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UPS Destroys Packages Amid Tariff Chaos

UPS (NYSE: UPS) warehouses nationwide hold thousands of international packages in limbo, with the shipping giant acknowledging it has begun “disposing of” some shipments that cannot clear customs under new Trump administration regulations.

New customs requirements created the backlog after the Trump administration eliminated the “de minimis” exemption, which for decades allowed packages valued at $800 or less to enter the US duty-free. The administration ended the exemption globally on Aug. 29, citing national security concerns and efforts to combat fentanyl trafficking.

You can read more on the matter here.

What’s going on?

• Bessent: Warp Speed-Type Plan For US Rare Earth Independence (theDeepDive)

• Jay Powell signals support for more rate cuts as US job market cools (FT)

• Washington Rumored Readying Countermeasure To Require License For Software Export To China (theDeepDive)

• Gaza ceasefire outlook darkens as Israel delays aid and Hamas tightens grip (Reuters)

• Pakistan and Afghanistan Exchange Heavy Fire in Deadliest Border Clashes Since Taliban Takeover (theDeepDive)

• Instagram to Limit Content for Teenage Users Based on PG-13 Ratings (WSJ)

• Codelco Raises Loss Estimate from El Teniente Collapse, Calls It ‘New Phenomenon’ (theDeepDive)

• Katy Perry and Justin Trudeau spotted kissing on yacht: report (NP)

• Pentagon Launches $1 Billion Push to Secure Critical Minerals Supply (theDeepDive)

• Trump trade rep says new 100% tariff on China depends on Beijing’s next move (CNBC)

• China Offers to Lift Agricultural Tariffs if Canada Drops EV Levies (theDeepDive)

What’s the latest?

• AI Boom: The IMF warned the U.S. AI boom could end like the dot-com bust but with less systemic risk. AI investment rose 0.4 % of GDP since 2022, compared to 1.2 % during the 1995–2000 internet boom. Inflation is forecast at 2.7 % in 2025 and 2.4 % in 2026, with tariffs and reduced immigration keeping pressures high. The IMF said importers—not exporters—are absorbing tariff costs.

• Markets: U.S. stocks slipped Tuesday as renewed trade tensions with China weighed on major indexes. The S&P 500 fell 0.5%, the Dow Jones Industrial Average dipped 0.1%, and the Nasdaq Composite lost 1%, dragged down by big tech stocks like NVIDIA Corporation, which dropped 3.5%. China banned dealings with subsidiaries of Hanwha Ocean, escalating trade friction that also includes new port fees. Investors now look to corporate earnings for clarity as a U.S. government shutdown halts key economic data, while gold continues its strong rally above $4,100 an ounce.

• BCE: BCE Inc. expects revenue to grow at a compound annual rate of 2–4% through 2028, according to its new three-year strategic plan. The company aims to drive sustainable growth through fibre, wireless, AI-powered enterprise solutions, and digital media. It’s targeting $1.5 billion in cost savings by 2028 through transformation and efficiency initiatives. Adjusted EBITDA is projected to grow 2–3% annually over the same period.

• Oil: International Energy Agency forecasts a global oil surplus of up to 4 million barrels per day in 2026, up from its previous 3.3 million bpd estimate. Supply is projected to rise by 3 million bpd in 2025 and another 2.4 million bpd in 2026, outpacing sluggish demand growth of about 700,000 bpd annually. OPEC expects stronger demand, forecasting 1.3 million bpd growth this year versus the IEA’s 710,000 bpd. Brent crude fell below $62 per barrel amid mounting oversupply concerns.

• Cenovus: Cenovus Energy Inc. has acquired an 8.5% stake (21,723,540 shares) in MEG Energy Corp. following its increased takeover bid on Oct. 8. The $8.6 billion offer, including debt, is split evenly between cash and stock. Strathcona Resources Ltd. withdrew its competing bid last week. MEG shareholders will vote on the proposal on Oct. 22.

The U.S. Just Put Real Money Behind Critical Minerals

The stock market and stuff

• G Mining Sees Production Boost Of 9% In Third Quarter (theDeepDive)

• Crypto Armageddon: $19B Wipeout Largest Liquidation In History (theDeepDive)

• Parkland-Sunoco deal approved under Investment Canada Act (Globe)

• Orla Mining Posts Q3 Production Of 79,645 Ounces (theDeepDive)

In the juniors

• Avino Silver Sees Q3 Production Slip 13% To 580,780 Silver Equivalent Ounces (theDeepDive)

• When 4% of Global Copper Disappears Overnight | David Gower – Emerita Resources (theDeepDive)

• Loncor Gold To Be Acquired By Chinese Entity For $1.38 A Share (theDeepDive)

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