CMS finalized the GLOBE demonstration program aimed at matching Medicare drug prices to international rates, but projected savings fell dramatically from $11.9 billion to $440 million after exempting 96% of drugmakers. Only four companies will participate after others signed separate pricing agreements.
The Japanese government approved the removal of sanctions on 16 organizations connected to Syria, signaling support for the government of President Ahmad al-Sharaa. The decision follows Japan's lifting of sanctions on four Syrian entities in May 2025, with the original measures imposed in 2011 against the Assad regime.
Canadian Prime Minister Mark Carney accused Cleveland-Cliffs of betraying Canadian workers after its subsidiary Stelco announced layoffs of up to 500 employees at its Hamilton, Ontario plant, citing U.S. President Donald Trump's steel tariffs. The accusation highlights the irony that Cleveland-Cliffs' CEO has publicly championed the same tariffs now forcing the company to idle operations.
Turkish authorities seized an Iranian Caspian Airlines Boeing 737 at Istanbul Airport over an alleged unpaid debt of €3 million ($3.4 million), with bailiffs boarding the aircraft as passengers sat ready for departure. The seizure occurred days after new US secondary sanctions on Iran's aviation sector took effect.
The World Trade Organization Dispute Settlement Body agreed on September 25 to Russia's request to establish a panel of experts to review its complaint against the European Union's carbon border tax. The decision moves the climate policy dispute into formal WTO adjudication.
U.S. Trade Representative Jamieson Greer announced Friday that details of trade negotiations with China will be released Monday. The talks have resulted in agreements on exempting certain goods from tariffs, following a meeting between President Donald Trump and Chinese President Xi Jinping at the White House on Thursday.
U.S. Trade Representative says President Donald Trump is 'comfortable' with the current state of relations with Canada and is in no rush to reach a new trade agreement, as the trade dispute between the two countries continues to deepen.
Russia could quickly restore up to 80% of its grain terminal capacity in the Black Sea and Sea of Azov if diplomatic efforts lead to a ceasefire halting mutual attacks with Ukraine, according to a Reuters analysis of industry data. The finding comes amid ongoing discussions over Black Sea shipping arrangements.
The European Union and the Philippines announced a substantial breakthrough in free trade negotiations, with both sides agreeing to liberalize more than 94% of tariff lines covering over 97% of trade. The deal, announced by European Commission President Ursula von der Leyen, aims to be concluded in the coming months and represents the EU's latest effort to diversify trade ties amid global tensions and US tariffs.
Vietnamese President To Lam announced that Vietnam is "very close" to reaching a trade agreement with the United States, pledging to purchase more high-tech goods like aircraft to reduce the bilateral trade imbalance. The announcement came ahead of talks with Trump administration officials in New York.
President Donald Trump announced the U.S. is working on a deal to purchase potash fertilizer from Belarus at lower prices than Canada currently provides, pivoting toward a Russian ally amid deteriorating trade relations with Canada. The move has drawn criticism given Belarus's role in supporting Russia's invasion of Ukraine.
Stock markets rallied globally as oil prices declined for multiple consecutive days, driven by optimism over renewed US-Iran diplomatic engagement and ongoing US-China trade talks. The dollar strengthened to two-month highs amid expectations of interest rate hikes, while easing crude prices offered relief on inflation concerns.
Chinese President Xi Jinping will visit Washington September 23-25 for talks with President Trump on trade, artificial intelligence, Taiwan, and other contentious issues. The summit comes as a fragile trade truce between the two powers is set to expire in November.
French President Emmanuel Macron and Canadian Prime Minister Mark Carney met in Saint-Pierre-et-Miquelon to strengthen bilateral economic and security ties. The meeting comes as both nations navigate strained relations with the United States under Trump.
Brazil's central bank will bar virtual assets, including stablecoins, from settling a specific type of international payment flow through Resolution 561, effective October 1. The move affects the $1.1 trillion stablecoin market's access to regulated cross-border payment infrastructure.
Binance has expanded into the $9.6 trillion-a-day foreign exchange market by launching its first FX perpetual futures contract, offering round-the-clock trading of USD-Brazilian real pairs with up to 100x leverage, unlike traditional FX markets which operate on limited schedules.
