US-Iran Strikes Extend to 10th Day, Fresh Canadian Tariffs, More
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What is the main topic discussed in this episode?
Hi, I'm Barry Ritholtz inviting you to join me for the Masters in Business podcast. Every week we bring you conversations with the people who shape markets, investing and business. I speak with CEOs, Nobel laureates, market innovators and legendary investors. Whether you own stocks, bonds, real estate, commodities, even crypto, these are discussions you absolutely need to hear. Subscribe to the Masters in Business podcast on Apple, Spotify or anywhere you listen.
News when you want it with Bloomberg News Now. I'm Karen Moscow.
And I'm Alexis Christophorus. Here are the stories we're following today.
Alexis, we begin with the latest developments in the Middle East. The U.S. and Iran have exchanged strikes for a 10th consecutive day. The escalation comes as mediators try to revive a truce. Bloomberg's Zia Daoud said the Strait of Hormuz is the focal point of the latest fighting.
Basically, the current situation that we've had since the signing of the memorandum of understanding in June is that both countries are trying to control Hormuz. Iran realizes that Hormuz is its main leverage and needs to keep control of it. And the U.S. is trying to weaken Iranian control over the Strait of Hormuz and prevent or maybe even get ready for future closures. And that's where we're at now.
Bloomberg's Iyan Daud said the Iran-backed Houthis say they would impose a maritime blockade on Saudi Arabia, putting at risk the flow of millions of barrels that the kingdom exports via the Red Sea.
And Karen, oil has surged about 20% since the June 17th accord between the U.S. and Iran unraveled, and it could go even higher. Goldman Sachs says Brent could rally to more than $120 a barrel by the fourth quarter if disruptions to the Strait of Hormuz persist. Checking oil right now. We've got Brent crude at about $88.80 a barrel, down four-tenths of a percent. WTI crude down half a percent at $82.81 a barrel.
Alexis, we're also keeping an eye on global trade. The Trump administration is threatening to impose new tariffs on Canada. Bloomberg's John Tucker joins us with more. John, good morning.
Good morning, Karen. It is a big escalation. 50% tariffs on things like milk, plywood, and some very Canadian items like hockey equipment and beer. There will be no exemptions for exporters shipping under the rules of the existing North American Trade Pact. But the Trump administration says this is the result of Canada's unfair treatment of certain U.S. goods. It's set to take effect in 30 days. And this further strains relations with America's second largest trading partner. Last week, President Trump, you'll recall, threatened higher tariffs to punish Canada for wildfire smoke.
What is the latest on the US-Iran exchanges after 10 days of strikes?
The tariffs being applied under Section 338 of the 1930 Tariff Act... That provision has never been used before. I'm John Tucker, Bloomberg Radio.
All right, thanks, John. And U.S.-U.K. relations are also in the spotlight this morning. President Trump has reached out to new U.K. Prime Minister Andy Burnham. Let's go to London now and get the very latest from Bloomberg's U.N. pots. U.N., good morning.
Alexis and Karen, Andy Burnham began his first full day in No.
Why is the Strait of Hormuz central to the US-Iran escalation?
10 Downing Street with an announcement on the cost of living, a tax cut on energy bills. We're still awaiting details of any changes to foreign policy, but the new UK PM has already spoken to the leader of the country's most important ally. We're told that Burnham reassured President Trump that defence and security is at the top of his agenda. The U.S. president also bagged himself an invitation for another visit to the U.K., this time for the G20 summit set to be held in Manchester, where Burnham was mayor. In London, I'm Ewan Potts, Bloomberg Radio.
All right, Ewan, thanks. Back here in the U.S., Arizona Republicans are heading to the polls today to choose a nominee to challenge Democratic Governor Katie Hobbs in November. Bloomberg's Amy Morris reports from Washington.
Two Arizona congressmen are vying for the Republican gubernatorial nomination. Five-term U.S. Representative Andy Biggs is a former chair of the House Freedom Caucus and has President Trump's backing.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–2:41
2
What is the latest on the US-Iran exchanges after 10 days of strikes?
2:41–3:06
3
Why is the Strait of Hormuz central to the US-Iran escalation?
3:06–5:49
4
How could disruptions in the region affect oil prices and global markets?
5:49–7:29
Speakers
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