Trump says Canada backing statehood for Palestine makes it ‘very hard' to negotiate U.S. trade deal
U.S. President Donald Trump says Canada backing statehood for Palestine makes it 'very hard' for the United States to achieve a trade deal with its northern neighbour.
'Wow! Canada has just announced that it is backing statehood for Palestine,' Trump wrote in a post on Truth Social. 'That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!'
Trump Truth Social Canada Palestine
U.S. President Donald Trump says Canada recognizing statehood of Palestine makes it 'very hard' for two sides to reach trade deal. (Truth Social screenshot)
The post comes hours before the president's Aug. 1 trade deadline, in which he's previously stated he would impose 35 per cent tariffs on Canada if the two sides could not come to an agreement.
This is a late breaking update. Previous copy from The Canadian Press is below…
Prime Minister Mark Carney said on Wednesday that Canada's negotiations with the United States might not conclude by Donald Trump's Aug. 1 deadline as the president added new trade measures that could further hinder some Canadian businesses.
Carney said talks have been complex, comprehensive and constructive. He also said they are ongoing and cover 'a broad variety of topics.'
'There are many areas for co-operation between Canada and the United States, including defence spending, security spending, investments, which is one of the reasons why we're having these broader discussions,' Carney said at a news conference in Ottawa.
Trump sent a letter to Carney threatening to impose 35 per cent tariffs if Canada doesn't make a trade deal by Friday. The White House has said those duties would not apply to goods compliant with the Canada-U.S.-Mexico Agreement on trade, better known as CUSMA.
The Canadian economy is also being slammed by Trump's Section 232 tariffs on steel, aluminum and automobiles.
Trump on Wednesday signed executive orders for 50 per cent tariffs on semi-finished copper products starting Friday. The president, however, didn't include imports of the refined metal in his order, leaving many in the Canadian copper industry feeling relieved.
In a separate order, Trump suspended de minimis exemptions — which had allowed packages worth $800 or less to ship to the United States to avoid tariffs. As part of his reasoning for the change, Trump cited the flow of fentanyl into the United States.
Canadian Federation of Independent Business President and CEO Dan Kelly said suspending the de minimis exemption 'is bad news for many Canadian small businesses.' The federation's data shows about one-third of small Canadian exporters used the exemption to ship to U.S. consumers duty free, Kelly said in a post on social media.
Pascal Chan, the vice president of strategic policy and supply chains at the Canadian Chamber of Commerce, said it adds 'another layer of uncertainty for Canadian businesses exporting to the U.S.,' particularly small- and medium-sized businesses.
'Any increase in compliance costs and delivery delays will only serve to compound the pressure on the cross-border supply chains that have long fuelled our shared economic prosperity,' Chan said in a statement.
The latest trade changes comes as countries around the world are set to face staggering tariffs when Trump's deadline to make deals passes.
Trump announced a deal with South Korea Wednesday which will see the country slapped with a 15 per cent tariff.
The president said South Korea 'will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President. In apost on social media Trump said South Korea will also 'purchase $100 Billion Dollars of LNG, or other Energy products.'
In a separate post the president also said he 'concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves' but Trump didn't provide details of a tariff rate.
Frameworks of deals have previously been announced for the European Union, Japan, Vietnam, Indonesia, the Philippines and the United Kingdom — with all nations facing some level of baseline tariff.
Not all the details of the deals are clear but Trump has said countries can 'buy down' the tariff rate and most agreements have come with announcements of billion-dollar investments.
Trump on Wednesday also escalated his threats against Brazil — which will be hit a 50 per cent duty — and India — which will face a 25 per cent tariff, plus an additional import tax because of India purchases Russian oil.
Trump has been dismissive of conversations with Canada, saying it is not a priority for his administration. The president said Wednesday that America's northern neighbour is a high-tariff nation, misrepresenting Canadian duties for agriculture imports.
'They've been charging our farmers 200 per cent, 300 per cent, 400 per cent for years and nobody did anything about it,' Trump told reporters.
Carney met virtually with his cabinet earlier Wednesday for a meeting focused largely on the situation in the Middle East.
