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Trump Threatens Oil Tariffs Over Cuba

President Donald Trump signed an executive order on January 29, 2026, threatening to impose tariffs on any country that supplies oil to Cuba, escalating Washington’s pressure campaign against Havana 26 days after US forces captured Venezuelan President Nicolás Maduro in a military raid.

The order, effective January 30, declares Cuba an “unusual and extraordinary threat” to US national security and invokes the International Emergency Economic Powers Act to authorize additional tariffs on goods from countries that “directly or indirectly” sell or provide oil to the island nation.

“The regime aligns itself with — and provides support for — numerous hostile countries, transnational terrorist groups, and malign actors adverse to the United States,” the executive order states, citing Russia, China, Iran, Hamas and Hezbollah as examples.

You can read more on the matter here.

What’s going on?

• Trump’s Fed Chair Pick: Who Is Kevin Warsh And Why Markets Flinched (theDeepDive)

• Canada Signs Auto Deal With South Korea, Moving Further From the U.S. (NYT)

• Canada to Release National Electricity Strategy Aiming to Double Grid Capacity (theDeepDive)

• Jeffrey Epstein sent thousands of pounds to Peter Mandelson’s husband, emails show (FT)

• US Shutdown Averted In Theory As DHS Gets Two-Week Stopgap (theDeepDive)

• Federal Judge Rules Out Death Penalty for Luigi Mangione (WSJ)

• A Brag Story Baited A Kid To Reveal He Stole Millions From US Government (theDeepDive)

• Partial government shutdown on track for Saturday after Senate vote on funding deal stalled (CNBC)

What’s the latest?

• Federal Deficit: Canada recorded a $26.4B deficit for April–November 2025, widening from $22.7B a year earlier. Revenue rose to $317.2B (+$5.9B) driven by tariffs and income taxes, while program expenses climbed to $304B (+$9.1B) due to higher transfers and direct spending. Public debt charges were roughly flat at $36.3B, slightly lower year over year.

• Politics: Prime Minister Mark Carney endorsed Kevin Warsh as Trump’s nominee to lead the U.S. Federal Reserve, calling him a strong choice during a period of global uncertainty. Warsh, 55, previously served on the Fed from 2006–2011 and is known as a traditional rate hawk, despite recently supporting lower rates while Trump pushes for rates near 1% versus the current ~3.6%. The nomination, which requires Senate approval, comes amid heightened tensions over Fed independence and political pressure on outgoing chair Jerome Powell.

• Markets: U.S. markets fell after Trump nominated Kevin Warsh to lead the Fed, with the S&P 500 down 0.8%, Dow down 507 points, and Nasdaq down 1%, as investors questioned Fed independence and rate direction. Gold dropped 8.9% to $4,878/oz and silver plunged 23.5% after a year-long rally, dragging mining stocks like Newmont (-10.9%) lower. The 10-year Treasury yield held near 4.24%, while hotter-than-expected wholesale inflation added pressure against near-term rate cuts.

• Tech: A former Google engineer, Linwei Ding (38), was convicted on 14 counts (7 espionage, 7 trade secret theft) for stealing 2,000+ pages of AI chip and infrastructure secrets to benefit China. The DOJ called it the first U.S. conviction for AI-related economic espionage, with Ding facing up to 10–15 years per count. The stolen data covered Google’s TPU architecture, GPU systems, and SmartNIC networking tech.

• Gold: Gold hit a record US$5,418/oz this week before dropping below $5,000, after roughly doubling from $2,795 a year ago, as geopolitical tension and a weaker U.S. dollar fueled safe-haven demand. Retail activity surged globally, with some dealers reporting ~100 daily transactions, as consumers both sold jewelry and bought coins, bars and ETFs. Prices remain volatile, with experts warning the rally could extend or correct sharply depending on macro risk and Fed uncertainty.

Zijin’s $4B Takeover of Allied Gold

The stock market and stuff

• Hasbro Executives Face Lawsuit Over Magic Card Overproduction (theDeepDive)

• Gold Could Hit $6,000 This Year, and That May Be Conservative (theDeepDive)

• TSX dives more than 1,000 points, precious metals battered, after Trump picks new Fed chair (Globe)

• OpenAI Plans Fourth-Quarter IPO in Race to Beat Anthropic to Market (WSJ)

• Uranium Spot Prices Surge Past $98 on AI Power Demand, Supply Constraints (theDeepDive)

• SpaceX Explores xAI Merger As Firm Eyes 2026 IPO (theDeepDive)

In the juniors

• Paramount Gold Receives Positive Record Of Decision For Grassy Mountain Gold Project (theDeepDive)

• Total Metals commences Exploration Drilling on its Critical Minerals Electrolode Project - Red Lake, Ontario (JMN)

• Frontera To Sell Colombia Upstream Operations For US$400 Million, Plans US$370 Million Distribution (theDeepDive)

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