Dr. Mark Thornton, senior fellow at the Mises Institute, discusses the factors that have taken the gold price to all-time highs. In his view, the key driver is government actions like overspending, borrowing and money printing, none of which are likely to abate soon.
He also shares his bullish outlook for silver.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Here’s a quick recap of the crypto landscape for Monday (October 27) as of 9:00 a.m. UTC.
Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin (BTC) was priced at US$115,014, a 0.9 percent increase in 24 hours. Its lowest valuation of the day was US$113,083, and its highest was US$116,032.
Bitcoin price performance, October 27, 2025.
Chart via TradingView.
Bitcoin (BTC) climbed to two week highs on Monday, breaking above US$115,600 as investors priced in expectations of an interest rate cut from the US Federal Reserve later this week.
The cryptocurrency has now risen for five consecutive sessions, with Sunday’s (October 26) 2.6 percent gain pushing Bitcoin past the 50 day exponential moving average at US$114,176. Technical analysts see the move as a potential prelude to a fresh rally, contingent on continued market support and Fed signals.
Trader Ted Pillows noted on X that Bitcoin has “fully reclaimed the US$114,000 support zone” and emphasized that the next key hurdle is US$118,000. He added that, if momentum holds, “a new ATH could happen in 1–2 weeks.”
Market watchers are now closely monitoring the Fed meeting for confirmation of rate cut expectations, which could provide further bullish fuel for Bitcoin and broader crypto markets.
Ether (ETH) was priced at US$4,167.45, a 1.5 percent increase in 24 hours. Its lowest valuation of the day was US$4,053.35, and its highest was US$4,246.23.
Bitcoin derivatives metrics indicate ongoing caution and positioning for downside risk.
Liquidations for Bitcoin contracts have totaled approximately US$6.42 million in the last four hours, the majority of which were long positions, reflecting short-term selling pressure.
Ether liquidations showed a similar pattern, with long positions dominating US$15.55 million in liquidations, though long and short liquidations were more evenly split.
Futures open interest for Bitcoin fell 0.5 percent to US$75.51 billion, and Ether futures declined 0.57 percent to US$49.89 billion, suggesting modest rotation or renewed altcoin activity.
The perpetual funding rate for Bitcoin was 0.008 and 0.009 for Ether, indicating a mild long bias among remaining positions. Bitcoin’s relative strength index stood at 54.84, reflecting neutral to moderately bullish momentum and room for price growth before overextended conditions.
Binance is weighing a US market re-entry following President Donald Trump’s pardon of founder Changpeng Zhao, exploring options to consolidate its American affiliate or allow direct access for US investors, Bloomberg said.
The pardon clears Zhao’s 2023 conviction for failing to maintain anti-money laundering controls, restoring his ability to lead financial ventures. Hours after the announcement, Zhao expressed ambitions to make the US “the capital of crypto” and expand Web3 globally. Binance’s BNB token jumped 8 percent in response. Zhao currently oversees a blockchain ecosystem with around US$8.7 billion in assets, ranking third behind Ether and Solana.
JPYC launched Japan’s first regulated yen-pegged stablecoin on Monday.
The stablecoin aligns with Japan’s Payment Services Act, requiring full reserve backing in yen deposits and government bonds. JPYC aims to issue 10 trillion yen (US$67 billion) over three years, challenging the US-dominated stablecoin market where USDC holds roughly US$40 billion.
The framework prioritizes consumer protection and financial stability, lessons drawn from the 2022 TerraUSD collapse.
JPYC offers zero-fee issuance, redemption and transfers, earning income via interest on reserves in deposits and government bonds. Each transfer is capped at 1 million yen under the regulatory structure.
American Bitcoin (ABTC) expanded its strategic reserve to 3,865 BTC, acquiring 1,414 BTC through both open market purchases and in-house mining, according to a company release.
The accumulation lifts the company’s Satoshis per share metric to 418, a 52 percent increase since September 1.
Integrated mining enables ABTC to secure BTC at lower costs than external acquisitions, giving it a structural advantage over competitors.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Copper Quest Exploration Inc. (CSE: CQX; OTCQB: IMIMF; FRA: 3MX) (‘ Copper Quest ‘ or the ‘ Company ‘) is pleased to announce that it has entered into a definitive agreement to acquire a 100% interest in the Kitimat Copper-Gold Project (the ‘Project’), located approximately 10 kilometers northwest of the deep-water port community of Kitimat, British Columbia.