Carney said Canada is seeking the best deal for Canadians and that negotiations will continue until that is achieved. He said Dominic LeBlanc, the minister responsible for Canada-U.S. trade, will remain in Washington with senior officials 'in pursuit of that goal.'
With files from Catherine Morrison
This report by The Canadian Press was first published July 30, 2025
Kelly Geraldine Malone, The Canadian Press
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Supplemental Materials and Upcoming Communications The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company's website, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information. Analyst Coverage A full list of Hut 8 Corp. analyst coverage can be found at About Hut 8 Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-potential computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five ASIC Colocation and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit and follow us on X at @Hut8Corp. Cautionary Note Regarding Forward–Looking Information This press release includes 'forward-looking information' and 'forward-looking statements' within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, 'forward-looking information'). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to scaling the Company's platform, commercializing and advancing the Company's data center opportunities, commencing the Company's contracts with IESO, unlocking the Company's near-term growth potential, the commercialization of the Company's Vega site through its hosting arrangement with BITMAIN and (following the execution of the Company's miner purchase option) American Bitcoin, closing the merger of American Bitcoin and Gryphon and completing the combined company's Nasdaq listing, , and the Company's future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words 'may', 'would', 'could', 'should', 'will', 'intend', 'plan', 'anticipate', 'allow', 'believe', 'estimate', 'expect', 'predict', 'can', 'might', 'potential', 'predict', 'is designed to', 'likely,' or similar expressions. Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at and SEDAR+ profile at Adjusted EBITDA In addition to our results determined in accordance with GAAP, we rely on Adjusted EBITDA to evaluate our business, measure our performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net income (loss), adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gain or loss, gain or loss on sale of property and equipment, gain or loss on derivatives, gain or loss on other financial liability, the removal of non-recurring transactions, loss from discontinued operations, (income) loss attributable to non-controlling interests, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons our Board and management team consider them appropriate for supplemental analysis. The Company's board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period. Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company's presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company's definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility. Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Revenue: Power $ 5,492 $ 10,530 $ 9,872 $ 20,468 Digital Infrastructure 1,512 5,264 2,829 11,108 Compute 34,295 15,795 50,413 47,933 Other — 3,626 — 7,447 Total revenue 41,299 35,215 63,114 86,956 Cost of revenue (exclusive of depreciation and amortization shown below): Cost of revenue – Power 5,000 5,449 8,628 9,082 Cost of revenue – Digital Infrastructure 2,120 4,331 3,679 8,960 Cost of revenue – Compute 14,656 8,670 28,128 26,356 Cost of revenue – Other — 2,186 — 4,385 Total cost of revenue 21,776 20,636 40,435 48,783 Operating expenses (income): Depreciation and amortization 19,458 11,531 34,357 23,003 General and administrative expenses 30,158 17,899 51,217 37,898 (Gains) losses on digital assets (217,640) 71,842 (105,246) (202,732) (Gain) loss on sale of property and equipment (312) — 2,142 (190) Total operating (income) expenses (168,336) 101,272 (17,530) (142,021) Operating