Axios

President Trump is invoking an unused provision of the 1930 Smoot-Hawley Tariff Act to impose additional tariffs on Canada over alleged discrimination against U.S. exports.

Why it matters: As the Supreme Court limits Trump's ability to wield tariffs and a temporary tariff stopgap expires, the president is turning to a rarely used tariff authority.

LONDON — Canada has joined the Global Combat Air Program as an observer, aligning with the British, Italians and Japanese on a potential sixth-generation stealthy warplane.

Why it matters: Canada could be moving away from the American arsenal, as it suggested in its first-ever defense-industrial strategy. Or it could be seeking the insights and prestige that come with such a sophisticated — but still in-the-works — aircraft.

Three months into the Iran war, bond market traders are tuning out President Trump's posts on his personal social media site, Truth Social, analysts say.

Why it matters: Researchers from JPMorgan show that for the most part, his social media posts are noise, with very little ability to move the market.

Andy Burnham is the U.K.'s seventh prime minister in a decade, inheriting an economy constrained by weak growth, high debt and years of political turmoil.

Why it matters: Burnham is promising to remake Britain's economy just as growth has stalled, inflation remains elevated and public finances are stretched.

WASHINGTON – America's next chapter hinges on how it navigates global conflict while sustaining confidence at home, speakers said at Axios House D.C.

Why it matters: As the nation commemorates 250 years of independence, questions about U.S. leadership abroad, public optimism and economic growth are becoming increasingly intertwined.

Axios' Mike Allen, Nathan Bomey, Hans Nichols and Courtenay Brown hosted conversations with Sen. Bill Hagerty (R-Tenn.), Gallup global managing partner Joe Daly, Washington Commanders president Mark Clouse and Rep. Madeleine Dean (D-Pa.). The July 15 event was sponsored by Bank of America.

What they're saying: The Iran conflict won't be a "forever war," Hagerty said.

• "The Iranian regime is in shambles right now," he said.

Yes, but: Dean said she believes Israeli Prime Minister Benjamin Netanyahu convinced President Trump "to go to this reckless war of choice in Iran."

• She also said she does not trust Netanyahu and thinks he's "lied to our faces" about targeting strategies and casualties in the Gaza war.

Despite global tensions, the "American spirit is alive," Daly said, referring to recent findings from the Milken Center for Advancing the American Dream-Gallup American Dream Study.

• "The vast majority [78%] of Americans think that they themselves will achieve the American dream, and they think that it is a worthy thing to strive for," Daly said.

By the numbers: One industry that's experiencing huge economic growth is sports. NFL team valuations have been skyrocketing, with the Seattle Seahawks reportedly being acquired for $9.6 billion.

Zoom in: Clouse said soaring NFL team valuations are sustainable, pointing to the audience demand – 23 of the 25 most-watched telecast programs in 2025 were NFL games.

Content from the sponsor's segment:

In a sponsored conversation, Bank of America chair and CEO Brian Moynihan said consumer spending increased roughly 6% in the second quarter compared to last year, leading him to predict that the economy will grow by at least 2% this year.

• "Affordability is a real issue," he said. However, he added, "what people are doing is still spending money, and that's good for the U.S. economy in the broadest context."

Go deeper: Watch the full event.

Drivers can expect pump shock déjà vu as the national average gas price again climbed over $4 per gallon Monday, as President Trump appears poised to escalate the war in Iran.

The big picture: Tanker traffic is once again being choked in the Strait of Hormuz after fighting between Iran and the U.S. reignited, with Washington reinstating a naval blockade that could dramatically escalate tensions.

Last week's dramatic showdown over cutting U.S. aid to Israel offered a glimpse into just how profoundly progressive anger is reshaping Democratic politics.

Why it matters: It's not just that the left is winning seats — they're ousting incumbents and instilling panic among House Democrats, who fear they may be next if they don't take a more hostile posture toward Israel.

The U.S. military launched fresh strikes against Iran on Sunday evening, after announcing the death of one American service member and the recovery of another's remains following an Iranian missile strike in Jordan.

The big picture: The deaths underscore the growing toll of the U.S.-Iran conflict as both countries continue military attacks and the risk of further escalation rises.

Even the "cheap seats" at most World Cup games were expensive, with last-minute prices reaching thousands of dollars for some matches.

The big picture: Get-in prices ranged from just over $300 for a group-stage match in Atlanta to nearly $7,500 for Sunday's final in East Rutherford, N.J.

Oil prices jumped above $90 per barrel Sunday in the first major trading since the deaths of three U.S. service members and escalating Middle East hostilities.

Why it matters: Higher oil prices could quickly translate into more expensive gasoline for consumers and diesel for freight carriers while increasing inflation risks worldwide.