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(WASHINGTON) — Ontario Premier Doug Ford expressed firm opposition to President Donald Trump’s tariffs on Canada this weekend, saying that the result of a trade war could be harmful to both countries.

“Everyone’s feeling bullied by President Trump, and this is the worst thing you could do for the American economy,” Ford told ABC News’ “This Week” co-anchor Martha Raddatz. “I just don’t see the purpose. It’s absolutely backwards.”

The U.S. and Canada — two usually close allies — are once again locked in a trade war. Trump announced he would add 50% tariffs to many Canadian goods after trade talks between the two countries fell apart. Canada responded, adding retaliatory tariffs on many U.S. goods starting Sept. 8.

The U.S. and Canada have long had a strong trade relationship, as the U.S. is Canada’s largest trading partner. More than 70% of total exports in Canada go to the U.S., and nearly 60% of imports to Canada come from the U.S.

One big reason for the trade deficit is oil: of the crude oil the U.S. imports from other countries, 60% comes from Canada, Prime Minister Mark Carney said.

But over the weekend, the U.S. and Venezuela reached a deal for the U.S. to take a majority stake in more than 65 billion barrels of Venezuelan oil reserves.

Raddatz asked Ford about the deal and whether it gives the U.S. leverage.

“Canada makes up 60% of the United States’ crude oil imports. Does this give him a bigger bargaining chip?” Raddatz asked.

“Well, you know something? That’s going to be up to President Trump. Who do you want to deal with? An unstable government like Venezuela, or do you want to deal with your #1 trading partner, your #1 ally?” Ford said. 

Last week, Trump also said he would double the auto tariffs on Canada starting Jan. 1, 2027, writing on social media that “Canada will be treated like a state no longer.”

Ford said that if the auto tariffs were doubled, the result would be “devastating” for both countries.

“It’d be devastating on both countries, but it’d be definitely devastating on the U.S. We’re the largest purchaser of vehicles in the entire world off the U.S. … and they’re already seeing the effect,” Ford said. “A tariff on Canada is nothing more than a tax on American people, and it’s probably the worst move he could ever do.”

Since the trade war began, the attacks and insults have extended beyond trade. After bashing Canadian leaders on social media, Trump signed an executive order last week renaming Lake Ontario — one of the five Great Lakes which is in both the U.S. and Canada — as “Lake America.” Ford called that move “disappointing.”

“It was like something out of ‘Saturday Night Live’ when he signed documents saying change to Lake America. No one’s going to call it Lake of America. It’s been Lake Ontario for hundreds of years. It’s going to continue being Lake Ontario, and it’s just so, so disappointing,” Ford said.

Despite the back-and-forth criticism, Ford made it clear that he loves the American people, just not their government.

“I love the American people. Canadians love the American people,” Ford said. “We differentiate between the great American people and the president.”

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(WASHINGTON) — President Donald Trump has formally signed a proclamation temporarily lifting tariffs on some foreign imports of beef beginning Sept. 1, despite the firestorm of backlash he has received from farmers and Republican lawmakers over the action. 

This action only applies to lean beef trimmings “to combine with U.S. beef” for ground beef, the White House said. These meat parts already entered the U.S. at a low tariff, but this action expands the amount to 300,000 metric tons.

The proclamation does not specify any countries by name that this action applies to — something the administration has been tight-lipped about. 

On Tuesday, Agriculture Secretary Brooke Rollins was asked in an interview where the U.S. is importing this beef from.

“I am actually not part of any of those conversations, so I am not sure what that looks like,” she said, deferring to the U.S. Trade Representative.

But the proclamation does specify that it does not apply to countries with existing country-specific beef quotas, and it does not modify preexisting beef commitments for countries with a free trade agreement with the U.S.

The proclamation said the temporary tariff pause “encourages” beef to be sold at a 25% discount. Trump suggested the possibility of ending the action early if the companies do not follow through in lowering the price of beef.

“If the action taken in this proclamation does not result in a lower sale price of imported ground beef, I may end the action taken in this proclamation in order to, among other things, prevent a windfall to foreign producers,” he wrote in the proclamation.

The president initially announced this move last Friday, touting it as an effort to lower beef prices in the U.S. This comes as midterm elections are around the corner, with grocery prices top of mind for voters. But it prompted swift backlash from farmers, ranchers and Republican lawmakers who argue that it hurts the domestic agriculture industry and undercuts American beef production. 

