Sponsored by Silver47 Exploration

China Responds to Tariffs with White Paper

China has released a new white paper titled “China’s Position on Some Issues Concerning China-US Economic, Trade Relations,” rekindling concerns over the escalating friction between the world’s two largest economies. Officials in Beijing say the publication aims to set the record straight, yet prominent trade scholar Henry Gao calls it “a retaliation wishlist—and a catalog of Beijing’s deepest trade fears.”

According to Gao, the document outlines a series of potential countermeasures against the US, including banning American services exports, halting intellectual property protection for US companies such as Microsoft, blocking imports of US agricultural products, devaluing the yuan, and limiting access to China’s financial markets.

You can read more on the matter here.

What’s going on?

• Carney, Not Poilievre, Getting Credit for Axing the Carbon Tax (theDeepDive)

• Canadian Car Trips to US Plunge 32% as Trump Threats Strain Ties (Bloomberg)

• Europe Fights Back With $20B Retaliatory Tariffs (theDeepDive)

• Canada will not be subject to blanket 10-per-cent U.S. duty on most imports: envoy (Globe)

• Florida Negotiations: Will Trump Blink on Tariffs? (theDeepDive)

• TC Energy CEO says Canada can become top LNG supplier to Asia (TS)

• Chinese Nationals Captured Fighting for Russia in Ukraine (theDeepDive)

• Canada’s largest telecom is duking it out with SpaceX, insisting Starlink and Elon Musk shouldn’t be eligible for millions in subsidies (Fortune)

• Is the 30% Foreign Withholding Tax Making a Comeback? (theDeepDive)

• Stubbornly High Mortgage Rates Thwart the Crucial Home-Selling Season (WSJ)

• Trump Pauses Tariffs On Non-Retaliating Countries, Bumps China Tariffs To 125% Effective Immediately (theDeepDive)

• House passes GOP bill requiring proof of U.S. citizenship for voting, a Trump priority (Globe)

• Ackman Walks Back ‘Conflict of Interest’ Claims Against Commerce Secretary (theDeepDive)

What’s the latest?

• Energy: TC Energy CEO François Poirier said Canada could become the No. 1 LNG exporter to Asia, but warned it requires urgent political leadership and policy certainty. While the U.S. has become the largest LNG exporter globally, Canada is just commissioning its first facility in Kitimat, B.C., 15 years after having 18 proposed LNG projects. Poirier called for six-month approval timelines, repeal of the carbon levy, and loan guarantees for Indigenous partnerships. He emphasized that without faster action, Canada risks losing economic sovereignty and market share to competitors.

• Rogers: Videotron, a Quebecor Inc. subsidiary, is suing Rogers Communications for $91 million over an alleged breach of contract tied to the 2022 sale of Freedom Mobile. The deal, worth $2.85 billion, was part of Rogers' $26-billion acquisition of Shaw Communications, finalized in March 2023. Videotron’s notice of action was filed on April 3, marking two years since the deal closed. Specific details of the alleged breach have not yet been disclosed.

• Alphabet: Alphabet Inc. shares have fallen nearly 18% year-to-date, underperforming peers like Microsoft and Meta, as investors grow wary of its AI competitiveness despite holding 89.6% of global search engine market share as of January. The company plans $75 billion in capital expenditures in 2025 and is expected to earn over 56% of its revenue from search ads and 14% from Google Cloud. Alphabet currently trades at less than 17x forward earnings, the cheapest among the “Magnificent Seven” and below the S&P 500’s average. Despite concerns, 80% of analysts tracked by Bloomberg rate the stock a buy, and it trades 34% below the average price target.

• Prada:  Prada Group announced it will acquire Versace from Capri Holdings in a deal valued at €1.25 billion (US$1.4 billion), funded by €1.5 billion in new debt. Capri originally bought Versace in 2018 for $2 billion, but struggled to reposition the brand in the era of "quiet luxury." The acquisition, expected to close in the second half of 2025, aims to tap into Versace's growth potential while retaining its brand identity. Versace recently appointed Dario Vitale from Prada’s Miu Miu as creative director, while Donatella Versace became chief brand ambassador.

• Tourism: Canadian travel to the U.S. dropped sharply in March, with auto return trips falling 31.9% year-over-year and air travel down 13.5%, according to Statistics Canada. This marks the third consecutive monthly decline, driven by rising tensions over U.S. tariffs and sovereignty disputes. In contrast, Canadian return trips from non-U.S. countries rose 9.1%. A sustained 10% drop in Canadian tourism could cost the U.S. $2.1 billion in spending and 14,000 jobs, per the U.S. Travel Association.

A 90 Day Pause .... The Tariff Rug Pull

The stock market and stuff

• Spirit Blockchain’s First Ethereum, Solana ETP’s To Begin Trading April 10 (theDeepDive)

• North American stock markets slide after sharp rally on Trump tariff reversal (Globe)

• First Majestic Posts Record Silver Production In First Quarter Of 2025 (theDeepDive)

• US bike prices will rise ‘up to 50%’ as China trade war escalates (FT)

• Fortuna Mining Sees Q1 Production Fall Following San Jose Mine Being Placed Into Care & Maintenance (theDeepDive)

In the juniors

• PTX Metals: Assays Coming Fast On Two Separate Projects (theDeepDive)

• Tony Makuch Steps Down As Chair And Director Of Wallbridge Mining (theDeepDive)

• Tilray Q3 FY2025 Results: Shares Slump On 656% Wider Net Loss (theDeepDive)

• Aura Minerals Sees Production Fall To 60,087 Gold Equivalent Ounces In Q1 (theDeepDive)

FULL DISCLOSURE: Silver47 Exploration is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is long the equity of Silver47 Exploration. The author has been compensated to cover Silver47 Exploration on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.