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Wall Street Stumbles as Trump’s Tariff Threats Rattle Global Markets

U.S. stock markets kicked off the week in the red as renewed trade tensions sparked by former President Donald Trump sent shockwaves through Wall Street. The Dow Jones Industrial Average tumbled over 400 points, while the S&P 500 and Nasdaq Composite dropped 0.8% and 0.9% respectively. The sell-off followed Trump’s announcement of sweeping new tariffs set to take effect on August 1. In a series of public letters posted to social media, Trump warned that countries including Japan, South Korea, South Africa, and Malaysia would face levies ranging from 25% to 40% unless trade agreements are finalized by a self-imposed July 9 deadline. Adding to the market jitters, Trump declared that any nation aligning with the “Anti-American policies of BRICS” would be hit with an additional 10% tariff, escalating tensions with key trading partners like China and India. The tech sector bore the brunt of the downturn, with Tesla shares plunging nearly 7% amid political controversy surrounding CEO Elo...
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Canada Pauses Private Refugee Sponsorship Applications Until 2026


The Canadian government has announced a temporary pause on private refugee sponsorship applications from groups of five or more people and community organizations. This measure, effective immediately, will last until December 31, 2025. The decision aims to address the growing backlog of applications and improve processing times for both refugees and sponsors.

Immigration, Refugees and Citizenship Canada (IRCC) stated that the number of applications received annually far exceeds the available spaces for private refugee sponsorships. The government has set a target of admitting 23,000 privately sponsored refugees in its 2025-27 immigration plan, while the total refugee target for next year is just over 58,000 people. As of the end of October, there are over 85,000 pending refugee claims.

IRCC recognizes that this measure will impact the refugee sponsorship community and has pledged to work closely with partners and stakeholders to adjust to these changes and explore long-term improvements to the program. The pause will allow the system to catch up with the existing workload and ensure a more efficient and predictable refugee sponsorship process in the future.

For more information, visit the [IRCC website](https://www.canada.ca/en/immigration-refugees-citizenship/news/notices/temporary-pause-intake-refugee-sponsorship-applications-groups-five-community-sponsors.html).







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