PROJECT OVERVIEW
The Kitimat Copper-Gold Project covers approximately 2,954 hectares within the Skeena Mining Division of northwestern British Columbia. The Project is year-round road-accessible via a network of logging and mineral exploration roads extending north from Kitimat. The property benefits from exceptional infrastructure, being within 10 km of tidewater, 1.5 km of rail, and 6 km of high-voltage hydroelectric transmission lines.
Geologically, the Project is situated within the Stikine Terrane, a prolific belt that hosts numerous porphyry copper-gold systems and is underlain by Late Triassic volcanic rocks intruded by Jurassic diorite and granodiorite bodies of the Coast Plutonic Complex. The Project’s principal target areas is the Jeannette Cu-Au Zone displaying alteration and mineralization interpreted to represent low-level intermediate to low-sulfidation epithermal expressions of a larger Cu-Au porphyry system.
HISTORICAL EXPLORATION & HIGHLIGHTS
Exploration on the Kitimat property dates back to the late 1960s, with multiple operators conducting geochemical, geophysical, and drilling campaigns. The most significant historical work was conducted by Decade Resources Ltd. (2010), which completed 16 diamond drill holes totaling 4,437.5 meters in the Jeannette Cu-Au Zone. Notable results include:
The mineralized intervals encountered in the 2010 drilling demonstrate continuous near-surface copper-gold mineralization extending over significant widths, remain open at depth within the Jeannette Zone, and occur within a broader hydrothermal system that is interpreted to extend laterally beyond the area tested.
ACQUISITION DETAILS
Under the terms of the agreement Copper Quest has until January 5, 2026 to complete a due diligence review of the Project. Upon successful review, the Company will issue 2,000,000 common shares to the vendor, Bernie Kreft, on January 6, 2026, as full consideration for the acquisition. The Project is subject to a 2.5% net smelter return (NSR) royalty, of which 40% may be repurchased by the Company for CAD $1,000,000. Copper Quest will also retain a right of first refusal on any transaction involving the sale of the remaining royalty interest. Copper Quest has until
Mr. Kreft is a well-known Canadian prospector, entrepreneur, and former star of the Discovery Channel’s Yukon Gold television series. He has a long track record of successful mineral discoveries and project generation across British Columbia and Yukon.
A finder’s fee is payable in connection with the acquisition.
MANAGEMENT COMMENTS
Brian Thurston , CEO of CopperQuest, commented:
‘The addition of the Kitimat Copper-Gold Project demonstrates Copper Quest’s continued effort to add shareholder value through the acquisition of critical mineral projects. This project is ideally located with exceptional infrastructure, in a proven geological belt known for hosting major copper-gold systems. The strong historical drill results from the Jeannette zone speak to the potential of a larger near-surface mineralized system. We look forward to advancing this asset as part of our growing copper-gold portfolio.’
NEXT STEPS
QUALIFIED PERSON
Brian G. Thurston, P.Geo., the Company’s President and CEO and a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the technical information in this news release.
ABOUT COPPER
Despite surging demand, global copper supply remains constrained. Ore grades are declining at major mines, permitting timelines for new projects have lengthened, and geopolitical tensions are reshaping supply chains toward stable, transparent jurisdictions. Governments in Canada, the U.S., and allied nations have increasingly identified copper as a strategic and critical metal necessary for economic and national security. Within this context, Copper Quest’s acquisition of the Kitimat Copper-Gold Project in British Columbia positions the Company to advance a discovery-stage asset in one of the world’s safest and most infrastructure-rich mining jurisdictions — precisely when new, scalable copper sources are most needed.
ABOUT Copper Quest Exploration Inc.
Copper Quest (CSE: CQX; OTCQB: IMIMF; FRA: 3MX) is focused on building shareholder value through the acquisition, exploration and development of its North American Critical Mineral portfolio of assets. The Company’s land package currently comprises five projects that span over 40,000+ hectares in great mining jurisdictions.
