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U.S. Import Dependence Rises Again

The United States increased its reliance on foreign mineral supplies in 2025, reversing a two-year trend of declining import dependence, according to federal data released last week.

The US Geological Survey’s 2026 Mineral Commodity Summaries shows the country depended on imports for more than half its consumption of 54 nonfuel minerals in 2025, up from 46 in 2024. The US was completely import-dependent for 16 minerals in 2025, up from 15 the previous year.

The increase came despite federal investments exceeding $1 billion in domestic mineral production projects and followed two consecutive years of declining import reliance from a peak of 51 commodities in 2022.

You can read more on the matter here.

What’s going on?

• Canada Post Secures $1 Billion Loan After Year of Strikes and Record Losses (theDeepDive)

• Carney, Ford discussed idea of an early federal election to secure majority, sources say (Globe)

• US-India Trade Framework Explained: Tariff Cuts And Carveouts (theDeepDive)

• French central bank governor to step down early (FT)

• China Tells Big Banks to Curb US Treasury Buying (theDeepDive)

• Immigration Raids in South Texas Are Starting to Hit the Economy (WSJ)

• A New Era For The Fed? Warsh’s Proposed Accord Sparks Independence Debate (theDeepDive)

• As AI enters the operating room, reports arise of botched surgeries and misidentified body parts (Reuters)

• French Prosecutors Raid X Paris Offices, Summon Musk (theDeepDive)

What’s the latest?

• AI: OpenAI says ChatGPT is back to exceeding 10% monthly growth, with more than 800 million weekly users, as it pushes back against competition from Anthropic. CEO Sam Altman said Codex usage jumped about 50% week over week following the launch of GPT-5.3-Codex. The company is preparing to test ads in ChatGPT and is raising up to $100 billion, after closing a $41 billion round in March led by SoftBank.

• Politics: Conservatives are urging the federal government to reduce withholding taxes on severance packages for GM workers laid off in Ingersoll and Oshawa, arguing current taxes could cost workers tens of thousands of dollars upfront. More than 1,000 CAMI Assembly workers and about 500 Oshawa workers have been laid off amid GM’s EV production pullback and U.S. auto tariffs. The request comes as Canada prepares for CUSMA renewal talks and after Ottawa announced a new auto strategy that Conservatives say does little to help affected workers immediately.

• Markets: Canada’s TSX rose 326 points (+1.0%) to 32,797, led by gains in base metals. U.S. markets were mixed, with the Dow down 28 points while the Nasdaq gained 212 points. The Canadian dollar strengthened to 73.70 US cents, while oil rose to US$64.16 and gold climbed to about US$5,091 an ounce.

• Trade War: Cuba said international airlines will no longer be able to refuel there starting Monday as the country runs out of aviation fuel, with shortages expected to last about a month and affect all major airports. The crisis follows U.S. threats to impose tariffs on countries supplying oil to Cuba, intensifying an already severe energy crunch. Tourism is already under pressure, with visitors down 17.8% in 2025 to 1.8 million, far below the 2.6 million target.

• Legal: Novo Nordisk is suing Hims & Hers for allegedly mass-marketing unapproved, compounded copies of Wegovy, seeking a permanent ban and damages. Hims planned to sell its copycat pill for as low as $49 per month, about $100 cheaper than Wegovy, before agreeing to stop amid FDA scrutiny. Novo says semaglutide is no longer in shortage and estimates up to 1.5 million Americans still use compounded GLP-1 drugs. Following the news, Novo shares rose over 3% while Hims stock fell more than 27%.

The $3.8 Billion Foran Mining Acquisition

The stock market and stuff

• Anglo American Considers Third De Beers Writedown as Diamond Crisis Deepens (theDeepDive)

• Highlander Silver: The Saviour Of Bear Creek Mining (theDeepDive)

• Alphabet lines up 100-year sterling bond sale (FT)

• NexGen Energy Sees Groundswell Of Support As Part 2 Of CNSC Hearings Begin (theDeepDive)

• Canada Seeks to Recover Millions From GM After Plant Layoffs (theDeepDive)

In the juniors

• Emerita Drills 1.4% Copper Over 9.2 Metres At El Cura In Advance Of Prefeasibility Study (theDeepDive)

• Steadright Hints At Near Term Mineral Extraction From New Copper Valley Project (theDeepDive)

• Osisko Development Selects JDS For Project Management At Cariboo As Final Investment Decision Nears (theDeepDive)

• Azimut Drills 3.26 g/t Gold Over 9 Metres At Wabamisk, Confirming Discovery (theDeepDive)

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