加拿大准备长期对美贸易战，Bessent拟对伊经济孤立

[music] Bloomberg Audio Studios podcasts, radio, news. This is the Bloomberg Daybreer podcast. Good morning. It's Monday, the 24th of August. I'm Caroline Hepka in London

and I'm Steven Carroll in Brussels. Coming up today, Canada prepares for a long trade war with the United States after talks between the two sides collapse. Oil markets watch as US Treasury Secretary Scott Bessent prepares to announce his plan for coordinated economic isolation of Iran.

Plus, logging out, investment in UK fintech firms falls to the lowest in 10 years as funders flock to AI instead.

Let's start with a roundup of our top stories. The Canadian government sees a long trade war with the United States, which could last beyond November's midterm elections after the breakdown of trade talks on Friday. Bloomberg understands that Prime Minister Mark Carney is designing a domestic aid package for businesses that could last beyond President Trump's term. Former Canadian Trade Minister Mary says the country's proposals were reasonable.

What Canada was going to the table with [clears throat] was uh a fair deal with the United States and they've been working very hard and diligently at that. We were staring down 50% tariffs that were coming in and we certainly wanted to work hard to make sure that those didn't come in but also at the same time the prime minister had directed the negotiating team to to get a fair deal and that didn't happen.

Canada's former international trade minister speaking earlier this morning. The preparations by Carney come after talks between the two s sides collapsed late on Friday which led Trump to impose new tariffs and Canada to announce retaliation from the 8th of September. US Trade Representative Gon Greer says the administration doesn't have new talks planned with the Canadians and is moving forward with measures that respond to Carney's retaliation.

Now, Treasury Secretary Scott Bessent is expected to announce details of the US's economic isolation plan against Iran. In an op-ed piece in the Financial Times, he said that an economic D-Day is coming for the country. He added that America's objective is to quote sever every economic lifeline that sustains the tyrannical regime. Christopher Smart, his managing partner at our growth group, outlined the challenges to that approach.

I think a couple of things spring to mind right away is we really have very little sense of how bad things are within the Iranian economy right now. We know it's bad, but we're not really sure exactly where the pressure points are. And then secondly, you know, this is a regime that is not popularly elected, not facing any midterms anytime soon. So even if the pain gets worse for the people of Iran, it's not clear how that's going to change their behavior or any of their negotiating positions.

That was Christopher Smart, managing partner at Arrowth Group. Ahead of Bessense's announcement, China, which buys the bulk of Iran's oil, said that it continues to support a diplomatic end to the US Iran war, and that sanctions and pressure wouldn't work.

Traders are counting down to Friday's speech by Fed Chair Kevin Walsh at the annual Jackson Hole Symposium. It comes after US Treasury yields rose to multi-deade highs last week, prompting Scott Besson to announce plans to ramp up buybacks of long-term US debt. Minneapolis Fed President Neil Qashqari is downplaying concerns over rising yields. He spoke to CBS's Face the Nation. There's every indication that the US Treasury market is functioning as it should, okay?

That trades are taking place, that there's liquidity in the market. And so that enables us to focus on the federal funds rate is 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.

There was Minneapolis Fed President Neil Kashkari speaking to CBS's Face the Nation. Scott Besson's speech on his fiscal plan to bring down borrowing costs is expected this week. Ukraine says that Russia has rejected a truce over commercial shipping as both sides step up attacks on economic targets. Both countries are targeting each other's grain exports in the middle of this year's harvest. Ukraine also hit Russia's biggest oil refinery, prompting Vladimir Putin to threaten retaliation.

We began to respond to the actions of the enemy in relation to our objects of civil industry and logistics. regime has made it its goal to damage our economy. What did he do? He himself opened this Pandora's box. Russia's leader speaking through a translator. The escalation comes as world leaders head to Kev to mark 35 years since Ukraine declared independence. They include the UK Prime Minister Andy Bernham, who has made Ukraine his first international trip since taking office.

Donald Trump's family are on the verge of having their very own bank. The US president's relatives are riding a wave of deregulation in the sector. Bloomberg's James Wilco has more. There were more applications to become a US bank last year than in the previous 13 years combined. So far, the vast majority have won approval. The Trump appointed head of the regulator has been open about wanting to speed up applications and encourage new lenders.

But World Liberty Financial, the conditionally approved bank part owned by the president and run by his children, is the case study for critics. They fear the firm could give lobbyists a way to curry favor with the president and the bank might have an easier time with regulators due to its family connections in London. James Walcock, Bloomberg Radio.

Lastly, investment in UK fintech has fallen to its lowest level in at least a decade. A report from KPMG using data from PitchBook showed the sector received 1.8 billion pounds of investment during the first half of this year, but that was down nearly 2/3 from a year ago. Funding for financial technology ballooned after the pandemic, but has since dropped off as investors flocked to artificial intelligence firms instead.

Now, let's look at the markets this hour. Global stocks have dropped at the start of what is a pivotal week for markets. will get earnings from Nvidia. Uh the Jackson Hole Symposium plus the US PCE data always important. US and European stock futures are lower this morning. Last week we had the dramatic US intervention into Treasury markets. 10-year Treasury yields rally this morning. Yields dropped two basis points to 471.

It has revived concerns about a weaker US dollar. Gold also climbing to the highest in more than three months this morning. Oil prices are down. Bright crude futures lower 1.4% 4% at just above $93 a barrel.

In a moment, we'll bring you more on Canada's plan to weather its trade fight with the US, plus the pressure on Kevin Worsh's big speech at Jackson Hole after the turmoil on bond markets of last week. But first, another story that caught our eye this morning. Can AI really help us to buy clothes online? Sonia Vent has been writing about this. Retailers are in a race to use the technology to create online fitting rooms.

Sonia tried the latest versions from the German retailer Zelando and Spanish fashion giant Zara. They take slightly different approaches. Both involve uploading photos of yourself, but Zelandos produces a faceless avatar of you, while a Zara uses creates a sort of animated version that resembles the user with a version of your face, which you may or may not like. The results, [laughter] Sonia says, were varying, too.

She preferred the outfit creator version on Zara, even though it's only limited to five outfits as well. So, this is something the retailers are doing to try and cut down on people ordering sort of three sizes of the same thing and then sending them back. Um, I don't know if this is going to encourage me to buy more things online. I already have enough problems trying to figure out the sizing guides provided by brands uh which means to j

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