News of the Day

U.S. Trade Representative Jamieson Greer on Monday said Canada was responsible for the collapse of trade-deal negotiations last week, telling CNBC that Ottawa changed its demands at the eleventh hour.

“We progressed to a point Tuesday night where we had enough agreement among the parties to announce that we had we had found the way to a deal,” Greer told CNBC’s “Squawk Box.”

“Then we set about to finalize it, and then in the last hours, I think there were things that the Canadians just — you know, they wanted more,” he said.

The comments mirror those offered by Canadian Prime Minister Mark Carney, who had accused the U.S. of proposing “last-minute changes” that were “unfair, uneconomic, and called into question the reliability of any deal.”

We Energies plans to continue purchasing energy from a nuclear plant in Manitowoc County through 2053.

This week, the utility’s parent company told the U.S. Securities and Exchange Commission that We Energies entered into a power purchase agreement with NextEra Energy to buy 86 percent of the energy from Units One and Two of the Point Beach Nuclear Plant.

The plan comes as We Energies is working to meet an expected spike in energy demand associated with data centers. A recent draft report from state utility regulators showed electricity demand in Wisconsin could increase by more than 40 percent by 2032, driven by hyperscale data centers.

The agreement still needs to be approved by the Public Service Commission of Wisconsin, and there were no financial details available in the SEC filing.

We Energies’ existing agreement to purchase power from the two units is set to expire in 2030 and 2033. But under the new agreement, the utility will purchase energy from Unit One through 2050 and Unit Two through 2053.

In a statement, We Energies spokesperson Brendan Conway said the agreement supports “around-the-clock reliability for customers” and will “provide customers with fuel savings” compared to the current deal with Point Beach.

“The agreement also provides long-term price certainty,” he stated. “The companies plan to file the agreement for approval with state regulators this fall.”

Conway added that more information would be released as part of the public regulatory process.

We Energies has said its current agreement to buy nuclear power from Point Beach is driving around 20 percent of its total requested rate increase for 2027.

Yesterday, the U.S. Small Business Administration (SBA) proposed a comprehensive overhaul of its small business size standards, modernizing how the federal government defines and classifies small businesses across the United States. Published in a proposed rule, the new standards would simplify industry categorization and raise applicable size thresholds, allowing small but rapidly growing firms to continue qualifying and adding over 110,000 firms to the 36 million small businesses in America.

Mandated by law every five years, this historic update would introduce a market-size approach that would dramatically simplify industry classifications by transitioning from complex separate 6-digit North American Industry Classification System (NAICS) code standards to streamlined 4-digit category standards where appropriate. By cutting the total list of similar industry categories by approximately 65%, down to 338 broader classifications, the SBA seeks to remove regulatory complexities for business owners.

The proposed standards would also expand the official small business pool by over 110,000 firms, ensuring that rapidly growing companies can continue to qualify as small businesses under President Trump’s pro-growth economic agenda. By raising applicable size thresholds, the proposal is designed to reward growth rather than force successful firms out of small business eligibility prematurely, especially those in industries that are critical to American strength.

Key highlights of the proposed size standard overhaul include:

• Streamlines the existing NAICS structure to a 4-digit classification system that reduces total size standard categories from nearly 1,000 down to 338 broad industry groupings, simplifying how firms determine their small business status.
• Introduces regional market considerations to ensure size thresholds accurately reflect the realities of local economic competition.
• Expands the pool of employer small businesses (firms with 1 or more employees) by 1.8%, growing the nation’s 6.3 million employer firms by over 110,000 and adding to the 36 million small businesses that exist today.

The SBA is seeking comments on the proposed rule. Small businesses can check their current industry classification and size eligibility by visiting www.sba.gov/size-standards.

President Donald Trump said late Tuesday that he is pausing 50% tariffs on Canadian goods scheduled to take effect Wednesday, saying the two countries have reached a deal pending final documentation.

“I have paused the 50% Tariffs against Canada, that were scheduled to kick in tomorrow morning for a three day period, based on the fact that Canada and the U.S.A., subject to the finalization of documents, have a DEAL!” Trump wrote on Truth Social.

“The great Keystone XL Pipeline, long ago killed by Sleepy Joe Biden, may be awoken from the grave!” Trump added.

The duties would have covered roughly $20 billion in Canadian imports, including liquor, dairy products, vehicles, hockey equipment and other goods. Certain food products, wearables, synthetic materials and industrial goods were also expected to be affected.

President Trump spoke with Canadian Prime Minister Mark Carney on Monday night and reportedly spoke with him again Tuesday afternoon.

