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Weekly Market Snapshot: Mideast Tensions and Chip Selloff Rattle Global Markets (July 13–17)

  Week of July 13–17, 2026 It was a rough week to be a tech investor and a good week to own oil. Escalating conflict between the US and Iran pushed crude sharply higher and rattled global markets, while a fresh wave of selling in semiconductor stocks dragged US and Asian indices lower. Closer to home, the Bank of Canada held its key rate steady, and the TSX—less exposed to chipmakers—held up noticeably better than its US and Asian peers. Here’s how the week broke down across every major market, and what it means for your wallet. 🇨🇦 Canada: TSX Day Close Change Mon, Jul 13 35,252.72 -0.15% Wed, Jul 15 (BoC day) 35,416.20 +0.27% Thu, Jul 16 35,340.15 -0.21% Fri, Jul 17 ~35,262 -0.22% Week total (Fri-to-Fri) — ~flat (about -0.1%) The TSX had a choppy but ultimately quiet week compared with its global peers. Monday's session opened with the Strait of Hormuz blockade headlines and closed lower. Wednesday brought a relief rally after the Bank of Canada's rate hold, with financials ...
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Trump Threatens 200% Tariffs on French Wines After Macron Rejects ‘Board of Peace’

                                             President Emmanuel Macron  and President Donald Trump.

A new transatlantic flare‑up erupted after President Donald Trump warned that he may impose 200% tariffs on French wines and champagne in response to President Emmanuel Macron’s reported refusal to join Trump’s proposed Board of Peace initiative.

Trump reacted forcefully when told that Macron did not plan to participate in the U.S.-led body, which he has promoted as a vehicle for resolving global conflicts. He suggested that steep tariffs would quickly change the French president’s stance, adding that Macron “doesn’t have to join” but would feel the pressure if he stayed out.

French officials have indicated that France is not prepared to join the initiative “at this stage,” citing concerns about the board’s scope and the financial commitments involved. Drafts circulated to foreign governments describe a requirement for member states to contribute $1 billion to maintain long‑term participation.

The threat marks the latest in a long line of trade tensions between Washington and Paris, with French wine often serving as a symbolic pressure point. A tariff of the magnitude Trump floated would represent one of the most aggressive measures ever aimed at the industry.

Whether the warning signals a serious policy move or a negotiating tactic remains uncertain, but it has already stirred unease among European officials and wine producers who fear the economic fallout of a renewed trade clash.


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