Trendwatch: Panama Canal backlogs swell as water levels fall; New attacks on shipping as Iran war talks hit fresh impasse; Canada unhappy with latest US offer to lower tariffs, CBC reports

Panama Canal backlogs swell as water levels fall

Ships in the Panama Canal are reportedly waiting up to 10 days for their turn to pass through the Panama Canal, representing the largest backlog since May.

According to Financial Times, 113 vessels were in line to transit the Panama Canal as of August 3, compared to just 40 vessels that were in line in early January.

The ships can either wait to use slots they booked ahead, or take part in daily auctions to jump the vessel queue. That is becoming an increasingly pricey option. One container ship recently paid $4 million to move to the front of the line, The Guardian reports, more than double the average bid placed during the previous seven days.

Canada unhappy with latest US offer to lower tariffs, CBC reports

Canadian officials working to persuade Washington not to impose additional tariffs next week are unhappy with the latest U.S. offer to ease the measures, CBC News reported on Wednesday, citing two sources.

President Donald Trump said last month he would impose 50% tariffs on a wide range of imports from Canada on August 19 unless Ottawa ended what he called discriminatory treatment of American-made cars, alcohol and dairy goods.

Nuclear power plants are being shut down as Europe’s drought becomes an energy crisis

A hot and exceptionally dry summer has disrupted Europe’s nuclear power plants, prompting governments to take extraordinary measures to keep energy supplies running.

In Romania, the state-owned nuclear power producer Nuclearelectrica on Thursday began disconnecting its sole operating reactor from the power grid due to low water levels on the Danube River — a vital economic artery that stretches 1,770 miles.

That’s despite the southeastern European country’s government taking some unprecedented measures in recent days, including dredging the channel and sinking rock-filled barges. Romanian naval forces also carried out a controlled underwater explosion on the riverbed last week, seeking to improve water flow to the cooling systems of its Cernavoda power plant.

New attacks on shipping as Iran war talks hit fresh impasse

The U.S. and Yemen's Iran-aligned Houthis reported separate attacks on shipping on Tuesday as prospects for ending the Iran war appeared to dim, with Tehran saying the Strait of Hormuz would remain closed unless Washington accepts its conditions.

The attacks, in the Gulf of Oman leading to the strait and at the entrance to the Red Sea — both vital chokepoints for global oil supplies — come as the war shows no signs of ending despite repeated assertions from U.S. President Donald Trump of a deal being imminent.

Oil prices gained and global shares retreated amid renewed pessimism about a quick end to the conflict. Brent crude futures climbed 1.4% to settle at $88.91 per barrel and U.S. crude rose 1.3% to $83.20.

California exports lose ground amid new Trump tariffs & fuel spikes

California’s merchandise export trade “was nominally valued at $16.399 billion in June, according to Beacon Economics’ analysis of the latest statistics released by the U.S. Census Bureau’s Foreign Trade Division, a nominal 4.8% gain over the $15.646 billion in exports the state shipped in June 2025.

Beacon Economics’ monthly analysis of California’s international trade activity found: “Over the same period, however, overall U.S. exports grew by 15.3% to $208.151 billion from $180.538 billion one year earlier. As a result, California’s share of the nation’s merchandise export trade sank to 7.9% from 8.4% in June 2025. Owing primarily to its location along the US-Mexico border and its leading role in America’s petrochemical trade, Texas accounted for 23.0% of all U.S. merchandise exports in the latest numbers.”