International News 07 July 2025
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Canada Weighs Financial Aid for Aluminium Sector Amid Ongoing US Tariff Dispute
The Canadian government is considering financial assistance for major aluminium producers like Rio Tinto if the U.S. maintains its 50% import tariff in the medium term. Jean Simard, CEO of the Aluminium Association of Canada, revealed that early discussions have taken place in anticipation of a possible failure to reach a trade deal with the U.S. by the July 21 deadline. While no final decision has been made, Canadian officials are reportedly in talks with industry stakeholders to mitigate cash flow impacts. The move follows President Donald Trump’s decision to double import tariffs on steel and aluminium, escalating trade tensions and threatening the cross-border supply chain.
OPEC+ Poised to Accelerate Oil Output Hike Amid Market Volatility
The OPEC+ alliance is expected to agree on a sharper increase in oil production during its meeting on Saturday, July 5, marking its first official gathering since recent price swings caused by Israeli and U.S. attacks on Iran. Having cut output since 2022 to stabilize markets, the group is now shifting gears to regain market share and respond to pressure from U.S. President Donald Trump to help lower gasoline prices. Sources told Reuters that OPEC+ may raise output by 550,000 barrels per day in August, up from 411,000 barrels per day in May–July. Eight key members, including Saudi Arabia, Russia, and the UAE, are set to meet virtually to finalize the decision. The acceleration follows production overages by members like Kazakhstan and Iraq, which have angered more compliant producers. OPEC+ has already restored 1.37 million barrels per day of its 2.2 million bpd cuts since April, while an additional 3.66 million bpd in cuts remain in place.
Trump Signs Sweeping Tax and Spending Bill Amid Deep Political Divide
U.S. President Donald Trump signed a massive tax and spending bill into law on July 4th, marking a key legislative win during his second term. The bill, passed narrowly in the House (218–214), makes Trump’s 2017 tax cuts permanent, slashes federal spending, and allocates major funding for stricter immigration enforcement. Celebrated during an Independence Day ceremony at the White House, Trump hailed it as the largest tax cut, spending cut, and border security investment in American history. Despite Republican celebration, the bill sparked fierce opposition from Democrats and economic experts, who warned it could strip millions of Americans of health insurance and add over $3 trillion to the national debt, now standing at $36.2 trillion. House Democratic Leader Hakeem Jeffries condemned the bill in a marathon 8-hour-and-46-minute speech, calling it a giveaway to the wealthy at the expense of low-income citizens. Although some Republicans expressed concern over costs and healthcare impacts, only two voted against it.