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Bloomberg News Now: US-Canada Trade War Escalates

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News when you want it with Bloomberg News now. I'm Nathan Hager and I'm Alexis Christoforous. Here are the stories we're following today. Alexis. We begin with the latest from the Middle East. Iran's foreign minister and his counterpart from Oman are discussing an interim framework to resume shipping through the Strait of Hormuz. That's after the U.S. announced dozens of new sanctions on Iran's trading partners. In an effort to put more pressure on the regime.

We get more from Bloomberg Middle East correspondent Abeer Abu Omar in Dubai. What we know is this is a framework that is temporary in its nature, and it's a mechanism to open the Strait of Hormuz or reopen the movement in the Strait of Hormuz in some fashion. Now, the two countries are set to have further negotiations over the next 30 to 60 days to carry out a more permanent solution to the Strait of Hormuz. But some things that stood out is, first, the fact that this is temporary.

Second is that this is an initiative that will also discuss who manages the Strait of Hormuz. Bloomberg Omar reports President Trump claimed yesterday that the US Navy had cleared all mines from the strait, but he provided no evidence of that. Iran says it is focused solely on the Hormuz talks with Oman, and that they are independent of stalled negotiations with the US on ending the war. And Nathan, the trade war between the U.S. and Canada is heating up.

A white House official says the Trump administration is discussing higher tariffs and other trade actions. Now that Canada has answered 50% tariffs from the U.S. with dollar for dollar duties of its own. Bloomberg Global trade editor Brendan Murray has more. President Trump has already said that there that come January 1st, we're going to raise tariffs even further. But January 1st is a long time. And you would think that President Trump, who, you know, has sort of a knee jerk reaction in a lot of instances, would have would have done that sooner.

And so I think that was a signal that, uh, he wants, uh, some sort of time to figure things out. Bloomberg's Brendan Murray reports Canada's counter tariffs don't take effect until September 8th, though they will hit U.S. exports from key battleground states like Michigan, Pennsylvania and Ohio. Ontario Premier Doug Ford was one of the first to remove American alcohol at the start of the trade war. Now he's calling for compromise with President Trump.

He was throwing insults. He's not trying to throw insults to anyone. And, uh, I hit back, but I think it'd be more productive if we actually sit down and the Prime Minister and the president sit down and have a fair deal for everyone, because right now there's, uh, there's there's not certainty in either country. There's not stability. Ontario Premier Doug Ford appeared on Bloomberg's balance of power. You can catch the full conversation on the Video Hub at Bloomberg.com and the Bloomberg Business App.

Well, now to election politics. Uh, on this side of the northern border, Alexis Darlene Graham has won the Republican nomination to replace her late brother Lindsey, in South Carolina's general election ballot for U.S. Senate. At her victory party, Graham thanked President Trump. I want to thank President Trump for all of his support and his endorsement, Mr. President. Lindsey truly loved you and viewed you as one of his closest friends.

I appreciate that bond and appreciate all that you've done for our country. And now, Darlene Graham defeated Congressman Ralph Norman in yesterday's special Republican primary runoff, 52 to 48%. She will now face Democratic nominee pediatrician Annie Andrews in November, and a candidate with the same name as Alaska's incumbent senator has advanced to the general election. Dan J. Sullivan, who goes by Dan Sullivan, was among the top four finishers after the August 18th primary and moved on to the November matchup, which is a ranked choice contest.

The incumbent Republican Senator Dan Sullivan and Democratic former Representative Mary Pistola also have advanced ahead of the November midterm elections. Congressional Democrats and civil liberties groups are taking new legal action against President Trump's mail in voting restrictions. They allege the president's proposed rule exceeds the U.S. Postal Service's authority and creates impossible burdens for the midterms.

The new filings come a day after the Supreme Court unblocked the federal ballot mail portal rule in a separate case. The ruling does not guarantee that program will be in place for this year's election, but the proposed rules would require states to provide the federal government with voter lists, and then use special bar coded envelopes for mailed federal ballots. And now to a Bloomberg exclusive. Media platforms and state attorneys generals have discussed settling their high profile social media case.

Bloomberg's John Tucker reports. Meta is accused of deliberately designing Facebook and Instagram to addict teens. The case poses an enormous risk for the social media giant, as 29 states are seeking financial penalties and mandatory changes to how the platform operates. Meta has denied the state's allegations and accused the attorneys general of seeking unreasonable design changes and an outlandish payout. A lawsuit trial, which is now in its second week, could result in penalties of as much as .4 trillion for meta, while a settlement would likely amount to a far smaller sum.

I'm John Tucker Bloomberg Radio. And that's news when you want it with Bloomberg News now. I'm Alexis Christoferous. I'm Nathan Hager and this is Bloomberg.

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