Treasury Secretary Scott Bessent is meeting with finance ministers of the world's largest economies this week at a time when the United States has disrupted the international order with aggressive tariffs on major allies and an unpopular war on Iran.

The US House is back after a five-week recess; government funding is guaranteed through 30 September

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Chris Hippensteel

We’re watching today as Scott Bessent, the US treasury secretary, and Kevin Warsh, the chair of the Federal Reserve, deliver their opening remarks at the G20 meetings in Asheville, North Carolina.

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© Photograph: Finn Gomez/Getty Images

© Photograph: Finn Gomez/Getty Images

© Photograph: Finn Gomez/Getty Images

US trade representative Jamieson Greer has a level-headed reputation but commerce secretary Howard Lutnick and White House adviser Peter Navarro also have key roles

Having reportedly read Victor Hugo’s Les Misérables, in French, during a military tour of duty in Iraq, Jamieson Greer considered himself an unlikely target for accusations of francophobia.

But Donald Trump’s US trade representative, hitherto one of the president’s less high-profile cabinet members, found himself in that uncomfortable position amid the acrimonious collapse of bilateral trade talks with Canada that now threatens to degenerate into an all-out trade war between the two close trading partners whose economies are tightly intertwined.

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© Photograph: Getty Images

© Photograph: Getty Images

© Photograph: Getty Images

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• US supreme court allows Trump to keep building $400m White House ballroom

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Chris Hippensteel

We’re watching today as Scott Bessent, the US treasury secretary, and Kevin Warsh, the chair of the Federal Reserve, deliver their opening remarks at the G20 meetings in Asheville, North Carolina.

Continue reading...

© Photograph: Kevin Lamarque/Reuters

© Photograph: Kevin Lamarque/Reuters

© Photograph: Kevin Lamarque/Reuters

There’s little optimism about treasury secretary’s ability to handle Trump’s tariffs, Iran sanctions and colossal US debt

History remembers Gen Dwight Eisenhower, the supreme commander of the allied forces in Europe during the second world war, for his role in the D-day invasion of Normandy. Whether Scott Bessent will achieve similar posterity as the face of the “economic D-day” in Iran remains to be seen.

The US treasury secretary, already trying to manage a $40tn national debt pile, this week took charge of Donald Trump’s effort to reverse-engineer his war of choice. Whereas the US would typically take on an adversary with diplomacy, sanctions and military force, in that order, the US president started with a six-month bombing campaign and now hopes that economic isolation can finish the job.

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© Photograph: Julia Demaree Nikhinson/AP

© Photograph: Julia Demaree Nikhinson/AP

© Photograph: Julia Demaree Nikhinson/AP

The president's Section 338 tariff authority has never been used, let alone tested in court.

Avoiding US goods and services – from tech to whisky to air travel – has forced many to find a new way of living

For William McDonald, 38, a diesel mechanic from Thunder Bay, Ontario, “Canadian is always the first choice,” even if it means his weekly bills are higher.

“As soon as Trump started putting those tariffs on in February [last year], I started boycotting US goods,” he said. “Avoiding American products has driven my costs up, and I’m still happy to do it.

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© Photograph: Chris Helgren/Reuters

© Photograph: Chris Helgren/Reuters

© Photograph: Chris Helgren/Reuters

Unpopular new policy comes as midterms loom and control of Congress could be decided by several Michigan races

Every day $1bn worth of goods crosses the river dividing Detroit, Michigan, and Windsor, Ontario, two largely blue-collar US and Canadian cities that have come to act as one in the creation of North America’s auto industry.

News this week of Donald Trump’s escalating trade spat with Canada has everyone worried. Political and economic leaders and observers labeled the move an act of “hubris” , blamed Trump’s “ego”, and called the escalation “insanity”.

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© Photograph: Jeff Kowalsky/AFP/Getty Images

© Photograph: Jeff Kowalsky/AFP/Getty Images

© Photograph: Jeff Kowalsky/AFP/Getty Images

Unpopular new policy comes as midterms loom and control of Congress could be decided by several Michigan races

Every day $1bn worth of goods crosses the river dividing Detroit, Michigan, and Windsor, Ontario, two largely blue-collar US and Canadian cities that have come to act as one in the creation of North America’s auto industry.

News this week of Donald Trump’s escalating trade spat with Canada has everyone worried. Political and economic leaders and observers labeled the move an act of “hubris” , blamed Trump’s “ego”, and called the escalation “insanity”.

Continue reading...

© Photograph: Jeff Kowalsky/AFP/Getty Images

© Photograph: Jeff Kowalsky/AFP/Getty Images

© Photograph: Jeff Kowalsky/AFP/Getty Images

The president signed an executive order directing the Interior Department to update the lake's name in the U.S. geographic naming service. Trump cannot force Canada to follow his preferred naming convention, however.

Backlash is mounting over President Trump's plan to pause tariffs on imported ground beef. The announcement has drawn sharp criticism from both ranchers and Republican politicians, who say the cheap imports will undercut struggling American producers and weaken the industry in the long term. Geoff Bennett discussed more with Walter Schweitzer of the Montana Farmers Union.

Canada imposed retaliatory tariffs against the United States as the two neighbors slide toward an all-out trade war. The tariffs will hit a range of U.S. products, from industrial goods to everyday items. At the same time, President Trump is threatening Canada with even steeper tariffs. William Brangham reports.

To discuss the trade war and deteriorating relations between the U.S. and Canada, Geoff Bennett spoke with Canadian trade representative Dominic LeBlanc, a central figure in negotiations with the United States.

Agriculture Secretary Brooke Rollins acknowledged American farmers' concerns over the escalating trade war with Canada Tuesday but insisted the United States will come out on top.

The Conference Board said Tuesday that its consumer confidence index dipped to 89.4 in August from 90.2 in July.

Canada struck back at the United States on Tuesday with retaliatory tariffs on about $20 billion worth of American goods, including steel, dairy products, appliances and farm equipment, as the trade war between the once-friendly neighbors escalated sharply.

The trade war between the U.S. and Canada is intensifying after negotiations broke down over the weekend. Canadian Prime Minister Mark Carney said his country had been preparing for a fundamental shift in its relationship with the U.S., which it no longer views as a reliable partner. Geoff Bennett discussed the economic fallout on both sides of the border with Peter Armstrong of the CBC.

Canada will announce retaliatory tariffs against the United States on Tuesday, an official familiar with the plans told The Associated Press, escalating a trade fight that has sharply worsened since negotiations with the Trump administration collapsed.

"Canada has been ripping off the United States of America for years," Trump posted on social media Monday morning.

Ford said "everything is on the table" if the dispute worsens, including cutting off electricity and critical minerals from Ontario.