The Latest: Bessent warns the world to cut financial ties to Iran or face US retaliation

Treasury Secretary Scott Bessent said Monday that new U.S. secondary sanctions in the pipeline aim to block all potential sources of revenue for Iran, telling nations to cut economic ties to Tehran or face U.S. retaliation. Tehran has withstood nearly five decades of punishing American sanctions. Ahead of the announcement, Iran’s currency hit a record low, dropping to 2.02 million to the U.S. dollar as trading opened on currency markets. President Donald Trump threatened on Monday to impose a 50% tariff on Canadian automobiles, car parts and steel starting next year as the trade rift with Ottawa continued to deepen. The announcement comes after trade talks between the otherwise reliable trading partners collapsed last week. Long-planned U.S. tariffs on various Canadian goods went into effect after the talks broke off, and Canada has vowed to retaliate. The Latest: US set for largest mass visa revocation in history targeting up to 200,000 foreigners, officials say The Trump administration is preparing to revoke the business and tourism visas of up to 200,000 foreigners who have applied for or are currently seeking asylum status in the United States. If it happens, the move would be the largest single mass revocation of visas in U.S. history and would likely face legal challenges. Unless challenged or revised, the State Department is expected to announce in the coming weeks the revocation of so-called B1 and B2 visas issued between 2016 and 2026 whose holders have sought asylum or are now seeking asylum, according to State Department documents obtained by The Associated Press and two U.S. officials. The action will be taken in coordination with the Department of Homeland Security. “We are coordinating with DHS to identify and revoke the nonimmigrant visas of foreigners who have come to the United States claiming to be short-term visitors, but then file for asylum to stay here permanently,” said State Department spokesman Tommy Pigott. ▶