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Trump slaps 50% tariffs on Canada and Carney vows to 'intensify' trade talks

Image source, ReutersByNadine Yousif, Toronto, Francisco Velasquez and Peter Hoskins, Business reportersPublished20 July 2026Updated 17 minutes agoUS President Donald Trump has imposed a 50% tariff on a wide range of goods imported from Canada, in retaliation for what he called "unequal treatment" of US cars, dairy and alcohol. Everyday consumer items like wine and hockey sticks and industrial goods such as cement are among the goods targeted. However, several key exports will be spared, such as energy, potash, critical minerals and fish. Prime Minister Mark Carney responded by saying Canada stood ready to "intensify" trade talks with the US in the coming weeks. The White House said the duties would take effect in 30 days. It marks a major escalation in trade tensions between the North American neighbours. These tensions have been simmering since Trump returned to office in January 2025 and unleashed a wide-ranging global programme of tariffs, sometimes to pursue objectives not directly linked to trade. Tariffs are taxes on imported goods that are paid to the government by companies bringing in the foreign products. The US Supreme Court ruled earlier this year that many of Trump's tariffs imposed globally under emergency powers were illegally enacted. But Trump has recently sought other legal avenues through which to enact his agenda, and his latest action on Monday night uses a different, obscure law that is untested in court. Canada, which is one of the US's closest trading partners, was one of the few countries to retaliate last year against Trump's tariffs. It placed a 25% levy of its own on about C$30bn (£16bn; $21.7bn) worth of US goods being brought into Canada. Carney later dropped some of them. A White House fact sheet published on Monday discussing the new tariffs said they applied regardless of whether the product was included under the existing free trade agreement between Canada, the US and Mexico, known as the USMCA. The US has been maintaining active tariffs ranging from 15% to 50% on Canadian steel, aluminium and copper. It also charges a 35% tariff on Canadian softwood lumber, alongside a 25% tax on non-US parts in cars.

Trump slaps 50% tariffs on Canada and Carney vows to 'intensify' trade talks
North America
CNBC Finance

Novo Nordisk sues Eli Lilly, alleging misleading GLP-1 advertising

Novo Nordisk on Tuesday filed a lawsuit against Eli Lilly, alleging that its advertising campaigns for its blockbuster obesity and diabetes drugs are designed to mislead consumers about their superior efficacy relative to the Danish drugmaker's rival injections. Novo is specifically taking issue with nationwide ads that cite what it called "outdated" clinical trials to compare the highest doses of Lilly's medicines to lower doses of Novo's drugs. For example, those campaigns don't include new evidence about Novo's recently approved high-dose version of its obesity injection, Wegovy, which entered the market in March and brings weight loss that's more comparable to Lilly's products. That "leaves them with the inevitable conclusion that Lilly's medicines are superior to Novo's, and that's not accurate," said John Kuckelman, Novo's group general counsel, in an interview on Monday. He said the suit comes after Lilly refused to pull down or correct certain ads despite a formal cease-and-desist request from Novo back in April. In the suit filed in the U.S. District Court for the District of New Jersey, Novo asked the court to permanently stop Lilly from running the ads and require the drugmaker to issue corrective advertising. Novo is also seeking financial damages, though it's unclear how much. The company said it has also warned Lilly that if the ads are not removed voluntarily, it plans to seek a preliminary injunction in the coming days to block them immediately while the case proceeds. The suit comes as Novo wages an aggressive battle against Lilly to regain market share in the GLP-1 space, positioning its new obesity pill, strategic price cuts and the new high-dose Wegovy to compete with its rival's top-selling obesity injection Zepbound and diabetes counterpart Mounjaro. In recent years, Lilly's medications have become the preferred treatments in the space among many providers and patients due to their high efficacy. But high-dose Wegovy, which showed an average weight loss of around 19%, is a direct answer to that. Novo said it is specifically bringing federal and state unfair competition and false advertising claims, including under the Lanham Act, which pharmaceutical companies have relied on in the past to hold competitors accountable for deceptive advertising. The suit alleges that Lilly's campaigns across television and social media are harmful because consumers often rely on advertising to form their understanding of GLP-1s, unlike healthcare professionals, who have access to the full scientific evidence available. "Lilly's advertising campaign deprives consumers of the truthful, current, and complete information they need to make informed decisions about their available treatment options," the suit said. The lawsuit cites a TV commercial presenting Zepbound and Wegovy in a direct side-by-side comparison, stating visually and verbally that patients on Lilly's drug lose 50 pounds on average compared to 33 pounds on the 2.4-milligram dose of Novo's treatment. That's based on a previous head-to-head clinical trial comparing the highest doses of Zepbound to the 1.7- and 2.4-milligram doses of Wegovy. But Novo said in the suit that a more recent study shows that the high-dose 7.2-milligram dose of Wegovy helped patients lose 47 pounds on average, which is "clinically consistent" with Zepbound's weight loss in Lilly's most recent rigorous trial on the drug. Novo said Lilly acknowledges the existence of that high-dose Wegovy in a "small footnote," but called it "ambiguous, confusing, virtually illegible, and wholly inadequate," as it does not communicate that it is significantly more effective than the lower doses of the drug.

