Aug 24, 2026 · 22 min
Tariffs strain U.S.-Canada ties as markets await Warsh and Nvidia
US-Canada Trade Breakdown; Warsh Readies for Jackson Hole
The episode connects a deteriorating North American trade relationship with consequential decisions on sanctions, monetary policy, technology and markets.
- 1U.S.-Canada trade talks have collapsed, raising the prospect of retaliatory tariffs and political pressure in northern U.S. states.
- 2Investors are positioning around Kevin Warsh’s Jackson Hole speech, Treasury yields, the dollar and Nvidia’s earnings.
- 3New Iran sanctions may struggle to change Tehran’s behavior after years of restrictions and established evasion methods.
Don't miss
Julie Norman argues that additional Iran sanctions may have limited leverage because Tehran has years of experience evading restrictions.
The brief
U.S.-Canada trade talks have broken down, with planned Canadian retaliation threatening economic ties and adding political pressure ahead of the U.S. midterm elections.
Markets are focused on Kevin Warsh’s Jackson Hole remarks, Treasury yields, dollar positioning and Nvidia earnings, while officials debate inflation and market functioning.
The global market update spans weaker technology futures, possible Nvidia investment in Perplexity, SoftBank’s bond sale, Bitcoin ETF inflows and a Paramount-Warner Bros. Discovery legal fight.
Chatham House associate fellow Julie Norman weighs whether Canadian retaliation can impose costs without deepening damage on both sides of the border.
Norman also questions whether new U.S. sanctions can alter Iran’s behavior when Tehran has lived under restrictions and developed established ways to evade them.
Featuring
Chrystia Freeland
Bloomberg L.P.
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