美加互征50%关税，伊朗遭二级制裁预期升温

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Good morning. I'm Nathan Hager.

And I'm Alexis Christopherus. Here are the stories we're following today.

Alexis, we begin with the new trade war for the US with its northern neighbor. The US has slapped 50% tariffs on around 20 billion dollars of Canadian goods after talks collapsed late Friday. Now, Canada's preparing retaliatory tariffs, and Prime Minister Mark Carney says he's also preparing a domestic aid package for businesses affected by the spat. Transportation Secretary Shawn Duffy says this won't end well for Canada.

To think that they're going to go to war with Donald Trump and actually win that war with the US. I think it's foolish on their part. I think you're going to see Mark Carney come to the table very, very quickly because it's going to be devastating for his country. Transportation Secretary Shawn Duffy appeared on Fox News Sunday, heard every Sunday on Bloomberg Radio. Bloomberg Global Trade Editor Brendan Murray reports Canada sees little chance though of resuming talks with the US before the November midterms.

It looks like the calculus from from Ottawa's perspective to some extent is that that the the political costs here for Donald Trump to engage with Canada in in a trade war to slap tariffs on each other uh you might be detrimental to the the Republican party heading into the midterm elections here. Now, Bloomberg's Brendan Murray reports Canada's retaliatory tariffs won't take effect until September 8th, but sources tell Bloomberg News Canada's domestic aid package could remain in place through the rest of President Trump's term if need be.

And Treasury Secretary Scott Bessant is preparing to announce an economic D-Day for Tehran. We get more from Bloomberg Middle East correspondent Aira Omar in Dubai. We have to await of course the details of what Scott Bessen will lay out in this press conference. But what is widely expected is an announcement of some kind of secondary sanctions against countries that continue or choose to continue to do deals or trade deals with Iran.

Now that of course includes countries in the Gulf, namely the United Arab Emirates. That of course includes India and the big one, China, which buys about 90% of Iranian oil. China actually came out over the weekend and said that it will continue to support the diplomatic route between the United States and Iran. But any kind of secondary measure against China will bring about a bigger conversation about tariff or trade wars uh between the United States and other countries.

Bloomberg's Aira Buu Omar reports. Secretary Bessant previewed the effort in a Financial Times opinion piece, writing that the objective is to quote sever every economic lifeline that sustains the tyrannical regime until Thran stands alone. Ahead of the announcement, Iran's currency weakened to an all-time low against the dollar, falling 4 and a.5% since President Trump announced the crushing economic operation. Alexis, world leaders have gathered in Kiev to mark 35 years since Ukraine declared independence.

And the dignitaries include UK Prime Minister Andy Burnham. Let's go to London and get the latest from Bloomberg's James Wilcox. Good morning, James.

Good morning, Nathan and Alexis. Many of Europe's leaders took the overnight train into Kev along with fresh pledges of cash for the war effort. It's become a familiar trip for the likes of the EU's Antonio Costa, but it's a first for the UK's relatively new leader Andy Burnham, who's chairing a meeting of Ke's allies to mark the 35th anniversary of Ukraine declaring independence. It's independence they've guarded now for more than 4 years of war with Russia, but it's a war with no clear end in sight.

In London, James Wilco, Bloomberg Radio.

Thanks, James. Meanwhile, the US military has scrapped an amphibious landing exercise with South Korea due to shortages related to deployments to the Middle East. That's according to a spokesperson for South Korea's Marine Corps. The postponement comes after President Trump recently ordered the scaling back of a separate joint military exercise with South Korea. The president cited his desire to maintain his relationship with North Korean dictator Kim Jong-un and Soul's purported refusal to help Washington with its conflict against Iran.

Let's turn to the markets and the economy now, Alexis. Investors are looking ahead to Fed chair Kevin Worsh's comments in Jackson Hole, Wyoming this week for clues on the path for interest rates. Jack Madley, global market strategist at JP Morgan Asset Management, does not expect Worsh to say much.

I think we're going to hear a whole lot of nothing, you know, to to probably oversimplify things. I mean, Worsh has made it extremely clear that he wants to hold the cards as close as his chest, as close to his chest as he possibly can. he is not particularly interested in forward guidance. I think it's going to be a lot of cryptic talking. I think we'll probably get an update on where those task forces are and how that progress um or how those things are progressing, but don't expect a whole lot of clarity on what the Fed's going to be doing over the next 12 to 18 months.

That is not Wars' story.

That's JP Morgan Asset Management's Jack Manley. We invite you to join us this Friday for a special edition of Bloomberg Surveillance live from the Jackson Hole Economic Symposium. Tom Keane, Lisa Abramowitz, and Michael McKe speak with Fed experts on the path forward. Starting Friday, 9:00 a.m. Wall Street time on Bloomberg Radio, Bloomberg Television, and the Bloomberg Business app.

We'll be there. Looking forward to it. Meanwhile, Treasury yields are trading your multi-year highs ahead of that Jackson home meeting. And hedge funds are increasing bearish dollar bets as they await details on Treasury Secretary Scott Besson's new fiscal plan to address high borrowing costs. Federal Reserve Bank of Minneapolis President Neil Kashkari is downplaying concerns over rising US Treasury yields. He spoke on CBS's Face the Nation.

There's every indication that the US Treasury market is functioning as it should, that trades are taking place, that there's liquidity in the market. And so that enables us to focus on the federal funds rate as our primary policy tool to get inflation back down. And so I think we have the freedom to do what we need to do to achieve our goals that Congress has assigned us. Federal Reserve Bank of Minneapolis President Neil Kashkari also expressed concerns that inflation won't cool anytime soon, but he stopped short of saying whether he'd call for a rate hike in September.

As for equities, Alexis tech stocks are leading futures mostly lower as we begin this new trading week. And as investors await Nvidia's earnings on Wednesday, the information is reporting that chipmakers discussing investing in perplexity in an equity round valuing that AI startup at more than $30 billion. And Nathan, in Asia, South Korea's Cosby index dropped more than 3%. It was led lower by Samsung Electronics. That stock dropped more than 4% as investors were disappointed by a new shareholder return package that favors dividends.

SK Heinex also dropped more than 4%.

And shares of Alibaba fell almost 9%, Alexis, after that company raised more than $10 billion in Hong Kong's biggest secondary share sale on record. Alibaba plans to use the proceeds to invest in AI.

And SoftBank is planning a record $6.3 billion retail bond sale. That's the biggest by any issuer in Japan. The conglomerate is raising funds for its investment commitments to Open AI. SoftBank has committed more than $60 billion to invest in the Chat GPT developer.

Looking at cryptocurrencies now, Alexa spot. Bitcoin exchange traded funds had their strongest weekly inflow in 10 months last week as the original cryptocurrency surged. The 13 US listed funds drew in a net $1.9 billion. The inflow came as Bitcoin gained about 23% last