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Will The US Impose a Blanket 20% Tariff?

Is the US about to implement a flat 20% tariff on imports, or will the White House opt for a narrower set of levies targeting specific sectors? While some analysts warn of sweeping measures that could send shockwaves through global trade, others see signs that the US may moderate its approach.

“It’s starting to feel like the consensus bear case is a blanket 20% tariff across the board,” says Kris Sidial, a derivatives strategist who has been monitoring volatility trends. “The bull case leans more toward a targeted 12%–20% on specific sectors and countries.”

So far, the market itself seems unruffled; Sidial notes that “derivatives pricing isn’t showing much fear” and that “vol is flat on the day,” suggesting traders either doubt the severity of any upcoming move or believe the administration might soften the blow to avoid a significant hit to GDP.

You can read more on the matter here.

What’s going on?

• GPU Constraints Force OpenAI to Delay Upcoming Products, Altman Confirms (theDeepDive)

• Third Conservative candidate no longer running in federal election (CTV)

• Trump Administration Considers Tax Rebates Funded by Tariff Revenue (theDeepDive)

• New fentanyl data undercuts White House’s portrayal of Canada’s role in U.S. drug crisis (Globe)

• Strong Reclamation Laws Could Give Mexico’s New President Justification For Allowing New Open Pit Mines (theDeepDive)

• Amazon Makes Last-Minute Bid to Purchase TikTok, NYT Says (Bloomberg)

• Trump Administration Prepares Farm Bailout as New Tariffs Threaten Agricultural Exports (theDeepDive)

• China's love of open-source AI may shut down fast (Reuters)

• Poilievre’s Energy Corridor Plan Faces Implementation Hurdles (theDeepDive)

• Judge Dismisses Bribery Case Against NYC Mayor Eric Adams (WSJ)

• Putin Orders Largest Russian Conscription Drive in 14 Years (theDeepDive)

• Vancouver-area home sales hit lowest March levels since 2019 despite supply influx, real estate board says (Globe)

• Poilievre Proposes Outstanding Capital Gains Tax Policy (theDeepDive)

What’s the latest?

• Rogers: Rogers Communications secured a new 12-year, $11 billion media rights deal with the NHL, more than doubling its previous $5.2 billion agreement. The deal, running through the 2037-38 season, grants Rogers exclusive national rights across TV, digital, and streaming platforms in all languages. It covers all regular-season and playoff games, including the Stanley Cup Final and major NHL events. Rogers also has the ability to sub-license portions of the rights strategically.

• Tariffs: Canadian vehicle buyers are rushing to purchase cars ahead of potential price hikes from new U.S. auto tariffs, which could trigger Canadian retaliatory tariffs of up to 25%. In March, auto sales hit their highest level since 2018, with 185,000 vehicles sold. The average price of a new vehicle in Canada has risen to $65,000, and further price increases could lead to layoffs, higher used car prices, and increased auto loan delinquencies. Industry experts warn that ongoing tariffs could disrupt decades of North American auto trade, resulting in up to $100 billion in stranded investments.

• Tesla: Tesla's global deliveries fell 13% year-over-year in Q1 2025, dropping to 336,681 units from 387,000 despite deep discounts and incentives. Analysts had expected 408,000 sales, but weak demand in the U.S., China, and Europe contributed to the shortfall. Tesla’s stock has declined nearly 50% since December, with competition from BYD and consumer hesitation over an upcoming Model Y update adding pressure. Shares dropped nearly 6% in early trading following the report.

• BlackBerry: BlackBerry reported a Q4 net loss of US$7.4 million, improving from US$56.2 million a year earlier. Revenue declined to US$141.7 million from US$152.9 million, with drops in secure communications (US$67.3M, down from US$71.6M) and licensing revenue (US$8.6M, down from US$15.4M). Despite an adjusted net income of US$0.03 per share, shares fell nearly 10%, dropping C$0.51 to C$4.84 on the Toronto Stock Exchange.

• Real Estate: Vancouver's housing market saw 2,091 home sales in March, down 13.4% from March 2024 and 36.8% below the 10-year seasonal average. Despite a 29% rise in new listings (6,455) and a 37.9% increase in total active listings (14,546), buyer activity remained low. The composite benchmark price was $1,190,900, down 0.6% year-over-year but up 0.5% from February.

Pierre Poilievre’s Capital Gains Plan: Bold Move or Real Estate Giveaway?

The stock market and stuff

• First Majestic Silver Increases Mineral Reserves 45% Year Over Year, Releases Inaugural Resource On Navidad Discovery (theDeepDive)

• Tesla suffers worst quarter since 2022 as deliveries tumble (FT)

• Trump kicks off sale of $2.3bn Truth Social stake (FT)

• China Launches Antitrust Probe Into $22.8 Billion Panama Ports Deal (theDeepDive)

In the juniors

• Aero, Kraken Energy To Combine Amid Weakened Uranium Markets (theDeepDive)

• Cardiol Therapeutics Fully Funded For Phase III MAVERIC Clinical Trial Enrollment (theDeepDive)

• Benton Resources Discovers Copper-Gold Zone At Great Burnt (theDeepDive)

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