Trump Grants 30-Day Tariff Reprieve to Mexico and Canada Amid Border Security Promises

President Donald Trump agreed to delay planned tariffs on Mexico and Canada for 30 days after both nations committed to enhancing border security and combating drug smuggling. The decision, which followed phone calls with Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau, eased immediate economic concerns but left businesses uncertain about long-term trade stability. Mexico pledged to deploy 10,000 national guard troops to curb fentanyl trafficking, while Canada agreed to new border security measures, including appointing a "fentanyl czar." Despite the reprieve, financial markets remained volatile, with the Dow Jones fluctuating sharply. Meanwhile, Trump's broader trade strategy remains unclear, as tariffs on Chinese imports are still set to increase.

Source: The Washington Post

El Salvador Offers to Accept U.S. Deportees, Including Convicted Criminals

U.S. Secretary of State Marco Rubio announced that El Salvador’s President Nayib Bukele has agreed to accept deportees from the U.S., including non-Salvadoran migrants and even American criminals currently imprisoned in the United States. Bukele framed the deal as an opportunity for El Salvador to "outsource part of the U.S. prison system" in exchange for financial compensation. While the Trump administration has no immediate plans to deport American citizens, the proposal is likely unconstitutional. Additionally, Rubio confirmed the restructuring of USAID under the State Department, following mass layoffs at the agency.

Notes: USAID is a US agency primarily responsible for administering civilian foreign aid and development assistance. Currently, Trump and Musk have moved to dismantle USAID.

Source: Associated Press

Palantir Shares Surge Over 22% After Hours

Palantir Technologies' stock soared to a record high as the company reported better-than-expected earnings, raised its 2025 revenue forecast, and predicted significant benefits from President Donald Trump’s government restructuring. CEO Alex Karp credited Elon Musk’s cost-cutting initiatives within the administration for creating opportunities for the company, which derives about two-thirds of its U.S. revenue from government contracts. Palantir expects revenue between $3.74 billion and $3.76 billion in 2025, surpassing analysts' estimates. Since Trump’s re-election, Palantir’s market value has jumped by over $70 billion. The company is set to gain from increased federal spending on national security, space, and immigration, aligning with its partnerships with defense firms and AI providers.

Notes: The company joined the S&P 500 index in 2024, following a 340% stock price increase that made it the top performer in the index.

Source: Financial Times

Crypto Market Suffers $370 Billion Wipeout After Tariffs Announcement

Global financial markets, including the cryptocurrency sector, experienced significant volatility following President Donald Trump's announcement of strict tariffs on foreign imports. The crypto market lost $370 billion in market capitalization, with Bitcoin dropping 8% to a low of $93,000 before recovering slightly. Other major cryptocurrencies, such as XRP and Ethereum, saw even steeper declines, falling 33% and 22%, respectively. The panic-selling was driven by concerns that tariffs on Canada, Mexico, and China would disrupt global trade and increase inflation, prompting investors to de-risk their portfolios. However, some analysts believe that long-term tariffs could weaken fiat currencies and ultimately drive more investors toward Bitcoin as a hedge against economic instability.

Notes: Bitcoin’s volatility remains high, with frequent double-digit percentage swings in response to global events.

Source: Fortune