respondents saying jobs were plentiful and fewer reporting that jobs were difficult to find.

 

Bloomberg

Reuters

Wall Street Journal

In a 6,000 word essay on the impact of artificial intelligence, Microsoft co-founder Bill Gates has proposed the notion of "human reserved" jobs: occupations or tasks that society would deliberately keep for people even where AI could do them. “I like the phrase human reserved because it makes me think of nature reserves - places where we could put buildings and roads but we choose not to because the loss would be too great,” Gates wrote. “In health, for example, imagine a robot giving you the awful news that you have an incurable disease. There’s no technical reason why it couldn’t. Yet it shouldn’t.” He warned that “many jobs will disappear forever” but policymakers could “set aside certain things for only people to do.”

 

Axios

Financial Times

New York Times

The U.S. is beginning to send staff back to some diplomatic missions in the Middle East. Diplomatic posts in Lebanon, Israel, Saudi Arabia, and Baghdad will see staff return, with family members also allowed back in Riyadh. However, some embassies will operate at no more than 85% of their authorized staff levels initially. The return of personnel is expected to commence as early as this week, following the evacuation of staff after U.S.-Israeli strikes on Iran that began on February 28, said sources familiar with the matter. “Returning personnel to missions that were partly evacuated suggests the administration believes the war is winding down,” former U.S. ambassador to Israel Dan Shapiro told the New York Times.

 

New York Times

South China Morning Post

The Times of Israel

China's top legislature introduced a draft Anti-Cross-Border Corruption Law during the 24th session of the Standing Committee of the 14th National People's Congress. The law aims to enhance China's anti-graft legal framework internationally. It seeks to address issues including evidence collection and asset repatriation related to offshore financial crimes. According to state news agency Xinhua, the law, which codifies ten years of anti-corruption practices, will enrich the legal toolbox for handling foreign-related corruption cases and protect national interests. Chinese media outlet Caixin had earlier reported that the law will govern “compliance management and jurisdictional and procedural issues involving Chinese companies’ overseas branches and foreign businesses’ branches in China.”

 

Bloomberg

South China Morning Post

The Trump administration has paused all U.S. immigrant visa applications as the state department moves to tighten restrictions and limit access to applicants who it deems could become dependent on U.S. public benefits. A U.S. State ​Department spokesperson said that it had launched a global training initiative at ​all U.S. embassies and consulates worldwide and that appointments for visa services ⁠will be adjusted to accommodate the training. The department said the “in-depth training” for consular officers aimed to help them screen out applicants deemed likely to end up relying on U.S. assistance and to ensure the evaluation of visa applicants "comprehensively and consistently."

 

Financial Times

Reuters

The Guardian

Germany, Spain, Portugal, Italy, Poland, and Austria are calling for EU finance ministers to discuss an EU-wide mechanism for taxing oil companies’ windfall profits at their September 18-19 meeting in Dublin. The proposal comes after Iran’s blockade of the Strait of Hormuz contributed to a major energy supply shock and sharply higher fuel prices. Oil prices have risen about 25% since the U.S.-Israeli war with Iran began on February 28, while European diesel prices have climbed more than 70%, and gasoline prices have increased around 20%. The six countries argue that existing government measures have not done enough to contain costs for consumers and businesses, and that companies benefiting from the crisis should contribute to easing the burden. The ministers want any new framework to draw on lessons from the EU’s 2022 windfall tax measures, including examining how foreign profits generated by multinational oil companies could be captured more effectively.

 

Reuters

CFO turnover among America’s largest public companies is projected to reach 18.3% in 2026, according to Crist Kolder Associates’ midyear Volatility Report, which analyzed 665 Fortune 500 and S&P 500 companies. That would exceed the 18.2% recorded in 2020 and the 10-year average of 16%, although it would remain below the 19.3% recorded in 2019. Retirements, corporate turnarounds, and growing demand for finance leaders with AI expertise are among the factors contributing to increased movement. High-profile changes have included CFO transitions at AT&T, Caterpillar, Oracle, Nike, and Pfizer. Crist Kolder also found that incoming CFOs are getting younger, with the average age of newly appointed finance chiefs projected at 48 in 2026, compared with 52 in 2025. Sitting CFOs have an average tenure of 4.5 years, while only around 25% of new CFO appointments involve executives moving directly from another sitting CFO role, suggesting companies are increasingly drawing from younger, less experienced candidates.

