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Japan Rejects U.S. Tariff Demands

Japan is holding firm in demanding the complete removal of US tariffs as the two economic giants face a July deadline for negotiations, with early signs of economic damage already appearing.

“There’s no change to our stance of seeking a review, which is to say an elimination, of them,” Japan’s Economic Revitalization Minister Ryosei Akazawa told reporters Tuesday, referring to US tariffs on Japanese goods.

Japan’s exports to the US fell 1.8% in April compared with a year earlier, the first decline in four months, according to Finance Ministry data released Wednesday. The drop contrasts with a 3.1% increase in March.

You can read more on the matter here.

What’s going on?

• Australia Passes Unrealised Gains Tax, But Politicians Stay Exempt (theDeepDive)

• Canada is entering a recession and will soon bleed another 100,000 jobs: TD chief economist (Globe)

• In Rare Show of Unity, Senate Unanimously Approves ‘No Tax on Tips Act’ (theDeepDive)

• Johnson hails deal on $3tn Trump budget bill but Republican hardliners hold out (FT)

• Spain Turns to Gas Generation Following Massive Iberian Blackout (theDeepDive)

• How lumber duties could worsen home affordability in the U.S. (CNBC)

• Under Merz, Germany Softens Nuclear Stance in EU Talks (theDeepDive)

• GOP Races to Overcome Final Hurdles in Passing Trump Tax Bill (WSJ)

• DOE Clears Path for LNG Export Expansion Under Trump Energy Policy (theDeepDive)

• Donald Trump considers order to open US retirement plans to private equity (FT)

• BREAKING: Bell Faces Massive Internet Outage Across Ontario And Quebec (theDeepDive)

What’s the latest?

• Scotiabank: Scotiabank experienced a mobile and online banking outage between 8:15 a.m. and 9:00 a.m. EDT on Wednesday. Reports peaked at 675 around 8:36 a.m., then dropped to 39 by 10:59 a.m., according to Downdetector. The bank confirmed the issue and said services have been “fully restored.”

• Commodities: The top three producing countries now control 86% of global supply for key critical minerals, up from 82% in 2020, with China leading refining for 19 of 20 strategic minerals at 75% share. The IEA warned of heightened vulnerability to supply shocks and projected a 30% shortfall in global copper supply by 2030. Amid trade tensions, Trump has prioritized U.S. access to foreign and domestic mineral resources, including a deal with Ukraine and moves to expedite mining. Despite current market oversupply, long-term risks to energy and economic security remain high without diversification.

• Canada Post: Canada Post issued new offers to the Canadian Union of Postal Workers ahead of a possible strike set for Friday. The union, representing 55,000 members, is reviewing the proposals after accusing Canada Post of pausing talks last week. The strike was previously interrupted by federal intervention during the holiday season. Canada Post warned of potential delivery delays if the strike resumes.

• Shopify: Shopify announced over 150 new product updates, heavily focused on AI, during its Editions showcase. Key upgrades include an advanced Sidekick chatbot that analyzes store data to help merchants troubleshoot issues, generate images, and plan campaigns. Developers can now build AI-powered shopping assistants with real-time access to Shopify data via Anthropic's Model Context Protocol. Shopify also enhanced its point-of-sale app and payments platform, which now supports over 130 currencies and settlement in up to 8.

• Trade War: U.S. chip production fell from 37% of global output in 1990 to 10% in 2022. The CHIPS Act aims to triple U.S. manufacturing capacity by 2030, with Bosch investing $1.9 billion in California to create 1,700 jobs. Samsung delayed its Texas fab from 2024 to 2026 amid funding and tariff uncertainties. The U.S. still relies heavily on Taiwan and South Korea for advanced chips.

Alamos Gold Q1 Earnings

The stock market and stuff

• Physical Gold Demand Poses Eurozone Risks, ECB Report Finds (theDeepDive)

• HSBC warns of bonus cuts for staff who work from home too much (FT)

• NGEx Minerals Encounters Copper-Gold Porphyry System At Lunahuasi (theDeepDive)

• Bitcoin jumps to new all-time high, surpassing prior record in January (CNBC)

• Amazon investors again reject all shareholder proposals (Reuters)

• Musk: Tesla-xAI Merger ‘Not Out of the Question’ (theDeepDive)

In the juniors

• Radisson Mining Expands Drill Program at O'Brien Gold Project and Outlines Drilling Priorities (JMN)

• Amex Exploration Expands Perron Resource Estimate, Champagne Zone Grows To 831,000 Ounces M&I At 16.2 g/t Gold (theDeepDive)

• Aya Gold & Silver Reports High-Grade Silver Results at Depth and Identifies New Zgounder Regional Targets (JMN)

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