Montana Republican Sen. Tim Sheehy criticized the administration’s decision and said he even advised the president against it.

“I’ve advised President Trump against this course of action for a year because American ranchers have been struggling against the packer monopoly for decades, and this will further harm them – most of whom are MAGA Republicans,” Sen. Sheehy posted on social media.

Wyoming Republican Senate Majority Whip John Barrasso also expressed his disapproval for the plan, saying on social media that “Americans want US beef on the table – not foreign imports.”

“It needs to be easier – not harder – for Wyoming ranchers to feed America. I will continue to fight for policies that strengthen Wyoming beef producers and invest in the American cattle herd,” he added. 

In addition to this proclamation, the Trump administration is considering a rollout of separate policy changes sought by the beef industry in an attempt to allay some criticism from ranchers and Republican lawmakers, a source familiar with the discussions told ABC News.

The administration has repeatedly stressed that this beef import plan is short term and will only be in effect for 90 days, which will not officially begin until Sept. 1.

The 300,000 metric tons of imported lean beef trimmings that are facing tariff relief are expected to be delivered in three 30-day tranches.

ABC News’ Soo Youn contributed to this report.

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(NEW YORK) — The state of Connecticut sued Kalshi on Thursday to block alleged unlicensed sports gambling offered by the online betting platform, the Office of the Attorney General said.

This is a developing story. Please check back for updates.

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(NEW YORK) — Nvidia surpassed Wall Street expectations for revenue over a recent three-month period, the company said on Wednesday, demonstrating strong performance as a data center boom drives demand for the company’s advanced artificial intelligence chips.

The California-based company recorded $96.2 billion in sales over three months ending in July, which beat a Bloomberg forecast of $92 billion. The jump in revenue marked 106% growth compared to the same quarter a year earlier.

In recent years, Nvidia has defied skeptics with blockbuster revenue quarter after quarter, despite political backlash against data centers and looming concern about a financial bubble in AI.

Rip-roaring growth transformed Nvidia from an ascendant AI player into the world’s most valuable company.

The results hold implications well beyond Nvidia. Many analysts view the company as a bellwether for the stock market and the overall economy, which have both come to rely in part on massive spending on AI.

As big-tech names spend hundreds of billions on chips and data centers necessary for the energy-intensive technology, however, the financial benefits remain uncertain.

The earnings reported by Nvidia offered a gauge of demand for a key building block of AI, showing whether appetite for the technology remains at a fever pitch.

Before the earnings report, Karan Girotra, a professor of operations, technology, and innovation at Cornell Tech, said investors would watch whether the company has retained its dominance in chip manufacturing.

As opposed to the highly competitive markets for AI models and enterprise products, the chip sector has given way to a clear winner.

Nvidia “does not face a serious challenger at its layer of the stack and is probably the best chance for public market investors to profit from the AI boom,” Girotra said.

Fears of an AI bubble persisted ahead of Nvidia’s previous earnings report, but the company rebuked naysayers. Nvidia recorded $81.6 billion in sales over three months ending in April, which beat analyst expectations of $79.2 billion. The jump in revenue marked 85% growth compared to the same quarter a year earlier.

Despite Nvidia’s continued expansion, investors have proven jittery in recent months. Shares have climbed 13% so far this year after soaring nearly 39% in 2025.

The company boasts a market cap of $5.1 trillion, making it roughly equivalent to the GDP of Japan or Germany. Nvidia expanded at a breakneck pace after an AI craze set off by the release of OpenAI’s ChatGPT in 2022, soaring nearly 700% over the ensuing two years.

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(NEW YORK) — Nvidia is set to report earnings on Wednesday as a data center boom drives demand for the company’s advanced artificial intelligence chips, despite political backlash and looming concern about a financial bubble.

In recent years, the California-based behemoth has defied skeptics with blockbuster revenue quarter after quarter.

Rip-roaring growth transformed Nvidia from an ascendant AI player into the world’s most valuable company. Investors will be eager to see whether the firm continued to deliver staggering revenue gains over the three months ending in July.