 

Fortune

The League of United Latin American Citizens (LULAC) has voiced its concern regarding Paramount Skydance's proposed $111bn acquisition of Warner Bros. Discovery, warning that it could "crush Latino workers and small businesses that support Hollywood." In a letter to California Attorney General Rob Bonta, LULAC leaders Roman Palomares and Juan Proaño highlighted that the merger could lead to the loss of at least 4,500 jobs in Southern California. They said that "no state has more to lose from this disastrous merger . . . than California," and noted that Latinos account for 40% of the state's population. “There is a significant number of small businesses - Latino small businesses - and Latino residents, employees, and workers that support this industry,” Proaño said. “We've been invisible, we've been silent - but we wanted to make sure that LULAC is not silent in this moment.”

 

Los Angeles Times

The San Francisco Bay Area, once the heart of the tech industry, has been surpassed by New York in terms of the size of the tech talent workforce, according to a report from CBRE. New York's tech workforce reached 394,300, while the Bay Area's dropped to 375,730, marking a 6% decline from 2022 to 2025. Colin Yasukochi, executive director of CBRE's Tech Insights Center, observed: “The Bay Area is likely to remain . . . the central location for the AI industry and for innovation. But as we've seen during past cycles, as it tends to grow, that spreads out to all the key markets.”  The report also highlighted that 71% of adults believe AI will lead to fewer jobs in the U.S. over the next two decades.

 

Los Angeles Times

Amazon-owned Zoox has started charging passengers for rides in Las Vegas and is operating in San Francisco with purpose-built electric robotaxis that have no steering wheel, dashboard or pedals. The vehicles can travel in either direction, carry up to four passengers and represent the first commercial robotaxi service using a vehicle designed from the ground up without conventional driver controls. Amazon is betting on growth in the autonomous taxi market, which Goldman Sachs expects to reach nearly $19bn in annual sales by 2030, up from $376m last year. Zoox currently operates a fleet of about 100 vehicles, while its California factory has capacity to build as many as 10,000 a year. The company says fares are broadly comparable with premium ride-share options. Regulators have allowed Zoox to charge for rides using up to 5,000 vehicles over the next two years, although operations are restricted in heavy rain, snow, large amounts of leaves and on roads with speed limits above 45mph. Zoox has already logged more than 3m driverless miles and carried nearly 1m passengers.

 

Wall Street Journal

Retailers are reducing their plus-size clothing ranges as demand for larger sizes weakens, with industry experts pointing to the rapid adoption of GLP-1 weight-loss drugs as a likely contributor. About 21% of U.S. households now include a GLP-1 user. H&M has removed 3XL and 4XL from its U.S. assortment after saying demand was lower than expected, and data also shows fewer larger-size products at Aritzia, Mango, and Zara. The shift comes after years in which fashion brands expanded extended sizing as part of broader inclusivity efforts. Retailers have generally avoided directly attributing their decisions to GLP-1 drugs, instead emphasizing commercial considerations. Larger garments can cost more to manufacture and sell more slowly, making extended sizing a potential target as the industry contends with tariffs, weak consumer confidence, and tight margins. Specialist plus-size retailers are also under pressure. Torrid, which serves women in Sizes 10 to 30, announced plans to close more than 170 stores after comparable sales fell 7% in its latest fiscal year. Meanwhile, Destination XL's comparable sales declined 8% in fiscal 2025, and the retailer estimated that roughly a quarter of its customers were using weight-loss drugs, with some delaying clothing purchases as their sizes changed.

 

Bloomberg