Copper Quest has a 100% interest in the Stars Property, a porphyry copper-molybdenum discovery, covering 9,693 hectares in central British Columbia’s Bulkley Porphyry Belt. Contiguous to the Stars Property, Copper Quest has a 100% interest in the 5,389-hectare Stellar Property. CQX also has an earn-in option up to 80% and joint-venture agreement on the 4,700-hectare porphyry copper-molybdenum Rip Project, also in the Bulkley Porphyry Belt.
Copper Quest has a 100% interest in the Nekash Copper-Gold Project, a porphyry exploration opportunity located in Lemhi County, Idaho, along the prolific Idaho-Montana porphyry copper belt that hosts world-class systems such as Butte and CUMO. The project is fully road-accessible via maintained U.S. highways and forest service roads and currently consists of 70 unpatented federal lode claims covering 585 hectares.
Copper Quest has a 100% interest in the Thane Project located in the Quesnel Terrane of Northern BC which spans over 20,658 ha with 10 high-priority targets identified demonstrating significant copper and precious metal mineralization potential.
Copper Quest’s leadership and advisory teams are senior mining industry executives who have a wealth of technical and capital markets experience and a strong track record of discovering, financing, developing, and operating mining projects on a global scale. Copper Quest is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which it operates. The Company’s common shares are principally listed on the Canadian Stock Exchange under the symbol ‘CQX’. For more information on Copper Quest, please visit the Company’s website at www.copper.quest .
On behalf of the Board of Copper Quest Exploration Inc.
Brian Thurston, P.Geo.
Chief Executive Officer and Director
Tel: 778-949-1829
For further information contact:
Investor Relations
info@copper.quest
Forward Looking Information
This news release contains certain ‘forward-looking information’ and ‘forward-looking statements’ (collectively, ‘ forward-looking statements ‘) within the meaning of applicable securities legislation. All statements, other than statements of historical fact included herein, including without limitation, future operations and activities of Copper Quest, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as ‘expects’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘potential’, ‘possible’, and similar expressions, or statements that events, conditions, or results ‘will’, ‘may’, ‘could’, or ‘should’ occur or be achieved. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company’s business and prospects. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
News Provided by GlobeNewswire via QuoteMedia
Apex Resources (TSXV:APX,OTC:SLMLF) is a mineral exploration company with a diversified North American portfolio, combining near-term tungsten-gold opportunities in British Columbia with district-scale lithium potential in Nevada.
The company’s flagship Lithium Creek project in Churchill County, Nevada, represents a new lithium-brine discovery opportunity. Geophysical and gravity surveys have outlined extensive low-resistivity zones and complex basin structures—hallmarks of major brine systems—defining multiple drill targets. Just 70 km east of Reno and 30 minutes from Tesla’s Gigafactory, Lithium Creek is strategically positioned within the U.S. battery manufacturing corridor.
The Jersey-Emerald project, Apex’s flagship Canadian asset, is a past-producing mine complex hosting tungsten, zinc, lead, gold, and molybdenum. Located 10 km southeast of Salmo, BC, it includes the former Emerald and Jersey mines—once among Canada’s largest producers. Apex is applying modern exploration and geophysics to expand critical mineral zones and identify new targets across the 17,500-hectare property.
This Apex Resources profile is part of a paid investor education campaign.*
Click here to connect with Apex Resources (TSXV:APX,OTC:SLMLF) to receive an Investor Presentation
Coelacanth Energy Inc. (TSXV: CEI,OTC:CEIEF) (‘Coelacanth’ or the ‘Company’) is pleased to provide the following update:
BANK CREDIT FACILITY
Coelacanth has signed an agreement to increase its bank credit facility from $52 million to $80 million with closing expected in mid-November. The Company estimates net bank debt relative to the credit facility to be $43 million as at September 30, 2025. The additional liquidity provided will be used, in part, to fund the fall drilling program noted below.
OPERATIONS UPDATE
Coelacanth is currently drilling 3 additional wells in the Lower Montney on its 5-19 Pad at Two Rivers East. Completions are anticipated for late November for an on-stream date of early February 2026. Coelacanth’s last 3 wells on the pad tested a combined 4,872 boe/d (60% light oil) and similar results are expected(1).
