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U.S. Slashes Tariffs on Switzerland

The United States agreed to slash tariffs on Swiss imports from 39% to 15% following a White House meeting where Swiss business executives presented President Donald Trump with a gold Rolex clock and an engraved gold bar.

The tariff reduction, announced Friday, is a dramatic reversal after months of strained trade relations between the two countries. Switzerland also committed to investing $200 billion in US manufacturing by 2028 and reducing import duties on American agricultural products.

“It’s a great relief for our economy,” Swiss Economics Minister Guy Parmelin said in a statement, noting that Swiss tech exports to the US had plummeted 14.2% in the third quarter following the tariff increase in August.

You can read more on the matter here.

What’s going on?

• PBO Slams Budget 2025 As Sustained Deficits Chip Away Credibility Gap (theDeepDive)

• Bangladesh sentences former prime minister Sheikh Hasina to death (FT)

• DOE Announces $355 Million to Boost Domestic Critical Minerals Production (theDeepDive)

• Trump reverses course, now says House Republicans should vote to release Epstein files (Globe)

• Ottawa Cuts Its Own Federal Spending-Cut Commitments (theDeepDive)

• Supreme Court to review US government power to limit asylum processing (Reuters)

• Gold Isn’t A Trade. It’s Insurance Against What Comes Next. – Rick Rule (theDeepDive)

• Fed Vice Chair Says Economic Trade-Offs Justify Lowering Rates Slowly (WSJ)

• Seven New Projects Deepen Alberta-Ottawa Energy Standoff (theDeepDive)

• How Zillow disrupted the real estate industry (CNBC)

• Rob Ashton Targets ‘Rigged’ Economy with Jobs Guarantee Plan (theDeepDive)

What’s the latest?

• Geopolitics: India will import 2.2 million tonnes of U.S. LPG annually, covering nearly 10% of its total LPG imports in a move aimed at reducing its $40B trade surplus with the U.S. The deal comes amid strained trade ties following 50% U.S. tariffs on Indian goods and India’s 25% reciprocal tariffs, partly linked to Russian oil imports. Despite U.S. claims that India stopped buying Russian crude, data shows imports still at 1.85 mbd, while U.S. crude imports surged to 568 kbd, the highest since 2021. Analysts say the shift could help secure a trade deal, but India’s import bill may rise unless domestic production increases.

• Investment: South Korean conglomerates announced major domestic investment plans following concerns that a new U.S. trade deal might shift capital abroad. Samsung Electronics will add a new Pyeongtaek chip line as part of its ₩450 trillion (US$310.79B) domestic investment over five years, with mass production starting 2028. Hyundai Motor Group committed ₩125.2 trillion in local investment for 2026–2030, while shipbuilders Hanwha Ocean and HD Hyundai also announced plans. Samsung recently raised certain memory chip prices by up to 60%, driven by tightening supply amid the global AI boom.

• Inflation: Canada’s inflation slowed to 2.2% in October, down from 2.4% in September, driven by cheaper gasoline and a 0.6% monthly drop in grocery prices — the largest grocery decline in 5+ years. Gas prices fell faster as retailers shifted to winter fuel blends. Annual grocery inflation eased as higher chicken costs were offset by cheaper prepared foods and vegetables. A 7.7% jump in cellular service prices — the first increase since April 2023 — helped keep inflation from falling further.

• Politics: MPs will vote today on Prime Minister Mark Carney’s 2025 budget, a confidence vote that could trigger an election less than a year after the last one. The minority Liberals need support from at least one other party, but all opposition parties have criticized the budget, leaving its path unclear. The plan includes nearly $90B in new spending over five years, focused on capital creation after accounting for cost-saving measures.

• Real Estate: Canada recorded 42,068 home sales in October, down 4.3% year-over-year but up 0.9% month-over-month, the sixth rise in seven months. The average home price fell 1.1% to $690,195, while CREA’s price index dipped 3% year-over-year but inched up 0.2% from September. New listings fell 1.4% monthly, yet total inventory rose 7.2% to 189,000 homes. Economists say activity is slowly recovering with lower rates, though economic uncertainty and buyer-friendly conditions in B.C. and Ontario are tempering price growth.

Equinox Gold Q3 Earning

The stock market and stuff

• Barrick Split Puts Landmark Merger With Newmont On The Horizon (theDeepDive)

• First Majestic Q3 Earnings: Another RECORD Quarter! (theDeepDive)

• Amazon joins Big Tech bond rush with $12bn debt sale (FT)

• Wheaton Q3 Earnings: Cash Operating Margins Skyrocket (theDeepDive)

• Kinross Q3 Earnings: Another Record Free Cash Flow Quarter (theDeepDive)

In the juniors

• Goliath Resources Extends High Grade Zone To 580 Metres In Latest Assays (theDeepDive)

• Aya Gold: The Boumadine Preliminary Economic Assessment (theDeepDive)

• Emerita Resources Hits 2.7% Copper, 1.85 g/t Gold Over 9.6 Metres At El Cura (theDeepDive)

• Denison Mines Enters Into $61.5 Million JV Arrangement With Skyharbour (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.