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Senate Passes $70B Immigration Bill

The U.S. Senate passed a $70 billion immigration enforcement bill early Friday, voting 52-47 and handing the Trump administration a win it nearly fumbled over a fight that had nothing to do with the border. The measure now goes to the House, which is not expected to take it up before next week.

Nearly all of the new money flows to Immigration and Customs Enforcement and Customs and Border Protection to sustain the administration’s deportation push over the next three years.

ICE and CBP already hold a combined $100 billion in unspent funds from a larger DHS package enacted the previous year by the Republican-controlled Congress. The fresh $70 billion nearly doubles their available resources.

You can read more on the matter here.

What’s going on?

• ISS Sees Shelter In Place Order Lifted After Repairs Made To Air Leaks (theDeepDive)

• Carney says more work to do on U.S. trade talks after negotiators return from Washington (CBC)

• Canada’s Labour Market Stages a Sharp Reversal With 88,000 Jobs Added in May (theDeepDive)

• Canada adds 87,800 jobs in May, far exceeding estimates (Globe)

• Supreme Court Unanimously Backs SEC Power to Strip Illegal Gains Without Proving Investor Loss (theDeepDive)

• Canada is replacing the GST/HST credit with a new benefit. What does that mean for you? (CTV)

• Trump Officials in Preliminary Talks to Take Government Equity Stakes in AI Giants (theDeepDive)

• Real-Time Satellite Intelligence Is Making Ukraine’s Drone Strikes Deadlier Than Ever (WSJ)

• Anthropic Warns AI May Soon Build Itself, Calls for Global Pause Mechanism (theDeepDive)

What’s the latest?

• Tech: OpenAI CEO Sam Altman and the White House are reportedly discussing a deal that could give the U.S. government an ownership stake in OpenAI. The proposal could involve OpenAI contributing equity to a public investment fund, allowing Americans to share in the financial benefits of AI growth. OpenAI is currently valued at over US$850 billion and is reportedly preparing for a potential IPO, while the Trump administration has already taken stakes in several strategic technology companies.

• Benefits: Canada's new Canada Groceries and Essentials Benefit begins issuing one-time top-up payments today to eligible Canadians. About 12 million people qualify, with payments ranging from up to $267 for a single adult to up to $533 for a couple with two children. The top-up equals 50% of the annual benefit, and regular quarterly payments will increase by 25% starting in July for the next five years. Eligible recipients will receive the money automatically based on their 2024 tax return.

• Aluminum: Canada's aluminum industry has weathered the U.S. 50% tariff better than expected, operating at 95% capacity with no layoffs, according to the industry association. After initially losing nearly US$600 million as producers absorbed tariff costs, higher aluminum prices and Middle East supply disruptions have improved profitability. Canadian aluminum remains highly competitive due to its proximity to U.S. buyers, with delivery times of 3–5 days versus 60+ days from overseas sources, while U.S. aluminum production has seen little meaningful expansion despite the tariffs.

• Real Estate: GTA home sales rose 6.3% year-over-year to 6,583 units in May, marking the third consecutive month of annual growth, while sales were also up 10% from April on a seasonally adjusted basis. Despite stronger demand, the average home price fell 4.6% to $1.07 million and the benchmark price dropped 6.7%, though inventory tightened with active listings down 13.3% and new listings down 18.9%. Detached homes led the recovery with 9% sales growth, and some agents report the return of bidding wars as market conditions gradually tighten.

• Markets: Markets were broadly lower, with Canada's S&P/TSX falling 516 points (-1.5%) to 34,701, led by declines in technology and base metals. In the U.S., the Nasdaq dropped 560 points (-2.1%), while the S&P 500 fell 85 points (-1.1%) and the Dow lost 150 points (-0.3%). The Canadian dollar weakened to 71.82 US cents, while oil fell 2.0% to US$91.17/barrel and gold dropped US$113.90 (2.5%) to US$4,391.10/oz.

A Small Gold Explorer With a Big Mexico Hit

The stock market and stuff

• Paramount Skydance Faces Imminent State Antitrust Challenge Over Warner Bros. Acquisition (theDeepDive)

• Gold Crashes to $4,350 as U.S. Job Numbers Surge Past Forecasts (theDeepDive)

• Nasdaq tumbles 4% as shares in chip and memory groups sink (FT)

• Orla Mining Reaffirms Camino Rojo Guidance as Blockade Ends (theDeepDive)

• S&P Shields Index Funds From SpaceX IPO Chase (theDeepDive)

In the juniors

• American Eagle Gold Walks Away From Pacific Booker Takeover Bid (theDeepDive)

• Dryden Gold Intersects 3.24 g/t Gold over 14.77 Meters Including 1.35 Meters of 29.55 g/t Gold at Gold Rock (JMN)

• Trulieve Becomes First U.S. Cannabis Company to Secure a NYSE Listing (theDeepDive)

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