Trump Denies Munitions Shortage, Hegseth Tension | Balance of Power: Early Edition 8/6/2026

On the early edition of Balance of Power, Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz discusses the latest from DC. On today's show, Council on Foreign Relations President Emeritus Richard Haass, Stonecourt Capital Partner Rick Davis, Harvard Kennedy School Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino and Bloomberg contributor and former House Financial Services Committee chairman Patrick McHenry. Chapters 00:00:00 Balance of Power: Early Edition  00:01:20 Temporary Strait of Hormuz Agreement Explained 00:02:30 Market Update: Oil Higher, Stocks Lower 00:04:41 Iran Deal Raises New Questions 00:05:18 Trump Still Pushes for a Broader Iran Deal 00:06:02 White House Reaction to the Hormuz Agreement 00:08:31 Trump Defends Pete Hegseth Amid Munitions Reports 00:10:43 Richard Haass on the Hormuz Deal 00:12:08 Why the U.S. Should Multilateralize Hormuz Talks 00:15:03 Lessons from the Iran War 00:15:52 America's Munitions Shortfall 00:17:26 Ukraine, Missiles & the Defense Industrial Base 00:18:54 Market Update: Oil, SpaceX & Jobs Preview 00:21:07 Trump Pushes Back on Munitions Reporting 00:22:33 Political Panel on Iran & Defense Readiness 00:29:14 Is the Hormuz Deal Good Enough? 00:33:04 Canada Benefits from Trump's Trade Policies 00:40:14 Market Check: Oil Extends Gains 00:42:08 Congress Races the August Recess 00:48:09 Ethics Investigations on Capitol Hill -------- 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