The US launched a sweeping new sanctions campaign against Iran and is leaning on other countries to join, while at the same time escalating a trade fight with Canada — bad news for allies caught in the middle and for anyone hoping for calmer oil markets.

• The Treasury announced "Operation Economic Outcast," aimed at cutting off every source of money reaching Iran, including businesses and banks in other countries.
• China is the obvious target but was never named — officials only said no one is above US sanctions and refused to give names or deadlines.
• Trump is threatening to double tariffs on Canadian cars to 50% starting in 2027, and Canada's Mark Carney says Washington asked for too much and won't compromise.
• Iranian officials show no sign of backing down, refusing to reopen the Strait of Hormuz unless the US lifts its blockade and pulls forces out of the region.
• Meanwhile Trump's family is starting new banks and pushing its own crypto venture, even as the government promises to police the global financial system.

Outlook: Nothing moves until China decides whether to play along, and with Canada digging in and Iran refusing to talk, the standoff looks set to drag on.