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Trump Pushes Keystone XL Revival

President Donald Trump has once again stirred controversy by calling for the resurrection of the Keystone XL pipeline. Despite the project being effectively abandoned in 2021, Trump insists it should be built “now,” framing it as an energy priority for the US under his new administration.

In a post on his social media platform, Trump encouraged the company once behind the pipeline to “come back to America” with the promise of “easy approvals, almost immediate start,” while adding, “If not them, perhaps another Pipeline Company. We want the Keystone XL Pipeline built!”

Trump’s call for reviving the pipeline comes amid a tenuous trade relations with Canada as the US is poised to imposed hefty tariffs on Canadian exports including oil, reasoning that the US “don’t need the products they have.”

You can read more on the matter here.

What’s going on?

• Dhalla’s Leadership Bid Collapses as Liberal Party Rejects Final Appeal (theDeepDive)

• Canada pushes back after Trump says 25% tariff will go ahead next week (TS)

• Why Trump and Musk Are Stirring Up Fort Knox Gold Drama (theDeepDive)

• Mortgage defaults climb in Ontario as homeowners face renewal at higher rates (Globe)

• Ukraine Resists US Push for $500 Billion Mineral Rights Deal (theDeepDive)

• White House official pushes to axe Canada from Five Eyes intelligence group (FT)

• Taiwan Detains Ship and Chinese Crew After Undersea Cable Severed (WSJ)

• Major Banking Collapse: Signs Worse Than 2008 | Todd “Bubba” Horwitz (theDeepDive)

• US Home-Price Gains Quickened in December as Buyers Returned (Bloomberg)

• Most Canadians Want Deeper Immigration Cuts Amid Housing Crisis, Survey Shows (theDeepDive)

• Elon Musk gives U.S. federal workers a ‘second chance’ to defend their jobs or get fired (Globe)

What’s the latest?

• PayPal: PayPal projects Venmo will surpass $2 billion in revenue by 2027, up from $900 million in 2021, with a mid-single-digit annual user growth rate. Monetized monthly active users rose 24% in 2024, while Venmo debit card total payment volume is expected to grow over 20% annually. "Pay With Venmo" usage is forecasted to expand at double that rate, with merchant adoption up 50% year-over-year. CEO Alex Chriss targets high single-digit transaction margin growth and low-teens per-share earnings growth by 2027.

• Bitcoin: Bitcoin dropped 7% to $86,915, with a low of $86,128, nearly 20% below its all-time high, amid selling pressure in equities. Over $614.5 million in long liquidations occurred in the past 24 hours, per CoinGlass. Analysts warn a break below $90,000 could lead to a further decline toward $80,000, with potential support between $70,000-$75,000. Other cryptos also fell, with Ether and Solana down 8%, while meme coins plunged 15.5%, including a 23% drop in Libra.

• First Quantum: First Quantum Minerals is ramping up efforts to reopen its $10 billion Cobre Panama mine, which generated 5% of Panama’s GDP before its December 2023 closure. A recent survey showed 96% of respondents favor renegotiating the mine contract, up from prior opposition. The company is pursuing international arbitration while engaging in public relations efforts, including mine visits and media outreach. Meanwhile, Panama faces economic strain, with another credit downgrade potentially threatening its investment-grade status.

• Tariff Relief: Desjardins Economics estimates Canada’s provinces have up to $100 billion in fiscal capacity to counter potential U.S. tariffs without significantly increasing debt. A similar amount is available from the federal government, with provincial debt-to-GDP expected to stabilize at 30% barring major tariff impacts. Ontario, Quebec, Manitoba, and P.E.I. face the biggest economic risks, while energy-producing provinces may secure exemptions. The baseline scenario assumes partial tariffs: 10% on most goods, 35% on steel, and 25% on aluminum, potentially cutting employment by 1% in the hardest-hit regions.

• Oil: President Trump has called for reviving the Keystone XL pipeline, despite its developer, South Bow Corp., stating it has moved on from the project. The pipeline, canceled by President Biden in 2021, had key permits expire and some infrastructure dismantled. Trump has revoked Biden’s executive order blocking the project and promised expedited approvals. Meanwhile, Canada faces a potential 10% tariff on crude exports to the U.S., though implementation has been delayed until March.

First Majestic Silver Q4 Earnings

The stock market and stuff

• BMO Reports 65% Jump In Net Income In Q1 2025 As Credit Loss Provisions Continue To Balloon (theDeepDive)

• Tesla buys assets from insolvent German engineering group (FT)

• Canada’s Allied Gold Seeks Listing on New York Stock Exchange (Bloomberg)

• Scotiabank Sees 55% Drop In Q1 2025 Net Income Following Latin American Sale (theDeepDive)

In the juniors

• Golden Cariboo Hits 0.99 g/t Gold Over 237 Metres At Halo Zone (theDeepDive)

• Westgold To Sell Lakewood Mill For $85 Million (theDeepDive)

• Allied Gold Enters US$500 Million Transaction Related To Sadiola Mine, Sells 50% Of Interest In Mine (theDeepDive)

• Rua Gold Drills 3.8 g/t Gold, 11.9% Antimony Over 2.0 Metres At Auld Creek (theDeepDive)

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