US To Impose 50% Tariff on Many Canadian Goods | Balance of Power 07/20/2026

Summary

The episode covers the escalating US-Iran conflict, with a 10th consecutive night of strikes and rising US casualties, as well as the US imposing a 50% tariff on many Canadian goods. Oil markets react mildly, with gasoline topping $4/gallon. Kepler's head of geopolitics explains why refined products remain tight despite crude softness. Political segments on Maine and South Carolina Senate races round out the show.

• US launches new strikes on Iran after three more service members killed, 17 total since conflict began.
• President Trump vows Iran will pay, while mediators push for new ceasefire; White House mixed messages.
• US to impose 50% tariff on Canadian goods under Section 338, exempting energy, potash, and critical minerals.
• Oil prices (Brent, WTI) rise less than 1% as market 'exhausted' by geopolitical noise, but gasoline above $4.
• Michelle Brouhard of Kepler highlights that refined products (gasoline, diesel) remain significantly tighter than crude due to supply constraints.
• Framework for Strait of Hormuz transit is broken; new security structure needed to restore commercial shipping confidence.
• Political updates: Maine Democrat Troy Jackson emerges as Senate nominee vs. Susan Collins; Darline Graham to run for Lindsey Graham’s seat.
• Market recap: Semis bounce, Warner Bros Discovery and Paramount slide on merger block, bonds yields rise.