ECONOMYDEVELOPING08/22/26

U.S.-Canada Trade Talks Collapse

U.S.-Canada trade negotiations collapsed Friday, with steep tariffs set to take effect.

Photo: Fox Business

DEVELOPING TIMELINE

Aug 22: Canada tariff pause expires, talks collapse

DIFFERENT FOCUS

Axios emphasized Historic Policy Breakdown; Fox Business emphasized Canada's Retaliation Threat.

LEFT FOCUS

▸Axios called the breakdown 'unprecedented' for relations with the second-largest U.S. trading partner. — Axios
▸Axios noted no president has ever used Section 338 of the 1930 Tariff Act before. — Axios
▸Axios reported that USTR Greer blamed Canada for making last-minute demands that upset the pact. — Axios
▸Axios noted energy, potash, and critical minerals were carved out from the new tariffs. — Axios

RIGHT FOCUS

▸Fox Business quoted Carney saying progress was made but 'not enough to meet our objectives.' — Fox Business
▸Fox Business emphasized Carney described U.S. last-minute changes as 'unfair.' — Fox Business

Trump Waives Graham Act Russia Sanctions

Trump signs executive order waiving Russia sanctions and tariffs mandated by the Graham Act.

Left: Sanctions targeting Russia's Ukraine war dropped early

Right: Graham Act halted in name of national interest

Inflation rose to 3.7% in September, the last CPI report before midterm elections.

DEVELOPING TIMELINE

First Report Oct 14: Economists expect September consumer prices to rise 0.6% monthly and 3.6% year-over-year, driven by energy costs.

Sunday: September CPI report confirms 3.7% annual inflation rate

Left: Prices hit everyday Americans on essentials.

Right: Rising prices spell trouble for Trump's party.

Treasury Department fined Bank of America over $1.2 billion for sanctions and anti-money laundering violations

DEVELOPING TIMELINE

First Report Thursday: The US Treasury fined Bank of America $1.2 billion for anti-money laundering and sanctions violations.

Sunday: Treasury fine now cites Chinese money laundering networks

Left: Third-largest Treasury penalty ever imposed.

Right: Tied to Chinese networks and border criminals.

September consumer prices rose 0.6% monthly and 3.7% annually, the fastest pace in five months.

DEVELOPING TIMELINE

First Report Oct 14: Economists expect September consumer prices to rise 0.6% monthly and 3.6% year-over-year, driven by energy costs.

Thursday: September CPI confirmed at 3.7% annually, up from 3.6% prior

Left: Rising prices squeeze everyday Americans hardest.

Right: Inflation surge spells trouble for Trump, GOP.