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Over the past two weeks, the number of ships passing through the Strait of Hormuz has surged by nearly 400%, and Iran appears to be losing control of this crucial waterway—more and more ships are using the US-backed route through the strait. Data from the UK's Office for Maritime Trade Operations shows that nearly 200 ships passed through the strait last week, up from 150 the previous week and 40 two weeks ago. This increase brings the total throughput of the channel back to about 20% of pre-war levels. Data from maritime news agency Kpler shows that over 80% of liquid cargo transported through the Strait of Hormuz in the past two weeks either chose the Oman route—a US-backed route approved by the UN International Maritime Organization but rejected by Iran—or entered a "dark state," likely also via this route. "Iran appears to have at least partially lost control of the strait," said Homayoun Falakshahi, head of crude oil analysis at Kpler. Dan Pickering, founder of Pickering Energy Partners, added, "The Oman route is absolutely the most logical option," noting that it allows ships to avoid paying tolls to Tehran. Over the past seven days, 103 ships entered the Strait of Hormuz and 89 exited, a 27% increase from 76 entering and 75 exiting a week ago. This change is even more pronounced compared to two weeks ago, when only 18 ships entered and 21 exited. Most of the ships transiting the strait fly the flags of US allies Panama and Liberia, although the flags only indicate the ship's place of registration, not the location of the shipowner's company. About half of the ships are oil tankers, with the remainder being dry cargo ships. In the past week, five ships were attacked by Iranian artillery fire, resulting in two casualties. These ships were reportedly damaged but not sunk. Since May, the US has been quietly escorting oil tankers through the Strait of Hormuz, employing a "shadow fleet" strategy involving radar shutdown and covert passage, sailing close to the coast of Oman to avoid detection.

Indian officials say a bulk carrier sank off India’s east coast, and the Indian Coast Guard has rescued 14 crew members and is currently searching for four more missing crew members.

U.S. Trade Representative Greer: The United States could have postponed the 50% tariffs imposed on Canadian dairy products and wine.

U.S. Trade Representative Greer: The United States has proposed to eliminate the 10% tariff on softwood lumber.

U.S. Trade Representative Greer: The U.S. had proposed a reduction in tariffs on metals; in U.S.-Canada trade negotiations, automobile tariffs could have been reduced to at least 7%.

Market news: Rosatom, the Russian state-owned nuclear energy company, is gradually arranging for its staff to return to the Bushehr nuclear power plant in Iran.

Since Trump's return to the White House, the United States and Canada have repeatedly teetered on the brink of a full-blown trade war, but Trump has ultimately managed to retract some of his toughest offensives against one of his closest allies. However, this relative calm ended on Saturday. The U.S. imposed a 50% tariff, which officially took effect, and Canada threatened reciprocal countermeasures. Trump's tariffs are essentially taxes on imported goods, meaning that a portion of the cost of the latest tariffs could ultimately be borne by U.S. importers who have been suffering from high prices for years. If Trump retaliates after Canada does so, it could create a series of new shocks to the U.S. economy, which is already facing numerous challenges. "The bigger problem is uncertainty," said Scott Lincicome, vice president of macroeconomics at the Cato Institute, noting that this volatility has permeated Trump's second term. His constantly changing tariffs, sometimes even with a single order, have not only disrupted Wall Street, angered courts, and provoked U.S. allies, but have also fueled rising domestic consumer prices. Lincicome stated that a new round of conflict against Canada could put significant pressure on businesses operating along the U.S.-Canada border. Retaliatory tariffs could push up prices, which in turn would mean "a slight decrease in investment and a slight slowdown in economic activity," and this chaotic trade environment would persist. Joe Brusuelas, chief economist at audit and consulting firm RSM US, said he still believes an agreement is possible, but the risk of escalation is real and could be costly. He expects Canada to target the "worst spots," perhaps including the US auto industry. This could pose a risk to the inflation outlook amid a continued manufacturing slump. A retaliatory trade war could further complicate the US's current struggle with inflation. Despite Trump's opposing view, US inflation remains well above the Federal Reserve's 2% target. In fact, rising prices prompted Trump to ease tariffs on beef imports this week, effectively acknowledging that his trade policies have hurt American wallets. These economic anxieties are also increasingly spreading to financial markets. The ever-increasing US debt burden reached $40 trillion this week, triggering market concerns and pushing US Treasury yields sharply higher. The war with Iran also presents economic challenges, pushing up fuel costs and dragging down global economic growth.