income (loss) 187,859 (86,693) 40,209 180,194 Other income (expense): Foreign exchange gain (loss) 3,114 720 3,123 (1,679) Interest expense (8,396) (6,012) (15,865) (12,293) Asset contribution costs — — (22,780) — (Loss) gain on derivatives (18,403) 17,219 2,459 17,219 (Loss) gain on other financial liability (181) — 958 — Equity in earnings of unconsolidated joint venture 1,064 2,440 2,429 6,962 Total other (expense) income (22,802) 14,367 (29,676) 10,209 Income (loss) from continuing operations before taxes 165,057 (72,326) 10,533 190,403 Income tax (provision) benefit (27,574) 1,874 (7,369) (2,522) Net income (loss) from continuing operations $ 137,483 $ (70,452) $ 3,164 $ 187,881 Loss from discontinued operations (net of income tax benefit of nil, nil, nil and nil, respectively) — (1,738) — (9,364) Net income (loss) 137,483 (72,190) 3,164 178,517 Less: Net (income) loss attributable to non-controlling interests (171) 324 259 493 Net income (loss) attributable to Hut 8 Corp. $ 137,312 $ (71,866) $ 3,423 $ 179,010 Net (loss) income per share of common stock: Basic from continuing operations attributable to Hut 8 Corp. $ 1.32 $ (0.78) $ 0.04 $ 2.10 Diluted from continuing operations attributable to Hut 8 Corp. $ 1.18 $ (0.78) $ 0.03 $ 2.00 Weighted average number of shares of common stock outstanding: Basic 104,246,041 90,192,842 103,554,237 89,671,344 Diluted 119,018,761 90,192,842 109,070,208 94,152,139 Net income (loss) $ 137,483 $ (72,190) $ 3,164 $ 178,517 Other comprehensive income (loss): Foreign currency translation adjustments 39,892 (7,362) 41,079 (18,436) Total comprehensive income (loss) 177,375 (79,552) 44,243 160,081 Less: Comprehensive (income) loss attributable to non-controlling interest (227) 423 204 557 Comprehensive income (loss) attributable to Hut 8 Corp. $ 177,148 $ (79,129) $ 44,447 $ 160,638 See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements. Adjusted EBITDA Reconciliation Three Months Ended June 30 Increase (in USD thousands) 2025 2024 (Decrease) Net income (loss) $ 137,483 $ (72,190) $ 209,673 Interest expense 8,396 6,012 2,384 Income tax provision (benefit) 27,574 (1,874) 29,448 Depreciation and amortization 19,458 11,531 7,927 Share of unconsolidated joint venture depreciation and amortization (1) 5,543 7,837 (2,294) Foreign exchange gain (3,114) (720) (2,394) Gain on sale of property and equipment (312) — (312) Loss (gain) on derivatives 18,403 (17,219) 35,622 Loss on other financial liability 181 — 181 Non-recurring transactions (2) 3,739 21 3,718 Loss from discontinued operations (net of income tax benefit of nil and nil, respectively) — 1,738 (1,738) (Income) loss attributable to non-controlling interests (3,786) 324 (4,110) Stock-based compensation expense 7,640 7,010 630 Adjusted EBITDA $ 221,205 $ (57,530) $ 278,735 Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 9. Investments in unconsolidated joint venture of our Unaudited Condensed Consolidated Financial Statements for further detail. Non-recurring transactions for the three months ended June 30, 2025 primarily represent approximately $3.5 million of American Bitcoin related transaction costs, and $0.2 million of restructuring costs. Non-recurring transactions for the three months ended June 30, 2024 represent approximately $1.5 million of miner relocation costs, $0.7 million of restructuring costs, offset by a $2.2 million tax refund. Contacts Hut 8 Investor Relations Sue Ennis ir@ Hut 8 Public Relations Gautier Lemyze-Young media@
