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Global equities plunged Friday after Democratic victories raised fears of tighter AI rules, sending the Nasdaq down 5.5% and erasing $2.5 trillion in market value; US futures rebounded modestly while SpaceX and Tesla shed over $420 billion and South Korea’s GOPAX suspended trading after hacking threats.
Diesel prices near all-time highs after Russian and Middle East supply losses from the Iran conflict are fueling US political debate over an export ban, emergency reserve releases by the G7 and IEA, and record Brazilian oil sales to China.
Brent and WTI crude both topped $100 a barrel Friday amid Red Sea and Strait of Hormuz attacks, pushing U.S. diesel above $6 a gallon for the first time as OPEC cut its demand forecast.
U.S. diesel prices crossed $6 a gallon for the first time amid supply squeezes from the U.S.-Iran war and attacks on Russian refineries, while Argentina reported its lowest monthly inflation in 14 months at 1.7 percent in August.
Canada announced retaliatory tariffs on over 700 U.S. goods worth 27.6 billion Canadian dollars and a 7.5-billion-Canadian-dollar support package for businesses and workers in response to U.S. tariffs.
Canada will impose retaliatory tariffs on $20 billion of US products effective September 8 after Prime Minister Mark Carney rejected what he called an unfair US offer, escalating a trade war that threatens higher prices and job losses.
US small businesses filed a lawsuit challenging President Trump’s new forced labour tariffs on 60 economies that took effect after stopgap levies expired, drawing objections from Australia, Japan, New Zealand, the EU and others.
The United States implemented new 10-12.5% tariffs on imports from 60 countries including Switzerland, the EU and China on Friday, replacing an expiring temporary global tariff and citing insufficient action against forced labour in global supply chains.
The United States imposed 10-12.5% tariffs on 60 countries under Section 301 over forced labor enforcement failures, replacing expiring temporary levies after a Supreme Court ruling.
The United States announced new 10-12.5% tariffs on 60 trading partners effective Friday, replacing expiring temporary levies imposed after a Supreme Court ruling, citing forced labour concerns.
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