Novo Nordisk sues Eli Lilly, alleging misleading GLP-1 advertising
North America
CNBC Finance

JetBlue wins Spirit slots at LaGuardia Airport, eyes move to Marine Air Terminal as airlines fight for space

JetBlue Airways has won Spirit Airlines slots at New York's LaGuardia Airport and is looking to move back into the failed budget carrier's old home, a major reshuffling at the congested airport less than three months after the discounter collapsed in the biggest U.S. airline failure in decades. The slots at the tightly controlled airport are for 12 round-trip flights and are still subject to final court and regulatory approvals, JetBlue said. Slots and gates are valuable in congested airports like LaGuardia because tight airspace restrictions and crowded airports in a big city like New York cap airline growth. Carriers have turned to using larger planes that fit more passengers to boost their capacity in some cases because infrastructure is so limited. JetBlue told staff in a note Monday, which was seen by CNBC, that it's now turning to "evaluating our plans for the slots as we consider opportunities for our network strategy" noting that any expansion won't happen until 2027. According to the note, JetBlue wants to move to Terminal A, also known as the Marine Air Terminal, an Art Deco facility that Spirit operated out of until it shut down in early May. JetBlue previously operated out of the space before relocating to a newer terminal years ago. "It's a convenient terminal travelers love," JetBlue said of the Marine Air Terminal. The New York-based airline, which is in the midst of a big expansion at Fort Lauderdale-Hollywood International Airport in Florida, last month said it would reduce its staffing footprint at LaGuardia and Newark Liberty International Airport in New Jersey and ramp up service in Fort Lauderdale. Spirit's airport assets are now winding their way through U.S. Bankruptcy Court in New York. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

JetBlue wins Spirit slots at LaGuardia Airport, eyes move to Marine Air Terminal as airlines fight for space
North America
CNBC Finance

What to know about testosterone replacement therapy as the U.S. military plans to test troops

Testosterone replacement therapy has shifted from the doctor's office to the center of a massive cultural phenomenon focused on performance, longevity and men's health. Now, the treatment is back in the spotlight after Defense Secretary Pete Hegseth announced last week that the U.S. military will begin testing service members' testosterone levels and make replacement therapy available to those who qualify, saying the goal is to help troops operate at their "absolute best." The effort also builds on a larger push by the Trump administration to promote and expand public access to testosterone replacement therapies, which are made by pharmaceutical companies such as AbbVie, Pfizer and Marius Pharmaceuticals. The announcement puts a new focus on a treatment that has grown increasingly popular in recent years, fueled by men's health clinics, telehealth companies and online influencers, who promote testosterone, or "T-maxxing," as a way to address fatigue, aging and declining performance. Health and Human Services Secretary Robert F. Kennedy Jr. has also touted testosterone therapy as part of his anti-aging regimen. Prescriptions rose from 7.3 million in 2019 to more than 11 million in 2024, according to healthcare research firm IQVIA. But there has long been a debate around the safety of taking synthetic forms of testosterone, the hormone that affects sex drive, mood and other health factors. While some research has shown benefits for patients who qualify, including improvements in bone density and muscle mass, questions remain about the therapy's long-term risks and its use among men without a clear medical need. The concern is significant: up to a third of men taking testosterone have never been formally diagnosed with testosterone deficiency and may not benefit from treatment, according to the American Urological Association. Physicians also stress that testosterone therapy is not a universal solution for low energy or normal aging. It is generally intended for men with clinically confirmed testosterone deficiency, and experts say determining who qualifies requires more than a single blood test — which appears to be the military's plan. Excess testosterone can also carry risks, including reduced sperm production. "I'm not saying that testosterone is bad. It is good for people that need it," said Dr. Adrian Sandra Dobs, an endocrinologist at the Johns Hopkins School of Medicine. "But to overreplace it – we have to be very careful about that." As testosterone therapy enters a new national conversation, here's what doctors say we know – and don't know – about its benefits, risks and who should consider treatment. Testosterone replacement therapy, which is commonly administered through injections, gels, implantable pellets and oral medications, is intended for a more narrow population than social media may suggest. Physicians say it's generally reserved for men with clinically diagnosed hypogonadism – a condition in which the body does not produce enough testosterone. That generally means persistently low testosterone levels alongside symptoms such as reduced sex drive, fatigue, erectile dysfunction, depressed mood, low bone density, or loss of muscle mass and strength.

