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Trump posted a letter sent to Canadian Prime Minister Mark Carney in which he outlined the upcoming tariffs. This week, Trump has posted letters to more than a dozen countries vowing to impose steep tariffs on their imports starting Aug. 1.

The president argued Canada had not done enough to curb the flow of fentanyl into the United States, even though relatively little fentanyl crosses the northern border each year compared with the southern border.

The president argued Canada had not done enough to curb the flow of fentanyl into the United States, even though relatively little fentanyl crosses the northern border each year compared with the southern border.

"If Canada works with me to stop the flow of Fentanyl, we will, perhaps, consider an adjustment to this letter,” Trump wrote to Carney. “These Tariffs may be modified, upward or downward, depending on our relationship with your Country.”

The U.S. had previously imposed a 25 percent tariff on Canadian goods, though Trump later exempted products covered under the 2020 trade agreement struck between the U.S., Canada and Mexico. It’s unclear whether those exemptions will still apply as of Aug. 1.

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The US dollar has had its worst first half-year in more than 50 years, as the financial markets over the last six months were dominated by geopolitical crises and Donald Trump’s trade war.

The dollar has fallen by 10.8% against a basket of currencies since the start of 2025. That is its worst performance over the first six months of any year since 1973, and the worst half-year since the second half of 1991.

This sell-off has pulled the dollar index down to its lowest level since March 2022 and lifted the pound to a three-year high of $1.37, up from $1.25 at the start of the year.

Investors have been selling the US currency due to concerns that Trump’s economic policies threaten the safe-haven role of US dollar-denominated assets, with economists predicting that the president’s “big beautiful” budget bill will drive the US national debt even higher.

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Federal Reserve chair Jerome Powell said earlier this morning that the central bank would likely have already cut interest rates this year had it not been for the economic shock caused by Donald Trump’s tariff policies.

When asked if Trump’s tariffs on imported goods held up the Fed’s plan to cut interest rates, Powell replied:I  think that’s right.

Speaking at a central banking conference in Portugal, he went on:

In effect, we went on hold when we saw the size of the tariffs and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs.

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The US Federal Reserve kept interest rates on hold, but signaled it might make two cuts this year, as Donald Trump continues to break with precedent and demand lower rates.

Policymakers at the American central bank lifted their projections for inflation this year, as the US president stands by his controversial tariff plans, and downgraded their estimates for economic growth.

Uncertainty has faded, they said, but remains significant. The Fed chair, Jerome Powell, cautioned that officials expect tariffs imposed by Trump to increase prices over the course of the summer.

“Increases in tariffs this year are likely to push up prices and weigh on economic activity,” Powell told reporters. “The effects on inflation could be short-lived, reflecting a one-time shift in the price level. It’s also possible that the inflationary effects could be more persistent.”

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Sylvia Tisdale believes in feeding the hungry so much that, at 70 years old, she attempted to climb Mount Kiliminjaro to raise awareness about food insecurity.

"The altitude got me," she said with a small chuckle, "but my daughter made it."

Three years later, the pastor at Epps Christian Center in Pensacola, Florida, is still passionate about the work she and her volunteers do to feed the hungry. So when one of those volunteers, Mike Stephens, wrote to his local newspaper to highlight the impact of cuts by the Trump Administration to limit expenditures to food pantries and soup kitchens through the United States Department of Agriculture, she understood why.

"It hits people hard when they come and can’t get as much food," she told USA TODAY, "and it really hurts my volunteers when they have to turn people away."

The USDA announced cuts in March to the Local Food Purchase Assistance program and a similar program, the Local Food for Schools Cooperative Agreement totaling more than $1 billion. Scheduled deliveries of food through the USDA's Emergency Food Assistance Program were halted or cut back.

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Procter & Gamble will cut up to 7,000 jobs, or approximately 6% of its global workforce, in the next two years as the maker of Tide detergent and Pampers diapers wrestles with tariff-related costs and customers who have grown anxious about the economy.

The job cuts, announced at the Deutsche Bank consumer conference in Paris on Thursday, make up about 15% of its current non-manufacturing workforce, said chief financial officer Andre Schulten.

“This restructuring program is an important step toward ensuring our ability to deliver our long-term algorithm over the coming two to three years,” Schulten said. “It does not, however, remove the near-term challenges that we currently face.”