The results hold implications well beyond Nvidia. Many analysts view the company as a bellwether for the stock market and the overall economy, which have both come to rely in part on massive spending on AI.

Nvidia is expected to report second quarter revenue of $92 billion, which would amount to a 96% jump from the same period a year earlier, Bloomberg estimates showed.

As big-tech names spend hundreds of billions on chips and data centers necessary for the energy-intensive technology, however, the financial benefits remain uncertain.

The earnings reported by Nvidia will gauge demand for a key building block of AI, showing whether appetite for the technology remains at a fever pitch.

Before the earnings report, Karan Girotra, a professor of operations, technology and innovation at Cornell Tech, said investors would watch whether the company has retained its dominance in chip manufacturing.

As opposed to the highly competitive markets for AI models and enterprise products, the chip sector has given way to a clear winner.

Nvidia “does not face a serious challenger at its layer of the stack and is probably the best chance for public market investors to profit from the AI boom,” Girotra said.

Fears of an AI bubble persisted ahead of Nvidia’s previous earnings report, but the company rebuked naysayers. Nvidia recorded $81.6 billion in sales over three months ending in April, which beat analyst expectations of $79.2 billion. The jump in revenue marked 85% growth compared to the same quarter a year earlier.

Despite Nvidia’s continued expansion, investors have proven jittery in recent months. Shares have climbed 13% so far this year after soaring nearly 39% in 2025.

The company boasts a market cap of $5.1 trillion, making it roughly equivalent to the GDP of Japan or Germany. Nvidia expanded at a breakneck pace after an AI craze set off by the release of OpenAI’s ChatGPT in 2022, soaring nearly 700% over the ensuing two years.

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(WASHINGTON) — President Donald Trump’s 50% tariffs on some Canadian goods are set to take effect early Saturday morning, just days after he pushed back a previous deadline while the two sides negotiated a trade agreement.

Trump claimed earlier this week the United States had reached a preliminary deal to resolve a dispute with one of its top trade partners, saying the breakthrough had prompted him to issue a reprieve from the levies.

A statement from Canada appeared to downplay Trump’s assertion about the trade agreement, touting “substantial progress” but noting that important work remained.

The new tariffs, targeting dozens of products from hockey sticks to wine, are poised to take hold at 12:01 a.m. ET on Saturday.

Due to exemptions on key goods, the tariffs were expected to hit only a fraction of U.S. imports from Canada. Still, the list of affected goods features an array of food items such as dairy products, honey, whey protein and molasses as well as alcoholic beverages like whiskey and vodka.

It all comes weeks after Trump imposed sweeping new tariffs on 60 trade partners, including the European Union. Those levies ramped up an effort to reconstruct far-reaching duties struck down by the Supreme Court earlier this year.

Trump said Wednesday that he had held a “very good conversation” with Canadian Prime Minister Mark Carney on Tuesday night, repeating that he’d struck a deal to avert the 50% American tariff on a hodgepodge of Canadian goods.

The president claimed that as part of the deal, Canadian tariffs on American agricultural goods would be “non-existent.”

“The tariffs will be non-existent for our farmers. Our farmers were paying tremendous tariffs into Canada. And those tariffs are going to be totally eviscerated down to zero,” Trump noted.

In a statement, Carney said the country’s representatives aimed to achieve an agreement that would bolster its domestic industry.

“While we continue this work, Canada remains focused on building a stronger, more independent, and more competitive economy at home,” Carney said in a statement.

When later asked by a reporter whether the deal would reduce tariffs on Canadian steel and aluminum, Trump added, “Well, we’re looking at that.”

The U.S. trade representative’s office on X responded to Trump’s announcement Tuesday, providing a bit of insight into what a final deal might entail.

“The deal will include comprehensive market access for all American goods, economic security commitments, digital trade alignment, and many important provisions that will continue to protect our market and American workers, along with our Canadian partners,” the USTR posted.

Trump had suggested the deal might include a renewed effort to build the Keystone Pipeline despite the project being canceled in 2021 after years of criticism about the project’s environmental impact.

“Keystone XL Pipeline, long ago killed by Sleepy Joe Biden, may be awoken from the grave!” Trump added in the post.

Unlike previous tariffs, the new U.S. tariffs on Canada would have applied to products compliant with the United States-Mexico-Canada Agreement, or USMCA, a free trade agreement. The levies included significant exemptions, however, leaving out some top Canadian imports such as oil, gas and potash.

