Reuters Daily Briefing.

"Trump escalates trade war with Canada."

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Daily Briefing

By Linda Noakes

Hello. Trump issues a blitz of tariff announcements, Canada plans to recognize a Palestinian state, and the Fed's reticence on rate cuts forces a market rethink. Plus, a 'vibrant oasis' of chemical-eating creatures has been found in the deep Pacific.

Today's Top News   Canada's Prime Minister Mark Carney speaks at a press conference about recognizing Palestinian statehood. REUTERS/Patrick Doyle Tariffs President Donald Trump intensified his trade war with Canada, saying it would be "very hard" to make a deal after Canada gave its support to Palestinian statehood. Trump issued a blitz of tariff announcements ranging from changes to previously threatened levies on imports of copper, goods from Brazil and South Korea, to ending an exemption from tariffs for small-value shipments from overseas. There's been a  nasty surprise for India - a painful 25% levy and an unspecified penalty. Listen to today's Reuters World News podcast for the latest. Follow our live coverage as we count down to tomorrow's deadline for higher US tariff rates. In other news US special envoy Steve Witkoff was expected to arrive in Israel in a bid to salvage Gaza ceasefire talks and tackle a humanitarian crisis in the Palestinian enclave, where a global hunger monitor has warned that famine was unfolding. Extreme weather killed at least 60 people in northern China over the past week, with 31 deaths in an elderly care home in Beijing's hilly Miyun district in one of the deadliest floods to have hit the Chinese capital in years. Russia launched waves of missile and drone attacks on Kyiv before dawn, killing at least eight people including a six-year-old boy, and wounding 88 others, Ukrainian officials said. Cambodia accused Thailand of detaining 20 of its soldiers and killing another in post-ceasefire incidents, as a fragile peace held for a third day along their disputed border. New York City detectives investigating this week's mass shooting were interviewing the attacker's associates in his home state of Nevada, as gun safety advocates expressed dismay that he was able to buy a gun there legally last month despite two reported mental health hospitalizations.

Business & Markets   The US central bank held interest rates steady and Federal Reserve Chair Jerome Powell's comments after the decision undercut confidence that borrowing costs would begin to fall in September. The Bank of Japan revised up its inflation forecasts and offered a less gloomy outlook on the economy than three months ago, keeping alive the possibility of a resumption in interest rate hikes this year. Google will invest $6 billion to develop a 1-gigawatt data centre and its power infrastructure in the southern Indian state of Andhra Pradesh in the Alphabet unit's first such investment in India, government sources said. Meta Platforms forecast third-quarter revenue well above analysts' estimates, as artificial intelligence once more powered its core advertising business, sending its shares soaring 11%. China raised concerns over potential security risks in Nvidia's H20 artificial intelligence chip, casting uncertainty over the US company's sales prospects in China weeks after a US export ban was reversed. JD.com is acquiring Germany's Ceconomy in a deal that values the electronics retailer at 2.2 billion euros, allowing one of China's largest online retailers to expand outside of its home market.

Trump’s war on Big Law leads firms to retreat from ’pro bono’ work for underdogs   Major law firms are scaling back the free work they do for advocacy groups fighting the government in the wake of Trump’s attacks on the profession. Interviews with over 60 lawyers and 30 nonprofits show legal aid groups now have fewer resources to defend the vulnerable. Read our special report

And Finally... Clusters of tube worms are seen at a depth of 9,320 meters in the northwest Pacific Ocean. Handout via REUTERS Scientists diving to astounding depths in two oceanic trenches in the northwest Pacific have discovered thriving communities of marine creatures that get their sustenance not by eating organic matter like most animals but by turning chemicals into energy. The creatures are nourished by fluids rich in hydrogen sulfide and methane seeping from the seafloor in this dark and frigid realm beyond the reach of sunlight. Read more

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