Market Talks covering the impact of U.S. Politics and White House policies on companies and markets. Published exclusively on Dow Jones Newswires throughout the day.

1222 ET - Remarks from the US Trade Representative about progress on US-Canada trade talks point to the full reversal of digital policies introduced by former Canada PM Justin Trudeau, says internet-law expert Michael Geist. USTR says a tentative deal with Canada will incorporate "digital trade alignment." Geist, a law professor at University of Ottawa, notes Canada had already retreated from a digital-services tax compelling US streamers to hand over up to 15% of their Canadian revenue toward the domestic arts sector. Geist reckons the Trudeau-era online news law is now likely dead too. Meta Platforms blocked links starting in 2023 to news stories on Facebook and Instagram in Canada as the Trudeau administration law wanted digital platforms to finance media outlets. (Paul.Vieira@wsj.com; @paulvieira)

1058 ET - The United Steelworkers union welcomes the U.S. decision to pause another round of 50% tariffs on imports of Canadian goods but is calling on Ottawa to hold the line for Canada's workers. Marty Warren, USW's national director, says progress on trade negotiations is encouraging, yet existing tariffs continue to hurt steel, aluminum, copper, forestry, auto and other industries in Canada. Warren says the federal government must protect jobs. "This pause provides some breathing room. Canada must use it to keep pushing for an outcome that protects workers, strengthens Canadian industries and builds a more resilient economy." (robb.stewart@wsj.com; @RobbMStewart)

1047 ET - Phosphate-based fertilizers coming from Morocco are arriving to the U.S. after being subject to countervailing duties by the Trump Administration, with the first shipment arriving this week, according to a story from Politico. They were first targeted for countervailing duties in late 2020, but since then ag economics have been under duress amid supply chain concerns stemming from geopolitical instability. Growers hope that this allows for fertilizer prices to rapidly cool off and eases the burden on farmers' budgets for the 2027 growing season. Morocco is the producer of over 30% of the world's fertilizer, with 70% of the world's phosphate reserves. (kirk.maltais@wsj.com)

1045 ET - President Trump's talk of reviving the Keystone XL pipeline through a possible trade deal with Canada may be a reference to South Bow's effort to help build a transborder pipeline called Prairie Connector. South Bow, spun off from Keystone's original proponent TC Energy, has said it will decide by mid-2027 to proceed with a 550,000-barrels-a-day pipeline between Alberta and Wyoming. Canadian economist David Watt, on his Not Just Canada substack, notes the Prairie Connector, as envisaged, would make use of pipe that was set to be part of the Keystone XL expansion. Analysts had reckoned that South Bow's plan might hinge on government-backed financing to account for political risk. Former President Biden revoked Keystone XL's permit in 2021. (paul.vieira@wsj.com; @paulvieira)

1010 ET - A tariff deal between the US and Canada would represent another step toward eventual interest-rate increases from the Bank of Canada, says economist Derek Holt of Bank of Nova Scotia. Holt is among of the few economists predicting rate increases prior to year end. He says his call is partly based on the expectation of a US-Canada trade deal prior to the midterms. "The odds of this happening went up," Holt says, citing President Trump and PM Mark Carney statements on significant progress to date to avoid implementation of a new 50% tariff on certain Canadian goods. A deal, contingent on its details, "would buoy market and business sentiment toward Canada," he adds. (Paul.Vieira@wsj.com, @paulvieira)

1001 ET - Gold prices climb 2% amid a weaker U.S. dollar and falling U.S. government bond yields after the Treasury said it would at least double the amount of bonds it buys back. In early U.S. trade, New York gold futures are up 2.1% to $4,516.10 a troy ounce. Markets now await the release of minutes from the Federal Reserve's July policy meeting for more cues on the interest-rate outlook. (giulia.petroni@wsj.com)

0701 ET - Bitcoin and ether could continue to trade in a narrow range due to uncertainty over U.S. cryptocurrency regulation, Mesta founder Sandeep Pyapali says in a note. The White House is expected to host a meeting Wednesday with cryptocurrency executives including from Ripple and Coinbase to discuss regulation. The meeting comes as the Clarity Act, which establishes a regulatory framework for digital assets, has been stuck in the Senate since June with a procedural vote delayed until September 15. "Until the regulatory fog clears, bitcoin and ether could remain range-bound, even if the macro data improves," Pyapali says. Bitcoin falls 0.3% to $64,344, according to LSEG. Ether rises 0.3% to $1,918. (renae.dyer@wsj.com)

0404 ET - The Canadian dollar rises modestly after President Trump said he would pause a 50% tariff on certain goods from Canada for three days while the two countries try to finalize a deal. The Canadian dollar has reacted with some relief but the move is fairly muted as markets participants are presumably uncertain whether a deal will go ahead and what form it would take, Commerzbank's Michael Pfister says in a note. Even if an agreement is reached, the focus will be on how robust it is, he says. "For the Canadian dollar to recover more strongly, the new agreement must not be called into question again after just a few weeks." The U.S. dollar falls 0.2% to 1.3874 Canadian dollars.