Insurers seeking ACA plan premium increases in Wisconsin for 2027 say rising medical costs and greater use are driving their double-digit requests, while advocates raise concerns about affordability.

Health insurers in the state are requesting an average premium increase of 20.9% for next year, according to rate review filings posted online. All 12 of the insurers that proposed rates for the state’s Affordable Care Act marketplace are requesting increases, ranging from about 11% to more than 30%.

Of the 12 insurers that requested rate increases in the state, five responded to requests for comment on their proposals.

Common Ground Healthcare Cooperative, which is proposing the largest increase across its plan categories at 30.88%, said its proposal reflects the expected cost of providing coverage in the coming year and aims to “ensure we can continue to provide high-quality coverage” for its customers.

Compcare Health Services Insurance Corporation, which operates as Anthem Blue Cross and Blue Shield in Wisconsin, is requesting a 16.48% rate increase. Spokesperson Emily Snooks says the company’s proposed rates are “a direct reflection of local healthcare costs,” arguing Wisconsin has some of the highest costs in the country.

Meanwhile, Healthpartners Insurance Company is requesting a 15.59% increase, based on anticipated changes in healthcare utilization and benefits. A spokesperson for the insurer said the increase accounted for expected “future medical inflation” and benefit changes between this year and next, based on shifting state and federal regulations.

Medica Community Health Plan, which is requesting a 24.56% increase, says the request “reflects a priority on high value plan offerings and provider partnerships” along with ensuring rates cover the cost of care.

The state’s ACA plan enrollment total dropped by nearly 46,000 earlier this year as the enhanced subsidies went away, falling from 291,336 at the end of open enrollment to 245,753 in February. That decline of 16% matched the national trend.

The Bureau of Labor Statistics (BLS) said on Wednesday that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – increased 0.1% on a monthly basis and is up 3.4% from a year ago.

The monthly data follows a reading of negative 0.4% in June, while the annual figure is slightly cooler than last month’s 3.5% reading.

So-called core prices, which exclude volatile measurements of gasoline and groceries to better assess price growth trends, were up 0.2% from a month ago and are 2.5% higher year over year. The monthly figure represents a slight uptick after price growth was flat in June, while the annual figure is slightly cooler than last month’s 2.6% reading.

Energy prices fell 1.5% on a monthly basis in July, but remain up 14.7% from a year ago. That follows a decline of 5.7% in June, when energy prices were easing quickly.

Food prices increased 0.1% from a month ago and are up 3% compared with last year. The food at home index declined 0.1% in July and is up 2.7% from a year ago, while the food away from home index rose 0.3% in July and is 3.4% higher than last year.

Housing prices rose 0.1% in July, which the BLS noted was responsible for about two-thirds of the total monthly increase, while the shelter index is up 3.2% from a year ago. Tenants’ and household insurance prices decreased 0.1% in July but are up 4.8% from a year ago.

Transportation services prices rose 0.3% in July and are up 2.9% from a year ago. Airline fares rose 2.2% in July and are up 25.5% over the last year.

On Tuesday, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information to FinCEN under the Corporate Transparency Act.  The final rule is effective on its publication in the Federal Register. FinCEN today also announced that it will delete previously reported information by U.S. persons—now exempt from the reporting requirements—from the beneficial ownership information database.

“Today’s action is a victory for common sense and American small businesses,” said Secretary of the Treasury Scott Bessent. “President Trump promised to cut red tape, and this final rule delivers. Treasury is eliminating a burdensome reporting requirement for millions of law-abiding business owners without compromising our national security.”

The final rule:

• adopts the exemptions set out in the interim final rule issued in March 2025, making the rollback of beneficial ownership reporting by U.S. companies permanent;
• exempts U.S. persons who have obtained FinCEN IDs from any obligation to update or correct the information they originally provided to FinCEN to obtain their FinCEN IDs;
• eliminates the requirement for foreign companies to report U.S. person “company applicants” (i.e., the individuals who helped those foreign companies register to do business in the United States);
• exempts foreign pooled investment vehicles registered in the United States from reporting the beneficial ownership information of a U.S person in control of the investment vehicle; and
• confirms that FinCEN will delete information about any individuals—company applicants, beneficial owners, or recipients of a FinCEN ID—that FinCEN reasonably believes is a U.S. person (e.g., the information is linked to a U.S. passport or U.S. driver’s license).

Under the final rule, foreign entities that are reporting companies will still be required to report beneficial ownership information for foreign individuals.

In addition to the final rule, FinCEN has issued Frequently Asked Questions, and will be updating guidance on FinCEN.gov to reflect the final rule.

