JetBlue Cuts Flights, Parks Some Jets As Weak Travel Demand Deepens Profit Woes
JetBlue Airways CEO Joanna Geraghty told employees in an internal memo obtained by CNBC that the airline is implementing new cost-cutting measures as softer-than-expected travel demand makes achieving break-even margins increasingly unlikely this year.
“We’re hopeful demand and bookings will rebound, but even a recovery won’t fully offset the ground we’ve lost this year and our path back to profitability will take longer than we’d hoped. That means we’re still relying on borrowed cash to keep the airline running,” Geraghty told staff in a letter dated Monday.
Some of those cost-cutting actions include:
Further flight reductions
Halting aircraft retrofits
Parking some Airbus jets
Restructuring and downsizing parts of the leadership team for efficiency
Last year, the proposed merger between JetBlue and Spirit Airlines terminated after a federal judge blocked the deal due to antitrust concerns. The Justice Department under the Biden-Harris regime argued that the merger would harm consumers.
In markets, shares of JetBlue traded 5% lower in premarket trading. On the year, shares have tumbled 42% on the year as of Monday’s close.
Preliminary data from the Transportation Security Administration shows that solid demand has held steady so far this summer, with peak travel volumes expected in the late July to early August window.
Geraghty was not entirely clear about the cause behind the softer demand.
“We” Now Have Total Control Of Iran’s Skies, Trump Demands “Unconditional Surrender”
Update(1232ET): President Trump has very quickly followed up with even more bellicose and alarming statements directly threatening Iran, repeatedly using ‘we’ – as if the United States military is already directly involved in the ratcheting war. He said in the latest:
We know exactly where the so-called “Supreme Leader” is hiding. He is an easy target, but is safe there – We are not going to take him out (kill!), at least not for now. But we don’t want missiles shot at civilians, or American soldiers. Our patience is wearing thin. Thank you for your attention to this matter!
Are we witnessing the start of another regime change war in the Middle East – and with no Congressional input or authorization whatsoever?
Or is this all one big game of [nuclear] chicken, where the hope is that Iran will suddenly raise the white flag? Trump is now suggesting that Israel and the US could go all in until there’s nothing short of “unconditional surrender!“…
The escalatory and jingoistic rhetoric could also be because Washington is certainly not used to seeing Israeli cities get pummeled by Iranian hypersonic and ballistic missiles.
Meanwhile, when did Merz become the US State Dept?
GERMAN CHANCELLOR MERZ: THE UNITED STATES WILL DECIDE TODAY WHETHER OR
NOT TO JOIN THE IRAN CONFLICT… DECISION DEPENDS ON WHETHER IRAN
NEGOTIATES
* * *
Update(1215): While Trump is of course known for verbally shooting from the hip, and is often loose or imprecise with his terms, this is certainly cause for alarm, amid speculation that the US is quickly deepening its involvement in the Israel-Iran war, and yet with no Congressional war authorization or debate.
TRUMP SAYS ‘WE‘ NOW HAVE ‘TOTAL CONTROL’ OF SKIES OVER IRAN
Is this confirmation of Pentagon direct involvement at this point? Or was this just loosely referring to Israel as an ally?
Whatever the case, this doesn’t bode well in terms of America’s possible future direct entry, as Trump has vowed to never allow Iran to have nuclear weapons.
* * *
As tensions soar and Americans anxiously contemplate the possibility of yet another major US war in the Middle East, the Trump administration has been in contact with the Iranian government, discussing a possible meeting this week between Iranian Foreign Minister Abbas Araghchi and US envoy Steve Witkoff, Axios reports, citing “four sources briefed on the issue.”
The outlet also says Trump officials reassured Middle East allies that the administration doesn’t plan to join the war unless Americans are targeted — a clear red line that incentivizes Israel to find a way to drag Iran across it, or to fabricate an incident altogether, much as Israel did in 1954’s famed “Lavon Affair” and perhaps its 1967 attack on the USS Liberty. An Arab diplomat in deep contact with Iran says the red line is already very much in mind in Tehran: “The Iranians are very careful so far not to do anything that can push the U.S. to get involved.”
