Bloomberg News Now: Canada Rejects US Tariff Deal, Sees Long Trade War

Name: Bloomberg News Now: Canada Rejects US Tariff Deal, Sees Long Trade War
Uploaded: 2026-08-24T03:18:49-07:00
Duration: 5 min 58 s
Channel: Bloomberg Podcasts
Description: The U.S. has imposed 50% tariffs on $20 billion of Canadian goods following collapsed trade talks, prompting Canada to prepare retaliatory measures and…

Bloomberg Podcasts

00:05:58 Summary & quotes Report Issue

Loading transcript... Click for full transcript

About this episode The U.S. has imposed 50% tariffs on $20 billion of Canadian goods following collapsed trade talks, prompting C… AI summary

The U.S. has imposed 50% tariffs on $20 billion of Canadian goods following collapsed trade talks, prompting Canada to prepare retaliatory measures and domestic aid packages. Concurrently, the U.S. Treasury is preparing secondary sanctions against countries trading with Iran, including China and the UAE, while markets await clarity on Federal Reserve policy from Jackson Hole.

Key takeaways 7

The U.S. has slapped 50% tariffs on approximately $20 billion of Canadian goods after trade negotiations collapsed.
Canada's retaliatory tariffs are scheduled to take effect on September 8th, with a domestic aid package potentially lasting through the rest of President Trump's term.
Canada's strategy is influenced by the political cost to the Republican Party ahead of the November midterms if a trade war escalates.
Treasury Secretary Scott Bessent is preparing to announce secondary sanctions targeting nations that continue trade deals with Iran, specifically citing the UAE, India, and China.
China purchases about 90% of Iranian oil and has stated it will continue supporting diplomatic routes, warning that secondary measures against China could trigger broader trade wars.
The U.S. military postponed an amphibious landing exercise with South Korea due to deployment shortages in the Middle East and strained relations over Iran policy.
JP Morgan strategist Jack Manley predicts Federal Reserve Chair Kevin Warsh will provide little forward guidance at Jackson Hole, preferring to keep policy cards close to his chest.

Notable quotes 3 AI-generated: wording and quote attribution may be wrong. Use the play link to verify.

“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.”

▶ 0:37 Transportation Secretary Sean Duffy's assessment of Canada's position in the trade war.
“The objective is to, quote, sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone.”

▶ 2:22 Treasury Secretary Scott Bessent's stated goal for new sanctions against Iran.
“I think we're going to hear a whole lot of nothing... Warsh has made it extremely clear that he wants to hold the cards as close to his chest as he possibly can.”

▶ 4:08 Jack Manley's prediction regarding Federal Reserve Chair Kevin Warsh's comments at Jackson Hole.