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Iran ‘Economic D-Day’, Canada Retaliatory Tariffs, B1, B2 Visa Update: The Bulletin, Aug. 25

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AUG 25, 2026 at 09:26 AM EDT

The Trump administration on Monday launched what it described as an unprecedented economic offensive against Iran, unveiling a sweeping package of sanctions, enforcement measures and diplomatic pressure aimed at cutting off the Islamic Republic's remaining financial lifelines. Canada is expected to announce retaliatory tariffs against the United States on Tuesday after President Donald Trump said he would reimplement 50 percent tariffs on imports from Canada into the United States, an official familiar with the plan told the Associated Press. The Trump administration is planning to revoke the visas of around 200,000 immigrants who originally entered the United States on temporary visas and then applied for asylum.

Video Transcript

Hello, I'm Shane Croucher. Welcome to Newsweek's Bulletin. Here's what you need to know today. The Trump administration on Monday launched what it described as an unprecedented economic offensive against Iran. Treasury officials said the initiative dubbed Operation Economic Outcast would target countries, companies and individuals that continue doing business with Tehran. The sweeping package of sanctions, enforcement measures and diplomatic pressure aim at cutting off the Islamic Republic's remaining financial lifelines. The Economic D-Day announcement comes as the administration seeks to deepen the economic isolation of a country already grappling with inflation, a weakened currency and growing trade restrictions. Canada is expected to announce retaliatory tariffs against the United States on Tuesday. After President Donald Trump said he would re-implement 50% tariffs on imports from Canada into the US. Trump said new 50% tariffs on cars, trucks, auto parts and steel will take effect on January 1st, 2027, targeting one of the world's most integrated supply chains. For decades, the US and Canadian auto industries have functioned as a single manufacturing system under different agreements. Canada's auto industry remains deeply intertwined with the US, with millions of vehicles and parts crossing the border each year. The Trump administration is planning to revoke the visas of around 200,000 immigrants who originally entered the US on temporary visas and then applied for asylum. According to State Department documents, those who arrived on B1 and B2 visas for tourism or business could be the ones affected. If the plan is enacted, it would be the largest visa revocation programme in the US as the current administration seeks to deliver on President Donald Trump's promise to deport record numbers of immigrants. Until next time, that's all for now.

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