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South Park Roasts Trump—White House Erupts

Trump administration officials fired back angrily Thursday at “South Park” creators, branding their satirical series as obsolete after the show used artificial intelligence to ridicule the president in ways that hit uncomfortably close to home.

“This show hasn’t been relevant for over 20 years and is hanging on by a thread with uninspired ideas in a desperate attempt for attention,” declared White House spokesperson Taylor Rogers. She added: “President Trump has delivered on more promises in just six months than any other president in our country’s history—and no fourth-rate show can derail President Trump’s hot streak.”

You can read more on the matter here.

What’s going on?

• Saskatchewan Judge Declares Immigration a Privilege, Not a Right (theDeepDive)

• Trump says trade deal with Canada may not be reached (Globe)

• Thailand-Cambodia Trade Firepower Over Border Conflict, “Could Develop Into War” (theDeepDive)

• EU’s von der Leyen says she will meet Trump in Scotland on Sunday (FT)

• Russia Set to Ban Gasoline Exports for Two Months as Domestic Prices Soar (theDeepDive)

• US Core Capital Goods Orders Decline Amid Policy Uncertainty (Bloomberg)

• Three Canadian Premiers Unite on Energy Infrastructure to Counter Trump Tariffs (theDeepDive)

• Musk ordered shutdown of Starlink satellite service as Ukraine retook territory from Russia (Reuters)

• House Panel Votes to Subpoena Justice Department for Epstein Files (theDeepDive)

• Trump’s Quest for His Own Sovereign Fund Gets $550 Billion Boost From Japan (WSJ)

• Nate Anderson Dismantles Tucker Carlson’s Trevor Milton Narrative (theDeepDive)

What’s the latest?

• Treasury: U.S. Treasury yields fell slightly Friday, with the 10-year at 4.388% and the 2-year at 3.919%, as investors assessed trade developments and strong U.S. economic data. Weekly jobless claims dropped for a sixth straight week, and the U.S. composite PMI rose to a 7-month high of 54.6. President Trump pushed for lower interest rates during a Fed visit, while trade optimism grew following a deal with Japan and upcoming EU talks. Eastspring expects U.S. GDP growth to slow to 1.6% YoY by end-2025 due to potential consumption declines.

• Politics: Canada posted a $6.5 billion deficit from April to May, up from $3.8 billion a year earlier. Revenues were nearly flat, rising just $26 million. Program expenses rose 4% while public debt charges climbed 3.8% due to more marketable bonds and inflation-linked adjustments. Net actuarial losses dropped by nearly half.

• AI: China's demand for repairing banned Nvidia AI chips like the H100 and A100 is booming, with some Shenzhen firms fixing up to 500 units monthly. These chips, banned by the U.S. in 2022, are believed to be smuggled in, prompting bipartisan U.S. bills for post-sale chip tracking. Despite legal gray areas, repair costs reach up to $2,800 per chip due to heavy 24/7 use and limited alternatives. Customers are now shifting toward newer, pricier B200 chips, with servers costing over 3 million yuan.

• Investing : Global equity funds saw US$8.71 billion in net inflows for the week ending July 23, reversing the previous week’s US$4.4 billion outflow. Optimism was fueled by U.S. trade deals, strong economic data, and upbeat earnings from TSMC and PepsiCo. European equity funds led with US$8.79 billion in inflows, while U.S. outflows slowed to US$2.68 billion. Bond funds added US$17.94 billion, and gold funds saw their highest inflow since June at US$1.9 billion.

• Economy: Trump met with Fed Chair Jerome Powell and expressed optimism that interest rate cuts are coming soon. The meeting marked a shift to a more conciliatory tone after years of tension. While Powell remains cautious due to strong economic data and inflation concerns, Trump and White House officials continue to push for monetary easing and a review of the Fed. The Fed is also facing criticism for running an operational deficit nearing $80 billion in 2024.

This Is What Happens After $40 Silver!

The stock market and stuff

• Newmont Sees Miners Freed From Red Chris Mine Following Collapse (theDeepDive)

• Bezos Explores Potential CNBC Purchase, Report Says (theDeepDive)

• Newmont Reports Record Free Cash Flow, 142% Net Income Jump In Q2 2025 (theDeepDive)

In the juniors

• Steadright Begins Preliminary Economic Assessment On TitanBeach Project (theDeepDive)

• Dolly Varden Silver Increases Scope of 2025 Kitsault Valley Drill Program to 55,000 Meters, Adds Fifth Drill (JMN)

• Gold Royalty Reports Q2 Gold Equivalent Production of 1,346 Ounces (theDeepDive)

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