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Sheinbaum Stands Firm Against Trump Tariffs

In a bold and assertive response to U.S. President-elect Donald Trump’s proposed tariffs, Mexican President Claudia Sheinbaum announced Tuesday that Mexico would retaliate in kind if the U.S. imposes its sweeping import duties. The proposed tariffs, set to take effect on Trump’s first day in office on January 20, 2025, target Mexico, Canada, and China, framing them as punitive measures to address drug trafficking and illegal immigration.

“We negotiate as equals,” Sheinbaum declared in a televised address. “There is no subordination here because we are a great nation.” She also emphasized the interconnected nature of the North American economy, warning that retaliatory tariffs would jeopardize shared industries, particularly automotive manufacturing.

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What’s going on?

• Mali Arrests Four More Mining Executives In Intensified Government Crackdown (theDeepDive)

• Federal mediation temporarily suspended in Canada Post strike, parties to meet with Labour Minister (Globe)

• Copper Hunt: High-Grade VMS Target Near Major Mines | Jeremy S. Brett – Planet Green Metals (theDeepDive)

• US to approve $680mn arms sale to Israel (FT)

• Bluesky Daily Users Jump 500%, Narrowing Gap with Threads (theDeepDive)

• China releases three US citizens after years of diplomacy (TG)

• Federal Loan Throws Rivian a $6.6B Lifeline Amid Mounting Debt and Production Delays (theDeepDive)

• US Mortgage Rates Drop, Easing Pressure on Potential Homebuyers (Bloomberg)

What’s the latest?

• Economy: The U.S. economy grew at a 2.8% annual rate in Q3 2024, driven by a 3.5% rise in consumer spending and a 7.5% surge in exports. Core economic strength rose to 3.2%, while inflation cooled, with the Fed's preferred PCE index at 1.5%. Unemployment remains low at 4.1%, but voters remain concerned about high prices, electing Donald Trump for an economic overhaul. Tariff threats and inflation risks loom as he takes office.

• EVs: Fewer drivers plan to buy electric vehicles (EVs), with intentions dropping to 50% in 2024, down from 52% in 2023, breaking a trend of rising interest since 2021. Fully electric vehicle interest fell to 15%, driven by concerns over charging infrastructure, range anxiety, high costs, and expensive battery replacements. The average EV price in Canada remains high at $73,000, and economic pressures like inflation and interest rates deter buyers.

• Unusual Machines: Unusual Machines' stock surged over 90% after Donald Trump Jr. joined its advisory board, signaling support for its goal of reviving U.S. drone manufacturing. The Orlando-based company, with a $50M market cap, recently reported $3.56M in revenue and a $4.86M net loss for the first nine months of 2024. Trump Jr., who previously owned shares but sold them before the announcement, emphasized reducing reliance on Chinese drone imports amid potential tariffs from President-elect Trump. Trading volume spiked, with shares rising from $5.36 to over $8 on Wednesday.

• AI: Axon’s AI-powered tool, Draft One, reduces police report-writing time by over 60%, cutting average completion from 23 minutes to 8. Piloted in 75 departments, it has safeguards requiring officer review and approval to ensure accuracy. Legal experts highlight risks like potential bias, inaccuracies, and courtroom challenges, especially if reports are heavily AI-reliant. Competitors like Truleo and 365 Labs focus on real-time voice notes or grammar assistance, emphasizing the need for human oversight in complex cases.

• Gold: Gold rose 0.3% to $2,641.11 per ounce on Wednesday, supported by a weaker dollar and expectations of a measured Federal Reserve approach to rate cuts. The Fed’s preferred inflation gauge, core PCE, increased 2.8% year-over-year in October, aligning with a careful rate-cut strategy. The metal, up 28% year-to-date, also benefited from strong Q3 U.S. economic data, including robust consumer spending.

SantaCruz Silver Q3 2024 Earnings

The stock market and stuff

• Denison Mines Options Three Uranium Properties To Cosa Resources (theDeepDive)

• Walmart is the largest retailer to roll back diversity policies. What might it mean for Canadian employees? (CBC)

• Mexico warns Trump tariffs would kill 400,000 US jobs, threatens retaliation (Reuters)

• CrowdStrike’s Revenue Grows to $1.01 Billion in Q3, but Rising Costs Cut Into Gains (theDeepDive)

In the juniors

• Logan Energy Drops $52 Million On 50% Working Interest In Gran Tierra Montney Assets (theDeepDive)

• Solaris Resources Abandons Canada Over Investment Policy Roadblocks (theDeepDive)

• Premium Resources Reports Initial Inferred Resource At Selkirk Mine (theDeepDive)

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