Episode summary
US Tells Iran’s Trade Partners to Cut Ties or Face Sanctions | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 42 min · Hosts: Carol Massar, Tim Stenovec · Guests: Norah Mulinda, Ira Jersey, Mike McKee, Nancy Cook, Melissa Shin, Chris Levesque, Will Wade, Lisa K. Lippman
Summary
Treasury Secretary Scott Bessent warned that any country doing business with Iran could face US sanctions, framing the move as an “economic onslaught” aimed at cutting Iran off from the global economy. The host and a roundtable of analysts said the policy is meant to pressure Iran’s trade links in oil, finance, shipping, gold, technology and digital assets, but they also emphasized how little detail has been released about enforcement, timelines or which countries could be targeted.
The conversation quickly turned political and market-focused. One analyst said the timing, roughly 70 days before the midterms, suggests the administration wants to show it is fighting inflation and improving conditions for voters, even though broader sanctions could push oil higher rather than lower. On rates, the analysts said recent Treasury buyback plans and “operation twist”-style intervention may improve liquidity and calm volatility, but are unlikely to materially pull long-term yields or mortgage rates lower.
The episode also covered Canada, where Prime Minister Mark Carney is weighing retaliation after President Trump raised tariff threats on Canadian autos and other goods. A Toronto-based reporter said the talks have turned defiant, though both sides may still leave room for negotiations. Later, TerraPower CEO Chris Levesque described the company’s push to build faster nuclear plants for data centers, and a New York real estate agent said August is quiet but demand, prices and rentals in Manhattan remain strong, especially among domestic and California money.
Key takeaways
- The host said Bessent’s Iran sanctions campaign is designed to sever financial links, but analysts noted the administration has not yet explained how violations will be defined or punished.
- One analyst said Iran-related pressure could lift, not lower, US energy prices if illicit oil flows are disrupted.
- Analysts said Treasury buybacks may support liquidity and reduce volatility, but they do not expect them to meaningfully pull 30-year yields or mortgage rates down.
- A Toronto-based reporter said Canada’s tariff fight with the US has turned into a standoff, with both governments still leaving the door open to talks.
- TerraPower’s CEO said data-center demand is accelerating interest in nuclear power and that the company expects a 36-month build schedule after groundbreaking.
- A New York agent said the city’s high-end housing market is still being driven largely by second-generation wealth, while rentals remain extremely competitive.
Notable quotes
“We are launching an economic onslaught against Iran's financial connections around the globe”
“Every country, every entity should know that they should be prepared to face US sanctions and the no one is above this”
“I don't think it'll be sustained. I mean, at the end of the day, the uh you really need a huge number of uh and and amount of buybacks in order to really change the trend”
“No, it wouldn't appear that would be the case because uh obviously if you shut off all oil going through, including the illicit dark oil that transits to China and India, then oil prices are going to go up”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. This is Bloomberg Business Week Daily. Reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenbec on Bloomberg Radio.
That's the latest from Treasury Secretary Scott Besson. He announced what he called a quote unprecedented US campaign to sever Iran from the global economy, warning that any country doing business with Iran risks facing US sanctions. Quote, "We are launching an economic onslaught against Iran's financial connections around the globe." The Treasury Secretary said at a press conference in Washington. And here's a little more of what he had to say.
Every country, every entity should know that they should be prepared to face US sanctions and the no one is above this. Uh we are going to hold everyone accountable and this is exfixi economic exfixiation of this regime and Jennifer as I said no one should test our resolve. That was the Treasury Secretary just in the last hour live from or from Washington at a press conference.
I promise this would be the focus the first part of our program and indeed that's what we're doing with just a fantastic roundt joining us from pretty much all over. We've got Ira Jersey, Bloomberg Intelligence Chief US interest rate strategist. Mike McKe is Bloomberg TV and radio international economics and policy correspondent and Nancy Cook, Bloomberg News senior national political correspondent.
NY's in Washington. Ira's at Bloomberg intelligence headquarters in Princeton. Mike's out there in Wyoming getting ready for the Jackson Economic Symposium this week.
Nancy, I I want to start with you because Iran has had sanctions on it for close to 50 years.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- iran sanctions
- economic punishment
- us-canada tariffs
- nuclear energy
- real estate outlook
Companies and tickers mentioned
- TerraPower
- Brown Harris Stevens
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
More from Bloomberg Businessweek Daily
-
Bloomberg Businessweek Weekend - November 13th, 2026 | Bloomberg Businessweek -
Inside Jensen Huang’s Final Hours as Nvidia CEO | Bloomberg Businessweek -
Jensen Huang's Exit Kicks Off Nvidia Strategy Reset | Bloomberg Businessweek -
Special Episode: Bobby Jain on Why He Chose Millennium Again | Bloomberg Businessweek -
Bloomberg Businessweek Daily Podcast: Jensen’s Nvidia Departure -
Take-Two Releasing Long-Awaited Grand Theft Auto VI Next Week | Bloomberg Businessweek
Bloomberg Businessweek Daily, this episode and its artwork belong to Bloomberg. Octagon is not affiliated with the show; this page is an independent summary.