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More information about ALLETE is available at ALE-CORP The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission. ALLETE's press releases and other communications may include certain non-Generally Accepted Accounting Principles (GAAP) financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the company's financial statements. Non-GAAP financial measures utilized by the Company include presentations of earnings (loss) per share. ALLETE's management believes that these non-GAAP financial measures provide useful information to investors by removing the effect of variances in GAAP reported results of operations that are not indicative of changes in the fundamental earnings power of the Company's operations. Management believes that the presentation of the non-GAAP financial measures is appropriate and enables investors and analysts to more accurately compare the company's ongoing financial performance over the periods presented. June 30, June 30, 2025 2024 2025 2024 Operating Revenue Contracts with Customers – Utility $305.1 $279.8 $637.9 $618.1 Contracts with Customers – Non-utility 53.8 73.5 119.7 137.2 Other – Non-utility 1.4 1.2 2.9 2.5 Total Operating Revenue 360.3 354.5 760.5 757.8 Operating Expenses Fuel, Purchased Power and Gas – Utility 113.3 107.3 236.3 240.8 Transmission Services – Utility 19.3 1.6 38.3 24.3 Cost of Sales – Non-utility 24.3 31.8 49.2 56.2 Operating and Maintenance 96.6 102.1 189.6 193.8 Depreciation and Amortization 73.2 66.0 142.9 131.0 Taxes Other than Income Taxes 15.6 16.3 33.2 35.0 Total Operating Expenses 342.3 325.1 689.5 681.1 Operating Income 18.0 29.4 71.0 76.7 Other Income (Expense) Interest Expense (23.1) (20.1) (44.5) (40.5) Equity Earnings 5.9 5.9 11.9 11.4 Other 5.2 5.9 9.8 14.5 Total Other Expense (12.0) (8.3) (22.8) (14.6) Income Before Income Taxes 6.0 21.1 48.2 62.1 Income Tax Expense (Benefit) (0.6) 1.4 6.9 5.4 Net Income 6.6 19.7 41.3 56.7 Net Loss Attributable to Non-Controlling Interest (25.3) (13.3) (46.7) (27.0) Net Income Attributable to ALLETE $31.9 $33.0 $88.0 $83.7 Average Shares of Common Stock Basic 58.0 57.7 58.0 57.7 Diluted 58.1 57.8 58.0 57.7 Basic Earnings Per Share of Common Stock $0.55 $0.57 $1.52 $1.45 Diluted Earnings Per Share of Common Stock $0.55 $0.57 $1.52 $1.45 Dividends Per Share of Common Stock $0.73 $0.705 $1.46 $1.41 Consolidated Balance Sheet Millions - Unaudited Jun. 30, Dec. 31, Jun. 30, Dec. 31, 2025 2024 2025 2024 Assets Liabilities and Equity Cash and Cash Equivalents $55.4 $32.8 Current Liabilities $337.9 $404.2 Other Current Assets 397.5 402.4 Long-Term Debt 1,931.8 1,704.7 Property, Plant and Equipment – Net 5,324.0 5,181.5 Deferred Income Taxes 278.9 253.4 Regulatory Assets 363.0 371.7 Regulatory Liabilities 586.7 570.5 Equity Investments 350.5 340.1 Defined Benefit Pension and Other Postretirement Benefit Plans 99.4 118.2 Goodwill and Intangibles – Net 155.3 155.3 Other Non-Current Liabilities 311.4 312.8 Other Non-Current Assets 267.5 270.5 Redeemable Non-Controlling Interest 0.8 0.4 Equity 3,366.3 3,390.1 Total Assets $6,913.2 $6,754.3 Total Liabilities, Redeemable Non-Controlling Interest and Equity $6,913.2 $6,754.3 Quarter Ended Six Months Ended ALLETE, Inc. June 30, June 30, Income (Loss) 2025 2024 2025 2024 Millions Regulated Operations $23.0 $33.7 $61.4 $77.9 ALLETE Clean Energy 0.9 2.4 8.3 6.2 New Energy 4.7 7.7 13.9 11.7 Corporate and Other 3.3 (10.8) 4.4 (12.1) Net Income Attributable to ALLETE $31.9 $33.0 $88.0 $83.7 Diluted Earnings Per Share $0.55 $0.57 $1.52 $1.45 Statistical Data Corporate Common Stock High $66.40 $65.86 $66.40 $65.86 Low $63.27 $56.66 $63.27 $55.86 Close $64.07 $62.35 $64.07 $62.35 Book Value $49.31 $48.86 $49.31 $48.86 Kilowatt-hours Sold Millions Regulated Utility Retail and Municipal Residential 231 225 563 531 Commercial 304 307 658 645 Industrial 1,530 1,729 3,104 3,527 Municipal 108 105 240 230 Total Retail and Municipal 2,173 2,366 4,565 4,933 Other Power Suppliers 981 579 1,907 1,336 Total Regulated Utility Kilowatt-hours Sold 3,154 2,945 6,472 6,269 Regulated Utility Revenue Millions Regulated Utility Revenue Retail and Municipal Electric Revenue Residential $36.9 $34.4 $86.2 $81.1 Commercial 44.1 42.9 92.4 90.3 Industrial 136.5 146.3 274.9 304.8 Municipal 8.2 7.4 17.8 16.4 Total Retail and Municipal Electric Revenue 225.7 231.0 471.3 492.6 Other Power Suppliers 47.3 30.4 94.4 70.4 Other (Includes Water and Gas Revenue) 32.1 18.4 72.2 55.1 Total Regulated Utility Revenue $305.1 $279.8 $637.9 $618.1
