Canada's tariff surprise

Ten days into what was already supposed to be a ceasefire reports emerge of a push to mediate yet another 10-day ceasefire in U.S.-Iran hostilities - leaving markets struggling to keep up. In the UK, bond markets stay relatively calm under new Prime Minister Andy Burnham, who has committed to keeping UK debt stable over time, appointing John Healey as finance minister. And tariffs are back, with U.S. President Donald Trump levying 50% duties on roughly $20 billion Canadian goods including ice hockey gear, in the first use of Section 338 since the Supreme Court struck down his executive order.

Today’s recommended read: ⁠Burnham kicks off UK premiership with lucky breaks. Investors hope they last, Mike Dolan

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Read more from ⁠Amanda Cooper⁠ and ⁠Anna Szymanski⁠

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