Trump has carried out on-again, off-again trade negotiations with Canada since he took office, aiming to resolve a dispute that began with tariffs announced by Trump early in his second term.

Trump sought to impose the new tariffs under a legal authority enshrined in section 338 of the Tariff Act of 1930, which allows the president to enact levies up to 50% for countries found to have discriminated against the U.S. relative to their treatment of other nations.

The provision has never been invoked before, meaning the move lacks judicial precedent, Abigail Watt, an economist at UBS, said in a memo shared with ABC News.

ABC News’ Michelle Stoddart contributed to this report.

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(WASHINGTON) — A Trump-appointed national bank regulator granted a wing of the Trump family’s crypto business conditional approval to establish a bank charter, opening the door for larger clients and potentially heightened profits.

The decision marks the first time in U.S. history that a company owned by the sitting president’s family has been granted bank status, as Democratic lawmakers express concerns over potential conflicts of interest.

In a letter published Friday, the Office of the Comptroller of the Currency granted World Liberty Trust Co., an organization that is 38% owned by “an entity affiliated with Donald J. Trump and certain of his family members,” according to its website, the ability to issue stablecoin cryptocurrency tied to the U.S. dollar.

World Liberty Financial, the listed sponsor of the conditionally approved trust, has previously relied on a third-party crypto company, BitGo, to provide a stable digital currency. Friday’s approval allows the Trump family’s business to cut out the middleman and provide the service directly. 

Digital currencies, like Bitcoin, are historically volatile and therefore less appealing for entities making large transactions.

Crypto tied to more stable values, like the U.S. dollar or the price of gold, can be more attractive to big spenders and can be “marketed for use as a means of making payments, transmitting money, or storing value,” according to the U.S. Securities and Exchange Commission.

The decision allows the Trump-linked business to act as a bank, issuing digital currency to clients for transactions. Clients would exchange the U.S. dollar for the stablecoin, with profits going directly to the Trump family’s crypto business. 

The president’s family has seen extensive profit from World Liberty Financial, securing around $5 billion in the company’s first days after going public, according to the token’s value at the time, with major investments from individuals and foreign nations continuing to fuel the company’s value.

Trump himself has made more than $1.4 billion in business revenue from his family’s crypto ventures, according to his released financial disclosures. 

White House spokeswoman Anna Kelly has maintained that the president “only acts in the best interests of the American public,” and said that no conflict of interest exists in part because the president’s assets are held in a blind trust managed by his children. Typically, a blind trust would operate with an independent trustee.

“President Trump’s assets are in a trust managed by his children,” Kelly said. “There are no conflicts of interest.”

State-backed Abu Dhabi investment firm MGX invested another $2 billion in the company in May 2025, promising to use the Trump family’s USD1 stablecoin in large transactions with crypto exchange company Binance.

The deal later came under scrutiny when the Trump administration then agreed to supply the UAE with highly coveted American-made AI chips despite prior administration concerns that they may make their way to China.

“We thank MGX and Binance for their trust in us, and I think it’s only the beginning,” World Liberty Financial co-founder Zach Witkoff said after announcing the deal, alongside the president’s son Eric Trump at a crypto convention in Dubai.

Witkoff is the son of the president’s special envoy to the Middle East, Steve Witkoff.

Ranking Member of the Committee on Banking, Housing and Urban Affairs Sen. Elizabeth Warren, D-Mass., urged the OCC to halt approval of Trump-linked business ventures, writing a letter to the comptroller in January. As an executive branch office, the president has ultimate authority over the OCC, though the office considers itself independent.

“For the first time in history, the president of the United States would be in charge of overseeing his own financial company,” Warren wrote.

Following the OCC’s preliminary approval, Warren described the decision as the “most brazen act of self-dealing our financial system has ever seen.”

“I’m introducing a bill to stop this kind of unprecedented corruption,” Warren said in a post on social media.

“The Comptroller and staff acted consistently with their statutory duties and ethical obligations with respect to the Application,” the OCC wrote Friday. “OCC staff reviewed this Application in accordance with the agency’s established policies and procedures.”

The charter application will not be fully approved until some conditions are met, including increasing the company’s capital, the OCC said.

