Canada Doubles Tariffs on US Steel Products up to 50% | Balance of Power 08/25/2026

"Balance of Power: Late Edition" focuses on the intersection of politics and global business. On today's show, Ontario Premier Doug Ford says Canada should answer US tariffs “tariff for tariff and dollar for dollar,” but urges President Donald Trump and Prime Minister Mark Carney to reach a fair agreement. Sen. Ted Cruz (R-TX) says tariff threats should be used to open markets, lower trade barriers and expand trade—not to keep tariffs high indefinitely. Michael Faulkender, Former Deputy Secretary of the United States Treasury, says Kevin Warsh should reinforce his commitment to bringing inflation back to 2.0%, while arguing that energy-driven price pressures do not justify an interest-rate increase. Chapters: 00:01:02 Doug Ford, Ontario Premier, on Tariffs, Energy and US Relations 00:05:22 Doug Ford on Failed Trade Talks and a Path to a Deal 00:08:02 Doug Ford on American Alcohol and the Cost of the Trade War 00:12:28 Sen. Ted Cruz (R-TX) on US Canada Trade 00:15:14 Sen. Ted Cruz (R-TX) on Data Centers and the AI Race 00:18:19 Sen. Ted Cruz (R-TX) on Flock Cameras and Government Surveillance 00:19:38 Sen. Ted Cruz (R-TX) Discusses His New Book and Clarence Thomas' Legacy 00:24:37 Power Moves: Top Financial Moves 00:26:35 Michael Faulkender, Former Deputy Secretary of the United States Treasury, on Inflation and Fed Policy 00:29:11 Michael Faulkender on US Debt and Rising Treasury Yields 00:31:58 Michael Faulkender on US Shifts From Iran Strikes to Sanctions 00:34:51 Kathy Warden, Northrop Grumman CEO, on Defense Spending 00:40:24 Bloomberg's Bill Faries on South Carolina Senate Special Election 00:43:03 Political Panel Reacts: Trump’s Endorsement Power, Texas Races Tighten Ahead of Midterms, Data Centers Emerge as a Campaign Issue -------- 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