Trump’s tariff leverage, EU warning and Iran hopes
The US Capitol in Washington, DC, US, on Wednesday, Sept. 16, 2026.
Daniel Heuer | Bloomberg | Getty Images
Hello, this is Anniek Bao writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.
Canadian Prime Minister Mike Carney told Brussels that Canada will pick its own partners, brushing off U.S. President Donald Trump’s warnings.
While apparently readying for a fight with the EU and Canada, Trump sounded optimistic about the Iran war nearing its end, even as tensions on the Saudi-Houthi front escalated, a reminder that one ceasefire doesn’t calm a whole region.
The one place Washington’s leverage is unambiguous is tariffs, where Congress just gave Trump a fresh weapon aimed at Beijing and New Delhi.
What you need to know today
European Parliament members gave Canadian Prime Minister Mark Carney a standing ovation Wednesday as European Commission President Ursula von der Leyen floated an “Alliance for the Future,” with Canada as the bloc’s first associate member.
Trump dismissed the idea as “laughable” and called Canada a “terrible” trade partner, warning of heavy tariffs on Europe if the move was in bad faith. “If it’s a good intention, that’s fine,” he said.
Carney welcomed the EU’s proposal: “We do not seek power to dominate others … We are pursuing resilience so that no one can control our open markets.”
Trump gets a bigger tariff stick
The House passed a Russia sanctions bill granting Trump statutory authority to slap tariffs of up to 100% on countries buying Russian oil, days after BRICS leaders — China and India among them — publicly rejected unilateral secondary sanctions.
New Delhi and Beijing rank among the top five buyers of Russian crude, putting them squarely in Trump’s crosshairs. Trade policy expert Deborah Elms said the law lets Trump “strike hard and quickly at any time for any reason.”
Neither China nor India are likely to cut back on Russian oil, though tariffs will give Washington leverage in dealing with New Delhi and Beijing, experts said.
Iran war ‘hopefully’ winding down
Trump said the U.S. is “hopefully” approaching the end of its nearly seven-month-long war with Iran, even as fighting continues to escalate on a separate front between Saudi Arabia and the Iran-backed Houthis in Yemen.
“Well, hopefully we are toward the end of the war. They want to make a deal, we’ll see how that works out,” Trump told reporters in North Carolina Wednesday evening, adding he’d spoken with Tehran “directly,” without elaborating.
U.S. stock futures were little changed Thursday night, a day after the major averages rose on the Fed’s first rate hike in three years, while Asia markets opened higher as oil continued to slide for a third straight day.
Federal Reserve Governor Michelle Bowman, a permanent voter in the committee that makes interest rate decisions, and Kansas City Fed President Jeffrey Schmid, a non-voting member, are set to share remarks Friday — investors will listen for more color on Wednesday’s…
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