Market Flux Event

Trump Halts Iran Talks, Eyes Kim Meeting and Canada Auto Tariffs Remain Sticking Point

President Trump ordered top administration envoys to halt all negotiations with Iran, a sharp reversal that came just one day after Jared Kushner publicly referenced "positive and active conversations" with Tehran. The White House has informed allies it is in the process of changing its Iran strategy, with one administration official telling Semafor there are "many levers the president can crank harder in the weeks and months ahead" to achieve Iran's economic isolation. The breakdown is compounded by a dispute over the Strait of Hormuz: Iran says the waterway will not fully reopen until the U.S. lifts its blockade, releases frozen Iranian assets, and eases oil sanctions, while Trump insists the strait is open and the blockade remains in place.

Trump has also reportedly threatened to bomb Oman over its negotiations with Iran to manage shipping through the strait, with Washington objecting to elements of a proposed deal that would give Iran and Oman a joint role in overseeing passage. On a separate diplomatic front, Trump is pushing aides to arrange an in-person meeting with North Korean leader Kim Jong Un, with a potential encounter tied to a planned Asia trip that could take place as soon as November, according to the Wall Street Journal. Meanwhile, U.S.-Canada trade talks remain deadlocked, with autos the central sticking point: Canada is seeking a delay and relief from existing tariffs on autos and steel, while the Trump administration is demanding Canada drop retaliatory measures, end alcohol boycotts, and open its dairy market to greater U.S. access.

Canadian Prime Minister Mark Carney and Trump spoke again on August 18 as those negotiations continued. Separately, Trump is interviewing candidates in person this week for the vacant FDA commissioner role.

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Sources

  1. FirstSquawkCANADA'S PRIME MINISTER MARK CARNEY AND PRESIDENT TRUMP SPOKE AGAIN THIS AFTERNOON ON ONGOING TALKS: CARNEY'S OFFICE STATEMENT
  2. SemaforTrump has cut off talks with Iran for the foreseeable future, saying there “are no talks or conversations going on, or scheduled” with Iran, a notable development just a day after Jared Kushner publicly referenced ongoing “positive and active conversations.”
  3. ZerohedgeDisengagement: Trump Vows New Strategy To 'Strangle' Iran Over Time
  4. ThehillBolton: Trump’s foreign policy agenda ‘lost at sea’ amid Iran tensions
  5. BusinessPresident Donald Trump is interviewing potential nominees for US Food and Drug Administration commissioner in person this week, according to people familiar with the process, as the White House looks to fill multiple leadership roles
  6. Unusual_WhalesBREAKING: Trump has told top administration envoys to halt their conversations with Iran, per CNN
  7. WsjTrump Pushes for Kim Jong Un Meeting This Year
  8. ReutersTrump pushes for Kim Jong Un meeting this year, WSJ reports
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  1. AJENewsBREAKING: US President Donald Trump is pushing aides for a meeting this year with North Korean leader Kim Jong Un, reports US media. Trump has privately discussed setting up an in-person meeting with Kim during his next trip to Asia. More on