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Trump Touts China Deal—But Where’s the Text?

President Donald Trump’s declaration that “we just signed with China yesterday” has injected fresh uncertainty into the already fragile trade détente efforts. While Beijing’s Commerce Ministry on Friday outlined a framework—China will accelerate approvals for rare-earth exports and Washington will lift unspecified “restrictive measures” —no comprehensive text or joint communiqué has been released by either capital.

A White House aide attempted to clarify, saying the two sides reached “an additional understanding” on how to implement May’s Geneva consensus. That earlier pact paused most bilateral tariff hikes for 90 days but later stalled when Beijing slowed moves to loosen rare earth curbs and Washington tightened tech export and student visa rules.

You can read more on the matter here.

What’s going on?

• House Approves Medical Cannabis Access for Veterans (theDeepDive)

• Trump ends all U.S. trade talks with Canada over digital services tax

• (CNBC)

• Smith: Pipeline Proposal Coming Within Weeks (theDeepDive)

• Iran says possibility of talks with U.S. ‘complicated’ after strikes caused ‘serious damage’ to nuclear sites (Globe)

• Israeli Outlets Report Trump-Netanyahu Gaza Deal (theDeepDive)

• Donald Trump says US would ‘absolutely’ bomb Iran again to stop enrichment (FT)

• Canada’s Economy Contracts In April As Manufacturing Tumbles (theDeepDive)

• California Gov. Newsom Sues Fox News for Defamation (WSJ)

• Trump Threatens Tariff Blitz as Spain Alone Rejects NATO’s New 5% Defence Pledge (theDeepDive)

• China confirms details of U.S. trade deal (CNBC)

• NYMEX Lifts Platinum Margins 25% After Metal Hits 11-Year High (theDeepDive)

• China eases restrictions on rare earth mineral exports to the U.S. (Globe)

What’s the latest?

• Trade War: President Donald Trump has announced an immediate halt to all trade talks with Canada, citing strong opposition to Canada’s digital services tax. He called the 3% levy on U.S. tech companies "a direct and blatant attack." The move disrupts prior plans to negotiate a new trade and security deal by mid-July. Canada has maintained the tax will proceed, with first payments due Monday and retroactive to 2021. Trump warned new tariffs on Canadian goods will be detailed within seven days.

• Gold: Gold prices are expected to rise further as the U.S. dollar weakens and central banks—especially in China, India, and Japan—diversify away from U.S. reserves, according to analyst John Zechner. He attributes the shift to geopolitical risks, including Trump’s tariff war, and declining confidence in fiat currencies. Gold recently hit around US$3,330 as tensions eased in the Middle East. Zechner highlighted Torex Gold Resources as a strong performer, up nearly 110% year-over-year, citing its seamless transition to underground mining at its Mexican sites. Central banks remain major gold buyers, with limited adoption of crypto so far.

• Economy: Canada’s economy shrank 0.1% in April, driven by a 1.9% drop in manufacturing—the largest decline since April 2021—due to U.S. tariffs targeting steel, aluminum, and autos. StatsCan’s early estimate shows another 0.1% dip in May. Economists say these back-to-back contractions suggest Q2 will likely see negative growth, with further downside risks ahead. While goods-producing industries declined, services like finance and public administration posted modest gains. Analysts expect the Bank of Canada may need to cut rates again this year to counter weakening economic momentum.

• Markets: U.S. stocks climbed Friday morning, with the S&P 500 and Nasdaq both approaching new record highs. The Dow rose 368 points as broad market gains were led by a 15.5% jump in Nike shares. Investors appeared optimistic amid easing oil prices, signs of progress in U.S.-China trade talks, and a steady inflation report showing the Fed’s preferred gauge at 2.3% in May. Despite lingering tariff risks and stubborn inflation, markets anticipate at least two Fed rate cuts later this year. Bond yields also rose slightly.

• Tesla: A U.S. judge ruled that Tesla must face trial in July over a 2019 fatal crash involving its Autopilot system in Florida. The lawsuit alleges design defects and failure to warn, allowing the victim’s estate to seek punitive damages. The judge found sufficient evidence that Autopilot may have been a “substantial factor” in the crash, despite the driver’s unsafe behavior. Claims of manufacturing defect and misrepresentation were dismissed.

The Aznalcollar Trial

The stock market and stuff

• LME Forces Traders to Surrender Massive Positions (theDeepDive)

• FHFA Tells Fannie & Freddie: Add Bitcoin to the Mortgage Toolkit (theDeepDive)

• Germany tells Apple, Google to block DeepSeek as the Chinese AI app faces rising pressure in Europe (CNBC)

• Betting Platform Kalshi Raises $185M, Hits $2B Valuation (theDeepDive)

• Crypto Infrastructure Provider Banxa Holdings To Be Acquired For $1.55 A Share In Cash (theDeepDive)

In the juniors

• Copper Giant Issues $1.6 Million In Stock For Acquisition Of 53,474 Hectare Land Package (theDeepDive)

• Tudor Gold Enters Definitive Agreement For American Creek Resources Purchase (theDeepDive)

• Why This “Unknown Metal” Is Suddenly Essential For Defense & Tech | Antimony Resources (theDeepDive)

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