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Ford Fires Back at Steel Tariffs

President Donald Trump’s decision to double duties on foreign steel and aluminum to 50% instantly turned North America’s open border for metals into a toll booth. Within hours, Ontario Premier Doug Ford said the province will “onshore” the roughly $30 billion worth of US-sourced beams, rebar and cans it buys each year, calling the tariff hike “a tax on American products” that will backfire on US consumers and workers. 

“Because of President Trump’s tariffs, we’re on a mission to onshore the [US$30 billion] in steel and aluminum products we buy from America every year. Steel beams, rebar, cans, everything — it will now be made in Ontario,” he said.

You can read more on the matter here.

What’s going on?

• Throne Speech Adopted Despite NDP Opposition as Carney Government Faces First Parliamentary Test (theDeepDive)

• Carney and Trump holding secret talks on trade and security, U.S. envoy says (Globe)

• Carney Warns of ‘Reprisals’ if Trump Tariff Negotiations Fail (theDeepDive)

• Donald Trump attacks ‘hostile’ Elon Musk as row over tax bill erupts (FT)

• Saskatchewan Premier Pushes Federal Government to Fast-Track Uranium Mine Approvals (theDeepDive)

• Summers Says Debt Surge From Trump Plan Will Undermine US Power (Bloomberg)

• Justice Minister Says Indigenous Consultation Doesn’t Equal Veto Power (theDeepDive)

• Trump Halts New Foreign-Student Enrollment at Harvard (WSJ)

• Elon Musk Condemns Trump’s ‘One Big Beautiful Bill’ as Fiscal Disaster (theDeepDive)

• Silver jumps to highest level in 13 years, following gold’s 2025 rally (CNBC)

• Chinese Nationals Charged With Smuggling Agricultural Bioweapon (theDeepDive)

• Donald Trump bans citizens of 12 countries from coming to US (FT)

• Canada Moves to Criminalize Cash Transfers Over $10,000 (theDeepDive)

What’s the latest?

• Disney: Disney now generates an estimated $67 billion in annual economic impact across the U.S., according to a new study by Tourism Economics. Walt Disney World in Florida contributes $40 billion, while Disneyland in California adds $16 billion, with $10 billion more from nationwide spending. The company also supports over 400,000 domestic jobs, including 1 in 8 jobs in Central Florida and 1 in 20 in Orange County, California. Disney plans to invest $30 billion in U.S. theme park expansions through 2033.

• Canada Post: The Canadian Union of Postal Workers (CUPW) has filed a complaint against Canada Post, alleging the company bypassed the union by bargaining directly with employees through meetings, videos, and press materials. CUPW claims this violates its exclusive bargaining rights and seeks a cease-and-desist order, platform access to rebut messages, and damages. Canada Post denies the claims, stating it communicated lawfully and factually. The dispute continues as Canada Post pushes for a member vote on its latest offer, while the union calls for binding arbitration.

• Stocks: Canada’s S&P/TSX index rose 53.53 points to 26,382.53, supported by gains in base metal stocks. U.S. markets also advanced, with the Dow up 112.78 points, the S&P 500 up 24.73, and the Nasdaq up 133.05. The Canadian dollar edged up to 73.24 cents US. Oil rose to US$63.58 per barrel, while gold fell to US$3,393.70 an ounce and copper climbed to US$5.01 per pound.

• Geopolitics: U.S. President Donald Trump and Chinese President Xi Jinping spoke for the first time since Trump’s second term began, agreeing to resume trade talks. Trump described the call as having a “very positive conclusion,” with negotiations set to involve top U.S. officials. Both nations have lowered tariffs—U.S. from 145% to 30%, China from 125% to 10%—for a 90-day window. The talks come amid tensions over rare earth minerals, advanced tech restrictions, and a $295 billion U.S. trade deficit with China in 2024.

• Economy: Canada’s trade deficit hit a record high of $7.1 billion in April, driven by a 15.7% drop in exports to the U.S., its third straight monthly decline. Overall exports fell 10.8% to $60.4 billion—the largest percentage drop in five years—while imports declined 3.5%. Motor vehicles and parts exports dropped 17.4%, led by a 22.9% plunge in cars and light trucks. The decline was exacerbated by Trump-imposed tariffs and a stronger Canadian dollar.

Santacruz Silver Q4 Earnings

The stock market and stuff

• Orla Mining Estimates 4.2 Million Ounces Of Gold Equivalent Resources At Camino Rojo Underground (theDeepDive)

• Wizz Air shares plunge 26% as plane groundings hit profits (FT)

• Tesla shares fall as growing Trump-Musk spat rattles investors (Reuters)

• Netflix to Launch AI-Generated Ads Within Shows by 2026 (theDeepDive)

In the juniors

• Steadright Signs MOU For TitanBeach Titanium Project In Morocco (theDeepDive)

• Aya Gold & Silver Reports High-Grade Exploration Results at Boumadine, Extends Imariren Zone to 0.7km and Adds 4 New Regional Permits (JMN)

• Talon Metals Intersects 42.79% Copper Equivalent Over 47.33 Metres At Tamarack (theDeepDive)

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