Crypto News: A long trade war

Good morning. Canada prepares for a long US trade war. Trump bets tougher sanctions will bring Iran to the negotiating table. And why America’s elite private schools are offering discounts to some parents earning $500,000 or more. Listen to the day’s top stories.

— Marcus Wright

Market Snapshot
S&P 500 Futures	7,678.00	-0.2%
Nasdaq 100 Futures	29,221.25	-0.6%
US 10-year Treasury yield	4.71%	-0.03
Bloomberg Dollar Spot Index	1,193.06	+0.1%
Market data as of 06:37 AM ET. Data is subject to provider delays.	Your watchlist

Canada sees little chance of resuming talks with Donald Trump before the US midterm elections, people familiar said, following Friday’s collapse of trade negotiations. Prime Minister Mark Carney will impose counter-tariffs on $20 billion of US products on Sept. 8, making Canada one of the few countries to fight fire with fire. But the tough stance comes at a price, with an estimated 90,000 Canadian jobs at risk if the new US tariffs persist.

Oil fell as the market awaits details of the US economic isolation plan for Iran, due later today. Trump is betting that new sanctions, a naval blockade and ramped up economic pressure can force Tehran to accept a deal to end the war on US terms. Meanwhile, Saudi Arabia is yet again being forced to overhaul how its oil gets to customers, as Yemen’s Houthis make it harder for tankers to move south through the Red Sea.

Gold climbed to the highest level in more than three months as the US Treasury’s bold intervention in the bond market last week revived concerns about a weaker dollar. Tech stocks led futures lower. There are also concerns that the Treasury’s drive to get borrowing costs down, especially with the midterms looming, may be running into forces beyond its control.

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Some of Nvidia’s biggest customers were told that the prices of servers containing its artificial intelligence chips are going up more than 15% as memory-chip costs soar. Elsewhere, startup Hugging Face is exploring a sale that may value the AI platform at $13 billion or more, Business Insider reported. And here’s our explainer on why social media giants including Meta and Google are on trial for hooking kids.

A fast-spreading Nevada wildfire northwest of Reno has injured at least six people and prompted evacuation orders for tens of thousands. The blaze was “human-caused,” US Forest Service incident commander Shane Ackerson said.

Bloomberg Power Players - New York: Set against the backdrop of the US Open Tennis Championships, Bloomberg Power Players returns to New York on Sept. 10, bringing together the leaders shaping the multitrillion-dollar sports economy. Learn more here.

Deep Dive: China vs. the US in Latin America

The Bogota Metro. — The first line of the Bogota Metro, built by a Chinese-led consortium. *Photographer: Sergio Acero/AFP/Getty Images*

China is successfully challenging Trump’s drive to establish US economic dominance in Latin America. Its investments in ports, energy and mining are well established, and Beijing has successfully moved up the value chain into fields such as electric vehicles, batteries and data centers.

It helps explain why Ecuador’s President Daniel Noboa, a Trump ally who’s all-in on the security partnership with the US, is currently on a weeklong visit to China to court investment.
That contrasts with the clear political successes the US has enjoyed in the region, from grabbing Nicolás Maduro out of Venezuela to isolating Cuba.
In Brazil, Chinese EV-maker BYD has a dealership in every state, capital and major city, and has poured money into prime-time television, telenovelas and soccer sponsorships.
Trump has had more success in Argentina, which has put obstacles in the way of a Chinese telescope project and a proposed nuclear power plant.

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*Illustration: Joan Wong/Getty/Bloomberg*

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Before You Go

Athletic fields at Deerfield Academy in Massachusetts

The financial model that sustained America’s elite private schools is starting to crack. Soaring tuition costs and reluctant parents are forcing them to offer a wider range of discounts, even to households earning $500,000 or more.

A Few More