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The administration announced new tariffs on Canada and launched a global sanctions plan targeting Iran.

The administration announced a series of economic measures including a 50% duty on Canadian goods and the launch of "Operation Economic Outcast" to isolate Tehran. Treasury Secretary Scott Bessent detailed the plan, which aims to use secondary sanctions to target Iran's enablers. These moves come as the US and Canada have escalated trade rhetoric, though both nations have agreed to leave oil off the table for now. Market reactions were mixed. While the Dow Jones Industrial Average and S&P 500 rose slightly, the Nasdaq Composite recovered from previous declines. Investors are currently weighing the upcoming earnings report from Nvidia, which saw a 2% rise in stock price ahead of the results. Additionally, the administration's trade actions have prompted retaliatory tariffs from Canada. Despite these pressures, gold and bitcoin have seen upward trends, with bitcoin briefly surpassing $80,000. Economic data indicates a decline in consumer confidence and new home sales, reflecting ongoing cost-of-living pressures.

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