Following those reports, Iran over Monday night pared back the pace of its heavy bombardment of Israel, after consecutive nights of deadly, damaging strikes demonstrating the power of Iran’s hypersonic missiles. In a new twist, however, Iran hit Israel with a daylight barrage on Tuesday morning — albeit one that was reportedly modest in volume, perhaps only 20 missiles. Of course, there’s nothing modest about it if you happen to be in one of the impact areas:
One of several footages, triangulation of which have allowed to suggest that IDF’s Intel gathering unit 8200 was hit in Herzliya, outside Tel Aviv: pic.twitter.com/R7UhYFxmN1
Earlier on Monday, Israel struck various targets in Iran, including the state-run television network IRIB in mid-broadcast (though it quickly resumed broadcasting with the same host). The IDF also claimed it killed a highly senior Iranian general who himself succeeded another general assassinated in Israel’s opening of the war.
JUST IN: Israeli Air Force strikes the studio of Iranian state run Islamic Republic of Iran Broadcasting (IRIB) in Tehran while they were on live air.
Even if the reports of US diplomatic outreach are true, from Iran’s perspective, little or nothing the Trump administration says can be trusted, and even ostensibly peaceful overtures must be evaluated as a potential tactic to set up a surprise US strike. After all, Israel’s initiation of a war on Iran came two days before American and Iranian delegations were scheduled to meet in Oman for a sixth round of discussions pursuant to a new deal about Iran’s nuclear program. Since Israel’s attack, Trump has repeatedly stated that he knew about it in advance, saying for example that “We were well-informed about everything,” and “I always knew the date.”
Here’s what one official told Axios about the pursuit of a new meeting:
“A meeting with the Iranians this week is under consideration…They do want to talk. But what we don’t know is, have they been brought to their knees fully so that they realize that in order to have a country, they have to talk? And assuming they get there, is there any degree of [uranium] enrichment you would allow them to have?”
The suggestion that Iran is anywhere close to being “on its knees” seems fanciful, considering Iran has launched multiple missile barrages, the effects of which have significantly exceeded expectations. Two dozen Israelis have been killed and at least 400 injured, with the country also enduring major hits to government buildings, apartment towers and power plants. The starring role in those barrages has been played by Iran’s highly advanced hypersonic missiles — a weapon that neither Israel nor even the United States has in its arsenal:
Another video of an Iranian Hypersonic missile hitting Israel.
The unnamed official’s rhetorical question about whether there’s “any amount of enrichment” the US would allow may offer a glimmer of hope for an end to the Israel-initiated war. Iran sees enrichment as a right it possesses as a sovereign state, and has repeatedly said an outright ban on enrichment is completely out of the question. Iran has long been under a religious order, or “fatwa,” forbidding the development of any weapon of mass destruction, and the country has long assured the world that it has no intention of building a nuclear weapon — an assurance the US intelligence community validated in 2007 and has repeatedly re-confirmed since then — most recently, just this March. Meanwhile, anti-Iran hawks have been warning of an imminent Iranian nuclear bomb for more than three decades:
In this major New York Times article from 30 years ago, one senior official said Iran’s “intensive effort” put them on pace to have all the requisite atomic bomb components” in two years”
The seeds of today’s crisis were sown in May 2018, when Trump withdrew the United States from the nuclear deal that had been negotiated between Iran and various Western governments and signed in 2015. Under that deal, Iran agreed to a wide array of safeguards. They included eliminating its medium-enriched uranium, reducing its low-enriched uranium inventory by 98%, capping future enrichment at 3.67%, slashing its number of centrifuges, submitting to enhanced external monitoring and rendering its heavy-water reactor unusable by pouring concrete in it. At the time of Trump’s withdrawal, Iran was in full compliance, according to the International Atomic Energy Agency. In response to the re-imposition of US sanctions, Iran began straying from the deal’s terms, seemingly pushing the only lever it had to bring the deal back and get out from under sanctions that have sapped Iran’s economy and inflicted a cruel toll on innocent Iranian citizens.
