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Trump’s Tariff Blitz Shakes the World

President Donald Trump has pressed ahead with a hardline tariff agenda, imposing new levies—dubbed “reciprocal” and “Liberation Day” tariffs by his administration.

Several governments labeled “worst offenders” by Trump have pledged to lower or eliminate their own trade barriers in hopes of striking a quick deal. Israeli Prime Minister Benjamin Netanyahu pledged to slash Israel’s 17% tariff rate and reduce his country’s trade surplus with the US, calling the move “the right thing to do.”

Similarly, Japanese Prime Minister Shigeru Ishiba sought direct talks with US Treasury Secretary Scott Bessent, leading Bessent to declare that negotiations were underway to “implement the president’s vision for the new Golden Age of Global Trade.”

You can read more on the matter here.

What’s going on?

• Europe Strikes Back With Proposed 25% Tariffs On US Goods (theDeepDive)

• Immigration is overshadowed in election by Trump and tariffs (Globe)

• Trump Tariffs Aftermath: Bailouts May Be Coming But No Pauses (theDeepDive)

• Carney says chances of US recession has shot up, will hit Canada (Reuters)

• Most Germans Support Nuclear Energy Return, Poll Shows (theDeepDive)

• Poilievre promises to raise $1B by cracking down on offshore tax havens (CBC)

• Summers Warns US Likely Headed to Recession, 2 Million Jobless (Bloomberg)

• Bill Ackman Sounds Alarm Bells On Trump’s Tariff: “An Economic Nuclear Winter” (theDeepDive)

• Japan secures priority tariff negotiations with Donald Trump (FT)

• Elon Musk, Trump’s DOGE Head, Wants A “Zero-Tariff” Environment (theDeepDive)

• Poilievre promises to crack down on offshore tax loopholes (Globe)

• UK Military Uncovers Russian Underwater Surveillance Network Targeting Critical Infrastructure (theDeepDive)

What’s the latest?

• Energy: The U.S. plans to expand electricity output by 25% to meet rising demand from AI data centers and industry, according to Energy Secretary Chris Wright. To achieve this, the Trump administration will stop coal plant closures and classify coal as a critical mineral. A new executive order will prioritize coal leasing on federal lands. Wright emphasized that coal remains a central source of reliable and affordable energy for national growth over the next 5–10 years.

• Crypto: Ripple is acquiring prime brokerage firm Hidden Road for $1.25 billion, marking its largest deal to date. Hidden Road clears over $3 trillion annually for 300+ institutional clients, and the acquisition surpasses Stripe’s recent $1.1 billion crypto deal. Once approved, Ripple plans to integrate its RLUSD stablecoin as collateral in Hidden Road’s services. The move comes amid a more pro-crypto U.S. regulatory climate following Trump’s re-election and the SEC dropping its legal case against Ripple.

• Cineplex: Cineplex reported $29.5 million in box office revenue for March 2025, down sharply from $59.2 million a year earlier. For the full first quarter, revenue totaled $101.9 million, compared to $125.1 million in Q1 2024. The decline reflects a weaker film slate, with March headlined by Snow White and Mickey 17, versus last year’s stronger lineup including Dune: Part Two. Cineplex expects stronger results in Q2, driven by releases like A Minecraft Movie, Mission Impossible – The Final Reckoning, and Thunderbolts.

• Startup: Toronto-based security startup Tailscale Inc. has raised US$160 million in a funding round led by Accel, bringing its total funding to $275 million and valuing the company at $1.5 billion. Tailscale's annual recurring revenue has doubled, and it now serves over 10,000 corporate customers, including Instacart and Duolingo. Despite rising U.S.-Canada trade tensions, CEO Avery Pennarun says the company remains agile and unaffected due to its adaptable network technology. The startup’s VPN product is gaining traction in the AI sector and across various internet-connected devices, from laptops to autonomous vehicles.

• TSX: Stock markets in Canada and the U.S. rebounded Tuesday morning after last week's sharp declines tied to new U.S. tariffs. The S&P/TSX rose 134.97 points to 22,994.43, while the Dow Jones climbed 753.08 points to 38,718.68, and the S&P 500 and Nasdaq gained 105.96 and 393.94 points, respectively. Gold jumped US$46.10 to US$3,019.70/oz, while crude oil edged up 26 cents to US$60.96/barrel. The Canadian dollar slightly strengthened to 70.37 cents US.

MARKETS IN MELTDOWN

The stock market and stuff

• The Real Reason Gold Will 4X While Your Savings Get Decimated | Rick Rule (theDeepDive)

• Panama Casts Doubt on BlackRock Canal Ports Deal Touted by Trump (WSJ)

• Aerospace Supply Chain at Risk as Howmet Invokes Force Majeure Over Tariffs (theDeepDive)

In the juniors

• Aya Gold Hits 1,123 g/t Silver Over 1.7 Metres At Boumadine (theDeepDive)

• K92 Mining Reports Q1 Production Of 47,817 Gold Equivalent Ounces (theDeepDive)

• Kits Eyecare Reports Preliminary Q1 Revenues Of $46.6 Million (theDeepDive)

FULL DISCLOSURE: Rua Gold is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Rua Gold 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.