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Trump Tariffs Struck Down

In a landmark decision, the US Court of International Trade struck down every tariff President Donald Trump imposed under the International Emergency Economic Powers Act of 1977, ruling that “the Constitution gives Congress exclusive authority to regulate commerce with other countries that is not overridden by the president’s emergency powers.”

The decision instantly nullifies the so-called “Liberation Day” tariffs announced in early April and every subsequent IEEPA-based order issued since January.

You can read more on the matter here.

What’s going on?

• Fortress Developers Found Guilty of Fraud (theDeepDive)

• Carney welcomes U.S. court decision blocking Trump’s tariffs (Globe)

• Hudson’s Bay to Lay Off 8,300 Workers as Canada’s Oldest Retailer Closes (theDeepDive)

• US economy shrank at 0.2% rate in first quarter (FT)

• Eby Uses Consent Route for “$30B” Critical Mineral Mines, Dodges Bill 15 Storm (theDeepDive)

• Senators Bash Nvidia’s Plans for Facility in China (WSJ)

• Student Visa Interviews On Hold as US Weighs Social Media Checks (theDeepDive)

• Flooded Mine in Congo Is Latest Threat to Global Copper Supply (Bloomberg)

• Florida Becomes Nation’s Largest State to Allow Gold, Silver as Legal Tender (theDeepDive)

• U.S. judge extends order blocking Trump administration’s ban on foreign students at Harvard (Globe)

• Canada’s Liberals Finish Just 60 Votes Away From Majority After Recounts (theDeepDive)

What’s the latest?

• RBC: Royal Bank of Canada reported Q2 adjusted profit of $4.53 billion or $3.12 per share, up from $4.2 billion or $2.92 a year ago, beating expectations. The $13.5 billion acquisition of HSBC Canada added $258 million to net income and strengthened RBC's domestic presence. Wealth management profit rose 11% due to higher fee-based assets. However, provisions for credit losses surged to $1.42 billion, up from $920 million, as the bank braces for economic impacts from U.S. tariffs and global trade tensions.

• CIBC: CIBC reported Q2 adjusted net income of $2.02 billion or $2.05 per share, up from $1.72 billion or $1.75 a year earlier. The increase was driven by a 20% rise in capital markets income to $566 million, boosted by market volatility linked to U.S. trade policy shifts. Like peers TD and BMO, CIBC’s trading business benefited from higher fee income as investors repositioned portfolios.

• Energy: More than $14 billion in U.S. clean energy investments have been canceled or delayed in 2025, largely due to a House GOP tax bill that would cut clean energy credits, according to E2 and Atlas Public Policy. These changes have also cost an estimated 10,000 jobs. Of the canceled projects, over $12 billion were in Republican-led districts, despite those areas benefiting most from the clean energy boom. The Senate is reviewing the bill, with a target of July 4 to pass it.

• NVIDIA: Nvidia shares jumped 6% after strong earnings beat expectations, despite a $4.5 billion write-off from unsellable H20 chips due to U.S. export curbs to China and $2.5 billion in lost revenue. The earnings sparked a global rally in semiconductor stocks, lifting AMD, Qualcomm, Taiwan Semiconductor, Tokyo Electron, SK Hynix, and ASML. Nvidia remains a bellwether for the AI and chip sectors. The U.S. continues tightening restrictions on semiconductor exports to China.

• Politics: The Trump administration plans to ask the U.S. Supreme Court to pause a federal ruling that blocked many of its tariffs, citing national security and economic risks. The U.S. Court of International Trade invalidated Trump’s retaliatory tariffs, saying they exceeded presidential authority under the International Emergency Economic Powers Act. The administration filed an appeal and is seeking a temporary stay of the ruling, which impacts dozens of country-specific tariffs. Officials warned the decision could disrupt a recent China trade deal and future diplomatic efforts.

Avino Silver Q1 Earnings

The stock market and stuff

• Tesla Targets June 12 Austin Robotaxi Launch Amid Safety, Regulatory Concerns (theDeepDive)

• Trump-Cleared: Nippon Set to Snap Up US Steel at Original $55-Per-Share Deal (theDeepDive)

• Bell Canada to launch 6 AI data centres in B.C. (CBC)

• Tesla Loses Money on Insurance as Claims Exceed Premiums (theDeepDive)

In the juniors

• EMP Metals Enters Arrangement For Construction Of Lithium Extraction Demonstration Plant (theDeepDive)

• Frontier Outlines $932 Million NPV Under Definitive Feasibility Study For PAK Lithium Project (theDeepDive)

• Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project (theDeepDive)

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