The European Union has moved to restrict imports of Chinese hybrid and electric vehicles by imposing a strict annual cap of 350,000 units.

Canadian Prime Minister Mark Carney has welcomed proposals for Canada to become an associate member of the European Union as trade tensions with the United States escalate.

A coalition of Canadian provincial leaders and business groups is pushing for a formal boycott of American products in response to looming 50 per cent trade tariffs. The proposal follows significant economic strain and political tension between Canada and the United States.

The U.S. will impose significant tariffs on generic drugs produced outside the country, providing a two-year window for firms to shift production stateside.

US markets closed higher as a surge in semiconductor shares countered concerns over Middle East tensions and Canadian trade tariffs. Investors are now shifting focus toward critical upcoming quarterly earnings reports.

President Trump has signed proclamations imposing 50 percent duties on a wide range of Canadian imports, marking a significant escalation in trade tensions. The move, invoking the Tariff Act of 1930, affects $20 billion in goods and impacts ongoing USMCA-related discussions.

President Trump threatened to impose tariffs on Canadian exports, citing 'willful negligence' regarding wildfire smoke affecting US air quality. Canadian officials rejected the accusations, noting the shared nature of the climate crisis and highlighting Canada's history of disaster aid.