Bessent Unleashes ‘Operation Economic Outcast’ on Iran | Balance of Power 08/24/2026

Watch on YouTube ↗  |  August 24, 2026 at 23:28  |  51:24  |  Bloomberg Markets
Speakers
Stephen Moore — Former Trump Economic Advisor, America First Policy Institute
Michael McKee — International Economics & Policy Correspondent, Bloomberg
Rob Bonta — California Attorney General
Rick Davis — Republican Strategist, Partner at Stonecourt Capital
Shawn Donnan — Bloomberg Reporter

Summary

The episode covers the Treasury's 'Operation Economic Outcast' against Iran, the escalating US-Canada tariff conflict, and a Supreme Court procedural ruling on mail-in ballots. Guests discuss Jackson Hole and Kevin Warsh's Fed communication, plus California's antitrust disputes involving Paramount-Warner and Meta. The main market implications include elevated energy prices from Iran/Strait of Hormuz risk and greater economic damage to Canada from the trade fight.

  • Treasury Secretary Bessent announces secondary sanctions campaign against Iran and its trading partners.
  • Stephen Moore highlights China's central role and elevated energy prices from the Strait of Hormuz.
  • US-Canada trade talks collapse; Trump threatens 50% tariffs on Canadian autos and steel while Canada promises retaliation.
  • Stephen Moore argues Canada has more to lose economically than the US.
  • Supreme Court issues a procedural ruling allowing Trump mail-in ballot restrictions to move forward for now.
  • Mike McKee previews Jackson Hole and potential Fed reaction to inflation data.
  • California AG Rob Bonta discusses Paramount-Warner merger leaks and the Meta trial.
Ideas
Stephen Moore Former Trump Economic Advisor, America First Policy Institute 22:28
Strait closure lifts global energy prices
The disruption around Iran and the Strait of Hormuz is already raising global energy prices and acting as a drag on the global economy; reopening the Strait is needed to relieve that pressure.
WTI MED
Stephen Moore Former Trump Economic Advisor, America First Policy Institute 25:08
Canada hurts more from tariff war
In the US-Canada tariff fight, Canada has much more to lose economically than the United States; it will hurt both countries, but Canada's economy will take the bigger hit.
EWC HIGH
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This Bloomberg Markets video, published August 24, 2026, features Stephen Moore discussing WTI, EWC. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Stephen Moore  · Tickers: WTI, EWC