WS #12511

The dominant signal in this window is the US imposing 50% tariffs on most Canadian goods, confirmed by multiple sources (BBC, Guardian, AP, WSJ, and social media). This is a major escalation in trade tensions, with specific exclusions for energy, potash, and critical minerals. The tariffs take effect August 19. Separately, US-Iran conflict continues to escalate with new airstrikes reported across multiple Iranian cities and sirens in Kuwait, while oil prices are noted at $82/bbl and US gas at $4/gallon. A federal judge temporarily blocked the Paramount-Warner Bros. Discovery merger on antitrust grounds. AMC Entertainment surged 28% after reporting record quarterly revenue. NVIDIA disclosed a 9.3% passive stake in Nebius Group. The UK cabinet reshuffle under PM Burnham is ongoing but has limited direct US market impact. The tariff news is the most actionable for US markets, with potential to affect Canadian-exposed sectors and importers.