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BRICS Halts Push for Unified Currency

Brazil announces that it decided not to press forward with a common BRICS currency this year, marking a different path during the country’s leadership in the bloc for 2025.

Rather than unveiling a new shared currency, the Brazilian government is focused on strengthening cross-border payment systems and exploring technologies designed to lower transaction costs. These moves may not fulfill the promise of a new unit of exchange, but they could nudge international trade away from near-total reliance on what President Donald Trump has famously described as the “mighty US dollar.”

Among the ideas on the table are blockchain solutions and new ways of linking national payment platforms, guided in part by standards from the Bank for International Settlements. Brazil is already attracting international attention for Pix, its instant payments platform launched in late 2020, though Pix currently has no direct correlation with credit giants such as Visa or Mastercard.

You can read more on the matter here.

What’s going on?

• Tariff-Ception: Trump’s Reciprocal Tariffs To Stage Compounded Global Trade Tension (theDeepDive)

• WestJet sees 25 per cent drop in passengers wanting to fly to U.S. since tariff talk started: CEO (CTV)

• Republicans Push To Increase Debt Ceiling Again (theDeepDive)

• B.C. company cancels plans to build oil refinery for fuel exports to Asia (Globe)

• Barrick Gold Considers Leaving Canada For The U.S. (theDeepDive)

• Cocoa stockpiles plunge to record low (FT)

• Toronto Housing Market Begins 2025 with Mixed Signals (theDeepDive)

• EU set to clear Nokia's $2.3 bln Infinera deal without conditions, sources say (Reuters)

• Canada’s Population Growth Remains High Despite Trudeau’s Pledges to Curb Immigration (theDeepDive)

• Pentagon Prepares Potential Cuts for DOGE (WSJ)

• Big Food Scrambles to Adapt as Weight Loss Drugs Transform Appetites (theDeepDive)

• Carney says he may call early election if he becomes prime minister (Globe)

What’s the latest?

• TikTok: TikTok returned to Apple and Google app stores in the U.S. after a temporary removal on Jan. 18 due to a law requiring ByteDance to divest or face a ban. The app, with 170 million U.S. users, was unavailable for a day before Trump delayed enforcement, now set for April 5. During the suspension, some users migrated to RedNote, calling themselves "TikTok refugees." Potential U.S. buyers include Frank McCourt, Kevin O’Leary, and MrBeast.

• Retail Sales: U.S. retail sales fell 0.9% in January, the largest drop in a year, with auto sales plummeting 2.8% and online sales declining 1.9%. The decline was partly due to the coldest January since 1988 and potential fading consumer confidence. Despite this, the economy is still expanding, with a 4% unemployment rate and steady wage growth. Inflation remains a concern, with grocery prices rising, and Trump’s tariff threats adding uncertainty for retailers and potential cost increases for consumers.

• Manufacturing Sales: Canada's manufacturing sales rose 0.3% to $71.4 billion in December, marking a third consecutive monthly increase, driven by petroleum (+3.4%) and food product sales (+1.9%). However, in constant dollars, manufacturing sales fell 0.8%. Wholesale sales dropped 0.2% to $83.6 billion, with declines in machinery (-2.1%) and building materials (-2.8%). In volume terms, wholesale sales fell 0.8% for the month.

• Air Canada: Air Canada reported a Q4 loss of $644 million, compared to a $184 million profit a year ago, despite a 3.8% increase in revenue to $5.4 billion. The loss equated to $1.81 per diluted share, while adjusted earnings were 25 cents per share, up from a 12-cent adjusted loss last year. The airline expects capacity to grow 3-5% in 2025 and remains focused on adapting to external challenges.

• Tariff Shift: Trump ordered new U.S. tariffs based on foreign tariffs, taxes, and regulations, with reports due by April 1. This could raise U.S. import tariffs from 3% to around 20%, potentially fueling inflation to 4% later this year. The move targets countries with high VATs and trade barriers, such as India (29%), Brazil, and the EU, and could disrupt global trade rules. Economists warn of retaliation, higher consumer prices, and economic slowdown, while markets remain cautious.

The Bank of England’s gold vault panic

The stock market and stuff

• Alamos Gold Extends Projected Mine Life Of Lynn Lake Project To 27 Years (theDeepDive)

• Roku shares surge as company halves quarterly losses, adds 4 million streaming households (CNBC)

• Shein's IPO to be delayed to second-half after US 'de minimis' repeal (Reuters)

• First Majestic Silver Guides To Substantial Production Growth In 2025 With Addition Of Cerro Los Gatos (theDeepDive)

In the juniors

• Benton Resources Expands Great Burnt Main Zone to 950 m Down Plunge and Tests Numerous Other Targets (JMN)

• US Tariffs vs Canadian Mining: What’s Really at Stake? | Simon Quick – Canadian Copper (theDeepDive)

• F3 Uranium Encounters Encouraging Geology in Final Drillholes of 2024 Program (JMN)

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