What to know about testosterone replacement therapy as the U.S. military plans to test troops
Europe
The Guardian

Donald Trump to impose 50% tariff on most Canadian goods, White House says

Donald Trump at the White House in Washington DC on 14 July 2026. Photograph: Graeme Sloan/Pool/Graeme Sloan - Pool/CNP/ShutterstockView image in fullscreenDonald Trump at the White House in Washington DC on 14 July 2026. Photograph: Graeme Sloan/Pool/Graeme Sloan - Pool/CNP/ShutterstockTrump tariffsDonald Trump to impose 50% tariff on most Canadian goods, White House saysTurmoil likely as Trump officials say Canada unfairly discriminated against US autos, alcohol and dairy products Donald Trump is imposing 50% tariffs on most Canadian goods in response to the country retaliating against previous US tariffs, the White House announced Monday, declaring Canada has unfairly discriminated against American cars, alcohol and dairy products. The tariffs will hit a wide range of products, the White House said, including wine, hockey sticks and cement. They also include goods previously protected from import taxes under the United States-Mexico-Canada (USMCA) agreement. The new tariffs will exclude energy products, fish, critical minerals and potash. They also exclude products already subject to tariffs aimed at protecting national security, such as steel and aluminum. The steep tariffs will probably unleash a new wave of economic chaos, with risks of higher inflation and further fraying of relations between two nations that had been closely woven together before Trump’s return to the White House. The Canadian prime minister, Mark Carney, said in a statement that his government has made comprehensive proposals ‌to resolve trade disputes with Washington, asserting that Trump’s past tariffs violated ‌a trade pact between the two countries. “This trade dispute has raised costs for families, particularly in the US,” he said. “Canada stands ready to engage intensively to address outstanding issues with the US to the mutual benefit of our citizens.” The White House said the tariffs will go into effect in 30 days, leaving time for possible negotiations between the two countries. Trump signed three proclamations to launch the tariffs under Section 338 of the 1930 Trade Act. Several Democratic lawmakers last year proposed repealing the section because they said Trump could use it to destabilize the economy. A White House fact sheet claims Trump is “taking action to hold Canada accountable for its continued discrimination against and unreasonable and unequal treatment of U.S. commerce that has burdened and disadvantaged hardworking Americans”. Trump claims in the proclamations that Canada discriminates against American automobiles, alcohol and cheese relative to other nations, but his argument rests in large part on retaliatory actions taken by Canada after the US president imposed tariffs on Canada under the pretext that it should do more to stop fentanyl smuggling into the US. Trump noted in his autos proclamation that Canada maintained, starting in April 2025, a 25% tariff on the imports of US motor vehicles that did not qualify for preferential treatment under the USMCA.

Donald Trump to impose 50% tariff on most Canadian goods, White House says
Europe
BBC Business

