Hi Global Recap readers,
I'm not Russian, so I can't speak for Russians.
But from what I've read, there are younger Russians who never lived through the Soviet Union, yet yearn for its return (running on pure second-hand nostalgia).
Many of them are also supposedly supportive of Russia's "Special Military Operation" too.
But after today, I do wonder if they're still quite as enthusiastic. Especially after seeing just how brazenly Russia’s defenses can be penetrated. 👇🏼
👀 This Week So Far
Quick Catch-Up
🇮🇷🇺🇸 Iran-US: US Central Command says it hits Iranian radar and drone-control sites after an MQ-1 shootdown, while Iran claims retaliation against a US-linked air base.
🇮🇱🇺🇸 Israel-US: President Trump reportedly tears into Israeli PM Netanyahu over planned Beirut strikes, then publicly says Netanyahu agreed to hold off while the Iran deal track stays alive.
🇷🇺🇺🇦 Russia-Ukraine: Russia pounds Kyiv and Dnipro after warning of new attacks, while Russian finance officials reportedly tell President Vladimir Putin the war bill is pushing the deficit into ugly territory.
🇷🇺🇺🇦 RUSSIA & UKRAINE
Not a Good Way
to Start a Forum
A major drone attack reportedly hit the St. Petersburg Oil Terminal early June 3, sending black smoke over one of Russia's biggest fuel storage and export sites.
What's so significant about this? It coincides with President Putin kicking off the St. Petersburg International Economic Forum (June 3-6).
What We Know (at the time of writing):
Leningrad Oblast Governor Alexander Drozdenko said Russian air defenses were still repelling drones. Russian officials did not confirm the port fire.
The terminal is inside St. Petersburg's Great Port, with storage for 442,000 cubic meters (15.6 million cubic feet) of liquid cargo and berths for large tankers.
🇮🇷🇺🇸 IRAN & US
How’s This a “Ceasefire?”
Footage circulating on social media reportedly shows drones over Kuwait.
The Iran-US ceasefire is still "technically" alive, but Tuesday looked a lot like the war restarting in pieces.
What We Know:
Start: US forces said they disabled an oil tanker heading toward Iran under the US blockade.
Iranian Response: Then Iran's Revolutionary Guard fired ballistic missiles at Kuwait and Bahrain as "retaliation."
US and Bahraini defenses intercepted missiles.
US Central Command said Iranian missiles and drones targeting US forces either failed or were intercepted.
However, Kuwait’s civil aviation authority later said separate Iranian drones and missiles struck Terminal 1 at Kuwait International Airport, injuring several people and causing extensive damage. Commercial flights have been suspended.
US Response: The US struck an Iranian ground-control station on Qeshm Island, near Hormuz as "self-defense."
The Funeral Plan
On another note, Iran is finally preparing a three-day public funeral for former Supreme Leader Ali Khamenei.
For weeks, critics of the Islamic regime mocked it for being too afraid to hold a funeral for the late Supreme Leader, joking that Khamenei was being kept in a “secret fridge.”
A Tehran municipal official said the Revolutionary Guards are organizing it.
🎙️ PODCAST
Still Waiting
It’s not looking great.
Oil prices are climbing again as people start realizing this Iran-US "ceasefire" appears to be held together by hopes and press releases.
According to US Secretary of State Rubio, it can now take nearly a week to hear back from Iranian officials because of "disruptions" inside Iran (read: they're all hiding).
At this point, the deal has been "coming soon" for so long that I wouldn't be shocked if it arrives after GTA VI. 👇🏼
🇨🇦🇺🇸 CANADA & US
51st State Again
President Trump revived his Canada-as-51st-state line on Monday night, posting "51st State!" after sharing a story about Canada slipping into a technical recession.
What We Know:
Canada's GDP picture is weaker, though not a crash: real GDP was flat in Q1 after a 0.2% drop in Q4, while annualized figures showed a tiny 2nd straight contraction.
PM Carney had just pitched a "new partnership" with the US on autos, aluminum, and critical minerals, ahead of the USMCA review.
That pitch came after months of Trump tariff fights and repeated sovereignty digs, which Carney has said "will never happen."
People keep writing off Trump’s rhetoric as trolling, but for Canada, the story below makes it seem a lot more serious.
📌 Context. An economy is generally considered to be in a “technical recession” after two straight quarters of negative GDP growth.
🇺🇸 UNITED STATES
Tariffs Find Detour
The US proposed new Section 301 tariffs on imports from 60 economies after United States Trade Representative (USTR) said they failed to block goods made with forced labor from their markets.
The Proposal:
Economies with a forced-labor import ban, partial regime, or related trade commitments would face an extra 10% duty. This includes Canada.
Everyone else would face 12.5%, including China, Japan, India, South Korea, Brazil, and Switzerland.
USTR also floated a textile mechanism that could let some apparel and textile imports enter at reduced rates.
The duties are not active yet. Written comments are due July 6, with a July 7 hearing.
