Washington is opening economic fronts against Iran and Canada at once, which is bad news for trade, for Canadian carmakers, and for anyone hoping the tariff fight would cool off.

• The White House unveiled a plan to cut Iran off from the world economy by punishing any country or company that keeps trading with it.
• China is the obvious target, since it is Iran's biggest trading partner and was pointedly not exempted.
• Trump says tariffs on Canadian cars, trucks, and parts will double to 50% in 2027, after trade talks fell apart — the delay looks like pressure rather than a real deadline.
• At home, the Treasury started buying back US debt to push interest rates down, and the bond market barely reacted.
• Housing keeps weakening, with builders piling on luxury extras to move expensive homes that are not selling.

Outlook: Expect the trade fight with Canada and the squeeze on Iran to escalate before either produces a deal, while the bond market stays the thing to watch at home.