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Trump’s Canada Tariff Threat Stalls

President Donald Trump announced plans on October 25 to increase tariffs on Canadian goods by an additional 10%, but four weeks later, he still has not implemented the levy.

Trump announced on Truth Social on October 25 while traveling on Air Force One to Malaysia that Ontario’s provincial government had committed a “hostile act” by broadcasting an anti-tariff commercial during the World Series. The advertisement featured clips from former President Ronald Reagan’s 1987 remarks opposing tariffs.

“Because of their serious misrepresentation of the facts, and hostile act, I am increasing the Tariff on Canada by 10% over and above what they are paying now,” Trump wrote.

You can read more on the matter here.

What’s going on?

• Mystery Investor Behind Napster’s $3 Billion Deal Fails to Deliver (theDeepDive)

• Ukraine ready to advance U.S.-backed deal to end war, Zelensky says (Globe)

• Ottawa Wants To Cut Duplication In Project Reviews With Ontario, Manitoba (theDeepDive)

• US retail sales growth slows as affordability crunch weighs on households (FT)

• Carney Says Canada Drops ‘Feminist Foreign Policy’ Label at G20 Summit (theDeepDive)

• FBI probes congressional Democrats who warned military about illegal orders (Reuters)

• Canada Requires Carbon Neutrality for AI Data Centers as US Loosens Environmental Rules (theDeepDive)

• When Home Sellers Set Prices Too High, They’re Paying for It (WSJ)

• Trump Prematurely Sends DOGE To The Farm After Tiny Barks (theDeepDive)

What’s the latest?

• Cannabis: Canada collected $5.4B in cannabis tax revenue since 2018 — $1.2B federal, $4.2B provincial. Ontario earned $1.5B, while Alberta earned $1B and leads per-capita at $210/person. Quebec is lowest at $55.31/person. Federal projections fell short (expected $690M, collected $567M by 2022-23), and education spending was far below the projected $83M, reaching only $21.6M.

• Economics: Core PPI rose 0.1% in September (vs. 0.2% expected), while headline PPI increased 0.3%, up 2.7% YoY; core was up 2.6% YoY. Goods prices jumped 0.9%—their largest rise since Feb 2024—driven by an 11.8% gasoline spike and 3.5%overall energy increase. Retail sales rose 0.2% (vs. 0.3% expected), with restaurants up 0.7% and overall sales up 4.3% YoY, outpacing the 3% CPI. Online sales fell 0.7%, while miscellaneous retailers posted a strong 2.9% monthly gain.

• Alibaba: Alibaba posted 247.8B yuan (US$34.97B) in quarterly revenue, beating the 242.65B yuan estimate, while net profit fell 53% to 20.61B yuan. Its one-hour delivery and “instant retail” sector — burning over $4B industrywide in Q2 — boosted user growth, and Alibaba projects 1T yuan in GMV from this segment within 3 years. Singles’ Day sales reached 1.70T yuan, up from 1.44T, with Alibaba growing 9.3% vs JD.com’s 8.3%. Alibaba’s new AI consumer app, built on its Qwen model, hit 10M downloads in a week, far behind ByteDance’s 150M-user Doubao.

• Geopolitics: Ukraine has reportedly agreed to the framework of a U.S.-brokered peace deal, with only “minor details” left to finalize, according to U.S. officials. The amended plan follows secret U.S.–Russia talks that produced a 28-point proposalinitially favoring Moscow, including territorial concessions and a 50% Ukrainian military reduction. Kyiv now says it supports the “essence” of the revised framework, with Zelenskyy and Trump set to discuss sensitive terms. Russia has not confirmed participation, and the Kremlin says it is still awaiting official information on the updated deal.

• Real Estate: U.S. home sellers delisted 85,000 homes in September, up 28% YoY and the highest level in eight years. 70% of listings sat for 60+ days, pushing sellers to wait rather than accept weakening prices (Case-Shiller: +1.3% YoY, down from 1.4%). Zillow reports cumulative price cuts averaging $25,000, matching record levels. Roughly 15% of delisted homes risk selling at a loss, as inventory (up 15% YoY) may shrink heading into the slow season.

Artemis Gold Q3 Results

The stock market and stuff

• Meta Turns to Google Chips in Blow to Nvidia’s AI Dominance (theDeepDive)

• Nvidia shares fall on signs Google gaining upper hand in AI (FT)

• Nvidia Answers Michael Burry’s Claims With Detailed Accounting (theDeepDive)

In the juniors

• Silver47 Hits 606 g/t Over 9.7 Metres Silver Equivalent In Final Assays From 2025 Drill Program At Red Mountain (theDeepDive)

• Dryden Gold Expands the Gold Rock Camp with High-Grade Discoveries at Mud Lake (JMN)

• Guanajuato Silver To Acquire Bolanitos Mine From Endeavour For US$50 Million (theDeepDive)

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