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(WASHINGTON) — The U.S. economy unexpectedly lost jobs in July, demonstrating a wobbly labor market as shoppers continued to withstand a surge of inflation set off by the Iran war.

The U.S. lost 23,000 jobs in July, according to the federal government’s monthly jobs report, which marked a decline from 57,000 jobs added in June.

The unemployment rate fell slightly from 4.2% in June to 4.1% in July, the Bureau of Labor Statistics (BLS) said. Unemployment remains low by historical standards.

The lackluster figure recorded in July departs from largely resilient performance for the labor market so far in 2026, despite a historic oil shock that has driven up fuel prices and hiked supply-chain costs for a host of other goods.

A government report issued last week showed a steeper slowdown in gross domestic product than expected over three months ending in June, however, suggesting strain in the underlying economy over the early months of the war.

The U.S. added an average of 92,000 jobs per month over the first half of 2026, U.S. Bureau of Labor Statistics data showed. That pace marks an improvement from an average of about 7,000 jobs lost per month over the second half of 2025.

The Iran war drove up gasoline prices and catapulted inflation to a three-year high in May. A preliminary peace agreement in June offered up some relief, but a burst of on-again, off-again fighting in recent weeks caused crude prices to rise again.

The combination of elevated inflation and a resilient labor market has raised the chances of an interest rate hike, futures markets show. Investors peg the odds of a quarter-point rate hike next month at about 56%, according to the CME Group’s FedWatch Tool, a measure of market sentiment.

The Fed opted to hold interest rates steady at its meeting last week, but central bankers appeared divided over the move. Three of the 12 members on the Fed’s policymaking board voted in favor of a rate hike, marking the largest number of dissenters casting ballots in the same direction since 2016.

A rate increase, however, could risk a slowdown in hiring and economic growth over the coming months as corporations face the prospect of higher borrowing costs.

The benchmark rate stands at a level between 3.5% and 3.75%. That figure marks a significant drop from a recent peak attained in 2023, but borrowing costs remain well above a 0% rate established at the outset of the COVID-19 pandemic.

Fed Chair Kevin Warsh, who took the helm of the central bank this summer, has repeatedly vowed to dial back inflation.

“The committee remains resolute — you’ve heard this before — that we will deliver price stability,” Warsh told reporters in Washington, D.C., last week.

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(NEW YORK) — Inflation dropped more than expected in June as gas prices eased in response to negotiations between U.S. and Iran over the Middle East conflict.

Prices rose 3.5% in June compared to a year earlier, marking a retreat from a year-over-year inflation rate of 4.2% in the prior month, federal government data released on Tuesday morning showed.

The reading for June marks the lowest inflation since March, though the pace of price increases remains more than a percentage point higher than its pre-war level.

Last month, oil prices fell to their lowest level since before the late February outbreak of the Iran war. That drop came after a preliminary agreement included provisions aimed at resolving a global crude shortage.

A spike in oil prices over recent days amid a resumption of fighting, however, threatens to push gas prices higher, erasing some of the relief delivered last month.

Brent crude futures, the benchmark index for worldwide trading, rose to $86.90 a barrel on Tuesday. That figure stood roughly even with its level a month earlier, though it remained more than 20% higher than its pre-war level.

The inflation report on Tuesday offered some additional bright spots outside of energy prices.

Core inflation — a measure of price increases that strips out volatile food and energy prices — clocked at 2.6% over the year ending in June. That reading indicated a slight decline from the previous month, suggesting the cooldown had extended beyond gasoline.

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(NEW YORK) — Oil prices climbed and stocks tumbled in early trading on Wednesday after President Donald Trump said he believes an agreement with Iran is “over” amid an exchange of strikes in the Middle East.

Brent crude, the benchmark measure for worldwide oil trading, climbed more than 5% in early trading on Wednesday, pushing the price up to nearly $78 a barrel.

Oil prices stand above pre-war levels, though they have fallen from a high of as much as $118 reached earlier in the conflict.

Stock prices fell in response to the heightened tensions and rising oil prices.

The Dow Jones Industrial Average dropped 600 points, or 1.1%, while the S&P 500 declined 0.6%. The tech-heavy Nasdaq fell 0.4%.

This is a developing story. Please check back for updates.

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