US Treasury Secretary Scott Bessent is threatening a campaign against Iran that he labels an “economic D-Day”; the pressure could leave America confronting China, its main trading partner.

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Iranian Economy Minister Seyed Ali Madanizadeh says the government anticipated tougher US sanctions, prepared measures to counter them and is ready for new restrictions. He says a two-year economic plan addresses the relevant challenges, while acknowledging that the war has affected industry, particularly metallurgical plants.

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The US says it will target every source of Iran’s revenue, including oil. Treasury Secretary Scott Bessent described the campaign as an “unprecedented” economic war and warned countries that keep trading with Tehran of severe consequences.

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Treasury Secretary Scott Bessent announced what he called an “unprecedented” campaign to cut Iran off from the global economy. The Trump administration is seeking to choke the country’s economy and bring an end to the nearly six-month-old war.

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U.S. Treasury Secretary Scott Bessent says he will unveil severe economic and financial measures against Iran. Tehran has faced near-continuous sanctions since the 1979 Islamic Revolution and vows to retaliate.

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Iran has pledged to retaliate against expanded U.S. economic sanctions. Washington says the measures will sever Iran’s economic lifeline, while Tehran is confident that major trading partners will resist the pressure campaign.

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The United States tells countries to choose between Washington and Tehran, warning that Iran’s trade partners will face consequences.

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The United States is intensifying pressure on Iran through sanctions targeting cryptocurrency, aviation, shipping and gold in what it calls an “economic D-Day.” The Treasury Department is focusing on digital assets it says are being used to support Iran’s economy.

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US-Canada trade talks have collapsed. Bloomberg journalists answered live audience questions about what may happen next and how the breakdown could affect people’s money.

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Canadian stocks swung between gains and losses at Monday’s open after trade talks with the US collapsed, raising fears of a widening trade war. Prime Minister Mark Carney recalled his negotiators from Washington.

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US-Canada trade talks collapsed after last-minute pressure from Commerce Secretary Howard Lutnick, according to people familiar with the matter. President Donald Trump then imposed new tariffs, while Canadian Prime Minister Mark Carney vowed retaliation.

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Donald Trump has threatened to raise US tariffs on Canadian cars, trucks and auto parts from 25% to 50% on 1 January. Mark Carney accused Trump of wanting to destroy Canada's auto industry and said Canada would resume talks only if Washington came with the “right attitude”.

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Donald Trump is threatening new tariffs on Canadian automobiles, a move that will hurt U.S. automakers and workers.

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Canada says it will announce its response on Tuesday after Donald Trump threatened to raise tariffs on Canadian cars, auto parts and steel to 50 percent from Jan. 1, 2027, following the collapse of trade talks. Canadian ministers are set to outline measures supporting workers and businesses.

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Donald Trump announced that the US will impose a 50% tariff on all Canadian cars, trucks, auto parts and steel from 1 January 2027, accusing Canada of having “ripped off” the US for years. Mark Carney said the move was largely expected and vowed Canada would be ready for talks while matching US tariffs dollar for dollar.

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Canada’s leader took the rare step of responding forcefully to Trump’s latest tariffs.

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Canadian Prime Minister Mark Carney said his government is continuing to consider ways to retaliate against new tariffs imposed by US President Donald Trump on Canadian goods. He added that Canada remains willing to continue trade talks if the US takes the “right attitude.”

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Canada’s currency plunged against the US dollar and bonds rallied after trade talks between the two countries collapsed, as the widening rift threatened the outlook for economic growth.

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The US-Canada trade war shows no sign of easing. Canadian negotiators left talks in Washington after Prime Minister Mark Carney accused the Trump administration of making disproportionate last-minute demands. The US is imposing 50% tariffs on $20 billion of Canadian goods, while Canada’s retaliatory tariffs on US products are due to begin in early September, posing serious risks to both economies.

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U.S. President Donald Trump threatened additional tariffs on dozens of Canadian imports after Prime Minister Mark Carney pledged retaliation, as trade negotiations between Washington and Ottawa faltered.

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The United States and Canada are moving toward a deeper trade war after last-ditch efforts to reach a deal collapsed Friday. Americans could begin seeing higher prices for goods in three areas.

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Businesses on both sides of the border are bracing for losses after US-Canada trade talks collapsed and both governments pledged 50% tariffs on each other’s goods. Calgary jeweller Cindy Baldassi expects most of her US sales to disappear, while furniture, clothing and retail companies warn that higher costs could cancel orders and overwhelm small businesses.

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The U.S. Treasury is set to broaden the scope of secondary sanctions on Iran, a source says. The move is intended as a final warning to countries to end their business ties with Tehran.

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Iran’s foreign ministry spokesperson warned on Monday that Tehran would respond harshly to expanded US sanctions, including measures targeting countries it considers to be cooperating with Washington. The prospect of broader sanctions follows weeks of deadlock, with the United States still unable to dislodge Iran’s grip on shipping through the Strait of Hormuz.

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Iran has warned it will respond harshly to expanded US sanctions, including measures against countries it considers aligned with Washington. The move follows weeks of deadlock, while the United States has failed to loosen Iran’s grip on the Strait of Hormuz and now hopes further sanctions will force change.

