Episode summary
US-Iran Strikes Extend to 10th Day; Trump Vows 50% Tariff on Canadian Goods | Bloomberg...
Bloomberg Daybreak: US Edition
· · 15 min
Summary
The US and Iran extended their military exchange to a 10th straight day, with fighting centered on control of the Strait of Hormuz and wider pressure on shipping routes in the Gulf and Red Sea. The host said mediators are still trying to revive a truce, but the conflict remains a managed tit-for-tat campaign rather than a clear path to de-escalation. Oil has already surged about 20% since June 17, and one analyst warned Brent could rally above $120 a barrel if disruptions persist.
Trade tensions also escalated after the Trump administration threatened fresh 50% tariffs on selected Canadian goods, including milk, hockey equipment, beer and plywood. The tariff move would be imposed under Section 338 of the 1930 Tariff Act, a rarely used provision, and would not spare exporters operating under the existing North American trade pact. The host said the measure further strains relations with Canada and reflects Trump’s broader use of trade pressure.
Elsewhere, Trump said he had a “very good conversation” with new UK Prime Minister Andy Burnham, while markets turned higher on tech strength. A market strategist said the S&P 500 target is 8150 over the next 12 months, but not in a straight line. The show also noted TSMC price increases, a pause in the Paramount-Skydance Warner Bros. Discovery deal, and weaker Taco Bell traffic after a parasite outbreak.
Key takeaways
- The host said US-Iran strikes have continued for 10 days, with Hormuz traffic falling and oil prices already up about 20% since June 17.
- An analyst said Brent could rally to more than $120 a barrel by the fourth quarter if Strait of Hormuz disruptions continue.
- The Trump administration is threatening 50% tariffs on Canadian milk, plywood, beer and hockey equipment under Section 338 of the 1930 Tariff Act.
- A market strategist said RBC Capital Markets has an 8150 S&P 500 target over the next 12 months, but expects pullbacks of 5% to 10% along the way.
- A federal judge paused the Paramount-Skydance bid for Warner Bros. Discovery for two weeks, increasing the risk of late fees if the deal slips past September.
Notable quotes
“The US and Iran have exchanged strikes for a 10th consecutive day”
“Iran realizes that Hormuz is its main leverage and it needs to keep control of it and the US is trying to weaken Iranian control over the straight of Hormuz”
“50% tariffs on things like milk, plywood, and some very Canadian items like hockey equipment and beer”
“we have an 8150 target over the next 12 months”
How the episode opens
Bloomberg Audio Studios podcasts radio news. — Good morning. I'm Karen Moscow and I'm Alexis Christopherus. Here are the stories we're following today. — Alexis, we begin with the latest developments in the Middle East. The US and Iran have exchanged strikes for a 10th consecutive day. The escalation comes as mediators try to revive a truce. Bloomberg's Zadun said the straightup moose 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 Hormus. Iran realizes that Hormuz is its main leverage and it needs to keep control of it and the US is trying to weaken Iranian control over the straight of Hormuz and prevent or maybe even get ready for future closures and that's where we at now. Bloomberg Xia Dud said the Iranbacked 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 US 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 straight of Hormuz persist. Checking oil right now.
We've got Brent crude at about 88.880 a barrel, down 4/10en 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.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- us iran strikes
- canada tariff 50%
- red sea shipping threats
- oil prices and gasoline
- us uk relations
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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