Canada Nears Trump Trade Deal | Balance of Power 8/21/2026

Watch on YouTube ↗  |  August 21, 2026 at 23:00  |  47:47  |  Bloomberg Markets
Speakers
Mary Ng — Former Minister of International Trade, Canada
Clayton Siegel — Senior Fellow, CSIS (Energy Security)
Norah Mulinda — Market Reporter, Bloomberg
Kate Davidson — Reporter, Bloomberg
Kailey Leinz — Bloomberg Reporter
Jeff Mason — White House Correspondent

Summary

The episode covers Canada-US trade negotiations before a midnight tariff deadline, a temporary Supreme Court win for the White House ballroom, and market moves amid Treasury, Fed, and Iran energy risks. Former Canadian trade minister Mary Ng argues a deal would avoid 50% tariffs and preserve Canada's investment appeal. Energy scholar Clayton Seigle sees Brent sideways in the $90s but gasoline and diesel grinding higher, with further upside if maximum pressure on Iran escalates.

  • Canada and the US race to finalize a trade deal before 50% tariffs take effect.
  • Mary Ng says avoiding the 50% tariff and reducing steel, auto, and aluminum tariffs would keep Canada investable.
  • The Supreme Court allows White House ballroom construction to continue while legal fights proceed.
  • Stocks closed mixed with weekly losses; bond yields and Fed policy remain the focus.
  • Bitcoin had its best week in four years, helped by a short squeeze after Trump met crypto executives.
  • Treasury buybacks and Jackson Hole add uncertainty to rates.
  • Clayton Seigle sees Brent sideways in the $90s while gasoline and diesel tick higher.
  • Trump campaigns in South Carolina ahead of a Senate runoff.
Ideas
Mary Ng Former Minister of International Trade, Canada 11:04
Trade deal reduces Canadian tariff risk.
A U.S.-Canada trade deal would avoid the threatened 50% tariffs and reduce tariffs on key Canadian export sectors such as steel, automobiles and aluminum; that progress improves predictability and supports Canada as an investable destination.
EWC Canadian steel Canadian aluminum Canadian automobiles HIGH
Mary Ng Former Minister of International Trade, Canada 15:15
Indonesia offers growing middle-class market.
Canada is diversifying trade and investment toward Asia; Indonesia is the fourth most populous country, has a growing economy and a rising middle class, making it an attractive market for Canadian businesses.
EIDO MED
Clayton Siegel Senior Fellow, CSIS (Energy Security) 32:54
Maximum pressure adds energy risk premium.
If the U.S. pursues maximum economic pressure on Iran, including pressuring China, energy prices would probably move higher in the short term because Iran can retaliate against shipping and critical oil and gas infrastructure, forcing a risk premium into prices.
WTI MED
Clayton Siegel Senior Fellow, CSIS (Energy Security) 33:53
Brent sideways; gasoline and diesel rise.
Brent crude in the $90s reflects a delicate balancing act between both sides in the Iran conflict; until a diplomatic breakthrough or new off-ramp, Brent is likely to trade sideways, while gasoline and diesel remain in short supply and continue to tick higher.
BNO HIGH
Clayton Siegel Senior Fellow, CSIS (Energy Security) 33:53
Brent sideways; gasoline and diesel rise.
Brent crude in the $90s reflects a delicate balancing act between both sides in the Iran conflict; until a diplomatic breakthrough or new off-ramp, Brent is likely to trade sideways, while gasoline and diesel remain in short supply and continue to tick higher.
UGA DIESEL HIGH
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This Bloomberg Markets video, published August 21, 2026, features Mary Ng, Clayton Siegel discussing EWC, Canadian steel, Canadian aluminum, Canadian automobiles, EIDO, WTI, BNO, UGA, DIESEL. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mary Ng, Clayton Siegel  · Tickers: EWC, Canadian steel, Canadian aluminum, Canadian automobiles, EIDO, WTI, BNO, UGA, DIESEL