UK complacent about war threat, warns defence boss

Image source, Getty ImagesBySimon JackBusiness editorPublished4 hours agoThe UK has been too complacent about the risk of foreign attack, the boss of Europe's biggest defence contractor BAE Systems has warned. Dr Charles Woodburn told the BBC in an exclusive interview that the level of threat was the highest he'd seen in his lifetime. He welcomed the recent boost to defence spending but said much more would be needed to hit the government's commitment to spend 3.5% of GDP on defence by 2035. He also warned we were not far from the use of autonomous lethal weapons by countries that may not follow the UK's policy of maintaining human control. In a rare interview, Woodburn told the BBC the reality of modern warfare had "changed quite profoundly" and that UK defence spending had to change with it. He said Russia and Ukraine had become "incredibly adept" at using autonomy in the form of drones and counter drones. "It's something that we now have to really understand and make sure that we're able to provide the capabilities that can counter that and deter aggression," he said. BAE Systems unveiled a life-size model of an unmanned fighter jet in front of the new Defence Secretary Wes Streeting at the Farnborough International Air Show. Four of these so-called Collaborative Combat Aircraft will accompany a manned fighter to massively increase firepower but at just 20% of the cost of a piloted aircraft. However, Woodburn said there was still a role for the traditional battleships and submarines that BAE has been manufacturing for decades. "If you look at what our adversaries are building, they're also building significantly large platforms - aircraft, ships, submarines. And they're supplemented by some of these unmanned capabilities." It is the combination of the two that has the "winning" formula, he said. It is hardly surprising that the boss of a defence company would like to see more defence spending. But Woodburn said the UK had been complacent for some time about the level of threat it faced - particularly from Russia.

UK complacent about war threat, warns defence boss
Europe
BBC Business

UK mortgage rates rise to highest level for a month

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished4 hours agoUK average mortgage rates have risen back to the level of a month ago as renewed tensions in the Middle East feed through to homeowners. Lenders' funding costs have increased as markets judge that a prolonged conflict reduces the possibility of interest rate cuts by central banks. The five biggest High Street banks are among a host of lenders which have increased their interest rates on new fixed deals in recent days. Recent projections by the Bank of England suggest just over five million homeowners should expect their monthly mortgage repayments to increase by the end of 2028. Mortgage rates had been falling as a ceasefire between the US and Iran initially appeared to hold. But fresh strikes and Houthi militia attacks on oil tankers in the Red Sea reignited fears over global energy supplies. Oil prices hit $100 a barrel for the first time since May on Thursday after several days of increases, stoking fears of higher inflation and a lower likelihood of interest rate cuts. The interest rate on this kind of mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it. The average rate on a new two-year fixed deal is 5.58%, according to financial information service Moneyfacts. Although it has risen consistently in recent days, it remains below the Iran war peak in April of 5.9%. A modern browser with JavaScript and a stable internet connection is required to view this interactive. The information you provided on your monthly payments would not be sufficient to pay off your mortgage within the number of years given. This calculator does not constitute financial advice. It is based on a standard mortgage repayment formula dependent on the mortgage size and length and a fixed interest rate. It should be used as a guide only and does not represent the suitability, eligibility or availability of mortgage offers for users. For exact figures, users will need to approach an official mortgage lender.

UK mortgage rates rise to highest level for a month
North America
CNBC Finance

The FDA made a big reversal in its cyclosporiasis probe, but it still thinks iceberg lettuce is to blame

The Food and Drug Administration's reversal on a key piece of its cyclosporiasis investigation has sparked confusion in the U.S., but the agency said Monday that it has not changed its main conclusions about the outbreak. The agency said Sunday a test that indicated a sample of iceberg lettuce supplied by Taylor Farms de Mexico carried the cyclospora parasite was a false positive. However, that only applies to one specific shipment of lettuce supplied by the company, which the agency does not believe was the vehicle that sickened more than 1,600 people and potentially thousands of others. In a Monday clarification, the agency said its false positive does not change its prior conclusion that the outbreak is linked to shredded iceberg lettuce from central Mexico supplied by Taylor Farms, which was also served at some Taco Bell locations. The agency is still advising Americans not to eat recalled iceberg lettuce. "FDA's traceback investigation and outbreak data continue to converge on shredded iceberg lettuce from Taylor Farms locations in central Mexico," it said in a statement. "FDA will continue to work with federal and state partners to investigate this multistate outbreak and ensure products implicated in this outbreak have been removed from the market." Investigators are continuing to examine what exactly caused the outbreak, which can lead to symptoms similar to a bad stomach bug for days or even weeks. CNBC has reached out to the FDA for details on the next phase of the investigation, including whether additional ingredients or suppliers are under scrutiny and whether the agency expects to issue further guidance. The agency has not yet responded. The false positive test comes as the developing investigation creates uncertainty for both consumers and the food industry. While the FDA has said not to eat iceberg lettuce from Taylor Farms, some diners have stayed away from salads altogether as the number of cases rises. "Unfortunately, this latest development may add further confusion to what has already been a complex situation for consumers," said Frank Yiannas, former deputy commissioner of food policy and response at the FDA. Though industry analysts do not expect the outbreak to have a long-term impact on Taco Bell or other restaurant chains, it could at least temporarily hit sales, based on foot traffic data, and cause a one-to-two quarter hit for companies linked to it. Foot traffic at Taco Bell sank roughly 19% on Friday compared to the day-of-the-week average so far this year, according to data from research firm Placer.ai. In foodborne outbreak investigations, a false positive can happen when an initial screening signal isn't reproduced during confirmation testing. Some doctors have pointed out that cyclospora is particularly challenging to recreate in the lab. But it has not caused a shift in how public officials view the root of the outbreak. The Department of Health and Human Services in Michigan, where the outbreak has seen explosive growth, says it continues to recommend that people purchase whole heads of lettuce rather than pre-washed, bagged or pre-mixed salad kits. The agency added that based on interviews with more than 2,000 infected patients, many of them did not report eating lettuce at a restaurant, though they frequently said they ate the leafy green in some setting.