The 2015 deal was so thorough that Trump’s pursuit of a new agreement puts him in the awkward position of finding a way to differentiate it from the one he repeatedly railed against on the 2016 campaign trail, and again as he killed it. Iran hawks have been pushing for a deal that bans nuclear enrichment altogether. Some may take that position out of sincere concern, but the most powerful hawks in Israel and America certainly take it with full knowledge that Iran will never accept it, helping pave the way for the US-led war they’ve long yearned for.
Indeed, soon after Israel’s war on Iran began, Israel and its US-based collaborators began pressing Trump to commit the American military to the fight — in defiance of his campaign promises to end the era of endless US wars. Trump needn’t burden himself with that decision: The US Constitution vests the power to initiate war with Congress.
This is not our war.
But if it were, Congress must decide such matters according to our Constitution.
I’m introducing a bipartisan War Powers Resolution tomorrow to prohibit our involvement.
I invite all members of Congress to cosponsor this resolution.
FBI Director Kash Patel on Monday evening turned over to Congress an intelligence report raising concerns that China had mass-produced fake U.S. driver’s licenses to carry out a scheme to hijack the 2020 election with fake mail-in ballots for Democrat Joe Biden.
The newly declassified intelligence reports from August 2020 weren’t corroborated or fully investigated and instead were recalled from intelligence agencies at about the time that then-FBI Director Chris Wray testified there were no known plots of foreign interference ahead of the 2020 election in which Biden defeated Donald Trump, officials told Just the News.
The new documents were turned over to Senate Judiciary Committee Chairman Chuck Grassley, R-Iowa, who had first raised concerns to the bureau that the intelligence hadn’t been fully vetted, and instead was just dismissed even though there was evidence of the fake licenses.
“Thanks to the oversight work and partnership of Chairman Grassley, the FBI continues to provide unprecedented transparency at the people’s Bureau,” Patel told Just the News in a statement. “To that end, we have located documents Chairman Grassley requested, which detail alarming allegations related to the 2020 U.S. election.
“Specifically, these include allegations of plans from the CCP to manufacture fake driver’s licenses and ship them into the United States for the purpose of facilitating fraudulent mail-in ballots – allegations which, while substantiated, were abruptly recalled and never disclosed to the public,” Patel also said.
“In accordance with Chairman Grassley’s request for documents, I have immediately declassified the material and turned the document over to the Chairman for further review.“
Officials who have seen the documents told Just the News the FBI had a relatively new confidential source who provided information in summer 2020 that the Chinese government was manufacturing and exporting fake U.S. driver’s licenses as part of a plot to create voter identities for Chinese residents living in the United States so they could vote with fake mail-in ballots.
The intelligence source claimed the plot was specifically designed to benefit Biden, officials said.
They also said the intelligence report was recalled within a few weeks and the allegations never fully investigated, on the grounds that the source needed to be re-interviewed.
But, in fact, another agency, U.S. Customs and Border Protection, had intercepted nearly 20,000 fake licenses around the time the intelligence came in a possible corroboration of the report, officials said.
TV Networks Face Advertising Apocalypse After Trump Admin Mulls Pharma Restrictions
Last week independent Senators Bernie Sanders (VT) and Angus King (ME) introduced legislation that would ban pharmaceutical companies from promoting prescription drugs directly to consumers – including through television, radio, print, digital platforms, and social media.
Today, Bloomberg reports that the Trump administration is now ‘discussing policies that would make it harder and more expensive for pharmaceutical companies to advertise directly to patients.’
Although the US is the only place, besides New Zealand, where pharma companies can directly advertise, banning pharma ads outright could make the administration vulnerable to lawsuits, so it’s instead focusing on cutting down on the practice by adding legal and financial hurdles, according to people familiar with the plans who weren’t authorized to speak publicly on the matter.
The two policies the administration has focused in on would be to require greater disclosures of side effects of a drug within each ad — likely making broadcast ads much longer and prohibitively expensive — or removing the industry’s ability to deduct direct-to-consumer advertising as a business expense for tax purposes, these people said.