India has proposed eight safeguards for plurilateral trade agreements at the World Trade Organization, marking a shift from its traditional opposition to such deals. The safeguards aim to preserve consensus-based decision-making and protect the rights of non-participating countries.
Russian President Vladimir Putin signed a decree placing the Russian subsidiaries of Swiss food giant Nestlé and French retailers Auchan and Leroy Merlin under temporary state administration, the latest move against Western companies operating in Russia.
President Trump's escalating tariffs on Canadian imports and Canada's retaliatory measures are creating political challenges for Republican candidates in the 2026 midterm elections, particularly in states with economies closely tied to Canadian trade like Michigan and Maine. Rising gas prices and cost of living concerns are intensifying as the trade dispute affects voters in competitive races.
President Donald Trump will host Chinese President Xi Jinping for a state visit on September 24, sparking anxiety among US allies in Asia that Trump may soften Washington's support for Taiwan in exchange for economic concessions from Beijing. Japan and Taiwan are urging the US to maintain its current position on Taiwan.
US President Donald Trump and Mexican President Claudia Sheinbaum held a phone call described as positive by both sides as the two countries continue active negotiations toward a new bilateral trade deal. Mexican officials are seeking tariff reductions in the ongoing talks.
The US Congress has passed sweeping sanctions legislation targeting Russia's energy sector and authorizing tariffs of up to 100% on major buyers of Russian oil and gas, including China and India. The bill, named for the late Senator Lindsey Graham, now awaits President Trump's signature.
President Trump signed the Lindsey Graham Sanctioning Russia and Iran Act of 2026, authorizing tariffs up to 100% on countries purchasing Russian oil. India warned the measures could damage bilateral ties and vowed to protect its energy security.
US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng concluded talks in New York, with the US proposing a new AI safety and national security notification mechanism for Presidents Trump and Xi to consider at their summit this week. The talks also addressed trade issues, with China making progress on soybean purchases but stalling on broader agricultural commitments.
US Commerce Secretary Howard Lutnick announced at the G20 Innovation Ministerial that semiconductor manufacturers must build facilities in the US or face tariffs, creating uncertainty for South Korean chipmakers Samsung and SK hynix who have $41 billion in planned US investments. South Korea confirmed it is in discussions with the US about chip investments amid the tariff concerns.
Gold erased earlier losses and headed for a weekly gain after US labor market data showed signs of cooling, strengthening expectations that the Federal Reserve will cut interest rates. Markets focused on upcoming payrolls data for further direction on monetary policy.
Asian markets rallied on Friday following a global stock surge after Federal Reserve Governor Christopher Waller indicated the next rate decision depends on upcoming inflation data, cooling immediate rate hike concerns. US stocks gained broadly on Thursday, with bonds finding relief and the dollar declining as investors await crucial employment figures.
Treasury Secretary Scott Bessent said 19 of 20 G20 finance ministers agreed to address global economic imbalances caused by cheap exports, but China's objection prevented a joint statement at the September 2026 meeting in Asheville, North Carolina.
President Donald Trump has launched a new campaign to isolate Iran's economy, threatening severe economic consequences for any country doing business with Tehran. Iran condemned the planned sanctions and warned its response to new U.S. threats would be "devastating," as the USS George Washington carrier strike group arrived in the Middle East to replace the USS Abraham Lincoln.
The United States imposed 50% tariffs on $20 billion worth of Canadian products on August 22, 2026, after last-ditch negotiations failed. Canadian Prime Minister Mark Carney announced retaliatory "dollar-for-dollar" tariffs starting September 8, saying the countries won't return to their old relationship.
President Donald Trump announced a three-day pause on new 50% tariffs against Canadian goods just hours before they were set to take effect at 12:01 a.m. Wednesday. Trump said the delay would allow the two countries to finalize a trade agreement reached in last-minute negotiations.
OPEC reduced its forecast for 2026 world oil demand growth to 580,000 barrels per day, down from 780,000, marking the fourth consecutive downward revision. The adjustment was detailed in the organization's monthly report released Wednesday.
