Sponsored by Power Nickel

Trump's $1K Baby Bonus Sparks Debate

The House has approved government-funded investment accounts for newborns as part of President Donald Trump’s massive tax bill, but financial experts warn families already have access to superior savings options and question whether the new accounts serve more as political bait than genuine financial benefit.

The so-called “Trump savings accounts” — renamed from “MAGA Accounts” in an eleventh-hour amendment — would provide $1,000 government deposits for children born between 2025 and 2029. The Congressional Joint Committee on Taxation estimates the four-year pilot program will cost taxpayers $17 billion over a decade, representing about 1.2% of the overall package.

You can read more on the matter here.

What’s going on?

• Trump Sends 700 Marines to LA as National Guard Swells to 4,000 (theDeepDive)

• Acquiring U.S.-made F-35 fighter jets will cost Canada nearly 50% more than disclosed, Auditor-General finds (Globe)

• Carney Injects $9B In Sprint To NATO’s 2% of GDP Goal On Defence Spending (theDeepDive)

• US says trade talks with China ‘going well’ as sides reconvene (FT)

• House Republicans Introduce Bill for Fort Knox Audit (theDeepDive)

• Data Centers Prompt US to Boost Power-Usage Forecast by 92% (Bloomberg)

• Five OPEC+ Nations Fall Short on May Output Increase Pledge—Survey (theDeepDive)

• World Bank Sees U.S. Growth Rate Halving as Tariffs Slow Global Economy (WSJ)

• How Over 200% Tariffs Prove That Supply Management Must End (theDeepDive)

• Russia launches one of war's largest air attacks on Kyiv (Reuters)

• Trump Orders ‘Drone Dominance’ Days After Ukraine’s Operation Spiderweb Success (theDeepDive)

What’s the latest?

• Trade War: Canadian trips to the U.S. dropped sharply in May: air travel fell 24.2% and auto trips declined 38.1% year-over-year. The ongoing boycott over Trump’s tariffs and rhetoric is driving the shift. Air Canada and other airlines cut U.S. flights, and demand has shifted to Europe, Asia, and domestic travel.

• Technology: Over 2,000 North American users experienced ChatGPT outages Tuesday morning, with OpenAI citing “elevated error rates.” The disruption affected web, desktop, mobile, image generation, Deep Research, memory services, and Sora’s video tools. OpenAI reported gradual recovery.

• EU: The EU plans to lower the Russian oil price cap from $60 to $45 to cut war funding, alongside sanctions on Nord Stream pipelines, 22 Russian banks, and €2.5B in exports. The move aims to pressure Russia into peace talks over Ukraine.

• EV: China's EV industry faces mounting strain as a price war—led by BYD’s steep discounts—slashes profits and fuels concerns of an “Evergrande-like” crisis. Officials and dealers warn the “race to the bottom” is unsustainable, with consumers delaying purchases amid falling prices.

• World Bank: The World Bank slashed its 2025 global growth forecast to 2.3%, citing trade uncertainty as a key drag. This would be the slowest pace since 2008 outside recessions. The U.S. and EU outlooks were also cut. Trade deals could boost growth if tariffs are reduced.

Was Peter Schiff Right All Along?

The stock market and stuff

• Beijing To Sell Billions In Seized Bitcoin Through Hong Kong Exchanges (theDeepDive)

• Citi to boost provision for potential bad loans on US economic worries (FT)

• What You Don’t Know About Early Gold Bull Markets | Rick Rule (theDeepDive)

In the juniors

• ESGold Sees Installation Of Humphrey Spirals Completed At Montauban (theDeepDive)

• Japan Gold Launches Second Drill Program As Part Of Barrick Alliance (theDeepDive)

• Aura Minerals Outlines $485 Million NPV For Recently Acquired Gold Project (theDeepDive)

FULL DISCLOSURE: Power Nickel is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Power Nickel. The author has been compensated to cover Power Nickel on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.