If this happens, it would mark a major victory for Health and Human Services Secretary RFK Jr., who says he believes Americans consume more drugs than people in other countries due to the ability of US drug companies to directly advertise to consumers.
While running for president, Mr. Kennedy said he would issue an executive order removing pharmaceutical ads from television, citing overmedication and industry influence on news coverage.
Advertising Apocalypse
As we noted last week, the move would mark a sweeping shift in the U.S. advertising landscape, where pharmaceutical companies are among the largest spenders. Prescription drug brandsaccounted for roughly 13 percent of all ad spending on linear television in 2025, totaling approximately $2.18 billion so far this year, according to iSpotdata. In 2024, the industry spent $3.4 billion on traditional TV ads between January and August alone, according to ad-tracking data.
Since 1997, when the Food and Drug Administration relaxed disclosure requirements for DTC ads, pharmaceutical companies have increasingly leaned on consumer advertising to drive demand. Under current rules, companies need only disclose a drug’s “most important” risks during commercials.
The result has been a media environment saturated with pharmaceutical messaging. Drug ads made up 24.4 percent of all advertising minutes on evening news broadcasts across major networks — including ABC, CBS, CNN, Fox News, MSNBC, and NBC — through May of this year, according iSpot. On CBS Evening News, pharmaceutical companies appeared in more than 70 percent of commercial breaks, per Kantar Media.
US Homebuilder Confidence Tumbles Near 13-Year-Lows
Confidence among US homebuilders fell to the lowest level since December 2022 in June, with potential buyers deterred by high mortgage rates and anxiety about tariffs and the economy.
A gauge of market conditions from the NAHB slipped 2 points to 32 this month (well below the 36 exp), back near 13 year lows…
Source: Bloomberg
All three of the overall index’s components declined, with a measure of present sales falling to the lowest level since 2012.
Gauges of traffic of prospective buyers and expected sales over the next six months are both at the lowest point in more than a year, NAHB data show.
The trade association is forecasting a decline in single-family starts this year, given weakening conditions, NAHB Chief Economist Robert Dietz said in a prepared statement.
o entice reluctant buyers, builders have increasingly relied on sales incentives and discounts. The share of respondents reporting cutting prices in June rose to 37%, the highest since NAHB started tracking it monthly in 2022.
“Rising inventory levels and prospective home buyers who are on hold waiting for affordability conditions to improve are resulting in weakening price growth in most markets and generating price declines for resales in a growing number of markets,” Dietz said.
Finally, homebuilder sentiment has a long way to go to catch down to homebuyer confidence…
Source: Bloomberg
…and don’t expect a Fed rate-cut to help (as the curve is steepening).
Senate Version Of ‘Big Beautiful Bill’ Sets Up Showdown With House Over Taxes, Medicaid And SALT
Senate Republicans on Monday unveiled the final and most contentious component of President Trump’s sweeping legislative package, the “Big, Beautiful Bill.” The Finance Committee’s long-awaited text – covering tax policy, Medicaid, and energy provisions – sets the stage for difficult negotiations between the Senate and the narrowly Republican-controlled House.
The Senate proposal scales back or reconfigures several measures passed by the House last month, particularly around health care funding and green energy. It also reveals stark policy divides that could derail GOP unity in the upper chamber.
Making the 2017 Tax Cuts Permanent – with Limits
A core pillar of the Senate’s bill is the permanent extension of key provisions from the 2017 tax overhaul. The legislation would lock in current federal tax brackets, boost the standard deduction, and continue the repeal of personal exemptions — all without expiration dates.
However, the Senate scaled back additional cuts proposed by House Republicans. Notably, the child tax credit would rise to $2,200 per child, short of the $2,500 outlined in the House bill.
New Deductions for Workers, with Caps
The bill introduces targeted deductions for tipped workers, overtime earners, and car owners — a nod to priorities championed by President Trump during his re-election campaign. But the deductions are temporary and capped.
