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The State Department is preparing the largest visa revocation in American history, targeting up to 200,000 foreigners who later applied for asylum. Documents obtained by AP show the plan covers B1/B2 business and tourism visas issued across a full decade, from 2016 through 2026.

Spokesman Tommy Pigott said State is coordinating with Homeland Security to find visitors who "come claiming to be short-term visitors, but then file for asylum." Revocation would not trigger immediate deportation, though most people with pending cases would lose visitor status and be recategorized overnight.

Trump said tariffs on Canadian vehicles will double to 50% on Jan. 1, hitting cars, trucks, auto parts and steel alike. Washington already imposed 50% duties on Saturday covering roughly $20 billion of Canadian goods, from wine and cement to hockey sticks.

Prime Minister Mark Carney vowed to retaliate "dollar for dollar," with Canadian counter-tariffs on US goods taking effect Sept. 8. Canadian-built vehicles made up 5.4% of US sales last year, about 861,000 cars, and Ontario Premier Doug Ford called Trump a "bully."

Treasury Secretary Scott Bessent unveiled Operation Economic Outcast on Monday, a sanctions package Trump has branded an "economic D-Day." Bessent pledged to "sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone."

Iran answered by warning that vessels breaking new Hormuz transit rules could face fines, seizure or outright confiscation. Inflation there runs near 90% and the rial has slipped past 2 million per dollar, as security chief Mohsen Rezaei promised "seismic" retaliation.

Israeli strikes and tank fire killed at least four Palestinians on Monday, including two children, hospital officials in Gaza said. A 4-year-old died when a building in the Bureij refugee camp was hit, one week after a US delegation asked Israel to scale back its attacks.

A Damascus court handed a life sentence to Ahmed Hassoun, 77, who served as Syria's grand mufti from 2005 to 2021. Judges found the religious establishment he led provided cover for barrel bombings and other regime operations across the 13-year war.

Armed men from a powerful gang coalition raided Kenscoff late Sunday, a farming community in the hills above Port-au-Prince. Survivors found bodies in the streets on Monday morning, and Mayor Jean Massillon said access problems make any death toll impossible to confirm.

USPS quietly finalized a new mail ballot rule on Friday night, though it takes effect only if the Supreme Court revives Trump's mail-voting order. A Boston judge has already frozen that order and added a second injunction blocking any procedural changes before the midterms.

An arbitrator ruled the Washington Post lacked cause to fire opinion writer Karen Attiah, ordering full back pay and lost benefits. Attiah, the paper's founding global opinion editor, was dismissed over Bluesky posts about violent white men after Charlie Kirk's killing.

Southern Command said it struck a vessel in the eastern Pacific on Sunday, killing two people after a pause of more than two months. Campaign totals now stand at 223 dead across 67 strikes, with no evidence released that the boat was carrying drugs.

Chip stocks led losses on Monday, pulling the S&P 500 down 0.28% to 7,652.86 and the Nasdaq down 0.76% to 25,980.19. Nvidia fell more than 2% ahead of Wednesday earnings, a seventh straight decline, while Sandisk, Micron and Seagate each dropped at least 5%.

Two officials told CNBC the department could tap its $1 trillion General Account to fund a substantially larger bond buyback program. Yields eased on the report, with the 10-year falling to 4.704% and the 30-year off four basis points to 5.234%.

Alibaba shares fell as much as 10% in Hong Kong after a $10.2 billion placement priced well below Friday's close. All net proceeds go toward AI infrastructure, following a 75% profit drop last quarter as capital spending jumped 75% to 67.7 billion yuan.

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Sea surface temperatures outside the polar regions reached 21.1C on Saturday, the highest figure ever recorded, according to Europe's Copernicus service. Copernicus deputy director Samantha Burgess called the record "another clear signal of an ocean under growing stress" as El Niño strengthens.

SpaceX plans to put Nvidia-powered orbital data centers into orbit by the end of next year, turning satellites into AI compute nodes that process data before it ever touches the ground. The pitch: infinite solar power, no water for cooling, and latency measured in milliseconds anywhere on Earth.

Pacific Fusion is building a pulsed-power fusion facility in Los Lunas, New Mexico, directly beside Sandia National Laboratories. Engineers aim to fire roughly 80 megajoules per pulse and harvest 100 megajoules of fusion energy, a milestone they want by decade's end.

New England is trading Kayshon Boutte to the Texans for safety Jaylen Reed and a 2028 seventh-round pick, sources told ESPN. Boutte caught 33 passes for 551 yards and six touchdowns last season, and Houston needed help after Jayden Higgins tore his ACL.

Blazers guard Shaedon Sharpe tore the meniscus in his right knee during an offseason workout and will miss about six months. Sharpe averaged 20.8 points last season and is entering a four-year, $90 million extension paying roughly $20 million this year.

Houston dismissed general manager Dana Brown on Monday, even though the Astros lead the AL West with a 65-66 record. Assistant GMs Charles Cook, Gavin Dickey and Connor Huff will split his duties alongside senior adviser Jeff Bagwell under owner Jim Crane.

Phoenix agreed to buy out DeWanna Bonner, sending the six-time All-Star to waivers in her 17th WNBA season. Bonner, 39, ranks third all-time in points and fifth in rebounds, and GM Nick U'Ren said the move lets her chase a title.

HBO cast Kit Harington as Gilderoy Lockhart in Season 2, replacing Nicholas Hoult, who exited over scheduling conflicts. Harington already voiced the character for Audible last year, and "Chamber of Secrets" starts shooting this fall ahead of a Christmas Day premiere.

Paramount is developing a sequel to the 2003 rom-com with Kate Hudson producing alongside Stacey Sher and eyeing a return for both her and Matthew McConaughey. The original grossed $178 million on a $50 million budget and still runs in cable rotation two decades later.

France approved three theme parks near Paris under a €6bn deal with Saudi Arabia, including one inspired by Dragon Ball Z. Macron called it the largest project of its kind "since Disneyland Paris," adding, "you know my interest for manga."

What it is: Treasury Secretary Scott Bessent has stepped directly into the bond market itself, buying back long-dated government debt at yields he argues are far too high. Steering the long end has been the Fed's exclusive job since 1951, when the Treasury-Fed Accord ended wartime pegging and secured central bank independence. Fed Chair Kevin Warsh walks onto the Jackson Hole stage on Friday, and markets are waiting to learn whether he has any objection.

The detail: Treasury doubled the size of its long-end buyback operations from $2 billion to $4 billion each, effective Sept. 9 and running through Nov. 4. Officials told CNBC's Steve Liesman that the department's roughly $950 billion cash account is also "considered to be available" to fund those purchases. Warsh himself proposed rewriting the 1951 Accord last year, arguing that changes to Fed holdings amount to "partially fiscal policy in disguise."

Why it matters: Federal debt crossed $40 trillion on Aug. 19, annual interest costs are running near $1.2 trillion, and the deficit is approaching 6% of GDP. Holding long rates down makes that arithmetic survivable for a while, which is precisely why it matters so much who does the holding. Mohamed El-Erian sees a broader move toward "yield curve control," and RSM chief economist Joe Brusuelas flatly calls Bessent "a political actor."

What to watch: Warsh's keynote lands Friday, and the tell is whether he defends the Fed's exclusive claim to the long end or quietly cedes ground. Bessent rejects the whole framing, branding his program a "Treasury Twist" and insisting that current yields "don't reflect the underlying fundamentals." Evercore ISI's Krishna Guha calls the buybacks "a weak form of Operation Twist," echoing the Fed's own 1961 experiment in bending the curve.

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—The Five Minute Daily Team