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The Aluminum Shock Hitting the Global Economy

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The global aluminum market is being squeezed by two powerful forces at once: conflict in the Middle East and rising US tariffs. Industry executives say disruptions to production and shipping in the Gulf region are removing significant supply from global markets just as tariffs are already pushing prices higher for American buyers. Jean Simard of the Aluminium Association of Canada warns the full impact of blocked shipments and damaged smelters has yet to hit North America, while Norsk Hydro executive Trond Christophersen says Asian markets are facing even greater physical supply risks. For manufacturers like Minnesota-based Wolf Tooth Components, the combination of tariffs, supply disruptions and surging demand from AI data centers is driving costs sharply higher and creating new uncertainty across the aluminum supply chain.
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How El Niño Threatens India’s Economy and Food Prices

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India is facing a widening rainfall deficit as El Niño returns, raising concerns over crop output, food inflation and rural incomes. India’s Former Agriculture Secretary Siraj Hussain joins Haslinda Amin and Menaka Doshi to discuss the risks to agriculture, food security and the economy.
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Brent Oil Tops $90 as US-Iran Attacks Escalate

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Brent crude rose almost 4% before paring gains to trade around $90 a barrel. The global benchmark gained after the US and Iran escalated hostilities, including the targeting of vessels attempting to transit the Strait of Hormuz and an attack on a key oil facility in Kuwait over the weekend. West Texas Intermediate was above $84. Bloomberg’s Stephen Stapczynski has the details.
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Trump: Canada Must Pay for ‘Filthy’ Wildfire Smoke | Balance of Power 07/17/2026

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“Balance of Power: Late Edition” focuses on the intersection of politics and global business. On today’s show, Rep. Joe Morelle (D-NY), House Administration Committee Ranking Member and House Appropriations Committee Vice Ranking Member, addressed concerns raised by the president’s recent speech questioning the integrity of U.S. elections. Erin Covey, Editor at The Cook Political Report, said the upcoming midterms are anticipated to be challenging for Republicans, particularly in the House of Representatives. Roberto Lazzeri, Mexico’s new Ambassador to the United States, discussed the upcoming round of negotiations on the potential renewal of the USMCA trade agreement, scheduled for the following week.

Chapters:

00:01:35 Bloomberg’s Laura Davison on Trump: Canada Must Pay for ‘Filthy’ Wildfire Smoke
00:04:14 Representative Joe Morelle (D-NY) on Trump Sows Doubts About US Elections in Speech
00:08:03 Rep. Joe Morelle (D-NY) on Government Faces Potential Shutdown This Fall
00:09:42 Rep. Joe Morelle (D-NY) on Trump Proposes $1.5 Trillion Defense Budget
00:13:55 Power Moves: Top Financial Moves
00:17:52 Erin Covey, Editor at The Cook Political Report, on Race To Win Control of the House Remains Competitive
00:24:48 Roberto Lazzeri, Mexico’s new Ambassador to the United States, on Magnitude 7.3 Earthquake Hits Mexico-Guatemala Border
00:25:55 Roberto Lazzeri on US, Mexico Trade Talks on Future of USMCA
00:29:39 Roberto Lazzeri on Drug Cartels
00:32:44 Bloomberg’s Michael Shepard on US Considers Creating Finra-Like Watchdog to Vet Top AI Models
00:39:41 Political Panel Reacts: Canada Fires, Trump Media Pitched $100K Monthly Fee for Fast Feed of President’s Posts, Trump Endorses Darline Graham

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What to Know About Shein’s Plans for Mega HK IPO

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Fast-fashion giant Shein is seeking to list in Hong Kong as soon as August, targeting to raise about $2 billion to $3 billion, sources say. Minmin Low reports on the company’s fundamentals.
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PJM Grid Misses Power Supply Target Amid AI Surge

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PJM Interconnection LLC said its auction to procure power for the year starting June 2028 fell 6.8 gigawatts short of what it will need to guarantee system reliability during demand spikes, according to a statement. Will Wade has more on “Bloomberg The Close.”
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