Tips: Deductible up to $25,000 through 2028
Overtime Pay: Deductible up to $12,500 (or $25,000 for joint filers) through 2028
Auto Loan Interest: Deductible up to $10,000 through 2028
While the House bill sought broader relief, Senate Republicans opted for a more measured approach.
A Sharper Knife to Medicaid
In a significant departure from the House version, the Senate bill aggressively targets Medicaid financing, particularly in states that expanded the program under the Affordable Care Act.
The legislation would reduce the allowable provider tax rate – a key funding mechanism for state Medicaid programs – from 6 percent to 3.5 percent by 2031. This reduction, phased in beginning in 2027, would apply only to expansion states.
Meanwhile, non-expansion states would be barred from introducing new provider taxes, though existing rates would be preserved. Nursing homes and intermediate care facilities are exempt from the cuts.
Unlike the House version, which protected existing hospital payment arrangements, the Senate bill eliminates some current state-directed payments altogether. The move drew immediate criticism from rural-state Republicans. Sen. Josh Hawley (R-Mo.), whose state relies heavily on provider taxes, expressed concern about the impact on hospitals.
Work Requirements, With Tighter Conditions
Both chambers support requiring certain Medicaid recipients to meet work requirements, but the Senate version goes further. Adults with children over the age of 14 would now be required to work, attend school, or perform community service at least 80 hours a month.
The House version would exempt all parents of dependent children — a difference likely to stir debate during reconciliation talks.
Green Energy Credits Rolled Back, but Less Harshly
The Senate’s approach to green energy tax credits appears less stringent than the House’s, though it still represents a rollback of the 2022 Inflation Reduction Act.
Under the Senate bill:
Projects must begin construction in 2025 to qualify for full credits.
Projects starting in 2026 would receive 60 percent of the credit.
Those beginning in 2027 would receive 20 percent.
After 2028, no credit would be available.
Unlike the House version, the Senate bill removes a requirement that projects produce electricity by 2028. It also extends eligibility to hydro, nuclear, and geothermal projects starting before 2034 — additions not included in the House’s text.
SALT Deduction Fight Reignited
The Senate text would make permanent the existing $10,000 cap on state and local tax (SALT) deductions, a dramatic rollback of a compromise secured by Speaker Mike Johnson (R-La.) with blue-state Republicans to raise the cap to $40,000 for households earning under $500,000.
Majority Whip John Thune (R-S.D.) acknowledged that the $10,000 figure is a negotiation starting point. But House moderates are not budging.
“This proposal is DEAD ON ARRIVAL,” Rep. Mike Lawler (R-NY) posted on X, adding that “$40,000” is what was agreed upon after ‘good faith negotiations.’
I, along with my fellow SALT Caucus members, are actively engaging with Senators, House Leadership, and the White House and am confident the deal as previously negotiated will be in the final bill that is signed into law. https://t.co/LZovYoFs7Opic.twitter.com/scC1jj4oXe
— Congressman Mike Lawler (@RepMikeLawler) June 16, 2025
A Larger Debt Ceiling Hike Triggers Backlash
Perhaps the most contentious provision of all: the Senate bill would increase the debt ceiling by $5 trillion, surpassing the House’s proposed $4 trillion hike.
The move drew immediate opposition from fiscal conservatives. Sen. Rand Paul (R-KY) said he had informed Senate leadership he could not support the bill with the current debt ceiling language.
Section 899
As Goldman Sachs notes, the Senate version of the “Section 899” provision to impose taxes on certain foreign individual, corporations, and governments makes four important changes from the House version:
Theapplication of higher US taxes would be delayed one year until the start of 2027.
The same 5pp increase in tax rates but explicitly limit the total increase to 15pp after 3 years.
The “portfolio interest exception” would exclude individual and corporate holders from increased tax withholding on interest payments.
Small technical change that should result in the exclusion of foreign governments including central banks from interest withholding along with corporate and individual holders of US debt.
Collision Course Ahead
With the Senate bill now public, Republicans face an uphill climb in reconciling the two chambers’ positions. Deep ideological divisions remain on Medicaid reform, tax relief structure, and the scale of federal borrowing.
