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BRICS Launches Metals Exchange Challenge

The BRICS alliance has announced plans to establish a new precious metals exchange designed to rival existing Western-based pricing systems. Observers note that the US has threatened 100% tariffs in response, highlighting the tension between Washington and the member states of the bloc.

Following a collective declaration at a recent summit, Russian Finance Minister Anton Siluanov confirmed his country’s push for a metals-trading mechanism that would enable “the formation of fair and equitable competition based on exchange principles.” In his statement, Siluanov emphasized that the envisioned BRICS exchange will institute fresh standards for production, trade, accreditation, and auditing, ultimately becoming what he described as “a key regulator of prices for precious metals.”

You can read more on the matter here.

What’s going on?

• As Trump Hikes China Tariffs To 145%, O’Leary Calls For…400% (theDeepDive)

• Snowbird selloff: Canadians are parting ways with U.S. properties (Global)

• China Raises Tariffs On US Goods To 125%, Signals End To Tariff Hikes (theDeepDive)

• Israeli Prime Minister Netanyahu rebukes Mark Carney over Gaza comment at rally (Globe)

• Trump One Step Closer to Powell Firing Power After Roberts’ Ruling (theDeepDive)

• Liquidity worsens in $29tn Treasury market as volatility soars (FT)

• Is US Shale Running Out of Time? (theDeepDive)

• Trump Has a $350 Billion Deal for Europe: Buy Our Energy (WSJ)

• New China Package Tariffs Set to Impact Temu, Shein (theDeepDive)

• How the IRS layoffs could affect audits and refunds during tax filing season (CNBC)

• Canadian Business Outlook Clouded by Trade Tensions, Bank of Canada Survey Finds (theDeepDive)

• Musk Buyouts Poised to Hit US’s $400 Billion Green Energy Bank (Bloomberg)

• ‘More of an Instinct’: Trump Explains How He’ll Decide Which Companies Get Tariff Exemptions (theDeepDive)

What’s the latest?

• Tesla: Tesla halted orders in China for its U.S.-made Model S and X vehicles after China raised tariffs on U.S. goods to 125%, bringing total tariffs on some imports to 145%. These two models made up less than 2,000 of Tesla’s sales in China last year, compared to 661,820 Model 3 and Y units. Tesla's global deliveries fell 22% in Q1, its lowest since 2022, and shares dropped as much as 2.6%. The trade conflict and rising competition from BYD, China’s top-selling brand, further weaken Tesla’s position in its second-largest market.

• Treasury: U.S. Treasuries posted their worst weekly loss since 2019, with the market down over 2% as of Thursday and 10-year yields rising more than 40 basis points. Yields surged as much as 10 basis points Friday, pushing 30-year bond rates near 4.96%. The selloff followed President Trump’s volatile global tariff announcements, shaking investor confidence and prompting a pullback from U.S. assets. The dollar also dropped sharply, while German bunds remained stable, marking the largest U.S.-EU bond divergence since at least 1989.

• JPMorgan: JPMorgan Chase reported a record US$3.81 billion in Q1 equities trading revenue, up 48%, driven by market volatility following Trump’s tariff policies. Total trading revenue rose 21%, while investment banking fees increased 12%. The bank added US$973 million in loan loss reserves, far exceeding analyst expectations, signaling recession concerns. Net interest income reached US$23.3 billion, with full-year guidance raised to US$94.5 billion, while expenses for the quarter were US$23.6 billion, below estimates.

• Tariffs:  China announced it will raise tariffs on U.S. goods from 84% to 125% starting Saturday, escalating a trade war with total U.S. tariffs on Chinese goods now reaching 145%. The move follows President Trump's decision to pause tariffs for other countries while increasing them on China. Key Chinese imports from the U.S. affected include soybeans, aircraft parts, and drugs, while the U.S. faces higher costs on electronics and industrial equipment. Economists warn the escalating conflict could trigger a global recession, with China also filing a new WTO complaint and tightening export controls on rare earths.

• Corus: Corus Entertainment reported a Q2 net loss of $55.9 million, or 28 cents per share, as revenue fell 10% year-over-year to $270.4 million. Television ad revenue dropped 13% to $129.5 million, while total TV revenue declined to $251.8 million and radio revenue fell to $18.5 million. The company sees early benefits from the “Buy Canadian” movement amid U.S. tariffs, with some advertisers shifting campaigns toward Canadian media platforms. However, leadership acknowledged it’s too soon to tell if this shift will materially impact long-term advertising trends.

BRICS Gold Exchange?

The stock market and stuff

• Sprott Physical Gold Trust To Raise Up To $1.0 Billion To Buy More Gold (theDeepDive)

• Tesla stops taking new orders in China for two imported, U.S.-made models (Globe)

• Lundin Gold Sees Gold Production Improve 5% Year Over Year In First Quarter (theDeepDive)

• Torex Gold Sees Q1 Production Crater After Downtime For Media Luna Tie-In (theDeepDive)

In the juniors

• Corus Entertainment Takes 67% Profit Hit As Revenue Falls 10% In Fiscal Q2 2025 (theDeepDive)

• Aya Gold Produces 1.1 Million Ounces Of Silver In Q1 (theDeepDive)

• Mako Mining Posts 2024 Adjusted EBITDA Of $42.2 Million (theDeepDive)

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