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India Cuts Trade Ties with Pakistan After Kashmir Attack

India has suspended all remaining formal trade with Pakistan and revoked visas for Pakistani nationals following a deadly terror attack in Kashmir that killed 26 people, mostly Indian tourists, officials said on Friday.

The attack in Pahalgam, a popular tourist destination in Indian-administered Kashmir, has pushed the nuclear-armed neighbors closer to conflict, with troops exchanging fire along the heavily militarized Line of Control (LOC).

“Following India’s complete trade suspension with Pakistan post-Pahalgam terror attack, formal exchanges have ceased—but unofficial routes via third countries continue to facilitate demand,” according to the Global Trade Research Initiative (GTRI).

You can read more on the matter here.

What’s going on?

• Trump Slashes Energy & Mining Permitting Timelines Down To 28 Days (theDeepDive)

• Carney says he’s best person to stand up to Trump, won’t give more details on 51st state conversation (CTV)

• Trump Insists Trade Talks Underway, Beijing Firmly Denies (theDeepDive)

• China eases some U.S. tariffs, denies Trump’s negotiation claims (Globe)

• Carney Admits Trump Raised ’51st State’ Comments in March Call (theDeepDive)

• Donald Trump claims to have received call from Xi Jinping and to have cut ‘200 deals’ on trade (FT)

• EU Considers Ban on New Russian Fossil Fuel Contracts (theDeepDive)

• US Tax Rule Offers Template for Canadian Conservatives’ Investment Pitch (Bloomberg)

• DeSantis Caught Redirecting Medicaid Money to First Lady’s Foundation, Records Show (theDeepDive)

• Former Congressman George Santos Sentenced to Seven Years for Fraud (WSJ)

• Campbell Takes Aim at Carney, Calls for ‘Clear-Eyed’ Review of Liberal Decade (theDeepDive)

• Ontario measles outbreak crosses 1,000 cases, far outstripping other provinces (Globe)

• Users’ Reach on X Dropped After Criticizing Musk, NYT Reports (theDeepDive)

What’s the latest?

• Retail: Retail sales in Canada fell 0.4% to $69.3 billion in February, with motor vehicle and parts dealers down 2.6%, including a 3% drop at new car dealers, according to Statistics Canada. However, core retail sales (excluding gas and auto) rose 0.5%, led by 3.7% growth at grocery stores and 2.3% at liquor retailers. An early estimate suggests a 0.7% rebound in March, likely driven by pre-tariff stockpiling. Despite this, consumer sentiment has fallen below pandemic levels, with households revising spending plans amid trade uncertainty, TD Bank noted.

• Economics: Canada’s federal government posted a $19.3 billion deficit from April to February in fiscal year 2024–25, up from $17.3 billion during the same period last year. Revenue rose to $449.8 billion, up from $405.7 billion, while program expenses (excluding actuarial losses) increased to $416.1 billion from $373.2 billion, driven by higher direct program spending. Public debt charges climbed to $49.3 billion, compared to $42.9 billion the previous year. Net actuarial losses declined to $3.7 billion, down from $6.9 billion.

• Commodities: Record-high gold prices — peaking above US$3,500/oz this week — helped Agnico Eagle Mines report US$770 million in adjusted net income for Q1 2025, more than double last year’s US$377 million. Canada, now the 4th-largest gold producer globally, saw exports exceed $30 billion in 2023. While producers are profiting, companies like Agnico are maintaining strict spending discipline, avoiding risky acquisitions. Forecasts for 2026 gold prices have risen, with Stifel Financial revising its outlook to US$3,100/oz for 2026 and US$2,400/oz long-term, up from earlier estimates.

• Hudson’s Bay:  Hudson’s Bay, Canada’s oldest company at 355 years, has begun liquidating its last 6 remaining stores — including its flagship Toronto location — after filing for creditor protection. The closures follow an unsuccessful search for a buyer, with most of its 96 Bay, Saks Fifth Avenue, and Saks Off Fifth stores already slated for shutdown. Pandemic aftershocks, a growing trade war, and declining downtown traffic drove the retailer into crisis. Deep discounts of up to 70% have sparked a final shopping frenzy, marking a symbolic end to the era of traditional department stores in Canada.

• Politics: U.S. President Donald Trump said he expects to finalize new trade deals within three to four weeks, stating he is “basically... ready” with negotiations. He claimed progress with countries like Japan, saying a deal is “very close,” but gave mixed messages on China, despite Beijing denying ongoing talks. Trump had earlier announced tariff hikes on about 60 countries, then paused most for 90 days while keeping a 10% base rate. Despite market volatility, Trump insisted it was his decision to delay tariffs, not prompted by Treasury or Commerce officials.

Tesla’s Tech Mirage: When Hype Meets Reality

The stock market and stuff

• Teck Resources See Q1 2025 Net Income Swing To $370M From Loss (theDeepDive)

• Apple aims to source all US iPhones from India in pivot away from China (FT)

• Agnico Eagle Posts Record Net Income in Q1 2025 Despite Lower Gold Sales And Surging Tax Bill (theDeepDive)

In the juniors

• NG Energy Sees Magico-1X Production Hit 12.2 MMcf/d (theDeepDive)

• Gold Terra Resource Drilling Successfully Intersects Campbell Shear Gold Target at a Vertical Depth of 2,560 Metres Below Surface, Con Mine Option Property, NWT (JMN)

• Argentex Seeks Emergency Funding as Trump Tariffs Trigger Liquidity Crisis (theDeepDive)

FULL DISCLOSURE: Golden Cariboo Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is long the equity of Golden Cariboo Resources. The author has been compensated to cover Golden Cariboo Resources 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.