Trump escalates global trade tensions with new tariffs and sanctions threats

Trump is rolling out a series of aggressive trade and foreign policy moves that are creating friction with allies and rivals alike. He has threatened new tariffs on countries like Canada over aircraft approvals and on nations supplying oil to Cuba and Venezuela, while also pushing a bill to sanction countries like India and China for importing Russian oil.

These actions are causing international pushback. The UK's Keir Starmer is pursuing closer ties with China despite Trump's warnings, and countries are reportedly looking more toward China as a trade partner. The moves are also affecting financial markets, with gold prices hitting records and the dollar facing pressure, while the Federal Reserve and other central banks are holding interest rates steady.