Coelacanth is currently producing 4 of its 9 wells on the 5-19 pad plus its legacy production at Two Rivers West. Based on field estimates, current production is approximately 4,400 boe/d (40% light oil). The remaining 5 wells are scheduled to come on production sequentially from mid-November until year-end. Test production on the 5 remaining wells was approximately 6,400 boe/d on a combined basis but net of flush production and declines, Coelacanth estimates production will be approximately 8,400 boe/d (40% light oil) at year-end and then exceed 10,000 boe/d in February 2026 when the new wells are on production (1).
Coelacanth’s business plan includes delineating and developing its large Montney resource that includes 4 potential Montney benches on its 150 section contiguous block of land at Two Rivers in northeast British Columbia.
(1) See ‘Test Results and Initial Production Rates’.
HEDGE POSITION
In conjunction with the drilling program and anticipated new wells coming on production, Coelacanth has placed the following hedges:
| Product | Quantity | Price ($ CAD) |
Reference Point |
Period |
| Natural Gas | 10,000 gj/d | 2.03 | Station 2 | Nov-Dec 2025 |
| Natural Gas | 5,000 gj/d | 2.10 | Station 2 | Dec 2025 |
| Natural Gas | 10,000 gj/d | 2.49 | Station 2 | Jan-Mar 2026 |
| Light Oil | 500 bbls/d | 86.86 | WTI | Nov 2025-Apr 2026 |
Coelacanth is pleased with the results to date and the progression of the business plan.
FOR FURTHER INFORMATION PLEASE CONTACT:
Coelacanth Energy Inc.
2110, 530 – 8th Ave SW
Calgary, Alberta T2P 3S8
Phone: 403-705-4525
www.coelacanth.ca
Mr. Robert J. Zakresky
President and Chief Executive Officer
Mr. Nolan Chicoine
Vice President, Finance and Chief Financial Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Oil and Gas Terms
The Company uses the following frequently recurring oil and gas industry terms in the news release:
| Liquids | |
| Bbls | Barrels |
| Bbls/d | Barrels per day |
| NGLs | Natural gas liquids (includes condensate, pentane, butane, propane, and ethane) |
| Natural Gas | |
| Mcf | Thousands of cubic feet |
| Mcf/d | Thousands of cubic feet per day |
| MMcf/d | Millions of cubic feet per day |
| Oil Equivalent | |
| Boe | Barrels of oil equivalent |
| Boe/d | Barrels of oil equivalent per day |
Disclosure provided herein in respect of a boe may be misleading, particularly if used in isolation. A boe conversion rate of six thousand cubic feet of natural gas to one barrel of oil equivalent has been used for the calculation of boe amounts in the news release. This boe conversion rate is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Product Types
The Company uses the following references to sales volumes in the news release:
Natural gas refers to shale gas
Oil refers to tight oil
NGLs refers to butane, propane and pentanes combined
Liquids refers to tight oil and NGLs combined
Oil equivalent refers to the total oil equivalent of shale gas, tight oil, and NGLs combined, using the conversion rate of six thousand cubic feet of shale gas to one barrel of oil equivalent as described above.
Forward-Looking Information
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words ‘expect’, ‘anticipate’, ‘continue’, ‘estimate’, ‘may’, ‘will’, ‘should’, ‘believe’, ‘intends’, ‘forecast’, ‘plans’, ‘guidance’ and similar expressions are intended to identify forward-looking statements or information.
More particularly and without limitation, this document contains forward-looking statements and information relating to the Company’s oil, NGLs and natural gas production and capital programs. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions relating to prevailing commodity prices and exchange rates, applicable royalty rates and tax laws, future well production rates, the performance of existing wells, the success of drilling new wells, the availability of capital to undertake planned activities and the availability and cost of labor and services.
Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, it can give no assurance that such expectations will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the uncertainty of estimates and projections relating to production rates, costs and expenses, commodity price and exchange rate fluctuations, marketing and transportation, environmental risks, competition, the ability to access sufficient capital from internal and external sources and changes in tax, royalty and environmental legislation. The forward-looking statements and information contained in this document are made as of the date hereof for the purpose of providing the readers with the Company’s expectations for the coming year. The forward-looking statements and information may not be appropriate for other purposes. The Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Test Results and Initial Production Rates
The 5-19 Lower Montney well was production tested for 9.4 days and produced at an average rate of 377 bbl/d oil and 2,202 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.
