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Enbridge CEO Calls for Pipeline Reforms

Enbridge Inc (TSX: ENB) Chief Executive Greg Ebel said on Tuesday that Canada should declare pipeline projects in the national interest to expand energy-market access as the country faces US tariff threats.

“The ability to actually get anything done would take significant legislative changes,” Ebel told reporters following an investor day event.

The only way to achieve these legislative changes, he said, would be for the government to deem projects in the national interest or to declare an energy emergency.

You can read more on the matter here.

What’s going on?

• Chinese Foreign Ministry Says They’re ‘Ready to Fight,’ Calls Fentanyl Crisis a ‘Flimsy Excuse’ for US Trade Actions (theDeepDive)

• Jack Daniel’s maker says Canada pulling U.S. alcohol off store shelves is ‘worse than a tariff’ (Globe)

• Trump’s Tariff Tightrope: US Mulls Rollback On Tariffs After Retaliatory Moves (theDeepDive)

• Trudeau announces $37B in child care deals with 11 provinces and territories (CBC)

• Canada Eyes Arctic Military Expansion in Response to Trump’s Demands (Bloomberg)

• Elon Musk’s Former Banker to Lead US Sovereign Wealth Fund (theDeepDive)

• ECB cuts interest rate to 2.5% (FT)

• ‘We Are Ready to Step Up’: EU Unveils €800 Billion Defense Plan After Trump Halts Ukraine Aid (theDeepDive)

• China, Russia will 'very likely' use AI to target Canadian voters: Intelligence agency (CBC)

What’s the latest?

• Stocks: Canada’s S&P/TSX composite index dropped 276.57 points to 24,594.25, while the Dow Jones fell 533.58 points to 42,473.01. The S&P 500 declined 90.52 points to 5,752.11, and the Nasdaq lost 317.71 points to 18,235.02. The Canadian dollar traded at 69.68 cents US, while crude oil rose to $66.53 per barrel and gold fell to $2,917.50 per ounce.

• Tariffs: U.S. President Donald Trump is likely to defer 25% tariffs on all USMCA-compliant goods from Canada and Mexico until April 2, according to Commerce Secretary Howard Lutnick. The move comes after Trump imposed sweeping tariffs this month, sparking market volatility and retaliatory measures. Stocks fell early Thursday but trimmed losses after Lutnick’s statement, while the Canadian dollar and Mexican peso rallied. Trump still plans sector-specific tariffs, including on autos, pharmaceuticals, and semiconductors, while linking trade measures to fentanyl control and migration issues.

• Trade Surplus: Canada’s trade surplus with the U.S. hit a record $14.4 billion in January, driven by surging auto, energy, and consumer goods exports. The increase comes as businesses rush to stock up before U.S. President Donald Trump’s new tariffs take effect. Trump imposed 10% tariffs on Canadian energy and 25% on most other imports, though auto tariffs were delayed until April. In response, Canada launched $30 billion in retaliatory tariffs, with plans to expand them to $155 billion in imports. Economists warn that while exports are booming now, uncertainty over tariffs could disrupt trade in the coming months.

• Canadian Tire: Canadian Tire is launching a $2 billion "True North" strategy over four years to restructure for growth amid U.S. tariffs on Canadian and Chinese goods. The plan includes consolidating operations, closing 17 underperforming Atmosphere stores, and relocating 14 of them to SportChek. The retailer will also revamp SportChek with concept stores, expand its loyalty program, and double share buybacks to $400 million. Leadership changes accompany the shift, with Susan O’Brien named chief transformation officer and TJ Flood becoming COO. The move follows Canadian Tire’s $1.3 billion sale of Helly Hansen as it seeks efficiencies and alternative suppliers.

• Canadian Natural Resources: Canadian Natural Resources Ltd. raised its quarterly dividend to 58.75 cents per share, up from 56.25 cents, despite a drop in fourth-quarter profit to $1.14 billion from $2.63 billion a year earlier. Earnings per diluted share fell to 54 cents from $1.21, while adjusted profit declined to 93 cents per share from $1.17. Revenue dipped slightly to $9.47 billion from $9.55 billion. However, production reached a record 1.47 million barrels of oil equivalent per day, up from 1.42 million a year earlier.

The strategic timing behind this uranium project

The stock market and stuff

• SILVER: Reviving Abandoned Assets Worth Billions | Andy Bowering – Apollo Silver (theDeepDive)

• Microsoft to invest $300 million more in South Africa's AI infrastructure (Reuters)

• Silver Junior Secures Mexican Permit, Production Set to Triple | Nathan Harte – Avino Silver & Gold (theDeepDive)

• 7-Eleven to Split U.S. Stores and Buy Back Shares to Prevent Takeover (WSJ)

• This $25B Copper Project Has a 3.8-Year Payback | Ian Graham – Oroco Resource (theDeepDive)

In the juniors

• Texas Oilman Pitches To Buy 23andMe for $100 Million (theDeepDive)

• 373 g/t Gold: Highest Surface Grab Sample Ever Reported in Red Lake? | Koby Kushner – Athena Gold (theDeepDive)

• i-80 Gold Outlines $421 NPV For Granite Creek Open Pit Project (theDeepDive)

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