Aug 24, 2026 · 22 min
Listen from 12:22
Listen at 12:22
Tariffs strain U.S.-Canada ties as markets await Warsh and Nvidia
US-Canada Trade Breakdown; Warsh Readies for Jackson Hole
The episode connects a deteriorating North American trade relationship with consequential decisions on sanctions, monetary policy, technology and markets.
- 1U.S.-Canada trade talks have collapsed, raising the prospect of retaliatory tariffs and political pressure in northern U.S. states.
- 2Investors are positioning around Kevin Warsh’s Jackson Hole speech, Treasury yields, the dollar and Nvidia’s earnings.
- 3New Iran sanctions may struggle to change Tehran’s behavior after years of restrictions and established evasion methods.
Don't miss
Julie Norman argues that additional Iran sanctions may have limited leverage because Tehran has years of experience evading restrictions.
The brief
U.S.-Canada trade talks have broken down, with planned Canadian retaliation threatening economic ties and adding political pressure ahead of the U.S. midterm elections.
Markets are focused on Kevin Warsh’s Jackson Hole remarks, Treasury yields, dollar positioning and Nvidia earnings, while officials debate inflation and market functioning.
The global market update spans weaker technology futures, possible Nvidia investment in Perplexity, SoftBank’s bond sale, Bitcoin ETF inflows and a Paramount-Warner Bros. Discovery legal fight.
Chatham House associate fellow Julie Norman weighs whether Canadian retaliation can impose costs without deepening damage on both sides of the border.
Norman also questions whether new U.S. sanctions can alter Iran’s behavior when Tehran has lived under restrictions and developed established ways to evade them.
What was said on this episode
3 statements · 3 negative
Mark Carney will quickly resume negotiations because tariffs will devastate Canada.
“I think you're going to see Mark Carney come to the table very, very quickly because it's going to be devastating for his country.”
Listen at 2:22
A U.S.-Canada trade war might harm Republicans in the midterm elections.
“the political costs here for Donald Trump to engage with Canada in a trade war, to slap tariffs on each other, might be detrimental to the Republican Party heading into the midterm elections here.”
Listen at 2:45
Kevin Warsh will provide little clarity on Fed policy for 12–18 months.
“don't expect a whole lot of clarity on what the Fed's gonna be doing over the next 12 to 18 months.”
Listen at 6:20
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.