Bloomberg Daybreak: US Edition

Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Treasury Secretary Scott Bessent’s threat to unleash an “economic D-Day” against Iran risks setting the US on a collision course with China, its main trading partner. Bessent promised an “economic onslaught against Iran’s financial connections around the globe” and unveiled dozens of new sanctions, but the main thrust was threatening secondary sanctions against companies and countries that continue doing business with Iran. China defended its cooperation with Iran and warned of potential retaliation, saying it will take all necessary measures to firmly safeguard its own interests, as the US effort to impose secondary sanctions risks expanding the economic disruption caused by the war against Iran.
2) Canada's government will announce measures to "protect and support" its workers and businesses in response to US tariffs. Domestic measures will include expanded jobless benefits and loans for businesses affected by the tariffs. Canada plans to retaliate against the US tariffs, with Prime Minister Mark Carney saying "everything is on the table" regarding the country's response. US-Canada trade talks collapsed after Commerce Secretary Howard Lutnick applied last-minute pressure, leading President Donald Trump to impose new tariffs and Canadian Prime Minister Mark Carney to vow retaliation.
3) Bitcoin climbed above $80,000 for the first time since mid-May as optimism returns to the crypto market amid bullish signals. The increase comes after Bitcoin rallied in the seven days through Sunday, and spot Bitcoin exchange-traded funds had their strongest weekly inflow in 10 months last week.
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Prime Minister Mark Carney’s government sees little chance of resuming talks with President Donald Trump before the midterm elections after trade talks collapsed. Carney is designing a domestic aid package to help businesses hurt by US tariffs, which will remain in place for the duration of the conflict and throughout the rest of Trump’s term if need be. The US has said the path for talks is unclear, with US Trade Representative Jamieson Greer stating that they don’t have new talks planned with the Canadians and are moving forward with measures that respond to Canadian retaliation.
2) Iran’s oil shipments to Asia have all but dried up, driving the cost of those cargoes to the highest levels in years. A US blockade has left loaded Iranian vessels trapped inside the Persian Gulf and a fleet of empty ones stuck outside, resulting in a scarcity of oil in the region. Treasury Secretary Scott Bessent is due to unveil a plan for “the greatest coordinated economic isolation in the history of the world”, targeting Chinese refiners and the banks funding them.
3) Investors are looking for Fed Chair Kevin Warsh to clarify his views on how the US central bank should react to stubborn inflation when he speaks on Friday at the annual gathering in Jackson Hole, Wyoming. The chairman's communications strategy is off to a rocky start, and he's under pressure to give clearer guidance of how the Fed might react over the remainder of the year. Recent data have shown inflation, while still above the Fed's 2% goal, may be starting to cool, with economists estimating the PCE price index rose 3.6% in July from a year ago.
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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.
In the US – a look ahead to Fed Chair Kevin Warsh’s speech in Jackson Hole and earnings from chip giant, Nvidia.
In the UK – a look ahead to a key meeting of French business leaders as they count down to a pivotal Presidential election.
In Asia – a look ahead to Tokyo inflation
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Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) Oil headed for a substantial weekly gain, as a US push to isolate Iran’s economy raised the specter of further market disruption.Global crude benchmark Brent traded above $93 a barrel, on pace for a weekly advance of around 6%. West Texas Intermediate for October was near $86 a barrel following a five-session run of gains.

2) Treasury Secretary Scott Bessent said that he’s prepared to expand efforts to buy back costlier debt and that the administration will be unveiling a new fiscal initiative to address the highest borrowing costs in years.

3) Anthropic PBC expects to match or beat the size of SpaceX’s record-setting initial public offering, according to people familiar with the matter, in the latest sign of overwhelming demand from investors looking to profit from the artificial intelligence boom.
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump announced plans to subject Iran to an “economic D-Day,” underscoring his rising frustration with Tehran’s refusal to capitulate despite military strikes and an American blockade targeting its oil exports. Trump didn’t specify what measures he would take, but his threat to target Iran’s trading partners, none of which he cited by name, put an immediate focus on China, which buys the bulk of Iran’s oil. Trump demanded that all countries cease providing Iran access to exchange houses, cash transfers, swap lines, ship registries, front companies and avenues to smuggle out its oil. He also sought to rally other nations that have so far declined to support his war on the Islamic Republic, saying the US needs all its allies to help “isolate, and defeat, the Iran threat.”
2) A tentative trade deal between the US and Canada would lower tariffs on certain Canadian exports of steel and aluminum to 25% and cut duties on Canadian auto exports to 15%, according to people familiar with the matter. The details have yet to be finalized and are not expected to apply across the board. For steel and aluminum, different rates could apply to some derivative products that include those metals, said some of the people, who requested anonymity to discuss terms of the agreement before it is announced. Tariffs on the non-US content in autos exported from Canada would be reduced to 15% from 25%, according to people familiar with the negotiations. Talks between US and Canadian trade advisers continued Wednesday, less than 24 hours after President Trump paused planned 50% levies on billions of dollars of Canadian goods to allow more time to negotiate.
3) Treasury Secretary Scott Bessent made a fresh attempt to rein-in long-term borrowing costs from multi-year highs, sending Treasury yields and the dollar down. Just two weeks after releasing its planned schedule for buybacks this quarter, the Treasury Department on Wednesday said it’s “increasing, by at least double, the size of liquidity support buyback operations” for securities dated from the 10-year to the 30-year sector. The bold intervention to stem a potentially damaging rise in US borrowing costs has some investors saying the dollar will ultimately pay the price. Some market participants see the move as a turning point, with Washington taking a more active role in keeping its borrowing costs down. Coming after other recent efforts to rein in long-term yields, it’s reviving a concern that US policy could weaken faith in the dollar and push investors toward alternatives.
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