US Escalates Sanctions Campaign Against Iran Amid Trade War with Canada

The US Treasury Department rolled out its most aggressive sanctions campaign yet against Iran, targeting any country doing business with Tehran.

Treasury Secretary Scott Bessent unveiled a plan to isolate Iran's financial connections worldwide, calling it an 'economic D-Day' campaign. He threatened economic punishment against any entity facilitating money laundering for Iran and gave countries 30 days to 'shut down activities we have identified.'

The US also escalated its trade war with Canada, threatening to double tariffs on Canadian autos and steel to 50% effective January 1, 2027. President Trump accused Canada of ripping off the US and hurting American farmers through its own tariff policies.

Markets are bracing for more volatility this week as Nvidia prepares to report earnings, with investors eager to see how the company's recent $20 billion acquisition of Groq will impact its guidance. The Fed's Jackson Hole symposium is also on tap, with Chairman Kevin Warsh set to deliver a speech that could send ripples through both equities and Treasuries.