US-Canada Tensions, Bessent's Bond Troubles, Iceland Vote | Bloomberg This Weekend: Aug 23, 2026

Watch on YouTube ↗ | August 24, 2026 at 02:07 | 3:03:45 | Bloomberg Markets

Speakers

Tony Crescenzi — Executive VP, Market Strategist and Generalist Portfolio Manager at PIMCO

Chrystia Freeland — Deputy Prime Minister and Minister of Finance of Canada

Wendy Benjaminson — Senior Editor, Bloomberg

Henrietta Treyz — Political Analyst, Veda Partners

Donald Trump — President of the United States

Greg Landsman — U.S. Representative, Ohio

Rich McCormack — U.S. Representative, Republican from Georgia

Alexis Christopherus — Anchor, Bloomberg

Tom Keene — Host, Bloomberg Surveillance

Adam Frier — Senior Geoeconomics Analyst, Asia-Pacific, Bloomberg

Ingo Sigfusson — Correspondent, Icelandic National Broadcasting Service

Summary

The episode covers escalating US-Canada trade tensions and retaliatory tariffs, Treasury Secretary Bessent's bond-market intervention and upcoming Iran sanctions announcement, and the upcoming Jackson Hole symposium. Guests discuss bond valuations, the dollar, commodity and geopolitical risks, and the political fight over AI data centers ahead of the midterms. The show also touches on Ukraine, North Korea, Iceland's EU referendum, and several cultural stories.

US-Canada tariff battle escalates with 50% tariffs and $20B in retaliatory tariffs set for September 8.
PIMCO's Tony Crescenzi argues high-quality bonds are near fair value and worth locking in at 5-7% yields.
Crescenzi and Tom Keene discuss the dollar's durability and the Fed-Treasury relationship.
Jackson Hole preview focuses on Fed Chair Kevin Warsh's first speech after Treasury bond-market intervention.
Data centers emerge as a midterm issue, with Trump and Rep. McCormack supporting expansion and Rep. Landsman criticizing tax breaks, NDAs, and utility costs.
Geopolitical risks include Iran sanctions and Strait of Hormuz disruptions, Ukraine strikes on Russian refining, and possible China rare-earth retaliation.
Other segments include Iceland's EU referendum, North Korea-South Korea tensions, Afghanistan, and IBM's AI-powered US Open app.

Ideas

Chrystia Freeland Deputy Prime Minister and Minister of Finance of Canada 11:36

Aluminum is essential; tariffs are wrong

US tariffs on Canadian aluminum are wrongheaded because the US needs Canadian aluminum for defense and manufacturing. Aluminum is essentially electricity in solid form, and with the AI boom Americans need more electricity, so taxing Canadian aluminum is economically damaging and supportive of aluminum's strategic importance.

Wendy Benjaminson Senior Editor, Bloomberg 31:11

Iran sanctions keep oil supply risk

Further US economic pressure on Iran may not force capitulation and could instead incentivize the IRGC to keep attacking across the Gulf. Sanctions also do not pressure Iran to reopen the Strait of Hormuz freely; Iran may insist on transit tolls, keeping oil supply and shipping risks elevated.

Tony Crescenzi Executive VP, Market Strategist and Generalist Portfolio Manager at PIMCO 67:26

Lock in high-quality bond yields now

The Treasury buyback program is best viewed as a stabilizer. Bond yields are near fair value around the low 4s: inflation compensation around 2.5%, real neutral around 1-1.5%, and term premium around 1%. Investors have an opportunity to lock in higher interest rates, with high-quality double-A portfolios offering about 5-7% and historically very high recovery odds.

Tony Crescenzi Executive VP, Market Strategist and Generalist Portfolio Manager at PIMCO 76:37

Dollar remains dominant reserve currency

The dollar is not in late innings. The US payment system, very deep capital markets, continued dollar-denominated securities transactions, and the unified US equity market support continued dollar dominance. The bigger question is whether the US gets its fiscal house in order, not the Treasury's yield-management effort.

Donald Trump President of the United States 127:19

Data centers create jobs, lower taxes

Data centers are creating political and regulatory backlash because big tech companies receive tax cuts, sign NDAs with elected officials, and push higher utility bills onto residents. His legislation would put energy-cost burdens on data centers and ban NDAs, creating a headwind for unchecked data-center expansion.

Henrietta Treyz Political Analyst, Veda Partners 148:18

China may restrict rare earths

If the Treasury Secretary announces massive sanctions on China, China could retaliate by limiting critical minerals and rare earths exported to the United States. That would have a significant impact on US inflation and is a key event-driven supply risk to monitor.

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This Bloomberg Markets video, published August 24, 2026, features Chrystia Freeland, Wendy Benjaminson, Tony Crescenzi, Donald Trump, Henrietta Treyz discussing Aluminum, WTI, AA, TLT, DXY, DTCR, REMX. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Chrystia Freeland, Wendy Benjaminson, Tony Crescenzi, Donald Trump, Henrietta Treyz · Tickers: Aluminum, WTI, AA, TLT, DXY, DTCR, REMX