Hello,

This week showed how differently power works around the world.

Law caught up with a former president, while a current president reshaped policy, process and precedent at will. Meanwhile, lawmakers in another country broke new grounds by electing its first woman prime minister.

Together, these moments revealed the same thing in different ways: who holds power, who challenges it, and who finally answers to it.

Let’s dig in.

In today’s edition:

Trump ends all trade negotiations with Canada

Washington deploys aircraft carrier in Caribbean

White House East Wing demolition sparks outrage

Trump’s tense exchange with ex-Australian PM

Nicolas Sarkozy imprisoned for 5 years

Japan elects first ever woman prime minister

President Donald Trump has imposed an additional 10% tariff on all Canadian goods. This comes on the heels of Trump halting all trade talks with Canada after a televised advertisement in Canada used excerpts from a 1987 Ronald Reagan speech criticizing tariffs.

Trump accused Ottawa of airing a "fraudulent" TV ad and said it was an attack on U.S. judicial independence. The White House said in a statement that the tariffs would remain in place “until Canada shows respect.”

The move has sparked fears of renewed trade tensions under the USMCA and potential retaliation from Canada. Trump and Canadian Prime Minister Mark Carney are both set to be at a dinner on the sidelines of an Asia-Pacific Economic Cooperation (APEC) in South Korea on Wednesday. However, Trump has said he doesn't plan to meet Carney.

Donald Trump has ordered deployment of the U.S. Navy’s most advanced aircraft carrier, USS Gerald R. Ford, to the Caribbean as part of Trump administration's 'war on drugs.'

The order comes following several recent strikes on cartel vessels that killed six people. The carrier is part of a strike group that also includes the Arleigh Burke-class guided-missile destroyers USS Mahan, USS Winston S. Churchill and USS Bainbridge.

Trump has accused Venezuelan President Nicolas Maduro of being a drug cartel leader as he continues to increase pressure on the Maduro regime. Many analysts believe the ultimate goal behind this deployment is to change the regime in Venezuela.

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The entire East Wing of the White House has been demolished as part of President Donald Trump's plan to build a new ballroom. Offices that historically housed the first lady and her staff, visitor reception spaces, and a screening room built during the Roosevelt administration have all been torn down to make way for the new 90,000-square-foot structure.

Initially announced in July as part of a $200 million project, the price tag now has risen to $300 million. The project runs counter to Trump’s earlier assurance that “nothing will be torn down” and that the new space would not “interfere with the current building." Preservationists, historians, and some lawmakers have expressed alarm that the demolition proceeded without what they say are required review processes under the National Capital Planning Commission, the Commission of Fine Arts and other oversight bodies.

White House press secretary Karoline Leavitt attributed the demolition and higher building cost to changes that happen with any construction. “The plans changed when the president heard counsel from the architects and the construction companies who said that in order for this East Wing to be modern and beautiful for many, many years to come, for it to be a truly strong and stable structure, this phase one that we’re now in was necessary and the president wants to do right by the ‘People’s House,’” Leavitt said.

President Donald Trump had a tense exchange with former Australian Prime Minister Kevin Rudd, now serving as Australia’s ambassador to the United States. Rudd was part of Prime Minister Anthony Albanese’s delegation meeting Trump at the White House.

During a press conference, a reporter asked Trump if he had any comment on Rudd’s past criticism of him. Trump, apparently unaware Rudd was in the room, replied, “I don’t know anything about him. If he said bad, then maybe he’ll like to apologize.”

Rudd, who had previously called Trump a “village idiot” and “the most destructive president in history,” responded that the remarks were made before his appointment as ambassador. Trump then said, “I don’t like you either. And I probably never will.”

Despite the tense exchange, the two nations signed a deal to expand cooperation on rare-earth minerals. Albanese later defended Rudd, saying he is doing “a fantastic job” and described Trump’s comment as light-hearted rather than a diplomatic rupture.

Former French President Nicolas Sarkozy began a five-year prison sentence for conspiring to raise campaign funds from Libya. He is the first former French leader to be imprisoned since Nazi collaborator Marshal Philippe Petain after World War Two.

Shortly after arriving at La Sante prison in Paris, Sarkozy published a message on X (formerly Twitter) claiming his innocence. "I want to tell (French people), with the unshakable strength that is mine, that it is not a former president of the Republic who is being imprisoned this morning — it is an innocent man," he said.

Sarkozy has been convicted of taking millions in cash from Libyan leader Muammar Gaddafi for his 2007 presidential campaign. He was, however, acquitted of personally receiving or using the funds. His lawyers said they have filed an appeal and expect an early release for the former president.

Japan this week created history by electing its first-ever woman prime minister. Sanae Takaichi, 64, was elected by both houses of parliament after her party, the Liberal Democratic Party (LDP), struck a coalition agreement with the Japan Innovation Party (JIP).

She succeeds Shigeru Ishiba, who stepped down in the wake of electoral setbacks for the ruling coalition. Takaichi, a known conservative, has vowed to strengthen Japan's defence and reassert its strategic role on the global stage.

She also pledged to increase wages to increase domestic consumption and arrest inflation. While her appointment represents a major breakthrough in Japan’s patriarchal political system, analysts caution that it may be more symbolic than transformative for gender equality.

In the midst of a federal government shutdown, the U.S. government’s gross national debt surpassed $38 trillion Wednesday, a record number that highlights the accelerating accumulation of debt on America’s balance sheet.

It’s also the fastest accumulation of a trillion dollars in debt outside of the COVID-19 pandemic — the U.S. hit $37 trillion in gross national debt in August this year.

President Donald Trump has issued a full and unconditional pardon to Changpeng Zhao, the founder of the global cryptocurrency exchange Binance. Known as 'CZ' in crypto circles, Zhao had previously pleaded guilty to violating anti-money‐laundering laws and served approximately four months in prison. Binance itself agreed to a settlement of some $4.3 billion to resolve related charges. Critics have raised questions about possible conflict of interest, citing Binance’s historical ties to the Trump family’s crypto ventures.

China has announced two new decrees to significantly broaden control over rare‐earth elements and associated technologies. These restrictions explicitly target foreign defence and semiconductor applications. The new rules mean that even goods made outside China, if they contain Chinese-origin rare-earth material or use Chinese processing technology, must now obtain Chinese export approval.

In its first major layoffs in a decade, retail giant Target has said it is cutting 1,800 corporate jobs as it tries to rebound from almost four years of stagnant sales. Employees affected by the layoffs will receive pay and benefits until January 3, 2026, in addition to severance packages.

Kering, the owner of Gucci, has announced it is selling its beauty business to French beauty giant L'Oreal for $4.7 billion. New CEO Luca de Meo said that under the deal L'Oreal will acquire Kering's fragrance line Creed, as well as exclusive rights to develop fragrance and beauty products for 50 years under Kering's fashion labels including Bottega Veneta and Balenciaga.