Iran will soon become a member of the New Development Bank, the development lender established by the BRICS group of nations, according to Central Bank Governor Abdolnaser Hemmati. The announcement came ahead of a BRICS finance meeting in India.
Iran continues to block the Strait of Hormuz pending U.S. agreement to its demands, while the U.S. Energy Information Administration warns that some Middle East oil producers will struggle to restore output to pre-conflict levels through the end of 2027, even if trade patterns normalize by early next year.
China's auto market continued its decline in July, marking the 10th straight month of falling sales as domestic demand remains subdued. However, strong export growth has helped offset intense domestic competition, with new-energy vehicles now accounting for 65.1% of total sales.
Germany's trade deficit with China expanded in the first half of 2026 as Beijing reduced its reliance on European industry, according to preliminary data from Germany Trade & Invest. China maintained its position as Germany's top trade partner despite the growing imbalance.
Canada and the United States are in tense trade negotiations with Ottawa considering concessions including ending provincial alcohol bans to avoid new tariffs set to take effect in less than two weeks. Prime Minister Mark Carney characterized the talks as 'nasty' after President Trump criticized Canadian leadership.
Escalating attacks on ships and port infrastructure in the Black Sea by Russia and Ukraine are severely disrupting global commodity flows, with Russian oil loadings down 62% and Ukraine facing potential export losses of $1.5-3 billion. The region has become the world's most dangerous environment for commercial shipping.
The UN Food and Agriculture Organization's chief economist has warned that the world faces another wave of food inflation as conflicts in Iran and Ukraine disrupt agricultural inputs and transportation, while El Niño weather patterns threaten to reduce crop yields globally.
Indian oil refiners are increasingly purchasing crude from West African sources, including Nigerian grades, while some seek to avoid Gulf routes through the Strait of Hormuz and Red Sea amid ongoing regional tensions. Mangalore Refinery bought 1 million barrels of Oman crude while Hindustan Petroleum purchased 2 million barrels of Nigerian crude for its Rajasthan refinery.
The United States Treasury and Japanese government coordinated currency market intervention to halt the yen's slide to its lowest level against the dollar in 40 years, marking Washington's first yen-buying intervention since 2011. The Federal Reserve Bank of New York executed the operation through Goldman Sachs and Morgan Stanley.
Seven OPEC+ members are likely to agree at their August 2 meeting to raise their combined oil output target by approximately 188,000 barrels per day from September, continuing the phased rollback of earlier cuts. No final decision has been made. Actual OPEC+ production remains below quotas as the Iran war disrupts Gulf exports, while recent Houthi attacks on Saudi oil tankers have disrupted a key alternative export route.
President Donald Trump ordered 50% tariffs on a wide range of Canadian imports worth nearly $20 billion, including wine, dairy products, hockey gear and cement, citing what the U.S. administration called discriminatory treatment of American autos, alcohol and dairy goods. The tariffs are scheduled to take effect on August 19, 2026, while Canada has said it is ready to intensify trade talks.
A group of 25 U.S. lawmakers has written to President Donald Trump calling for trade investigations into European Union digital policies, arguing that EU tech rules unfairly target American Big Tech companies. The push comes amid broader tensions over EU technology regulation and Trump administration efforts to challenge European enforcement actions.
South Korea's exports jumped 52.3% year-over-year in the first 20 days of July 2026, reaching a record for the period as semiconductor shipments soared 180.6% on AI-driven demand. Exports to China surged 94.1%, while automobile exports declined 10.6%.
President Donald Trump is poised to impose fresh tariffs on approximately 60 countries as soon as this week, replacing the temporary 10% global tariff expiring Friday with new rates ranging from 10% to 12.5%. The move includes a 50% tariff on Canadian goods, citing discriminatory treatment of U.S. products.
A decade after the Brexit referendum, new analysis of Bank of England data reveals the UK economy has taken a 6% hit from leaving the EU, with trade disrupted across nearly every sector. British exporters have been forced to pivot to distant markets like Hong Kong after losing European access.
President Trump announced that all 50 states, Washington D.C., and Puerto Rico have agreed to participate in his administration's 'most favored nation' drug pricing initiative for Medicaid programs, which aims to lower prescription drug costs by tying prices to those paid in other countries.
