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Trump Opens Beef Imports

President Donald Trump is temporarily opening the US market to more foreign beef while arguing that the move will help American ranchers rebuild domestic cattle supplies.

“As we work to rebuild this herd and help our ranchers, for the next 90 days, the United States will allow up to 300,000 metric tons of product for ground beef to be imported with no out of quota tariff,” Trump wrote on Truth Social.

The measure is designed to increase near-term supply while domestic producers retain more cattle for breeding.

You can read more on the matter here.

What’s going on?

• Kazatomprom Moves to Lock In China and Russia Uranium Sales (theDeepDive)

• U.S.-Canada trade deal would introduce steel quota with lower 25% tariff, sources say (Globe)

• Darth Vader Tells City Council He Supports Use of Flock Surveillance Cameras (theDeepDive)

• Iran vows 'devastating' response to US threat to cut off its economic lifelines (Reuters)

• Manitoba Premier Urges Boycott of US Alcohol Even as Trade Deal Reopens Shelves (theDeepDive)

• Politicians Who Once Championed Data Centers Are Now Bashing Them (WSJ)

• Travelodge CEO Exits Amid Backlash Over Guest Security Scandal  (theDeepDive)

• U.S. military says it aided passage of 660 million barrels of oil through Strait of Hormuz since May (CNBC)

What’s the latest?

• Gold: Gold rose sharply Friday, with futures up 1.67% to $4,647.70 and spot gold up 1.55% to $4,588.08, putting bullion on track for a 4.7% weekly gain. The rally was driven by renewed concerns over U.S. debt, a weaker dollar and bond-market volatility, with UBS forecasting gold could reach $5,400/oz within 12 months.

• Trade War: Canada and the U.S. are racing to finalize a trade deal before Trump’s 50% tariffs on $28 billion of Canadian goods take effect after midnight Friday. Negotiations focus on steel, aluminum, lumber, autos, dairy access and U.S. alcohol, while Canada may lift provincial bans on American booze. The deal remains uncertain, with concerns that accepting one-sided U.S. tariffs could hurt Canadian industries and accelerate job losses.

• Crypto: Bitcoin surged 6.9% to US$77,675.94, reaching its highest level since May and gaining more than 20% since Wednesday. The rally was fueled by optimism over the U.S. Clarity Act, Treasury plans to double bond buybacks, falling yields and increased appetite for risk assets. It marked Bitcoin’s third straight day of gains above 5%.

• Markets: Canada’s TSX rose 174.99 points to 36,540.41, led by gains in base metals, while U.S. markets also advanced. The Dow gained 403.79 points, the S&P 500 36.77, and Nasdaq 104.79. The Canadian dollar strengthened to 72.62¢ US, while gold jumped $82.20 to US$4,653.60/oz as a midnight Canada-U.S. tariff deadline approached.

• Economy: Canada’s retail sales rose 0.6% to $74.3 billion in June, with general merchandise sales up 2.7% and clothing/accessories retailers up 3.1%. Core retail sales increased 1.2%, while sales volumes climbed 1.5%. However, Statistics Canada’s preliminary estimate points to a 0.8% decline in July, subject to revision.

Barrick Q2 2026 Earnings

The stock market and stuff

• Artemis Gold Hits 259 Metres of 1.22 g/t Gold Below Blackwater Reserve Pit (theDeepDive)

• Target’s Profit Doubled Last Quarter—Nearly a Billion of It Came From Tariff Refunds (theDeepDive)

• Bitcoin and gold surge as Bessent’s bond market intervention weighs on dollar (FT)

• Canadian Banks Restrict Staff From Wealthsimple’s Prediction Markets (theDeepDive)

In the juniors

• Goliath Drills 7.38 g/t Gold Equivalent Over 35.7 Metres At Surebet (theDeepDive)

• Corus Makes Cuts At Global National and Global BC in New Layoffs (theDeepDive)

• Bunker Hill and Silver47 to Merge in Bid to Build a U.S. Silver Champion (theDeepDive)

FULL DISCLOSURE: Mercado Minerals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Mercado Minerals. The author has been compensated to cover Mercado Minerals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.