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Trump Shields Gold & Uranium From Tariffs

The Trump administration exempted graphite, tungsten, uranium, and gold bullion from US country-based reciprocal tariffs, while adding levies on silicone products—and extending those tariffs to resin and aluminum hydroxide.

The move, set to take effect today under an executive order, formalizes the planned bullion carve-out after a recent US Customs and Border Protection ruling sowed confusion by implying certain gold bars could face import taxes.

Procedurally, the measure empowers the US Trade Representative and the Commerce Department to implement “framework agreements” with partner countries—such as existing arrangements with the EU, Japan and South Korea—without requiring additional presidential executive orders. The order cites national security findings as the legal basis for modifying tariff coverage.

You can read more on the matter here.

What’s going on?

• OPEC+ Agrees to Boost Oil Production in October Despite Falling Prices (theDeepDive)

• Toronto office landlords reduce tenant incentives as demand for space rises (Globe)

• Multiple Fiber-Optic Cables Severed, Affecting Connectivity Across Asia, Middle East (theDeepDive)

• Donald Trump loses attempt to have $83mn defamation judgment tossed out (FT)

• Carney Unveils $6.4B Plan, ‘Buy Canada’ To Counter Trump Tariffs (theDeepDive)

• Supreme Court Lifts Limits on Immigration Raids in Los Angeles (WSJ)

• Peter Schiff Sees Gold At $6,000 in 2026 (theDeepDive)

• French Government Collapses in No-Confidence Vote (WSJ)

• Federal Housing Minister Acknowledges Toronto Condo Market Is in ‘Free Fall’ (theDeepDive)

What’s the latest?

• Commodities: Strathcona Resources raised its takeover bid for MEG Energy to $30.86 per share, up from $28.02, challenging MEG’s $27.25-per-share cash or share deal with Cenovus. Strathcona argues its all-share offer, giving MEG investors 43% of the combined company, is worth $3.9B more than Cenovus’s proposal. MEG’s board has raised concerns about Strathcona’s majority shareholder, but Strathcona says it will lock up shares long term. A shareholder vote on the Cenovus deal is set for Oct. 9, with Strathcona opposing it with its 14.2% stake.

• Markets: U.S. stocks rose Monday ahead of key inflation and jobs data that could influence the Fed’s next rate decision. The S&P 500 gained 0.3%, the Nasdaq 0.6%, and the Dow 0.1%. AppLovin (+10.8%), Robinhood (+11.9%), and Emcor were boosted by news they’ll join the S&P 500, while EchoStar surged 20.5% on a $17B deal with SpaceX. Treasury yields fell, with the 10-year at 4.05%, as markets priced in an expected Fed rate cut next week.

• Trump: The Trump administration asked the U.S. Supreme Court to keep nearly US$5 billion in foreign aid frozen after a judge ruled the move likely illegal. Trump invoked a “pocket rescission” to block $4.9 billion in approved aid, a tactic not used in 50 years. District Judge Amir Ali said only Congress can authorize such cuts, while nonprofits argue the freeze halts lifesaving programs. The case now hinges on whether the executive branch can bypass Congress in withholding appropriated funds.

• Politics : French Prime Minister Francois Bayrou and his minority government were ousted in a confidence vote after failing to gain backing for deficit-cutting budget plans. The loss means President Emmanuel Macron must appoint France’s fifth prime minister in less than two years, likely another centrist ally. Bayrou had aimed to cut €44 billion to shrink the deficit to 4.6% of GDP by 2026, but opposition parties rejected his plan. The collapse adds to political instability following last year’s snap elections and the earlier fall of Michel Barnier’s government.

• EVs: Xpeng will launch its budget Mona brand in Europe in 2026, expanding global competition in the EV market with models priced as low as $17,000. CEO He Xiaopeng said the company has already reached its goal of entering 60 markets by 2025, up from just 3–5 two years ago. Xpeng is also considering European manufacturing to offset EU tariffs and is open to acquiring other EV firms as China’s domestic price war intensifies. The company debuted its upgraded P7 and humanoid robot “Iron” at the IAA Mobility show in Munich.

Soma Gold Q2 Earnings

The stock market and stuff

• El Salvador Buys Gold for First Time Since 1990, Diversifying From Bitcoin (theDeepDive)

• Air Canada Attendants Vote To Reject Wage Deal (theDeepDive)

• Packaging group surges 5,000% on plan to buy Sam Altman-backed Worldcoin tokens (FT)

• Strathcona Resources Increases Offer For MEG Energy To $30.86 A Share, Topping Cenovus (theDeepDive)

In the juniors

• Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet (theDeepDive)

• Endeavour Silver Q2 Earnings: Growth Isn’t Always Pretty (theDeepDive)

• Avino Q2 Earnings: Steady As She Goes (theDeepDive)

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