Negotiations are expected to intensify in the coming weeks as Republicans seek to deliver on Trump’s legislative priorities while avoiding a GOP family feud that could fracture the party ahead of November.
First View: Oil Tanker Erupts In Flames After Collision Near Strait Of Hormuz
Update (0958ET):
Unconfirmed video circulating on X shows the crude oil tanker Adalynn fully engulfed in flames following a high-impact collision with the tanker Front Eagle.
The footage suggests Front Eagle struck the Adalynn on the port quarter, resulting in a substantial breach to the hull and subsequent fire aboard the vessel.
⚠️ Harrowing images of dark fleet tanker ADALYNN (IMO #9231767) post collision. pic.twitter.com/Y1FUBNNtis
The maritime disaster occurred near the Strait of Hormuz, a critical maritime chokepoint responsible for ~20% of global oil flows.
The region has experienced GPS signal degradation over the past several days, consistent with possible EW (electronic warfare) activity potentially linked to the ongoing Israel-Iran conflict.
Incident linked to “non-hostile in nature”; however, the timing and location of the incident raise concerns over maritime security stability and possible targeting or EW-induced navigational interference.
The Adalynn is a Suezmax-class tanker with a deadweight capacity of around 164,551 tonnes (DWT), allowing it to transport an estimated 1.2 to 1.5 million barrels of crude oil. As of now, there is no official confirmation of a spill; however, any structural breach raises the risk of a potential ecological disaster.
* * *
In the early morning hours of Tuesday, crude oil tankers Adalynn and Front Eagle collided in the Gulf of Oman, about 24 nautical miles east of Khor Fakkan in the United Arab Emirates, just outside the critical Strait of Hormuz chokepoint. The maritime incident occurred amid ongoing regional instability and increased GPS signal degradation, most likely linked to broader electronic warfare surrounding the Israel-Iran conflict.
According to a report from Bloomberg, maritime security firms Vanguard Tech and Ambrey have assessed the tanker collision as a navigational accident with no indications of foul play or links to the ongoing regional conflict. Both firms have classified the incident as non-hostile in nature, downplaying initial speculation of an attack.
The fire outside the Strait of Hormuz was a collision between the tankers Adalynn and Front Eagle. pic.twitter.com/SDQun2rQX4
— Sal Mercogliano (WGOW Shipping) 🚢⚓🐪🚒🏴☠️ (@mercoglianos) June 17, 2025
The Adalynn, a 23-year-old Antigua and Barbuda-flagged tanker with no known insurance and a history of Russia-India sailing routes, may be part of Moscow’s ‘dark fleet.’ All 24 crew members aboard were safely evacuated by the UAE National Guard. The Front Eagle, owned by Frontline Plc and flagged in Liberia, also reported no injuries and is cooperating in the investigation.
National Guard Executes Evacuation of 24 People from Oil Tanker Following Collision Between Two Ships in the sea of Oman
The Coast Guard of the National Guard carried out today, Tuesday, June 17, 2025, an evacuation mission involving 24 crew members of the oil tanker ADALYNN,…
While traders initially feared a security-related event, which spooked oil and shipping markets, preliminary assessments so far indicate otherwise and likely just a navigational incident.
Ambrey analyst Daniel Smith stated, “At the time of writing, we can only confirm that it is not a security incident. We continue to investigate the cause.”
Possible visual evidence of the incident, reportedly showing at least one of the involved tankers engulfed in flames, was circulated on X. The footage remains unverified but has been widely shared.
There are unconfirmed reports that three ships are on fire in the Gulf of Oman.
NASA Firms data shows three fires in the waters of UAE. Ambrey says it is aware of an incident “22 nautical miles east of Khor Fakkan in UAE”, as per Reuters.
The maritime incident comes one day after widespread GPS jamming was reported across the Strait of Hormuz, scrambling navigation for more than 900 vessels.
Chokepoint Watch: GPS Jamming Impacts Tankers Across Strait Of Hormuz https://t.co/7TLdWitGDz
GPSJam—a site that publishes daily heat maps of GPS/GNSS disruptions affecting aircraft—shows multiple “high-interference” zones clustered around the Strait of Hormuz.
