The US is squeezing Iran's trading partners while Trump's own antics erode America's image abroad — bad for global growth, bad for the dollar, and good for Bitcoin and gold.

• Treasury launched a sweeping sanctions campaign on Iran, hitting about 60 companies, people and ships, including many in China and Hong Kong.
• China pushed back hard, saying its ties with Iran should not be touched, though it also called for talks rather than escalation.
• South Koreans now view the US unfavorably for the first time in 20 years, with big majorities disapproving of Trump's tariffs and his Iran policy.
• Bitcoin pushed toward 80K as investors bet governments will keep spending and let their currencies weaken.
• Canadian firms face tariff pain that could cost up to 90,000 jobs, while Trump muses about renaming Lake Ontario "Lake America."

Outlook: Expect more pressure on the dollar and more money flowing into Bitcoin and gold, with the risk that the Iran standoff and tariffs slow the world economy further.