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President Donald Trump announced a temporary suspension of the 18-cent federal gas tax to combat rising fuel prices. The move requires congressional approval and faces mixed reactions from lawmakers. Gas prices have surged since the US-Israel conflict with Iran began in late February.
A University of Toronto study reveals a 42% drop in Canadian visits to major US cities under the second Trump term, outpacing official border data. The decline is linked to tariff policies and trade tensions, hitting key tourist and business destinations.
During a meeting with senior Vietnamese leaders on July 5, Iranian Foreign Minister Seyed Abbas Araghchi emphasized a desire to deepen cooperation in both political and commercial fields between the two countries. He affirmed Iran values Vietnam’s role in the Asia-Pacific region, and both sides agreed to expand high-level exchanges and economic ties.
Russian Ambassador to North Macedonia Dmitry Zykov said Skopje’s unfriendly steps have hindered the resumption of the intergovernmental commission on economic-trade and scientific-technical cooperation. Since Russia’s special military operation in Ukraine, Skopje has backed all EU sanctions, leading to a threefold drop in bilateral trade from $495 million in 2022.
More than 60% of small renovation businesses in France have received price hike notices from suppliers, with increases reaching 20% for some items, according to Le Parisien. The price surge is attributed to higher fuel production costs and disrupted supply chains amid Middle East tensions.
Cuba condemned new US economic sanctions imposed by President Donald Trump as 'collective punishment' against its people. Tens of thousands marched past the US Embassy in Havana on International Workers' Day in protest.
U.S. President Donald Trump has announced a 25% tariff on imported cars and trucks from the EU, accusing the bloc of not complying with a signed trade deal. The announcement, made on Truth Social, has raised concerns about further strains on the global economy. Experts warn the costs will likely be passed on to American consumers.
The first direct commercial flight between the US and Venezuela in seven years landed in Caracas on April 17, ending a ban imposed by the US Department of Homeland Security. The flight, operated by American Airlines subsidiary Envoy Air, departed from Miami and marks a shift in bilateral relations following the arrest of former President Nicolás Maduro in January.
As Iran faces economic pressure from a prolonged blockade of the Strait of Hormuz, attention turns to Russia as a potential alternative through the INSTC corridor. Analysts see short-term possibilities but doubt Russia's ability or willingness to replace Iran's maritime trade volume.