The A5-19 Basal Montney well was production tested for 5.9 days and produced at an average rate of 117 bbl/d oil and 630 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.
The B5-19 Upper Montney well was production tested for 6.3 days and produced at an average rate of 92 bbl/d oil and 2,100 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.
The C5-19 Lower Montney well was production tested for 5.8 days and produced at an average rate of 736 bbl/d oil and 2,660 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.
The D5-19 Lower Montney well was production tested for 12.6 days and produced at an average rate of 170 bbl/d oil and 580 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable. The D5-19 Lower Montney well was tied into the 16-03 facility and produced an average rate of 546 bbl/d oil, 2,659 mcf/d natural gas, and 48 bbl/d NGLs, for a total average rate of 1,037 boe/d, on a sales basis, over the first 30 days of in-line production (IP30).
The E5-19 Lower Montney well was production tested for 11.4 days and produced at an average rate of 312 bbl/d oil and 890 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure was stable, and production was starting to decline. The E5-19 Lower Montney well was tied into the 16-03 facility, and produced an average rate of 854 bbl/d oil, 2,660 mcf/d natural gas, and 49 bbl/d NGLs, for a total average rate of 1,346 boe/d, on a sales basis, over the first 30 days of in-line production (IP30).
The F5-19 Lower Montney well was production tested for 4.9 days and produced at an average rate of 728 bbl/d oil and 1,607 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable. The F5-19 Lower Montney well was tied into the 16-03 facility, and produced an average rate of 745 bbl/d oil, 3,121 mcf/d natural gas, and 58 bbl/d NGLs, for a total average rate of 1,037 boe/d, on a sales basis, over the first 22 days of in-line production.
The G5-19 Lower Montney well was production tested for 7.1 days and produced at an average rate of 415 bbl/d oil and 1,489 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.
The H5-19 Lower Montney well was production tested for 8.1 days and produced at an average rate of 411 bbl/d oil and 1,166 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure was stable and production was starting to decline.
The reference under the ‘Operations Update’ to the last 3 wells drilled refers to the F5-19, G5-19, and H5-19 wells.
The reference under the ‘Operations Update’ to the remaining 5 wells are scheduled to come on production refers to the 5-19, A5-19, B5-19, G5-19, and H5-19 wells.
A pressure transient analysis or well-test interpretation has not been carried out on these nine wells and thus certain of the test results provided herein should be considered to be preliminary until such analysis or interpretation has been completed. Test results and initial production rates disclosed herein, particularly those short in duration, may not necessarily be indicative of long-term performance or of ultimate recovery.
Any references to peak rates, test rates, IP30, IP90, IP180 or initial production rates or declines are useful for confirming the presence of hydrocarbons, however, such rates and declines are not determinative of the rates at which such wells will continue production and decline thereafter and are not indicative of long-term performance or ultimate recovery. IP30 is defined as an average production rate over 30 consecutive days, IP90 is defined as an average production rate over 90 consecutive days and IP180 is defined as an average production rate over 180 consecutive days. Readers are cautioned not to place reliance on such rates in calculating aggregate production for the Company.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272489
News Provided by Newsfile via QuoteMedia
A small contingent of Senate Republicans again joined with Senate Democrats to reject President Donald Trump’s tariffs — this time on Canadian goods.
The Senate advanced a resolution from Sen. Tim Kaine, D-Va., on a bipartisan basis to terminate the emergency powers Trump used to declare retaliatory tariffs against Canada earlier this year.
Roughly the same core group of Republicans, Susan Collins of Maine, Rand Paul and Mitch McConnell of Kentucky, and Lisa Murkowski of Alaska, joined Senate Democrats to reject the duties. Sen. Thom Tillis, R-N.C., opted to vote against this latest attempt to reject Trump’s tariffs.
‘The vice president came up yesterday to try to corral Republicans at their lunch,’ Kaine said before the lunch. ‘That shows the White House is worried about defectors on this.’
Indeed, their votes against Trump’s tariffs on Canada came after Vice President JD Vance warned Republicans that it would be a ‘huge mistake’ to break with the White House on the president’s tariff strategy, and he argued that using duties on countries across the globe offered leverage to generate better trade deals in return.
