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Trump Strikes First Post-Tariff Deal with UK

President Donald Trump on Thursday announced a preliminary trade agreement with the UK—his first since escalating global tariffs last month—marking a politically strategic breakthrough for both his administration and UK Prime Minister Keir Starmer.

Speaking from the Oval Office, Trump declared the deal a “historic” framework that would “cement the relationship between the United States and the United Kingdom for many years to come.” The agreement, still pending finalization, includes expanded US market access to Britain—particularly for agricultural exports such as beef and ethanol—along with commitments by the UK to reduce non-tariff barriers and expedite American goods through customs.

You can read more on the matter here.

What’s going on?

• US Leverages Trade Talks to Push Starlink Expansion, Documents Show (theDeepDive)

• WestJet suspends nine U.S. routes due to lower demand (CBC)

• Vast Majority of Trump Meme Coin Investors Face Losses (theDeepDive)

• Catholic Church elects new pope as white smoke billows from Vatican (Globe)

• Ford Raises Prices on Mexico-Made Vehicles (theDeepDive)

• Mortgage Rates in US Stay Stuck at 6.76% (Bloomberg)

• Trump Announces End to US Airstrikes on Yemen’s Houthis (theDeepDive)

• Fentanyl Crisis Provided Opening for U.S.-China Trade Talks (WSJ)

• Canada Finds New Markets to Offset Trump Tariff Impact (theDeepDive)

• Ontario set to begin construction of Canada's first mini nuclear power plant (CBC)

What’s the latest?

• BCE: BCE Inc. cut its quarterly dividend by 56%, from 99.75 cents to 43.75 cents per share, reducing the annual payout to $1.75 from $3.99. The company cited economic instability, rising capital costs, and regulatory challenges as reasons, while reporting Q1 net earnings of $630M (up from $402M), but a drop in adjusted EPS to 69 cents (from 72 cents) and revenue to $5.93B (from $6.01B). BCE lost 9,598 postpaid subscribers in Q1 2025, a sharp decline from 45,247 net activations the year prior. It also announced a $5B U.S. fibre deal through Ziply Fiber, forming Network FiberCo with PSP Investments, targeting 8 million fibre passings and 49% BCE ownership.

• Wallstreet: U.S. stocks rose Thursday, with the S&P 500 up 0.6%, the Dow up 253 points, and the Nasdaq gaining 0.9%, driven by President Trump's announcement of a pending comprehensive trade deal with the U.K. and optimism about more deals to follow. Strong earnings from companies like Tapestry (+5%) supported the rally, though others like Molson Coors (-7.4%) and Krispy Kreme (-24.3%) reported disappointing results and cited macroeconomic uncertainty. Mixed U.S. economic data showed jobless claims slightly down but productivity weakening more than expected, raising inflation concerns. Treasury yields rose, with the 10-year yield hitting 4.29%, while the FTSE 100 dipped 0.1% after a Bank of England rate cut.

• Cenovus Energy: Cenovus Energy reported Q1 2025 net income of $859 million (47 cents per share), down from $1.18 billion (62 cents per share) a year ago, but raised its quarterly dividend from 18 to 20 cents per share. Adjusted funds flow totaled $2.21 billion ($1.21 per share), nearly flat from $2.24 billion ($1.19 per share) last year. Revenue rose slightly to $13.3 billion from $13.06 billion. Upstream production increased to 818,900 boe/d and downstream crude throughput reached 665,400 bpd, both up year-over-year.

• Bill Gates:  Bill Gates announced he will donate 99% of his remaining fortune—estimated at $107 billion—to the Gates Foundation, accelerating its closure to 2045. This historic pledge will fund an additional $200 billion in spending over the next 20 years, focusing on global health, U.S. education, and childhood mortality. The foundation, co-founded with Melinda French Gates in 2000, has already spent $100 billion, often influencing international health policy. Despite stepping back, Gates remains committed to reducing preventable child deaths and tackling diseases like polio and malaria. The foundation will maintain a $9 billion annual budget until its sunset, narrowing its focus under new leadership amid growing global uncertainty.

• Investing: If Shell acquires BP, it would create the largest investor-owned oil and gas producer, increasing production by 85% to nearly 5 million barrels per day. Shell's LNG sales would rise to over 90 million tonnes annually, covering 20% of the global market. However, the acquisition could cost a 20% premium on BP's £57 billion market value and involve significant asset sales due to competition concerns. Financial synergies are estimated at $1 billion in year one, with potential long-term gains in free cash flow per share.

Barrick Q1 Earnings

The stock market and stuff

• Shopify’s Q1 2025 Net Loss Swells 150%, Undermining Revenue and Cash Flow Gains (theDeepDive)

• BCE Slashes Dividend by 56% in Q1 2025, Announces Deal To Expand Into US (theDeepDive)

• Coinbase agrees to buy Deribit for $2.9bn in digital market’s biggest deal (FT)

• First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall (theDeepDive)

• Lundin Mining Doubles Net Earnings In Q1 2025 As Free Cash Flow Turns Negative (theDeepDive)

In the juniors

• Aris Mining Q1 2025: Record Revenue, EPS Can’t Shield Earnings Decline (theDeepDive)

• Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project (theDeepDive)

• Dolly Varden Acquires Strikepoint Gold’s Porter Project In BC (theDeepDive)

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