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Trump Eyes Jones Act Waiver

The Trump administration has signaled plans to issue temporary Jones Act waivers, allowing non-U.S.-flagged vessels to transport cargo between domestic ports for a 30-day period, in a direct response to crude oil prices breaching $100 per barrel.

This move aims to ease supply chain bottlenecks and reduce transportation costs for oil and other critical goods as domestic energy markets grapple with soaring prices. The Jones Act, a century-old law, mandates that cargo shipped between U.S. ports must be carried on vessels built, owned, and operated by Americans. Waiving these restrictions, even temporarily, is expected to increase shipping capacity and provide immediate relief to an industry under pressure from both geopolitical tensions and domestic production constraints.

You can read more on the matter here.

What’s going on?

• NDP Votes for New Leader With Party’s Future on the Line (theDeepDive)

• Canada once considered building an emergency oil reserve with the U.S., but the Americans backed out (FP)

• Trump Wants Jake Paul to Run for Office (theDeepDive)

• Iran’s new Supreme Leader vows to keep Strait of Hormuz closed (Globe)

• Andrew Yang Warns of Massive AI Job Displacement, Pushes for Tax Shift to Fund UBI (theDeepDive)

• Costco Sued by Customer Over Tariff Refund (WSJ)

• Securing Strait of Hormuz May Require Ground Operation on Iran’s Coastline, Analysts Warn (theDeepDive)

• Canadian oil companies expected to ‘benefit disproportionately’ during the war in Iran (CTV)

• The 2026 Midterms Could End Trump’s Presidency Early—And He Knows It (theDeepDive)

What’s the latest?

• Oil: Oil prices jumped ~6% to nearly $100/barrel amid escalating U.S.–Israel conflict with Iran and tanker disruptions in the Strait of Hormuz, though U.S. Energy Secretary Chris Wright said $200 oil is unlikely. The war has forced Middle East production cuts of ~10M barrels/day (≈10% of global demand)—the largest supply disruption ever, according to the IEA. Over 30 countries announced a 400M-barrel strategic reserve release, with ~40% from the U.S., to stabilize supply.

• Commodities: Gold initially rose 2.4% from $5,296 to $5,423/oz after the Feb. 28 U.S.–Israel strikes on Iran but then fell over 6% to $5,085 by March 3, showing volatility rather than a sustained safe-haven rally. Over the past week, gold traded between $5,050 and $5,200, last around $5,175, pressured by a stronger USD and higher Treasury yields. Analysts note geopolitical shocks can trigger temporary liquidity-driven selloffs, even in gold. Despite short-term weakness, J.P. Morgan forecasts $6,300/oz by end-2026 and Deutsche Bank $6,000.

• Economics: Canada’s motor vehicle and parts exports fell 21.2% to $5.4B in January, the lowest since Sept. 2021, with passenger cars and light trucks down 32.5% due to seasonal production shutdowns. Aircraft and transport equipment exports also declined 16%, while energy exports rose ~4% from higher U.S. natural gas demand during winter. Overall Canada–U.S. trade fell (exports −3.8%, imports −3.4%), and non-U.S. exports dropped 6.5% mainly due to lower gold shipments to the U.K.

• Markets: Markets fell: S&P/TSX −264.06 to 32,855.77, Dow −662.74 to 46,754.53, S&P 500 −91.36 to 6,684.44, and Nasdaq −403.62 to 22,312.52. The Canadian dollar weakened to 73.37¢ USD (from 73.60¢), while April gold fell $40.60 to $5,138.50/oz.

• Politics: The Trump administration launched Section 301 trade investigations targeting 17 economies (including China, EU, Japan, India, Mexico, South Korea, and Taiwan) to support new tariff policies after the Supreme Court blocked tariffs under the International Emergency Economic Powers Act. Canada was not included, partly because its U.S. trade surplus ($5.4B in January, down from $5.7B) is largely driven by oil exports. Meanwhile, Trump imposed a 10% global tariff under Section 122 (max 15%, expires in 150 days unless extended by Congress) and continues Section 232 tariffs on sectors like steel, aluminum, and autos.

America May Not Have the Metals to Fight a Long War

The stock market and stuff

• Wesdome Gold Q4 2025: Price Rally Delivered Revenue Jump, Cost Hikes (theDeepDive)

• First Quantum Sells Turkish Mine to Cengiz for $340 Million (theDeepDive)

• Tesla’s Grand Plan for the Future Is a Car With No Steering Wheel (WSJ)

• Qatar Shutdown Threatens A Third Of Global Helium Supply (theDeepDive)

• Iran War Triggers Largest Oil Supply Disruption in History, IEA Warns of 8 Million Barrel Daily Loss (theDeepDive)

In the juniors

• Cabral Gold Drills 87.4 g/t Gold Over 9.5 Metres At Jerimum Cima Target (theDeepDive)

• Cabral Gold Drills 9.5m @ 87.4 g/t Gold at Jerimum Cima Target, Cuiú Cuiú Gold District, Brazil (JMN)

• Sitka Gold To Spin Out American Assets As Focus Turns To RC Gold (theDeepDive)

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