Paul, one of the co-sponsors of Kaine’s resolution, has consistently rejected Trump’s usage of tariffs and argued that it was a tax on consumers in the U.S. rather than on foreign countries.
He noted that the message it would send to the White House, despite pressure from Vance to support Trump’s duties, was ‘that a rule by emergency is not what the Constitution intended, that taxes are supposed to originate in the House of Representatives.’
The resolution was in response to Trump’s usage of the International Emergency Economic Powers Act in July to impose tariffs on Canadian goods. The tariffs on the country vary, with Trump initially placing 35% duties on the country earlier this year, along with a blanket 50% tariff on steel from other countries.
However, he recently cranked up the tariffs on Canada by 10% following an ad that ran last week that featured former President Ronald Reagan, which used audio from the former president’s 1987 ‘Radio Address to the Nation on Free and Fair Trade.’
Trump railed against the ad, which was run by the government of Ontario, Canada, and declared, ‘ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED,’ in a post on Truth Social.
The latest tariff vote is the second in a trio of resolutions from Kaine and several Senate Democrats. Despite the resolution terminating Trump’s emergency powers on tariffs in Brazil and Canada both advancing in the Senate, they will likely stall in the House.
McConnell staked his position against the tariffs in a statement, where he argued that retaliatory tariffs have negatively affected Kentucky farmers and distillers.
‘Tariffs make both building and buying in America more expensive. The economic harms of trade wars are not the exception to history, but the rule. And no cross-eyed reading of Reagan will reveal otherwise,’ he said. ‘This week, I will vote in favor of resolutions to end emergency tariff authorities.’
As President Donald Trump and Chinese leader Xi Jinping prepare to meet Thursday, one soft-spoken U.S. export star will take center stage: soybeans.
The humble crop, a $30 billion pillar of U.S. agriculture exports, has become a powerful symbol of the economic interdependence and political tension between Washington and Beijing.
In short, soybeans have come to embody the volatility of the U.S.–China trade war. Beijing halted purchases of American soybeans in response to Trump’s earlier tariffs on Chinese goods.
China pivoted to suppliers in Brazil and Argentina, a move that underscored how quickly global trade patterns can shift and how vulnerable U.S. farmers are to diplomatic rifts between Washington and Beijing.
What began as tit-for-tat posturing between the world’s two largest economies has turned into a symbolic and economic gut punch for Trump’s rural base, whose livelihoods depend on the very trade ties now caught in the crossfire.
According to the American Soybean Association, the U.S. has traditionally served as China’s leading soybean source. Prior to the 2018 trade conflict, roughly 28% of U.S. soybean production was exported to China. Those crop exports fell sharply to 11% in 2018 and 2019, recovered to 31% by 2021 amid pandemic-era demand and eased back to 22% in 2024.
But some policy experts argue that China’s shift away from U.S. soybeans was already underway.
‘China was always going to reduce its reliance on the United States for food security,’ Bryan Burack, a senior policy advisor for China and the Indo-Pacific at the Heritage Foundation told Fox News Digital. ‘China started signing purchase agreements with other countries for soybeans well before President Trump took office.’
He added that Beijing has ‘been decoupling from the U.S. for a long time.’
‘Unfortunately, the only way for us to respond is to do the same, and that process is painful and excruciating,’ Burack said.
But for farmers thousands of miles from Washington and Beijing, those policy shifts translate into shrinking markets and tighter margins.
‘We rely on trade with other countries, specifically China, to buy our soybeans,’ Brad Arnold, a multigenerational soybean farmer in southwestern Missouri, told FOX Business. He said China’s decision to boycott U.S. soybean purchases ‘has huge impacts on our business and our bottom line.’
‘There are domestic uses for soybeans, looking at renewable diesel, biodiesel specifically produced from soybeans,’ Arnold said. ‘In the grand scheme of things, that’s such a small percentage currently, you know it’s going to take a customer like China to buy beans to make a noticeable impact. You can’t take our No. 1 customer, shut them off and just overnight find a replacement.’
That reliance on China adds new weight to the diplomatic stage this week as Trump and Xi prepare to meet in South Korea. The two leaders will meet on the sidelines of the Asia-Pacific Economic Cooperation Summit in Busan, South Korea, marking their first in-person talks since Trump’s return to office.
