Sponsored by McLaren Resources

Quebec Pushes Back on Trump Deal

Prime Minister Mark Carney may be approaching a trade settlement with President Donald Trump, but one of Washington’s demands cannot be delivered by Ottawa alone.

Quebec Premier Christine Fréchette is refusing to commit to putting American alcohol back on SDQ shelves. Fréchette said the Canada-US negotiations remain “far from over” and is seeking further assurances from Carney over Quebec’s dairy and forestry sectors before deciding how the province will respond.

“Information is missing before I can make the right decisions to ensure Quebecers are protected. I am awaiting clarifications from Mr. Carney,” Fréchette said in a social media post, according to the AP News.

You can read more on the matter here.

What’s going on?

• Evergrande Founder Gets Life Sentence as $8.4B PwC Fight Continues (theDeepDive)

• Canada should fight ‘weak’ Donald Trump on U.S. alcohol ban, Manitoba premier says (TS)

• Russians Rush Georgia Border as Mobilization Fears Mount Ahead of Vote (theDeepDive)

• AI data center outrage is showing up everywhere from ads to elections (CNBC)

• Shenzhen Court Hands Evergrande Founder Life Sentence, Orders Assets Seized (theDeepDive)

• U.S. Begins Deporting Immigrants to Liberia (WSJ)

• North Korea Calls Trump’s Drill Cuts Meaningless, Denies Any Contact (theDeepDive)

• US will impose 'toughest sanctions in history' on Iran, Bessent says (Reuters)

• U.S. Set to Halve Steel and Aluminum Tariffs on Canada in New Deal (theDeepDive)

What’s the latest?

• Politics: U.S. Treasury Secretary Scott Bessent said maximum economic pressure on Iran could reduce the need for a large-scale military operation, with Washington planning what he called an unprecedented economic isolation campaign. Trump said allies and companies dealing with Iran could face severe U.S. penalties, including for oil purchases, money transfers and maritime shipments. Iran’s economy has contracted and inflation has surged, but experts caution that collapse is not imminent, while traffic through the Strait of Hormuz remains severely reduced despite the waterway handling about 20% of global oil trade before the war.

• Trade War: Manitoba Premier Wab Kinew is reluctantly considering restoring U.S. alcohol sales as part of a Canada-U.S. trade deal, while urging consumers to continue buying Canadian products. Manitoba government spending on U.S. firms has fallen 82% year-over-year since the province began favouring Canadian suppliers, and the proposed deal would require removing that preference. The U.S. had threatened 50% tariffs on about $28 billion of Canadian goods, while reported negotiations could cut steel and aluminum tariffs from 50% to 25%.

• Crypto: Crypto stocks surged after Trump urged Congress to pass a “fair version” of the Clarity Act, which would clarify whether digital assets are securities or commodities and divide regulatory authority between the SEC and CFTC. Bitcoin rose 3.8% above US$70,000, while Ether gained 3.3%; Coinbase and Strategy rose 5.7% and 5.8%, respectively, and Canaan jumped 12.5%. Trump disclosed more than US$1.4 billion in family crypto earnings in 2025, creating potential ethics and conflict-of-interest obstacles to the legislation.

• Markets: Canada’s S&P/TSX fell 51.14 points to 36,350.65, pressured by financial and technology stocks, while U.S. markets also declined. The Dow dropped 372.24 points and the Nasdaq fell 216.65 points. Oil gained US$1.81 to US$86.20/barrel, gold rose US$35.90 to US$4,581.20/oz, and the Canadian dollar strengthened to 72.58 US cents.

• AI: AI data centers are becoming a major U.S. political issue, with concerns over electricity costs, water use and community impacts spreading across both parties. Ohio’s planned 10-GW campus could consume roughly as much electricity as 8 million U.S. households and has $105 billion in Nvidia financing backing OpenAI’s 8-GW commitment. Pennsylvania now requires developers to cover infrastructure costs, Texas is imposing similar standards, and New York has enacted a one-year moratorium; meanwhile, 56%+ of Americans are reportedly more concerned than excited about AI, up from 37% in 2021.

Agnico Q2 Record Cash Flow

The stock market and stuff

• Foreign Holdings of US Treasuries Drop $72 Billion as Top Three Buyers Retreat (theDeepDive)

• First mRNA Cancer Vaccine Succeeds in Late-Stage Trial, Moderna Stock Soars (theDeepDive)

• Canadian financial institutions restrict employees’ use of prediction markets (Globe)

• Diageo Cuts Nearly 2,000 Jobs Under New CEO’s Cost-Cutting Push (theDeepDive)

In the juniors

• Lion One Drills 715.15 g/t Gold Over 4.2 Metres at Fiji Mine (theDeepDive)

• Atlas Salt Signs MOU with CN to Study Rail Link for Great Atlantic Salt Project (theDeepDive)

• Blue Jay Gold Starts Metallurgical Work on Yukon Antimony Prospect (theDeepDive)

• Steadright Breaks Ground at TitanBeach, Carried on Costs by State-Owned Partner (theDeepDive)

• Selkirk Copper Hits 13.12% Copper Equivalent at Minto North in Latest Phase 2 Results (theDeepDive)

• Electra Locks In Cobalt Supply Through 2031 for North American Refinery (theDeepDive)

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