Bessent Threatens Economic D-day; Canada Readies for US Trade Fight

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) Treasury Secretary Scott Bessent’s threat to unleash an “economic D-Day” against Iran risks setting the US on a collision course with China, its main trading partner. Bessent promised an “economic onslaught against Iran’s financial connections around the globe” and unveiled dozens of new sanctions, but the main thrust was threatening secondary sanctions against companies and countries that continue doing business with Iran. China defended its cooperation with Iran and warned of potential retaliation, saying it will take all necessary measures to firmly safeguard its own interests, as the US effort to impose secondary sanctions risks expanding the economic disruption caused by the war against Iran. 2) Canada's government will announce measures to "protect and support" its workers and businesses in response to US tariffs. Domestic measures will include expanded jobless benefits and loans for businesses affected by the tariffs. Canada plans to retaliate against the US tariffs, with Prime Minister Mark Carney saying "everything is on the table" regarding the country's response. US-Canada trade talks collapsed after Commerce Secretary Howard Lutnick applied last-minute pressure, leading President Donald Trump to impose new tariffs and Canadian Prime Minister Mark Carney to vow retaliation. 3) Bitcoin climbed above $80,000 for the first time since mid-May as optimism returns to the crypto market amid bullish signals. The increase comes after Bitcoin rallied in the seven days through Sunday, and spot Bitcoin exchange-traded funds had their strongest weekly inflow in 10 months last week. See omnystudio.com/listener for privacy information.