Iran's currency fell to a new record low on Tuesday, with traders in Tehran exchanging more than 2.5 million rials to the U.S. dollar in a stark reflection of how the war in the Middle East has steadily eroded the Iranian economy.

The latest decline came just 27 days after the rial hit its previous record low of 2.2 million to the dollar on Sept. 2. The currency has repeatedly reached new lows since the war began in February.

U.S.-Canada relations, already tense, are likely to deteriorate further after the United States went ahead early Tuesday with a decision to ban nearly $1 billion worth of Canadian imports, including alcoholic beverages, dairy products and motorcycles.

The ban amounts to barely a ripple in $880 billion worth of a two-way annual trade between the two northern neighbors. But it marks another ratcheting up of President Donald Trump's second-term trade war with America's longtime ally and trading partner.

The Trump administration released new fuel economy standards Monday that relax regulatory requirements for automakers to control pollution from gasoline-powered cars and light trucks.

Fuel economy requirements set out how far new vehicles need to travel on a gallon of gasoline. The change furthers President Donald Trump's promise to revoke policies that encouraged or created incentives for the production of electric vehicles.

Surging crude prices are dragging on U.S. futures after President Donald Trump rejectedIran's proposal to reopen the Strait of Hormuz.

Iran had offered to reopen the strait and resume talks on its nuclear program if the U.S. lifts its naval blockade of Iranian ports, waives sanctions on Iranian oil sales and observes a ceasefire that would include Lebanon.

President Donald Trump has justified the pending U.S. arms sale to Taiwan to Chinese President Xi Jinping by downplaying it as just one of many sales Washington makes around the world — even asking Xi if he'd be in the market for U.S. arms, Trump's ambassador to China said on Sunday.

David Perdue said Trump raised the prospect of the arms sales from the U.S. to its ascendant geopolitical rival, an unlikely offer that if consummated would upend generations of U.S. policy toward China and Taiwan and potentially expose U.S. technology to a potential foe. Perdue, speaking to Shannon Bream on "Fox News Sunday" days after Trump hosted Xi for a state visit in Washington, didn't specify when the offer was made.

The United States and China released Monday reciprocal lists of products worth about $30 billion each that will see tariff cuts, in a deal expected to boost bilateral trade.

The details came days after Chinese President Xi Jinping met with President Donald Trump in Washington in his first state visit to the U.S. since 2015. The U.S. had already reduced tariffs against China after Trump's tariffs reached as high as 145% at one point last year, as tensions between the two countries eased.

U.S. Treasury Secretary Scott Bessent said that he had sent envoys around the world to pressure countries to economically isolate Iran, hailing new restrictions targeting the country's airlines and banks.

"At my direction, teams were dispatched across the globe to engage with countries and demand action against the Iranian regime," he said on X. "These efforts are delivering results."

The Iraqi government said Saturday it was holding talks with the United States to secure an exemption from then ban on Iranian airlines, which has disrupted travel for patients, students and pilgrims.

All Iraqi airports enforced the ban this week, resulting in major disruption at the airport of the holy city of Najaf, the main destination for Iranian flights to Iraq.

Argentina's poverty rate jumped to 32.3% in the first half of 2026, official data showed Thursday, as incomes failed to keep pace with the rising cost of basic goods, a setback for libertarian President Javier Milei little more than a year before he seeks reelection.

The national statistics agency, known as INDEC, reported that the share of Argentines living below the poverty line jumped four percentage points from 28.2% in the second half of 2025. Extreme poverty, or indigence, rose from 6.3% to 7.5%.

Yemen's internationally recognized government pressed world leaders anew Thursday for help defeating the Iran-backed Houthi rebels, saying that their new perch along one of the world's busiest waterways presents an international economic risk.

The Houthis — who have controlled Yemen's capital, Sanaa, and much of the country's north for over a decade — stormed down Yemen's coast this month and seized the crucial port city of Mokha and key Red Sea islands. That gives them better surveillance of ships passing through the Bab el-Mandeb Strait, at the sea's southern end. About 12% of the world's trade usually passes through the waterway.