特朗普拟对伊朗实施经济战，美加贸易谈判在即

News when you want it with Bloomberg News now. I'm Nathan Harger and I'm Alexis Christopher. Here are the stories we're following today. Alexis. We begin with the latest developments in the Middle East. Iran is dismissing U.S. threats of economic pain and isolation. Treasury Secretary Scott Benson says the Trump administration will give details of an initiative on Monday that President Trump describes as an economic day.

We get the very latest from Bloomberg News director Will Kennedy. Aren't that many added things the U.S. can do? There are sanctions that have been in place for many, many years. There's this blockade of oil tankers, which is, of course, having an impact. Iranian oil exports are very close to zero. It would really take an effort to persuade other countries, like China, not to trade with Iran to make a big further difference, one presumes, and putting secondary sanctions on China would be a very big step for lots of reasons, given the broader context on the China U.S. relationship, not least because Donald Trump is about to have a meeting with Xi Jinping and Bloomberg Quicktake.

Kennedy says China will provide the biggest test of Washington's determination to follow through. Beijing is the main buyer of Iranian oil and Nathan. There may be new tensions in the Asia Pacific. The U.S., Japan and South Korea held a three way call to coordinate their response after North Korea fired a barrage of short range ballistic missiles yesterday. The volley came after President Trump stunned South Korea by abruptly canceling decades old joint military exercises, and the North rejected the president's bid to resume dialogue with leader Kim Jong un.

North Korea says the two leaders may have an excellent relationship, but America's hostile policies haven't changed. Still, South Korea's president says he supports President Trump's decision to curtail the drills and reopen diplomacy. Alexis, a new trade deadline is coming up for the U.S. and Canada. The two sides have until midnight to reach a broader trade deal. After President Trump announced a tentative agreement to avert 50% tariffs on billions of dollars in Canadian goods.

Sources tell Bloomberg the current deal would lower tariffs on certain Canadian steel and aluminum exports to 25%, and Canadian car duties would fall to 15%. Chrystia Freeland is a former Canadian deputy prime minister. She says both sides need a better outcome. I think that is a bad outcome for Canada to have permanent tariffs on our steel, aluminum, cars and carport parts really harmful for those sectors. But I think it's a bad outcome for the United States as well.

Uh, it's really important for people to recognize that you can lose by winning. Former Canadian Deputy Prime Minister Chrystia Freeland, and you can catch more of her remarks on Bloomberg Wall Street week tonight at six Eastern on Bloomberg Radio, Bloomberg Television and the Bloomberg Business App. Well, we have a winner in this week's special runoff in California to serve the rest of former Congressman Eric Swalwell term with 95% of votes counted.

The Associated Press projects state Senator Aisha Wahab will beat fellow Democrat Bay Area Rapid Transit Board President Melissa Hernandez, 53, to 47%. Wahab will become the first African American to serve in Congress, and her campaign was backed by the Congressional Progressive Caucus. The result comes as Swalwell remains under investigation for sexual assault allegations. Federal agents seized electronic devices from the former congressman at San Francisco Airport over the weekend and later searched his home in Washington, D.C..

Alexis, the midterm elections are now less than 80 days away, and Republicans have a huge war chest sitting on the sidelines. The latest federal filings show President Trump's super PAC, MAGA Inc., has a nearly $404 million cash pile. The committee received another $3 million in donations last month, including from private prison operator Geo Group and sugar producer Florida Crystals. At the same time, Maga Inc spent just $132,000 in July, mostly on operating costs.

President Trump has said he plans to use Maga Inc to support Republicans. So far, though, he hasn't signed off on a plan. And Treasury Secretary Scott Benson says he's prepared to ramp up buybacks of costly U.S. government debt. That's despite the short lived impact so far on long term borrowing costs, and also hinted at a new fiscal plan to address the highest Treasury yields in decades. Once the market understands it, we are focused on fiscal consolidation and that we are, uh, trying to bring the market back into equilibrium.

I in a similarly traded market, I think, uh, you know, I'm confident that bonds will continue declining. Treasury Secretary Scott Benson added the expanded buyback could be more than the $4 billion currently planned for next month. Alexis, there's a warning this morning from former New York Fed Bank president Bill Dudley. The current Bloomberg Opinion columnist says the U.S. equity market is in bubble territory. Look at the railroads and the internet, uh, telecom boom.

All those things did great things for the economy. So two things can be true at the same time. The technological innovation can be really transformative, but at the same time, you can have an investment boom and bust. And in fact, if you look at history, it tells you that that's usually the case. So the question here is really it's just really not whether it's going to be a turn from a boom to bust. It's really a question of timing and magnitude.

That's former New York Fed president Bill Dudley. He says the stock market bubble will likely burst before the end of 2027. You can hear his full remarks on the Bloomberg Video Hub at Bloomberg.com and the Bloomberg Business App. And that's news when you want it with Bloomberg News now. I'm Alexis Christopherson. I'm Nathan Hager and this is Bloomberg.