Milwaukee County Executive David Crowley won the Democratic nomination for Wisconsin governor Tuesday, marking an unexpected comeback after suspending his campaign earlier in the race.

Crowley won with 39.8% of the vote and Francesca Hong took second with 39.4% of the vote.

Tuesday capped off a whirlwind of a primary that saw a seven-candidate field narrow to four in the course of two months. Crowley dropped out of the race on July 8 and endorsed Lt. Gov. Sara Rodriguez. The move set up Rodriguez as the front-runner for the Democrats. But just days later, she fired her campaign manager over inaccurate campaign finance filings.

The scandal blew up in Rodriguez’s face and, by the end of that week, she ended her campaign. Crowley hopped back into the fight and grabbed the endorsement of Gov. Tony Evers.

In a statement on social media, Evers said Crowley “earned this win” and “can’t wait for him to be our next governor.”

Tuesday’s results set up a race between Crowley and Republican Congressman Tom Tiffany to succeed Evers.

The IRS on Wednesday issued Notice 2026-28, providing guidance on how employers can use the new premium-based method to calculate the expanded credit for paid family and medical leave (PFML) under the 2025 tax law.

H.R. 1, P.L. 119-21, commonly referred to as the OBBBA, made the PFML credit in Sec. 45S permanent and made substantive changes to enhance the credit and expand its availability to a broader group of employers. However, employers must ensure that their written leave policies are compliant during the first full year that the amended Sec. 45S changes are in effect, which is 2026.

H.R. 1 offers greater incentives for businesses to offer up to 12 weeks of paid leave, which employees may use to recover from a serious health condition or to care for certain family members with serious health conditions, the IRS said.

H.R. 1 also made other changes to the credit, including:

• Expanded eligibility: Employers can claim the credit for employees with six months of service and for part-time employees customarily working 20 hours or more per week.
• Expanded coverage: Employers can claim the credit for insurance premiums to provide leave or for wages paid during leave.
• State and local mandates: Employers can count leave provided under state or local mandates toward the eligibility for this federal tax credit, but not toward the credit calculation.

Beginning in 2026, employers can claim the credit for premiums paid for PFML insurance policies, in addition to wages paid during PFML leave. Also beginning this year, more employers providing paid family and medical leave that meets certain requirements can take advantage of a general business tax credit. That credit ranges from 12.5% to 25% of wages paid to qualifying employees for up to 12 weeks of family and medical leave per tax year.

To help employers apply the new premium-based method, the notice addresses how the premium-based method compares to the wage-based method; how to allocate the qualifying premiums; and how to elect between the premium method and the wage method.

Forthcoming proposed regulations will provide broader guidance to address the statute comprehensively and provide certainty to taxpayers, the IRS said.

According to the United States Energy Information Administration (EIA), the United States remained the world’s largest crude oil producer in 2025, extending a streak that began in 2018 when the United States overtook Russia to become the world’s leading producer.

Crude oil production in the United States, including lease condensate, averaged a record-high 13.6 million barrels per day (b/d) in 2025, breaking the previous U.S. and global production record of 13.2 million b/d set in 2024. U.S. crude oil production was about 40% higher on average in 2025 than that from the next two largest global crude oil producers, Russia and Saudi Arabia.

U.S. crude oil production has been buoyed by continued gains in drilling productivity and operational efficiency across key shale basins, which allow operators to extract more oil per well. The growth in output continued in 2025 despite lower oil prices; West Texas Intermediate (WTI) prices dropped from an average of $77/b in 2024 to $65/b in 2025 amid global oversupply. Production growth was particularly strong in the Permian Basin of Texas and New Mexico, which had a 4% increase in crude oil production, from 6.3 million b/d in 2024 to 6.6 million b/d in 2025. The Permian accounted for approximately 48% of U.S. production in 2025.

Shale oil and gas development in the United States became notable when in 2008 it reversed a multi-decade decline in U.S. crude oil production. U.S. crude oil production powered by shale development has turned the United States into not just the world’s largest producer, but the largest producer of crude oil ever.

The difference between the United States and other major producers widened in 2025, with Russian output largely unchanged and Saudi Arabia recording modest growth as a result of OPEC+ unwinding voluntary production cuts. Crude oil production including lease condensate in Saudi Arabia increased from 9.2 million b/d in 2024 to 9.6 million b/d in 2025. Russia’s crude oil production averaged 9.9 million b/d in 2024 and remained largely unchanged in 2025 as a combination of voluntary production cuts and effects of the conflict with Ukraine limited crude oil output growth.