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US Blames Canada for CUSMA Breakdown

US Ambassador to Canada Pete Hoekstra argued in a new episode of The Food Professor Podcast that US and Canada were close to a broader deal last fall before talks stalled. While he did not mention Ontario Premier Doug Ford by name, host Dr. Sylvain Charlebois posted on X framed Hoekstra’s argument as a claim that Ford’s anti-American rhetoric last fall “contributed to the breakdown in Canada-US negotiations.”

In the podcast, Hoekstra discussed CUSMA’s future, dairy supply management, Canada’s restrictions on US alcohol, the Gordie Howe International Bridge delay, and Trump’s “51st State” rhetoric.

Hoekstra’s own words were narrower but still pointed.

You can read more on the matter here.

What’s going on?

• Gov’t Watchdog Warns Trump Oil Release Is Threatening US Dwindling Reserve (theDeepDive)

• Poilievre speaking after B.C., Ottawa strike multibillion-dollar resource deal (CBC)

• “Dr. Trump” Posts AI Video On Trump Derangement Syndrome With Hollywood Patients (theDeepDive)

• Canada aims to announce 10 countries backing global defence bank at NATO summit (Reuters)

• OpenAI Proposes Giving US Government a 5% Stake, FT Reports (theDeepDive)

• After a messy spring, Doug Ford looks to reset for the fall. But has the political tide turned? (Globe)

• US Suspends Tariffs on Moroccan Phosphate, Declares Fertilizer Emergency (theDeepDive)

• U.S. Snaps Hiring Hot Streak With Only 57,000 Jobs Added in June (WSJ)

• Marcos, Carney Meet in Vancouver as Philippines Seeks Energy Deals Amid Middle East Fallout (theDeepDive)

What’s the latest?

• Markets: U.S. stocks were mixed as AI chip stocks continued to sell off, with the S&P 500 -0.4%, Nasdaq -1.1%, and Dow +0.7%, while Micron (-5.8%), Nvidia (-2.2%), and Lam Research (-11.4%) weighed on the market. U.S. payrolls increased by just 57,000 (vs. 100,000 expected), boosting expectations of a Fed rate hold (80% probability) as easing inflation and lower oil prices reduce pressure for near-term rate hikes.

• Economy: North America remained the world's wealthiest region in 2025, averaging US$660,000 in personal wealth per adult, led by the U.S. (US$696,277, 2nd globally), while Canada ranked 13th with US$399,886 per adult. Globally, personal wealth rose 10.8% in 2025, with 1.5% of people holding US$1M+ in assets, while 42% had less than US$10,000 in wealth.

• NATO: Canada plans to announce ~10 founding countries for a new Global Defence Bank (DSRB) at next week's NATO summit, aiming to raise up to £100B (US$133B) in low-cost financing for allied defence projects. Initial members are expected to be Canada plus mostly European countries, while South Korea remains a possible future member, though participation from other G7 nations is not yet close.

• Real Estate: Calgary home sales fell 3.8% YoY to 2,197 in June, while the benchmark home price declined 2.1% to $572,500 as weaker migration softened housing demand. Apartment prices dropped 9.0% to $299,000, row homes fell 5.5% to $424,100, detached homes declined 1.4% to $750,500, while semi-detached homes were the only segment to rise, up 0.2% to $694,600.

• Politics: Canada and B.C. signed a multibillion-dollar agreement preserving the northern oil tanker ban, effectively blocking a northern Alberta-to-B.C. oil export route, while allowing Ottawa to proceed with a pipeline if B.C. is compensated for environmental risks. The deal includes $3.5B for the North Coast Transmission Line, $500M for the Red Chris Mine, support for a $10B Roberts Bank expansion, and aims to unlock $150B+ in investment while expanding Trans Mountain capacity from 890,000 to 1.2 million bpd.

Kootenay Silver La Cigarra PEA

The stock market and stuff

• Blackstone-Backed Sandwich Chain Files For IPO, Could Reach $1B (theDeepDive)

• Palantir CEO Slams OpenAI, Anthropic Over Token Costs (theDeepDive)

• AI Coding Group Flags Anthropic’s Claude Fable 5 Performance Collapse After Relaunch (theDeepDive)

• Hudbay Wins Peru Approval to Lift Constancia Mill Capacity to 34 Million Tonnes (theDeepDive)

• Agnico Eagle Halts Mining In Barnat Pit After Wall Failure at Canadian Malartic (theDeepDive)

In the juniors

• Athena Gold Completes Maiden Drill Program at Laird Lake Project in Ontario's Red Lake Gold District (JMN)

• Consolidated Lithium’s Reworked Kwyjibo PEA Lifts After Tax NPV to C$1.4 Billion (theDeepDive)

• Myriad Uranium Commences Phase II Drilling at Copper Mountain (JMN)

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