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India–EU Seal Historic Trade Deal

India and the EU say they have concluded a free trade agreement designed to expand market access and reduce high Indian import barriers, with the biggest single numeric signal a staged cut in Indian tariffs on EU cars from 110% to 10%.

Indian Prime Minister Narendra Modi said that he, European Council President António Costa, and European Commission President Ursula von der Leyen were “delighted to announce the conclusion” of what he called the India–EU Free Trade Agreement, framing it as a milestone meant to strengthen economic ties, jobs, and supply chains.

Modi described the pact as a landmark agreement between the 2nd largest and 4th largest economies and said it would create “unprecedented opportunities,” including more mobility for youth, professional talent, students, and researchers, and growth tied to the digital age.

You can read more on the matter here.

What’s going on?

• Europe Threatens to Block Shadow Fleet Tankers as GPS Jamming Escalates (theDeepDive)

• Trump disinvites Canada from Board of Peace in open letter to Carney (CTV)

• Despite Venezuela Shock, Canadian Producers Keep Winning (theDeepDive)

• Fed holds rates steady following three-straight cuts (FT)

• Censorship, Shadowbanning Mark Day 1 Of Oracle-Led US TikTok Takeover (theDeepDive)

• Ottawa, Seoul agree to work on bringing South Korean auto sector manufacturing to Canada (Globe)

• Venezuela’s US-Appointed Acting President Has Had “Enough” Of Trump’s Orders (theDeepDive)

• Domestic travel surges as Canadians continue to avoid U.S. (CTV)

• Trump Pushes Rapid Repairs To Boost Venezuela Oil Output (theDeepDive)

What’s the latest?

• Tech: Google is adding AI-powered image editing (Nano Banana), a side-panel assistant, and “auto-browse” capabilities to Google Chrome for U.S. users, powered by its Gemini 3 model. Premium users can automate logins, shopping prep, and social drafts, while manual approval remains required. The rollout deepens AI integration across Google services as parent Alphabet tops US$4T in market value and follows a court decision rejecting a forced Chrome divestiture amid rising AI competition from OpenAI and Perplexity.

• Oil: Crude prices held firm as Donald Trump warned Iran of a U.S. naval buildup and urged a nuclear deal, lifting geopolitical risk premiums. Brent rose 0.64% to US$68/bbl and WTI gained 0.72% to US$62.84, as markets weighed rhetoric against the absence of direct military action so far.

• Market: Canada’s S&P/TSX slipped 29.78 points to 33,066.62, dragged by losses in technology, financials, and industrials after the Bank of Canada held rates at 2.25% and ahead of the U.S. Federal Reserve decision. U.S. markets edged higher (Dow +17.10, S&P 500 +0.45, Nasdaq +25.84), while the Canadian dollar strengthened to 73.69¢ US, oil rose to US$63.01, and gold jumped to US$5,318.50 per ounce.

• Economics: The Bank of Canada held its policy rate at 2.25%, citing high uncertainty from U.S. tariffs and the July CUSMA reviewas key risks to its outlook. Governor Tiff Macklem warned the loss of CUSMA tariff exemptions would weaken growth, with GDP forecast at 1.1% in 2026 and 1.5% in 2027 (vs **1.7% in 2025). Inflation is expected to hover near 2%, and economists see rates on hold in 2026, with risks skewed toward a cut if trade shocks escalate—amid tariff threats from Donald Trump.

• Politics: Canada’s premiers will meet in Ottawa to present a united “Team Canada” front on trade, affordability, and the economy as tensions rise with the U.S. ahead of the CUSMA review this summer. PM Mark Carney and premiers face renewed threats of 100% U.S. tariffs from Donald Trump, on top of existing levies on steel, lumber, and autos. Despite internal disputes over China EV quotas, pipelines, and agriculture, leaders—including Doug Ford—aim to coordinate on energy, critical minerals, infrastructure, and automotive support.

Mayfair Fenn Gib PFS

The stock market and stuff

• IMF Models Dollar Crisis Scenarios as Trump Policies Shake Markets (theDeepDive)

• Amazon to axe another 16,000 corporate jobs (FT)

• Goldsky To Acquire Agnico’s 55% Interest In Barsele For US$220 Million In Cash And Shares (theDeepDive)

In the juniors

• Mercado Minerals Launches Two Phase Geophysical Program At Copalito Project (theDeepDive)

• Alamos Gold Provides Exploration Update Across Key Projects Including Extending Mineralization Beyond Mineral Reserves at Lynn Lake and Intersecting High-Grade Mineralization at Qiqavik (JMN)

• Altamira Gold Drills 6.1 g/t Gold Over 2.3 Metres At Cajueiro Central, Begins Testing Two New Targets (theDeepDive)

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