CNBC Daily Open: Washington escalates on two fronts; Nvidia earnings in focus

U.S. Treasury Secretary Scott Bessent speaks during a press conference at the Cash Room of the Treasury Department in Washington, D.C., on Aug. 24, 2026.Mehmet Eser | Anadolu | Getty ImagesHello, this is Anniek Bao writing to you from Singapore. Welcome to another edition of CNBC's Daily Open.Two fights Washington has been building toward this year came to a head Monday. The Trump administration rolled out its toughest sanctions campaign yet against Iran and made clear China won't be spared, while the U.S.-Canada trade relationship deteriorated further as Washington threatened to double auto tariffs to 50%. Markets, meanwhile, are bracing for more tests this week: Nvidia's earnings on Wednesday, an inflation reading, and the Fed's Jackson Hole symposium.Bessent unveils Iran sanctions plan The Trump administration is threatening a forceful economic blow to force capitulation from Iran, which has long refused to bow to U.S. demands despite months of military hostilities and decades of sanctions. Treasury Secretary Scott Bessent threatened economic punishment against any country doing business with Iran as part of what he called an "economic D-Day" campaign to isolate the Islamic Repu...