Below is a copy of the latest Daily Wrap email from Marketplace.
Sign up for the Marketplace Daily Wrap to receive updates directly in your inbox each weekday evening.
Plus: Trade war with Canada hasn’t hit oil — yet. 
We hope you enjoy today's briefing from Marketplace. Subscribe to more Marketplace newsletters here.
Hey there. After his treasury secretary intervened in the bond market last week to little effect, President Donald Trump had this to say: “The ultimate intervention is our military. And if we have to use that, we will.” Huh?

Real war, trade wars and the economic effects of each… maybe it’s all kind of blurring together here in the dog days of summer. We’ll try to make sense of it below, plus all the challenges facing cattle ranchers — and your grocery budget — right now. — Tony Wagner, newsletter editor 
Canadian PM Mark Carney speaking
Andrej Ivanov/AFP via Getty Images
The U.S.-Canada trade fight hasn’t touched oil — yet
Canada sends about 90% of its oil exports to its southern neighbor, but Marketplace’s Elizabeth Trovall reports the country might be looking to diversify.
As trade tensions between the U.S. and Canada continue to escalate, Canadian leadership has been hesitant to involve its biggest export to the U.S. in trade negotiations: oil.

Canada sends millions of barrels are sent to U.S. refineries each day to make gas, jet fuel, and diesel. If energy were to become seriously entangled in the trade feud, it could mean mutually assured destruction.

The U.S. depends heavily on Canadian crude oil, much of it coming from Alberta’s oil sands.

“The U.S. imports 4 million barrels a day of Canadian crude oil, and it comprises a very significant proportion of the heavy crude oil diet that the midcontinent refineries have gotten very used to,” said Susan Bell, senior vice president of downstream solutions research at Rystad Energy.

A lot of U.S. refineries were actually specifically tailored to process the heavy crude that Canada produces.

As for Canadian oil producers, “you got to have a market to sell stuff in,” said Charles Mason, economics professor at the University of Wyoming. “If they can secure contracts to deliver stuff to U.S. refineries, that's a very useful market for them.”
READ MORE


 
News you should know
Let’s do the numbers
  • The bond market eased up a bit today but a tech sell-off held stocks down. The S&P 500 closed 0.3% lower today, while the Dow added 0.3%. The Nasdaq composite lost 0.8%.

  • Anthropic has advanced its initial public offering, which could come as soon as this fall. The AI startup is reportedly seeking to raise $100 billion on a $2 trillion valuation.
The Trump administration
  • Treasury Secretary Scott Bessent unveiled "Operation Economic Outcast,” a new set of sanctions on Iran and a pressure campaign against its few trading partners.

  • Here’s a list of the Canadian goods the U.S. will tariff at 50% since trade talks fell apart.

  • The Federal Trade Commission warned companies last week against using personalized data to set individual prices for consumers.
Moo!
  • The U.S. has reopened for cattle imports from Mexico, as the White House tries to contain high beef prices.

  • Mexican cows make up a small portion of the American beef market. But with the U.S. herd smaller than it’s been in decades, a small boost in supply could make a difference.

  • The latest threat to ranchers’ livelihood is aggressive ticks, which could cut $13 billion from the beef market.

  • We talked with one rancher who’s bringing in extra dough by welcoming bird watchers to his land.


QUOTE OF THE DAY
“You just don't know if you're going to get nationalized. You don't know if your deal is going to hold. You don't know if the country is going to implode and you don't know if the U.S. is going to reimpose sanctions.”
— David Goldwyn, president of Goldwyn Global Strategies
Remember when the U.S. took out the leader of Venezuela, the nearby country with more known oil underground than anywhere else in the world? January feels like so long ago.

Well, some American energy companies are cautiously expanding their footprint in the country. Experts told us not to expect production to fully return until next decade, however.
READ MORE
A McDonald's sign
Charly Triballeau/AFP via Getty Images
Final note
One last thing about burgers
McDonald’s pushes its mobile app hard, with discounts and delivery offers, trading a few bucks for valuable data.

Wired reporter Reece Rogers requested his data from the fast food chain and received a 515-page dossier about his eating habits, recommended dishes and projections for his future dining. The article is paywalled, but we talked with Rogers on “Marketplace” about it.
HEAR MORE
 
Thanks for reading! If you enjoyed this newsletter, forward it to a friend. If this newsletter was forwarded to you, subscribe to Marketplace newsletters here.

 Got feedback for us? Just reply to this email. We can't get back to everyone, but we read it all.
Terms of use | Your privacy rights | Contact Us | Donate

© 2025 American Public Media Group. All rights reserved.

Terms of use | Your privacy rights | Contact Us

© 2026 American Public Media Group. All rights reserved.