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US Pressures Europe to Cut Russian Energy

The US is pressing Europe to halt all Russian oil and gas purchases and consider “secondary tariffs” on India and China, according to Axios reporting amplified by market wires, as the Trump administration weighs additional Russia sanctions following renewed strikes on Ukraine.

Treasury Secretary Scott Bessent said on Sept. 1 that “everything’s on the table” after President Vladimir Putin “in a despicable, despicable manner, increased the bombing campaign” following the recent Alaska meeting. He added the administration will be examining options “very closely this week.”

The push on Europe includes a full stop to Russian energy purchases and potential secondary tariffs that mirror US measures already levied over India’s continued buying of Russian crude.

You can read more on the matter here.

What’s going on?

• Ford Dumps Canadian-Made Crown Royal to Protest Job Losses (theDeepDive)

• Poilievre calls for federal government to end temporary foreign worker program (Globe)

• New Brunswick Advances Saint John LNG Export Talks (theDeepDive)

• UK deputy prime minister Angela Rayner admits underpaying tax (FT)

• Trump Vows Executive Order Requiring Voter ID For Federal Elections (theDeepDive)

• Trump Suggests Trade Deals Would End If Tariffs Are Struck Down (Bloomberg)

• xAI Seeks Emergency Order to Block Ex-Employee From Starting at OpenAI (theDeepDive)

• China feels the ripple effect of US copper tariff trade (Reuters)

• CDC ‘Being Ripped Apart,’ Trump Says in First Response (theDeepDive)

• China Flaunts Military Might With Lavish Parade—and Sends Warning to Washington (WSJ)

What’s the latest?

• Labour Market: U.S. job openings fell to 7.2 million in July, down from 7.4 million in June and well below the March 2022 peak of 12.1 million, according to the Labor Department’s JOLTS report. Quits held steady at 3.2 million, while layoffs rose slightly but remained below pre-pandemic levels. So far in 2025, job growth has averaged 85,000 per month, down from 168,000 in 2024 and 400,000 during the 2021–2023 boom. Economists expect August data to show about 80,000 jobs added.

• Geopolitics: Prime Minister Mark Carney said he had a “good” and lengthy conversation with U.S. President Donald Trump on Monday covering trade, labor, and geopolitical issues. Carney emphasized that Canada benefits from the Canada-U.S.-Mexico Agreement, which exempts Canadian goods from Trump’s tariffs. He noted a senior Canadian team is in Washington for talks but cautioned against expecting quick breakthroughs.

• Teck Resources: Teck Resources is reviewing its Quebrada Blanca mine in Chile after difficulties ramping up production at its expansion project. The review, with input from external experts, will be completed by next month, with updated guidance expected in Q3 results. Teck has hired a special adviser to address tailings facility and operational challenges and will delay major growth projects until QB stabilizes. COO Shehzad Bharmal also announced his retirement.

• WallStreet : The S&P 500 rose 0.5% and the Nasdaq gained 0.8% Wednesday, lifted by Alphabet’s 7.1% jump after a favorable antitrust ruling. Apple added 2.6%, while Macy’s surged 19.6% on strong earnings and guidance. Dollar Tree fell 9.7% despite beating forecasts, with tariff timing weighing on outlook. Treasury yields eased, with the 10-year dipping to 4.26% from 4.28%.

• Crypto: American Bitcoin, a Trump-family–backed bitcoin treasury and mining firm, began trading on the Nasdaq Wednesday after merging with Gryphon Digital Mining. Eric Trump, the company’s co-founder and chief strategy officer, called the debut a “historic milestone” for bitcoin’s integration into U.S. capital markets. The company plans to combine self-mining with opportunistic bitcoin purchases, as public firms increasingly adopt bitcoin treasuries near record prices. The listing comes amid a broader Trump-family pivot into crypto, with recent ventures including World Liberty Financial and a U.S. dollar–backed stablecoin.

MEG Energy Buyout

The stock market and stuff

• Canadian Pension Funds, Quebec Lose Over $1 Billion in Northvolt Collapse (theDeepDive)

• WestJet buys 67 Boeing planes in largest purchase to date as it charts growth plan (Globe)

• Elliott Management Launches $4B Activist Campaign at PepsiCo (theDeepDive)

• Top pension fund pulls €14bn from BlackRock in sustainability pivot (FT)

• Trump Fortune Soars As World Liberty Token Launches (theDeepDive)

In the juniors

• Aris Mining Outlines $2.7 Billion NPV For Soto Norte Gold Project (theDeepDive)

• GR Silver Drills 75.2 Metres Of 293 g/t Silver Equivalent (theDeepDive)

• Gunnison Copper Enters Production At Johnson Camp Mine (theDeepDive)

FULL DISCLOSURE: Silver47 Exploration is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Silver47 Exploration. The author has been compensated to cover Silver47 Exploration 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.