Tesla’s January performance in France, the EU’s second-largest EV market, was significantly weaker than the overall market trend. Registrations dropped a dramatic 63%, totaling just 1,141 vehicles — the lowest since August 2022. This decline contrasts with a small overall decrease in industry sales and EV sales specifically. The sharp fall in Tesla registrations suggests challenges for the company in this key European market.
Ukrainian reports indicate a potential withdrawal of North Korean troops from the front lines in the Kursk region, following heavy casualties estimated at 1,000 out of 11,000 deployed soldiers in just three months. This assessment, supported by similar reports from the New York Times, suggests significant losses impacting North Korea’s participation in the conflict. While the withdrawal may not be permanent, the North Koreans’ apparent vulnerability to Ukrainian drones highlights the challenges they face in modern warfare. Despite this setback, Russia and North Korea continue to strengthen their military alliance.
China is initiating legal action against the U.S. at the WTO, alleging that President Trump’s 10% tariff on all Chinese imports violates WTO trade rules. This action follows Trump’s justification of the tariffs under the IEEPA, citing a national emergency due to illegal immigration and drug trafficking, primarily fentanyl originating from China. While China acknowledges its role in providing precursor chemicals, it rejects responsibility for the U.S. fentanyl crisis and urges a more collaborative approach to address the issue. The Chinese Ministry of Commerce vows to implement countermeasures to protect its interests.
President Trump’s newly imposed 25% tariffs on Canadian and Mexican aluminum imports have caused a ripple effect, prompting a temporary pause by Prime Minister Trudeau. The tariffs’ potential to disrupt global aluminum markets is evident in a significant drop in European aluminum premiums, as Canadian shipments are expected to be diverted. Canada supplied 56% of U.S. aluminum imports in 2023, highlighting the substantial impact of this trade dispute. The European Union, while a smaller importer of Canadian aluminum, has also seen market changes in response to the tariffs.
The 50501 Movement organized nationwide protests on February 5th to oppose President Trump’s actions, including executive orders on immigration and pardons related to the January 6th Capitol riot. These protests, planned for all 50 state capitols and publicized through various social media platforms, aim to combat what some prominent figures have called “fascism.” Concerns regarding safety and organization were raised by some participants, acknowledging potential threats from counter-protesters. The demonstrations were intended to address various issues, including human rights, and equality.
Rep. Ilhan Omar condemned President Trump’s closure of the USAID headquarters, characterizing the action as a step toward dictatorship and a constitutional crisis. This closure, preventing staff access and halting congressionally authorized payments, represents an alleged power grab undermining Congress’s authority over the purse. Omar, who personally benefited from USAID aid as a refugee, highlighted the agency’s crucial role in fostering international goodwill and American compassion. The Democrats argue that Trump lacks the authority to unilaterally halt funding allocated by Congress.
In response to newly imposed U.S. tariffs, Canadian businesses are emphasizing domestic sourcing. Loblaw Companies Ltd. plans to increase its procurement of Canadian-grown and -made food, while also exploring Mexican alternatives. Shopify intends to incorporate features promoting local purchases within its Shop app for Canadian, U.S., and Mexican markets. These actions follow President Trump’s announcement of 25 per cent tariffs on Canadian goods, met by Canada’s own retaliatory tariffs totaling $30 billion initially, set to rise to $125 billion.
In response to Donald Trump’s newly imposed tariffs, Premier François Legault convened a meeting with key Quebec financial leaders. The afternoon session included executives from Desjardins, Banque Nationale, Caisse de Dépôt, Investissement Québec, and Hydro-Québec, along with key ministers. Discussions focused on potential countermeasures, including the possibility of restricting hydroelectric power exports to the United States, a suggestion previously floated by Legault. Further action has already been taken, with the SAQ instructed to remove all American products from its shelves and distribution channels. A press conference is scheduled to follow the meetings.
Following a 30-day postponement of U.S. tariffs negotiated by Prime Minister Trudeau, Ontario has paused its retaliatory measures. These measures included removing U.S. alcohol from LCBO shelves and cancelling a $100 million Starlink internet deal. While the retaliatory actions are temporarily suspended, Premier Ford warned they could be reinstated if tariffs are implemented. The pause allows for further negotiations and underscores the precarious nature of the Canada-U.S. trade relationship.
Following two phone calls between Prime Minister Trudeau and President Trump, a 30-day reprieve on U.S. tariffs against Canadian goods was secured. This temporary ceasefire resulted from Canada’s commitment to enhance border security, including a $1.3 billion plan and the creation of a joint strike force to combat crime and money laundering. The agreement, however, is considered an initial step, with Trump indicating a desire for a comprehensive economic deal. Canada also committed to appointing a fentanyl “czar” and designating Mexican cartels as terrorist organizations.
John Q. Hosedrinker