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Trump Targets Venezuela Oil Imports, Lifts LNG Export Freeze

In a series of recent policy announcements, U.S. President Donald Trump has signaled significant shifts in U.S. energy strategy, particularly concerning oil imports from Venezuela and the export of liquefied natural gas. These moves, coupled with recently confirmed Secretary of State Marco Rubio’s recent statements, are poised to reshape the North American energy landscape.

“We’re going to probably stop buying oil from Venezuela,” Trump reportedly remarked. This declaration marks a stark departure from previous administrations’ approaches to Venezuelan oil, reflecting Trump’s enduring skepticism of the Maduro regime.

You can read more on the matter here.

What’s going on?

• Doug Ford Vows to Axe American Booze from LCBO Shelves in Retaliation to Tariffs (theDeepDive)

• Canada's immigration department cutting roughly 3,300 jobs over 3 years (CBC)

• Trump’s Tariff Threat Is Back! 25% Tariff On Mexico, Canada By Feb 1 (theDeepDive)

• One-third of Canadians turn to the internet for health information due lack of access to a doctor (Globe)

• Loblaw’s Report Sees Food Prices Soar Beyond Inflation (theDeepDive)

• Donald Trump threatens tax war over US multinationals (FT)

• Tech Giants Under Fire As Senators Question Million-Dollar Donations To Trump Campaign (theDeepDive)

• TikTok app unavailable on Apple, Google stores in US despite Trump delaying ban (Reuters)

• GOLD: The World’s Most Exciting Undeveloped Mining Project? | Rudi Fronk – Seabridge Gold (theDeepDive)

• Hamas Is Effectively Back in Control in Gaza (WSJ)

What’s the latest?

• FDA: The FDA approved Johnson & Johnson's Spravato nasal spray as a standalone treatment for treatment-resistant depression, marking a significant milestone. One-third of the estimated 21 million U.S. adults with major depression experience symptoms unresponsive to standard treatments, and Spravato’s sales reached $780 million in the first nine months of 2024. Clinical trials showed rapid symptom relief within 24 hours and lasting effects for at least a month.

• Crude Oil: U.S. crude oil prices dropped over 2% on Tuesday, with crude trading at $75.99 per barrel and Brent at $78.89 per barrel, amid President Trump's consideration of 25% tariffs on Canada and Mexico. Trump also declared a national energy emergency, rolled back offshore drilling restrictions, and lifted a pause on liquefied natural gas exports to boost domestic fossil fuel production.

• Bitcoin: Bitcoin is projected to reach a new all-time high in 2025, fueled by favorable regulatory developments under President Trump, according to Binance CEO Richard Teng. Bitcoin, which surpassed $100,000 last year, is currently trading near $104,000 despite a recent 3% dip. Teng highlighted expectations for pro-crypto legislation, regulatory appointments, and the potential establishment of a U.S. strategic bitcoin reserve under the new administration. Optimism about crypto’s future is bolstered by growing support from U.S. political and corporate leaders.

• AI: Goldman Sachs has introduced its generative AI assistant, GS AI, to 10,000 employees, aiming for full rollout to all knowledge workers in 2025. The AI tool helps with tasks like summarizing emails, translating code, and eventually performing multi-step actions, aligning with the firm’s culture and practices. Goldman joins JPMorgan and Morgan Stanley in deploying AI widely, reflecting rapid adoption of generative AI on Wall Street. While AI may disrupt roles in back-office operations, Goldman emphasizes it will empower employees rather than replace them, enhancing productivity and innovation.

• Inflation: Canada's annual inflation rate dropped to 1.8% in December, aided by a temporary federal tax pause on items like alcohol, restaurant food, and clothing. Without this tax break, inflation would have risen to 2.3%, according to Statistics Canada. Grocery price growth slowed to 1.9% year-over-year, while shelter costs eased slightly but remained elevated at 4.5%. Economists now anticipate the Bank of Canada may implement a quarter-point interest rate cut in its upcoming decision.

Trump’s Tariff War: A Disaster in the Making?

The stock market and stuff

• G Mining Guides To 2025 Production Of Up To 200,000 Ounces (theDeepDive)

• Wall Street stocks climb as investors parse Donald Trump’s executive orders (FT)

• Walgreens Plunges After US Alleges Improper Opioid Dispensing (Bloomberg)

• Teck Resources Sees Copper Production Grow 50% In 2024, Provides 2025 Guidance (theDeepDive)

In the juniors

• Power Nickel Hits 4.29% Copper Equivalent Over 20 Metres At Lion Zone (theDeepDive)

• Australia’s Ioneer Secures $996 Million DOE Loan For Lithium Project In Nevada (theDeepDive)

• Rua Gold Intersects 27.2 g/t Gold, 1.35% Antimony Over 0.3 Metres At Murray Creek (theDeepDive)

• Omai Gold Hits 57 Metres Of 4.48 g/t Gold (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.