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Iranian Economy Minister Ali Madani-Zadeh has answered the US announcement of a new economic pressure campaign against Iran. Washington says the campaign aims to “sever every economic lifeline,” while Madani-Zadeh declares: “You will fail this time, too.”

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US Treasury Secretary Scott Bessent said President Donald Trump is calling world leaders and asking them to halt all contacts with Iran. Bessent declined to identify the recipients, saying follow-up calls and visits from the State Department and Treasury would explain Washington’s expectations and deadlines, with consequences coming quickly if they fail to respond.

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US Treasury Secretary Scott Bessent said countries that do not comply with new US sanctions on Iran will effectively lose access to the dollar system. He did not say when the sectoral sanctions will take effect, but warned that secondary sanctions could be imposed quickly while Washington is prepared to wait for now.

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Scott Bessent is holding a live press conference focused on Iran.

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The United States is set to impose a 7.5% tariff on Chinese goods over alleged excess manufacturing capacity ahead of a planned summit between Chinese President Xi Jinping and U.S. President Donald Trump next month, Bloomberg News reported, citing people familiar with the matter.

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Iran’s currency has fallen to a record low against the dollar. The US is expected to disclose details of the administration’s sanctions plans later today, with developments being followed live.

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China has been Iran’s biggest oil buyer for several years, placing its purchases under scrutiny as the United States threatens Tehran with severe economic sanctions.

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US Treasury Secretary Scott Bessent warned that Washington would sever all economic ties with Iran and isolate countries that partner with it financially, calling the planned pressure the “single greatest financial offensive ever”. Iran dismissed the threat, saying it could halt regional oil exports if the war continues, and warned shipping not to cross the Strait of Hormuz without permission.

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US Treasury Secretary Scott Bessent said the administration expects to launch a “financial offensive” against Iran on Monday, declaring that the conflict is entering its “endgame.” President Donald Trump had earlier announced an unprecedented economic war and isolation campaign against Tehran, warning that entities supporting it would face serious US economic consequences.

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Canada believes it has some leverage against Donald Trump in a trade war.

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Canada has suspended trade talks with the United States after negotiations broke down. Donald Trump imposed 50 percent tariffs on about $20bn of Canadian goods, while Ottawa vowed dollar-for-dollar retaliation. The trade war could raise prices and put jobs at risk.

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Canada plans to impose $20 billion in counter tariffs on the United States.

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China’s nationalist tabloid Global Times welcomed Ottawa’s response to US tariffs, arguing that Canada’s move supports Beijing’s opposition to Washington’s protectionist trade policies.

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Bloomberg News Now presents a comprehensive audio roundup of the day’s leading stories, including Canada’s expectation of a prolonged trade war with the United States and economic pressure on Iran, alongside other global business news.

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Bloomberg News Now presents a brief, continuously updated audio roundup of the day’s leading stories, including the US-Canada tariff dispute, tougher US sanctions expected for Iran and other global business news.

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Brent crude futures fell to $93.45 as markets awaited a US announcement on new sanctions against Iran.

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Asian share markets were little changed on Monday and oil prices slipped as investors awaited details of threatened U.S. sanctions on Iran expected later in the day. The Canadian dollar also weakened as the prospect of a trade war with its southern neighbour loomed.

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After nearly six months of war with Iran, the United States appears to be changing course. Donald Trump says Washington will launch a “crushing economic operation” and is urging other countries to join what it calls the greatest coordinated economic isolation in history. Iran says participants will be treated as enemies.

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Bloomberg News Now highlights Canada’s response to US tariffs, Donald Trump’s stock disclosures and other leading global business stories in an audio report updated throughout the day.

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The long-standing allies and economic partners have been drawn into an escalating trade war. Canadian Prime Minister Mark Carney suspended talks with Donald Trump and chose retaliation, saying the US demanded too much while offering too little. He must now convince Canadians that enduring economic pain to secure a better deal is worthwhile.

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Trade talks between the US and Canada have collapsed into a trade war, with Washington imposing 50% tariffs on $20bn of Canadian goods. Prime Minister Mark Carney says Canada was ‘attacked’ and vows to match the measures dollar for dollar, while the escalation puts the future of the USMCA in doubt.

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US and Canadian negotiators had been nearing a trade agreement earlier this week, but talks collapsed after both governments accused the other of making last-minute changes. Prime Minister Mark Carney announced retaliatory tariffs after Washington imposed a 50% levy on $20 billion worth of Canadian goods, and addressed Canadians on Saturday for the first time since the breakdown.

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US President Donald Trump attacked Canada on Sunday, saying it wanted “the benefits of being a State, without being one.” His remarks followed Canadian Prime Minister Mark Carney’s announcement of retaliatory tariffs after describing the existing deal as a “bad deal.” Talks between the longtime allies broke down in Washington on Friday, signaling a widening rift.

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The Atlantic says Donald Trump’s threats and pressure on Ottawa have failed to deliver results, leaving the US president behind in the trade conflict. Canadian Prime Minister Mark Carney said negotiations were suspended and Canada would impose retaliatory tariffs from September 8, while US tariffs of 50% on some Canadian goods took effect Saturday.

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