The FDA made a big reversal in its cyclosporiasis probe, but it still thinks iceberg lettuce is to blame
North America
Yahoo Finance

Nasdaq, Dow, S&P 500 Futures Edge Higher Ahead Of Key Earnings Week Even As Middle East Tensions Continue: DJT, NVDA, SLS, PANW Stocks In Focus

U.S. stock futures climbed higher in the overnight session late Sunday ahead of a key earnings week, even as the conflict between the U.S. and Iran escalated over the weekend. Nasdaq-100 futures climbed 0.45%, Dow futures were up 0.04%, and S&P 500 futures rose 0.14% at 9:11 PM EDT. All three benchmark indexes closed lower on Friday amid a selloff in chip stocks and growing concerns over AI spending. The Nasdaq Composite led the declines, shedding more than 360 points to close 1.40% lower. The S&P 500 was down 1.01%, while the Dow closed 0.77% lower. The Nasdaq, S&P 500 and Dow indexes also posted the worst week this quarter, tumbling nearly 3%, 1.55% and nearly 1%, respectively. Additionally, the VanEck Semiconductor ETF (SMH) tumbled nearly 9% last week as Taiwan Semiconductor’s capex hike weighed heavily on chipmakers. Chief market technician at BTIG, Jonathan Krinsky, said semiconductor companies could slip even further from here. “They could certainly bounce here in the short term, but we don’t see signs of (any) kind of that real big washout that you’re looking for,” Krinsky told CNBC on Friday. U.S. markets recovered overnight ahead of Monday, as investors watch for key earnings results this week. Two “Magnificent Seven” members, Alphabet Inc. (GOOG, GOOGL) and Tesla Inc. (TSLA), are slated to report their second-quarter (Q2) results on Wednesday. Meanwhile, chip giant Intel Corp. (INTC) will also report its Q2 results later this week, on Thursday. Meanwhile, tensions in the Middle East escalated over the weekend, with the U.S. launching its ninth consecutive strike on Iran late Sunday. “CENTCOM began conducting a new wave of strikes against Iran at 7 p.m. ET today for the ninth consecutive night. The strikes will continue degrading Iranian military capabilities used to attack commercial vessels and civilian mariners transiting the Strait of Hormuz,” the U.S. Central Command said in a post on X. Over the weekend, a third U.S. service member died in the recent conflict in the Middle East. After initially reporting two deaths and one missing service member following an Iranian attack in Jordan on July 17, CENTCOM said that U.S. forces later confirmed the death of the third member. Iran’s Deputy Foreign Minister Kazem Gharibabadi said in a post on X, “The U.S. attack on the under-construction facilities of the Darquoin power plant is a dangerous assault on Iran's peaceful infrastructure and fully implicates the U.S. government in the consequences stemming from heightened insecurity and instability. Iran, while issuing a resolute condemnation of this aggression, will take appropriate measures to defend its national interests and security.” Meanwhile, oil prices soared amid the flare-up of conflict between the two nations, rising above $90 a barrel.

Nasdaq, Dow, S&P 500 Futures Edge Higher Ahead Of Key Earnings Week Even As Middle East Tensions Continue: DJT, NVDA, SLS, PANW Stocks In Focus