Ahead of the meeting, Treasury Secretary Scott Bessent said he expected China to delay rare earth restrictions and resume U.S. soybean purchases, calling it part of a ‘substantial framework’ both sides aim to maintain. Bessent also said that trade negotiations were moving toward averting a fresh 100% U.S. tariff on Chinese goods.
And in a possible gesture of easing tensions, Reuters reported that China bought around 180,000 metric tons of U.S. soybeans in the run-up to Trump and Xi’s meeting.
Whether it marks a true thaw in U.S.–China trade relations or just a temporary reprieve, the purchase underscores how deeply intertwined diplomacy and agriculture remain.
Fox Business’ Eric Revell contributed to this report.
U.S. President Donald Trump met face-to-face with Chinese leader Xi Jinping on Thursday, the final day of Trump’s trip to Asia that included stops in Malaysia, Japan and South Korea, in an attempt to resolve the ongoing trade disputes between the two sides.
Trump has imposed substantial tariffs on China since returning to the White House in January, and Beijing retaliated with limits on exports of rare earth elements. Both sides want to avoid the risk of blowing up the world economy, which would harm their own countries.
The leaders of the world’s two largest economies spoke to the press in brief introductory remarks before meeting behind closed doors along with their top officials.
Xi said in his opening remarks that ‘it feels very warm seeing you again because it’s been many years.’
‘We do not always see eye to eye with each other,’ Xi said, noting that ‘it is normal for the two leading economies of the world to have frictions now and then.’
The Chinese leader added that the two countries ‘are fully able to help each other succeed and prosper together.’
The Associated Press contributed to this report.
This is a developing story. Check back for updates.
Vice President JD Vance spoke at length during a large Turning Point USA gathering at the University of Mississippi (Ole Miss) in honor of Charlie Kirk, during which he shared the slain conservative activist’s impact on his faith and told students that ‘a properly rooted Christian moral order’ is key to the future of the country.
After the audience heard from Kirk’s widow, Erika, Vance took the stage and spoke for a brief time before taking questions from the audience on a range of issues from immigration to National Guard deployments and the Second Amendment. But several of the questions revolved around Vance’s faith and the impact it has had on how he governs as Vice President. Some asked about his views on religious liberty while another questioned how he was raising his family in a dual-religion household where his wife is Hindu.
‘I make no apologies for thinking that Christian values are an important foundation of this country,’ Vance said when responding to a question about the separation of church and state. ‘Anybody who’s telling you their view is neutral likely has an agenda to sell you. And I’m at least honest about the fact that I think the Christian foundation of this country is a good thing.’
Meanwhile, Vance railed against contemporary liberalism in his comments about faith Wednesday night, calling it a ‘perverted version of Christianity.’
‘There’s nothing wrong, of course, with focusing on people who are disenfranchised, for example. That’s the focus of liberalism. But if you completely separate it from any religious duty or any civic virtue, then that can actually become, for example, an inducement to lawlessness,’ Vance said while responding to a questioner. ‘You can’t just have compassion for the criminal. You also have to have justice too. Which is why I think that a properly rooted Christian moral order is such an important part of the future of our country.’
Vance went on to say that he does not think God must be kicked out of the public square, adding he did not believe that is what the founders intended.
‘Anybody who tells you it’s required by the Constitution is lying to you,’ Vance argued. ‘What happened, is, the Supreme Court interpreted ‘Congress shall make no law respecting an establishment of religion’ to effectively throw the church out of every public place at the federal, state and local level. I think it was a terrible mistake, and we’re still paying for the consequences of it today.’
In addition to taking tough policy-oriented questions about faith and religion, Vance was also asked at one point about living in an interfaith household. Vance’s wife is Hindu.
Vance noted how when the pair met he was not a Christian, but over time he and his wife, Usha, decided to raise their boys Christian. Vance said open communication and respect for each other’s beliefs played a part in his marriage and his family’s decision to raise their kids Christian.