According to Politico, President Trump's promise to make expensive new weight-loss drugs widely available to low-income Americans has not been fulfilled. Last year, Trump promised that states participating in his government's direct-to-consumer pricing program would soon have access to GLP-1 drugs, such as Wegovy and Zepbound, for obese Medicaid patients. However, nine months later, access to these drugs for Medicaid patients has been reduced. Currently, only Indiana has publicly expressed support for the program. Some states have stopped reimbursing Medicaid patients needing to lose weight for these drugs, while others are considering terminating the program. Most states interviewed indicated they would not participate. States that opted out, including Maine, New Mexico, and Oklahoma, cited budgetary pressures and concerns about the long-term financial sustainability of Trump's model. Meanwhile, they have also seen other states spending hundreds of millions of dollars more on these drugs than expected.

A 5.9-magnitude earthquake struck southern Ibaraki Prefecture, Japan, early on the 23rd. No abnormalities have been detected at several nuclear facilities near the epicenter.

Several U.S. AI firms have cut usage prices for large models. OpenAI said on the 21st it will lower the benchmark price for its developer-facing flagship model GPT-5.6 Sol by more than 20%, with the discounted rate valid for three months. At the end of last month OpenAI also cut prices on other models—mid-tier models down 20%, low-cost models down 80%. Alphabet’s Google launched GEMINI 3.7 Flash and trimmed pricing to roughly half the prior version. U.S. media say price competition is intensifying, driven in part by open-source and pricing strategies from some Chinese AI firms.

The statement indicates that Canadian Prime Minister Mark Carney held a video conference with provincial and territorial leaders to discuss suspending trade negotiations with the United States. Carney outlined next steps to protect Canadian interests, including retaliatory tariffs that will take effect on Tuesday after Labour Day.

Iran's Supreme National Security Council Secretary Rezaei: Iran will strike at the interests of countries that assist the United States in waging economic war against Iran.

French Presidential Palace: Saudi Arabia's Vision 2030 is being aligned with France's investment plan; the Mecca Agreement is reshaping the alliance structure in light of regional developments.

The US envoy suggested that Israel's airstrikes against Syria might be a deliberate attempt to provoke conflict between Syria and Türkiye.

U.S. President Trump disclosed more than 1,000 financial trades executed in June in a disclosure filed Aug. 22, signaling a broad portfolio rebalancing. The filing reports aggregate transaction value in ranges between $78.1m and $263.1m and discloses per-trade value ranges rather than exact amounts. Total purchases exceeded $49m and total sales were at least $28.5m. On June 18 he sold $1–5m stakes in Meta and Motorola and on the same day purchased equal-dollar positions in Berkshire Hathaway, Cintas, Visa and Mastercard.

A 5.9-magnitude earthquake struck Ibaraki Prefecture, Japan, at approximately 2:00 AM local time on the 23rd, according to the Japan Meteorological Agency. The earthquake was felt at a seismic intensity of 5-5, with a focal depth of 70 kilometers. The tremor was felt strongly in Tokyo. The Japan Meteorological Agency sets earthquake intensity on a scale of 0-4, 5-5, 5-5, 6-6, 6-7, for a total of 10 levels.

A Ukrainian drone strike on a warehouse belonging to Russian online retailer Ozon has killed at least 10 people.

Canadian Prime Minister Carney: The government is prepared to provide financial support to affected industries under the new 50% tariff.

Canadian Prime Minister Carney: Canada will provide tariff protection for certain industries.

Canadian Prime Minister Mark Carney: There is "no good news" about the future of the USMCA (United States-Mexico-Canada Agreement).