**An earlier version of this email was sent without the final text - apologies.**
Hello,
Here are the five things you need to know today:
IRAN. Bessent’s sanctions are all TACO, no bite.
UKRAINE. RUSSIA. Europe looks alone in Kyiv's corner.
KOREAN PENINSULA. Another drill's canned as Trump chases Kim.
UNITED STATES. Interfering with ballots and bonds could backfire.
CANADA. A phony tariff war accelerates.
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IRAN. Operation Economic Bombast
Bessent’s sanctions are all TACO, no bite.
Scott Bessent sanctioned 60 Iran-related entities and individuals Monday under "Operation Economic Outcast". Asked why he didn't include banks or sovereigns, Bessent said: "Why would I want to blow up the global financial system?"
INTELLIGENCE. After days of drumroll, Bessent’s “greatest financial offensive ever” earned barely a shrug from markets. Oil futures declined. Iran struck another ship in Hormuz, while the Houthis attacked a tanker in the Red Sea, but even these failed to provoke a response. The day’s most notable move was a visit by Pakistan’s military chief. Tehran said a new Trump-backed peace proposal he brought had been rejected. Oman’s foreign minister visits today.
FOR BUSINESS. Iran continues to count down the clock while the US dithers amid limited options. The US has just 41 days of crude inventories left – a 50-year low – versus 70 days until the midterms. A second Ipsos poll put Trump’s support at just 33%. The president says Iran is “completely collapsing”, but its siege economy is built for times like this. A single ship crossed Hormuz Monday, according to Kpler, down from six on Sunday and a fraction of US claims.
UKRAINE. RUSSIA. Coalition course
Europe looks alone in Kyiv's corner.
Ukraine marked 35 years of independence with a meeting of the “coalition of the willing.” Steve Witkoff and Jared Kushner cancelled a visit to Kyiv on account of Russian strikes, local media said. India’s foreign minister visited Moscow.
INTELLIGENCE. The meeting of European dignitaries was joined by Emmanuel