Bessent Warns Iran's Trade Partners to Cut Ties | Radio Balance of Power: Early Edition 8/24/2026

On the early edition of Balance of Power, Bloomberg Washington correspondents Joe Mathieu and Kailey Leinz discuss the latest from the Trump administration. On today's show, they speak with Joe Lavorgna, Chief Economist of SMBC Americas/Former-Counselor to Secretary Scott Bessent at the US Treasury Department, Rick Davis, Partner at Stonecourt Capital and Bloomberg Politics Contributor & Jeanne Sheehan Zaino, Democracy Visiting Fellow at Harvard Kennedy School's Ash Center and Bloomberg Politics Contributor and Vali Nasr, Professor of Middle East Studies and International Affairs at Johns Hopkins University School of Advanced International Studies. Chapters 00:00:00 Opening: Economic D-Day for Iran & Canada Tariffs 00:02:13 Market Update: Oil Falls Ahead of Iran Plan 00:03:46 Bessent Unveils "Operation Economic Outcast" 00:05:28 U.S. Moves to Cut Off Iran's Economic Lifelines 00:08:24 New Sanctions Target Iran's Global Networks 00:11:05 China, Banks & Secondary Sanctions 00:14:25 Bessent Warns No Country Is Above U.S. Sanctions 00:17:39 Canada Trade War & Trump's Tariff Strategy 00:19:05 Why Treasury Is Giving Iran's Partners a Warning 00:20:17 Breaking Down Bessent's Economic D-Day Plan 00:23:37 U.S.-Canada Trade Talks Remain in Limbo 00:25:27 Can Economic Sanctions Force Iran to Negotiate? 00:29:16 Iran Sanctions, Oil & Inflation Risks 00:32:23 Kevin Warsh, Inflation & Jackson Hole 00:34:46 Political Panel: Is Economic D-Day Credible? 00:37:01 Can Sanctions Actually Change Iran's Regime? 00:39:12 Iran Policy, Energy Prices & Midterm Risks 00:41:27 Canada Trade War Could Stretch Beyond Midterms 00:46:07 Market Update: Oil Falls, Chip Stocks Slide 00:48:30 Vali Nasr on the Limits of Trump's Iran Strategy 00:50:01 Can Iran Survive Even Tougher Sanctions? 00:52:53 China, Financial Sanctions & Retaliation Risks 00:54:06 Iran's Nuclear Program & the Strait of Hormuz -------- More on Bloomberg Television and Markets Like this video? Subscribe and turn on notifications so you don't miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9 Visit http://www.bloomberg.com for business news & analysis, up-to-the-minute market data, features, profiles and more. Connect with Bloomberg Television on: X: https://twitter.com/BloombergTV Facebook: https://www.facebook.com/BloombergTelevision Instagram: https://www.instagram.com/bloombergtv/ Connect with Bloomberg Business on: X: https://twitter.com/business Facebook: https://www.facebook.com/bloombergbusiness Instagram: https://www.instagram.com/bloombergbusiness/ TikTok: https://www.tiktok.com/@bloombergbusiness?lang=en Reddit: https://www.reddit.com/r/bloomberg/ LinkedIn: https://www.linkedin.com/company/bloomberg-news/ More from Bloomberg: Bloomberg Radio: https://twitter.com/BloombergRadio Bloomberg Surveillance: https://twitter.com/bsurveillance Bloomberg Politics: https://twitter.com/bpolitics Bloomberg Originals: https://twitter.com/bbgoriginals Watch more on YouTube: Bloomberg Technology: https://www.youtube.com/@BloombergTechnology Bloomberg Originals: https://www.youtube.com/@business Bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake Bloomberg Espanol: https://www.youtube.com/@bloomberg_espanol Bloomberg Podcasts: https://www.youtube.com/@BloombergPodcasts