Hey there, happy Friday.

We’re wrapping up this week with a bunch of stories you might have missed, but have big implications: Foreign ownership of American media, the high cost of wedding season and who really calls the shots on a massive tour like Ed Sheeran's.

We’ll start though with the small businesses ducking and covering as the trade war between the U.S. and Canada heats up.  — Tony Wagner, newsletter editor  

In a few weeks, the U.S. is set to ban imports of some Canadian products, ranging from beer and wine to motorcycles to whey protein.

It would be the latest escalation in a suddenly hot trade war — that is, if the two countries don’t reach an agreement first. In the last few weeks, both countries placed tariffs as high as 50% on roughly $20 billion worth of goods coming from each side of the border.

That's just a fraction of the overall trade between the two countries. Canada is our number two trading partner. We imported over $380 billion worth of Canadian goods last year, and exported over $330 billion up north.

But even that small fraction of trade subject to tariffs is having real-world consequences for some businesses, including Ann Clark Ltd ., which makes cookie cutters in Rutland, Vermont. The company was started by CEO Ben Clark’s parents in 1989, and he said about 15% of the company’s sales go to Canada.

After Canada announced plans to place counter-tariffs on some U.S. goods, “we got a couple big Canadian orders, and they actually said we want to get this in before the tariffs potentially hit.”

Nice for Clark in the short term to get some sizable orders, but he’s worried that won’t continue if tariffs make his cookie cutters more expensive north of the border. Plus, his company markets its products as “Made in USA.”

“In Canada, we've actively taken the ‘Made in USA’ off of everything we can because that's no longer a positive marketing pitch, which is crazy,” he said.

Oil prices are just part of the story of the Strait of Hormuz. Thousands of workers have been stuck aboard ships near the crucial waterway since the U.S. attacked Iran in February. Ambrose has been in touch with some of those crewmembers. 

It’s not clear who will play with him.

The football stadium is publicly owned, but run by the Eagles. A group of NFL team owners, by New England Patriots owner Robert Kraft, pressured Sheeran to drop Macklemore as an opener last week, after the rapper made pro-Palestinian comments and performed a protest song at a recent stop on Sheeran’s tour.

The other openers, including Sheeran’s backing band, dropped off the bill in solidarity with Macklemore. Sheeran is staunchly apolitical, and one of the highest-grossing touring acts in the world, but ticket prices have dropped as fans reckon with the controversy. 

Sheeran pinned the whole mess on his promoters, but experts told the AP promoters nearly always follow the lead of the headliner, and it’s even more rare for venue owners to throw their weight around like this. Most of the parties involved say they’re donating money to aid groups in the region.