‘Most Sundays she will come with me to church. As I’ve told her, and I’ve said publicly, and I’ll say now in front of 10,000 of my closest friends, ‘Do I hope eventually that she is somehow moved by the same thing that I was moved in by church? Yeah, I honestly, I do wish that.’ Because I believe in the Christian gospel and I hope eventually my wife comes to see it the same way. But if she doesn’t, then God says everybody has free will, and so that doesn’t cause a problem for me.’
Vance also spoke about the impact Kirk has had on his faith during the Wednesday night event honoring the slain activist. Vance said that, at least in part, Kirk moved him to be more vocal about his faith.
‘This is another way in which Charlie has affected my life – I would say that I grew up again in a generation where even if people had very deep personal faith, they didn’t talk about their faith a whole lot,’ Vance told the crowd while remembering his late friend.
‘But the reason why I try to be the best husband I can be, the best father I can be, the reason why I care so much about all the issues that we’re going to talk about, is because I believe I’ve been placed in this position for a brief period of time to do the most amount of good for God and for the country that I love so much. And that’s the most important way that my faith influences me.’
U.S. President Donald Trump on Thursday met face-to-face with Chinese leader Xi Jinping in Busan, South Korea – just hours after Trump hinted online at potential shifts in U.S. defense and trade policy.
The meeting marked the final stop of Trump’s Asia trip, which also included stops in Malaysia and Japan, and focused on cooling the economic standoff between Washington and Beijing.
Since returning to the White House in January, Trump has levied major tariffs on Chinese imports – a move that prompted Beijing to tighten its control over exports of rare earth elements. Both leaders signaled interest in reducing tensions to avoid further shocks to the global economy.
Ahead of Thursday’s summit, U.S. and Chinese aides signaled the discussion would center on tariffs, advanced technology exports, and supply chain competition – key sticking points that have long defined the relationship between the two powers. Trump told reporters he believed the two sides could reach common ground.
After the talks, Trump said he and Xi had ‘an amazing meeting’ and that both sides had reached ‘an outstanding group of decisions’ on key economic and security issues. The president said Xi agreed to begin immediate purchases of U.S. soybeans and other farm goods and that China would work ‘very hard’ to block fentanyl from entering the U.S.
Trump said he would cut the tariff rate on Chinese imports from 20% to 10% in response to Xi’s promise to crack down on the flow of fentanyl.
‘I believe he’s going to work very hard to stop the death that’s coming in,’ Trump said.
The two sides also reached an understanding on rare earth exports, as China agreed to pause planned export controls for a year, Trump said. A senior administration official later clarified that both leaders agreed to revisit the agreement next year, and that the arrangement could be extended at that time.
The U.S. president also said he spoke to Xi about chip technology. He said China would be in discussions with Nvidia about additional semiconductor purchases but that the company’s newest generation of advanced processors were not part of the conversation.
The president described the outcome of the deal as a one-year framework agreement aimed at being renewed annually.
‘We have a deal,’ Trump said. ‘Every year we’ll renegotiate the deal, but I think it’ll go on for a long time.’
Trump also said the administration announced plans for reciprocal visits, with the U.S. president traveling to China in April and Xi visiting the U.S. later this year.
The meeting, which lasted roughly an hour and forty minutes, concluded with a brief photo opportunity before the two leaders went their separate ways. Afterward, neither side released details about what was discussed. Trump departed Busan without taking questions, waving to the press pool as he climbed the steps to Air Force One.
As cameras clicked, Trump leaned toward Xi and appeared to speak quietly before shaking hands and boarding the plane.
Trump and Xi spoke briefly to the press before heading into a closed-door session for less than two hours with senior aides.
‘It’s an honor to be with a friend of mine,’ Trump said of Xi, adding that while some issues remain unresolved, ‘I think we’ve already agreed to a lot of things.’
Xi said in his opening remarks that ‘it feels very warm seeing you again because it’s been many years.’
The Chinese leader acknowledged that occasional friction between major powers is natural, adding that the U.S. and China ‘can still find ways to thrive side by side.’
Earlier aboard Air Force One en route to South Korea, Trump suggested he may reduce tariffs imposed on China due to Beijing’s cooperation in curbing fentanyl exports.
‘I expect to be lowering that because I believe that they’re going to help us with the fentanyl situation,’ Trump said, adding, ‘The relationship with China is very good.’
The Associated Press contributed to this report.