President Donald Trump is now expanding his pressure campaign against Iran by threatening “tremendous economic consequences” on any country giving “any type of lifeline” to the nation. As the U.S. seeks to end the war, there is one potential target that stands alone to make a difference: China.

Former officials and analysts say it is likely the White House will attempt to squeeze Iran financially with additional secondary sanctions or penalties on Chinese entities that do business with Tehran.

The Treasury Department is scheduled to unveil the specifics of its plans to ramp up pressure on Iran on Monday. Secretary Scott Bessent, speaking to CNBC’s “Squawk Box” on Thursday, said the fresh measures would “squash” Iran’s ability to fund their military, and asserted that the U.S. is urging allies to choose a side in the war.

(Continue Reading – MS Now)

The Office for National Statistics reported UK retail sales last month, reversing much of June’s gain, although stronger three-month growth and improving consumer confidence offered some grounds for optimism.

Total retail sales fell 0.5% month on month in July, in line with expectations and down from June’s revised 0.7% rise. On an annual basis, sales grew 1.6%, missing the consensus estimate of 2.2% and slowing markedly from June’s downwardly revised 3.8% increase.

Retail sales excluding automotive fuel decreased 0.9% m/m, compared with an anticipated 0.5% fall and a 0.9% rise in June. In the 12 months to July, sales increased 2.3% -- a full percentage point below forecasts and more than three percentage points below the previous reading of 5.4%.

ONS statisticians caution that monthly growth rates can be volatile and prefer to focus on underlying figures, which provide a more stable picture of household consumption.

(Continue Reading – LiveSquawk)

The prospective trade deal being negotiated by Ottawa and Washington would introduce a quota system for Canadian steel exports with a 25-per-cent tariff on metal shipments inside the quota and a 50-per-cent tariff on exports above the quota, according to three sources with knowledge of the negotiations.

According to a steel industry executive, Ottawa has agreed to a tariff-rate-quota system for steel that would allow 4-million tonnes a year of steel to be shipped to the U.S. at a lower 25-per-cent tariff rate. After the first 4-million tonnes, steel exports will still be subject to a 50-per-cent tariff – which is the current duty Canadian steel exporters face under the Trump administration’s Section 232 sectoral tariffs.

Two other industry sources confirmed that Ottawa and Washington had agreed to a 25-per-cent tariff inside the quota. The steel executive added that Canada has agreed to remove all of its own counter-tariffs on U.S. steel, and further restrict imports of steel from third countries.

(Continue Reading – Globe & Mail)