The broader concern is that critical maritime chokepoints—including the Strait of Hormuz, Bab el-Mandeb, and the Suez Canal—remain highly vulnerable to disruption should the Israel-Iran conflict escalate or proxy groups tied to Tehran become further entangled.
These corridors are essential to global energy flows and commercial shipping, and any kinetic spillover or asymmetric activity in these waterways could have immediate consequences for energy prices and global supply chains.
BANFF, Alta.–As G7 leaders gather in Alberta for their annual summit, U.S. President Donald Trump signalled a trade deal with Canada could be reached in the coming days or weeks, provided both sides find common ground.
Trump made the comments when speaking to reporters after a bilateral meeting with Prime Minister Mark Carney on the morning of June 16.
Trump said trade with Canada would be among the key topics discussed at the summit. “I think we are going to accomplish a lot,” Trump said. “I think our primary focus will be trade, and trade with Canada, and I’m sure we can work something out.”
When asked if a potential deal could be reached within days or weeks, Trump said “it’s achievable,” while noting that “both parties have to agree.” Asked what is preventing the two nations from reaching a deal, the president pointed to the “different concepts” he and Carney hold.
“I have a tariff concept; Mark has a different concept, which is something that some people like, but we are going to see if we can get to the bottom of it today,” Trump said.
The president said he has always been a “tariff person,” because “it’s simple, it’s easy, it’s precise, and it just goes very quickly.” He said Carney has a “more complex idea, but also very good,” and that they would look at both ideas to evaluate a potential agreement.
Carney did not speak much during the scrum with reporters. In his comments, he welcomed the president to Canada, saying it was a “great honour” to receive him.
“This marks the 50th birthday of the G7, and the G7 is nothing without U.S. leadership,” Carney said, remarking on Trump’s “personal leadership” on issues such as geopolitics, the economy, and technology. Carney said Canada wants to work “hand-in-hand” with the United States on these areas.
Trump is accompanied at the summit by top U.S. officials, including Secretary of State Marco Rubio, Treasury Secretary Scott Bessent, and U.S. Trade Representative Jamieson Greer.
The meeting between Trump and Carney took place just before G7 leaders convened for their official welcome to the summit, which is taking place in Kananaskis, Alta., until June 17.
The meeting between Trump and Carney was their second in-person meeting since the prime minister’s visit to the White House on May 6. The two have been regularly in touch in recent weeks as they seek to hammer out a deal involving trade and security.
Trump’s comments about a deal with Canada being achievable in the short term come after Minister Dominic LeBlanc said the talks haven’t been progressing quickly enough. LeBlanc is the minister in charge of trade relations with the United States.
“Our hope was that we would have made more progress before the president arrives in Alberta for the G7. We haven’t hit that sweet spot,” LeBlanc told Global News over the weekend.
Canada has been affected by three different sets of tariffs imposed by the Trump administration, some with carve-outs for goods falling under the United States-Mexico-Canada free trade deal (USMCA).
One set of tariffs is the universal levies for all countries on steel and aluminum, which Trump doubled to 50 percent at the beginning of June. One set of tariffs relates to automobiles and car parts. Another set of tariffs impacts only Canada and Mexico, and is related to border security and drug trafficking concerns around their borders with the United States.
Before the G7, the Liberal government introduced a bill in Parliament seeking to reinforce the border by giving increasing powers to security agencies and tightening immigration rules.
Carney also recently announced that Canada would be meeting the NATO defence spending guideline this year, several years before initially planned. Trump has long criticized members of the military alliance who don’t meet the defence spending target of 2 percent of GDP. Since being elected in November, Trump has also criticized Canada for not having a robust presence in the Arctic.
High-Level Meetings
Carney held bilateral meetings with other leaders on June 15, including with UK Prime Minister Keir Starmer, Australian Prime Minister Anthony Albanese, South African President Cyril Ramaphosa, and German Chancellor Friedrich Merz.
