Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) Prime Minister Mark Carney’s government sees little chance of resuming talks with President Donald Trump before the midterm elections after trade talks collapsed. Carney is designing a domestic aid package to help businesses hurt by US tariffs, which will remain in place for the duration of the conflict and throughout the rest of Trump’s term if need be. The US has said the path for talks is unclear, with US Trade Representative Jamieson Greer stating that they don’t have new talks planned with the Canadians and are moving forward with measures that respond to Canadian retaliation.

2) Iran’s oil shipments to Asia have all but dried up, driving the cost of those cargoes to the highest levels in years. A US blockade has left loaded Iranian vessels trapped inside the Persian Gulf and a fleet of empty ones stuck outside, resulting in a scarcity of oil in the region. Treasury Secretary Scott Bessent is due to unveil a plan for “the greatest coordinated economic isolation in the history of the world”, targeting Chinese refiners and the banks funding them.

3) Investors are looking for Fed Chair Kevin Warsh to clarify his views on how the US central bank should react to stubborn inflation when he speaks on Friday at the annual gathering in Jackson Hole, Wyoming. The chairman's communications strategy is off to a rocky start, and he's under pressure to give clearer guidance of how the Fed might react over the remainder of the year. Recent data have shown inflation, while still above the Fed's 2% goal, may be starting to cool, with economists estimating the PCE price index rose 3.6% in July from a year ago.

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