US Hits New Tariffs on Canada, Judge Pauses Paramount-WBD Merger, More
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News when you want it. With Bloomberg News Now, I'm Doug Krisner. Canadian Prime Minister Mark Carney says his government is ready to talk with the U.S. about modernizing the U.S. MCA trade deal. Now, Carney's remarks come after the Trump administration hit some Canadian goods with a new 50 percent tariff under a never-before-used legal provision. It gives the president power to impose duties of as much as 50 percent on countries deemed to discriminate against U.S. commerce. Now, a senior U.S. official cited Canada's unfair treatment of American alcohol, automobiles, and dairy products. Here is Bloomberg's Derek DeCloet.
What is a proposal from Canada that would satisfy the Trump administration and get them to sort of sign off on temporary tariff relief or even sign off on a longer-term renewal of the USMCA? I mean, that remains a mystery whether there is actually such a deal
uh that can be done but but it's always been canada's position that they're willing to negotiate they're just not willing to sign up you know what from from carney's point of view would would be considered a bad deal that was bloomberg's derek decloet now certain canadian products will be excluded from these new tariffs set to take effect in 30 days they include energy potash fish critical minerals and goods like autos and metals which are covered by separate sectoral duties on industries A federal judge has temporarily paused Paramount Skydance's takeover of Warner Brothers Discovery. The judge said this $110 billion deal likely violates antitrust law. Now the companies have been ordered to hold off on closing this deal for 14 days.
A hearing is scheduled for August 3rd to determine whether that hold should extend for longer. Now the ruling comes after California and 11 other states sued to block this deal. They claim... It would harm competition for film and cable TV distribution. Here is Bloomberg's Chris Palmieri.
This deal's already been approved by the Justice Department. It's widely expected to get the blessing of regulators in Europe this week. This puts all of that on hold. And just to really further up the pressure, if this deal doesn't close by the end of September, Paramount has to pay Warner Brothers shareholders potentially hundreds of millions of dollars a quarter in cash. essentially late fees.
That is Bloomberg's Chris Palmieri. There was a renewed bout of volatility in the oil market today stemming from the U.S.-Iran conflict, and it shows the tension between fear of escalation on one hand and optimism over diplomacy on the other. Today on social media, President Trump said Iran will pay for killing three U.S. soldiers. But at the same time, Iran said mediators were in touch with proposals on how to ease hostilities.
What new 50% U.S. tariff on Canada was announced and which goods are excluded?
And even though there is no indication of a return to formal talks, Reuters reports one proposal is for a 10-day ceasefire as a way of finding ways to revive the memorandum of understanding. Here is Bloomberg's Chris Kennedy.
Iran and the US, so long as they're actively fighting each other, there's going to be no way that we're going to get to something resembling what we saw during that brief period where the MOU was in place. And we've seen that Iran has not responded well to these sorts of threats over time.
That is Bloomberg's Chris Kennedy. Meantime, Iran-backed Houthi rebels in Yemen say they will impose a ban on maritime traffic from Saudi Arabia. Now, this will put millions of barrels of Saudi crude exports through the Red Sea at risk. Now we are hearing the Saudi-led coalition in Yemen has taken steps to protect vessels sailing through the Red Sea. A spokesperson for the coalition said all Houthi threats against transiting vessels will be dealt with swiftly and firmly. The Pentagon reportedly withheld information on dozens of military injuries suffered by U.S. forces during the war in Iran. The New York Times reports, in the week leading up to last Friday's attack in Jordan, Iran carried out three other attacks on U.S.
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