Starmer travelled to Ottawa for an official visit before attending the G7. Carney and Starmer said in a joint statement they met to “reaffirm the profound friendship and shared values” that unite both nations.
Carney has sought to reinforce the relationship with the United Kingdom amid tensions with the United States. Shortly after taking office in mid-March following his Liberal leadership win, Carney went to the United Kingdom and France. He has said Canada is the “most European of non-European countries.”
The two leaders also agreed on collaborating further on trade, science, technology, and innovation. This includes expanding trade under the Canada-UK Trade Continuity Agreement, and deepening cooperation in the development of semiconductors, quantum technologies, nuclear energy, artificial intelligence to “support national security,” biomanufacturing, and critical minerals. They also agreed to enhance defence and security partnerships.
Finding a new car for under $20,000 is becoming increasingly difficult, with only 3 models below the threshold
The average price of a new car in the U.S. is around $48,000
Car prices in the U.S. have increased significantly since the COVID-19 pandemic, squeezing budget-conscious buyers. In 2025, things are getting even tougher, with only three models starting below $20,000 when new.
To help you find your next vehicle, Visual Capitalist’s Marcus Lu has highlighted America’s cheapest new cars that are available today.
Data & Discussion
The data for this visualization comes from Car and Driver. It highlights the 10 cheapest new sedans or hatchbacks in America by their starting MSRP, all of which come from Asian and European automakers.
Sub-$20K Cars Are Nearly Extinct
Only three vehicles—two versions of the Mitsubishi Mirage and the Nissan Versa—are priced under $20,000.
Buyers looking at a Mirage should be aware that both models are ranked very poorly by Car and Driver (2.5 to 3 out of 10) due to their unrefined powertrains and cheap interiors.
The Mitsubishi Mirage offers an impressive warranty and surprising fuel efficiency, even if it somehow feels even cheaper than its low price suggests.
Note that the Mirage has been discontinued in the U.S., though dealers are expected to have stock until the end of summer 2025.
Asian Brands Dominate the List
Nine of the 10 cheapest models come from Japanese or South Korean brands, reflecting their ability to produce cheaper, value-driven vehicles.
U.S. auto tariffs, however, are going to make it harder for these brands to succeed. Estimates from Goldman Sachs predict that Mazda could see a massive 59% profit reduction due to the tariffs, while Nissan could see a 56% drop.
Toyota and Honda, two of America’s top automakers by market share, will avoid most of the damage due to their well-established U.S. manufacturing bases.
As the European Union seeks to end its dependency on Russian energy, the European Commission is set to propose this week a ban on new contracts for natural gas supply with Russia on the basis of trade law, which needs a majority vote approval instead of a unanimous EU call.
EU companies will be banned from signing new contracts for Russian gas, based on trade law, which is aimed at sidestepping vetoes from Hungary and Slovakia, the Financial Times reported on Monday, quoting a summary of the proposals it had seen.
Hungary and Slovakia, which continue to receive Russian gas via a pipeline through Balkans, have pledged to veto an outright ban in a sanctions package. Passing sanctions needs unanimous approval from all EU member states, but the use of trade law would require only an approval from the majority of the countries.
Yet, the EU will grant exemptions to Hungary and Slovakia to phase out current Russian gas contracts by 2027, officials familiar with the Commission’s plan told FT.
The phase-out of Russian energy imports is part of the EU’s roadmap to end dependency on Russian energy unveiled last month.
The roadmap calls for the EU to stop all imports of Russian gas by the end of 2027 by improving the transparency, monitoring, and traceability of Russian gas across the EU markets.
New contracts with suppliers of Russian gas will be prevented and spot contracts (for immediate payment) will be stopped by the end of 2025, the European Commission said last month.
As part of the EU’s efforts to halt imports of Russian natural gas, the bloc will require EU companies to disclose details of their contracts to buy Russian gas, according to an internal European Commission document seen by Reuters last week.
The EU will demand from EU companies to disclose many details of the deals, including duration, annual contracted volumes, date of conclusion of the contracts, and destination clauses, per the internal documents seen by Reuters.
