US Treasury Launches Economic Campaign Against Iran Amid Escalating Trade War
The US Treasury Secretary Scott Bessent announced an 'economic D-Day' campaign to isolate Iran, threatening economic punishment against any country doing business with it.
As part of this plan, the US will share deadlines with individual countries to shut down activities identified as facilitating money laundering on behalf of Iran, and remove entities involved from the US dollar system.
The Trump administration also escalated its trade war with Canada, vowing to double tariffs on Canadian autos, trucks, auto parts, and steel to 50% effective January 1, 2027, following a breakdown in trade negotiations last week.
Nvidia's earnings are set for Wednesday, which could set the tone for the AI trade heading into the fall, while the Fed's Jackson Hole symposium on Friday may send fresh ripples through both equities and Treasuries.