• Carter McIntosh, a 28-year-old Jefferies banker, died of a toxic mix of drugs, BI has learned.
• The Dallas medical examiner ruled the death an accident.
• McIntosh was an associate on Jefferies' tech, media, and telecom team in Dallas

The 28-year-old banker whose death prompted online attacks against Jefferies died from the "toxic effects" of fentanyl and cocaine, the Dallas medical examiner said.

Carter McIntosh, an associate with the bank's technology, media, and telecommunications coverage team in Dallas, was found dead in his apartment in January, leading Jefferies CEO Richard Handler to issue a memo defending the bank from "unfounded" speculation about the banker's cause of death.

The police initially ruled it an "unexplained death." An autopsy report by the medical examiner's office now says McIntosh's death was an accident caused by the "combined toxic effects" of fentanyl and cocaine, according to a copy of the report obtained by Business Insider.

Fentanyl, a synthetic opioid up to 50 times stronger than heroin, has proved a rising threat in the US, fueling an alarming surge in overdoses. The Centers for Disease Control and Prevention says overdoses remain the No. 1 killer of Americans ages 18 to 44.

"Our hearts grieve for Carter and our sincere condolences to his family, coworkers, and friends. Carter is missed by many at Jefferies and beyond," Handler told BI in a statement on Wednesday.

In the wake of McIntosh's death, Handler and the firm's president, Brian Friedman, released a memo to staff expressing their "tremendous sadness" and offering support to employees.

Handler also criticized what he called "unfounded, vitriolic attacks" against Jefferies' work culture.

"At this point, nobody knows exactly what happened and engaging in speculation with cynical assumptions serves no useful purpose and only adds to the grief that the McIntosh family is suffering," the memo said.

McIntosh worked at other financial services firms before joining Jefferies, including stints in equity research at Goldman Sachs and as an investment banking analyst at Moelis & Co., his LinkedIn page said. Before that, he attended Seton Hall University in South Orange, New Jersey.

• The Trump administration says tariffs on Mexico and Canada will curb fentanyl flow into the US.
• A harm reduction expert warns that tariffs may increase overdoses by disrupting drug supply.
• Canada plans retaliatory tariffs, targeting goods from Trump's political base.

President Donald Trump introduced tariffs on Mexico and Canada as part of an effort to fight drug trafficking, but a harm reduction advocate says that stopping the regular flow of drugs could make overdoses spike.

Trump announced on February 1 that he planned to place 25% tariffs on Mexico and Canada. Trump said at the time that the tariffs were intended to crack down on drug and border policy, particularly to stop the flow of fentanyl into the US.

Trump paused the tariffs for 30 days on February 3 after both countries agreed to tougher border control measures, but he still promised "reciprocal tariffs" on goods imported from any country that levies tariffs on the US.

In posts on Truth Social, Trump has maintained that "drugs are pouring into our Country, mostly through Mexico, at levels never seen before."

Laura Guzman, the executive director of the National Harm Reduction Coalition, told Business Insider that Trump's tariffs could make drug overdoses go up if they are successful in slowing the flow of illegal drugs into the country. Harm reduction generally refers to policies and practices that aim to minimize the negative health, social, and legal effects of drug abuse.

"The biggest fear I had when I saw the negotiation to postpone the tariffs, immediately, my reaction was, 'that is not going to be good for the folks that are impacted by both the war on drugs, but also by this tainted drug supply,'" Guzman told BI.

Guzman said that while slowing the rate of fentanyl entering the country is a good idea, there is still a large amount of fentanyl that is produced inside the US that ends up on the streets. She said that disrupting the flow of drugs can create a situation where addicts are mixing drugs that they don't normally use, which can lead to health risks and death. She said mixing drugs can lead to drug contamination where people might take drugs they aren't familiar with or are unaware that they are taking.

"What happens is more dangerous, because then the mixes, the kind of mixes, what it gets mixed with, puts people at risk of not just opiate overdoses, but also increase sedation that results in death," Guzman said.

Guzman said that it is common for harm reduction workers to see spikes in overdose deaths in cities after local police do heavy drug takedowns.

"They do an interdiction, they start arresting, they say how much fentanyl have confiscated, and we very soon start seeing spikes of overdose deaths," Guzman said.

Putting "all the eggs on interdiction"

She was also critical of Mexico, saying that government needs to do more to recognize the ongoing fentanyl crisis impacting both countries. Guzman said that there is "a denial" from Mexican President Claudia Sheinbaum's administration of "the influx of fentanyl from the border."

Sheinbaum said in a statement on February 3 that Mexico rejected claims by the Trump administration that Mexico colluded with criminal organizations.

"If the United States government and its agencies wanted to address the serious consumption of fentanyl in their country, they can combat the sale of narcotics on the streets of their main cities, which they don't do," Sheinbaum said.

Naloxone, a drug that is used to reverse opioid overdoses, is a controlled substance in Mexico, where it is considered a psychoactive drug. Guzman said the country's refusal to recognize naloxone as a life-saving drug shows that it is "putting all the eggs on interdiction and denies the fact that fentanyl is also taking lives on the other side of the border."

Even as the Trump administration leans into fentanyl trafficking as a leading reason for its new tariffs, they have sometimes struggled to defend it.

On NBC's "Meet the Press" on February 2, Kristin Welker asked Homeland Security Secretary Kristi Noem why Canada had been hit with more severe tariffs than China.

"Why is the United States punishing Canada, one of its closest allies, more than China, where fentanyl originates?" Welker said.

"We have sent a message this week that we're not just going to enforce our southern border," Noem said. "We're going to put extra resources at that northern border as well. So Canada needs to come to the table."

US Customs and Border Protection seized more than 21,000 pounds of fentanyl at the Mexican border last year, according to the agency. The agency seized 43 pounds of fentanyl at the Canadian border.

Canadian Prime Minister Justin Trudeau also announced retaliatory tariffs if Trump's tariffs go into effect. Some tariffed goods target Trump's political base, covering items like Florida oranges and Kentucky bourbon.

The White House did not immediately return a request for comment from Business Insider.

• Canada and Mexico have secured a 30-day reprieve on tariffs from US President Donald Trump.
• In exchange for a tariff pause, Canada and Mexico agreed to boost border security and curb illegal activities.
• A 10% tariff on Chinese goods was not delayed, prompting China to slap retaliatory tariffs on the US.

US President Donald Trump has just shown the world how the Art of the Deal works.

In a matter of days, Trump threatened three key partners — China, Canada, and Mexico — with tariffs over illegal immigration and fentanyl. The threats paid off for the short term: He got a temporary deal with Canada and Mexico.

"President Trump has started his second term with his tariff guns blazing, and so far it has worked extremely well in achieving his policy goals," Rajiv Biswas, the CEO of Asia-Pacific Economics, a Singapore-based research firm, told Business Insider.

On Saturday, Trump, using the International Emergency Economic Powers Act, imposed a 25% tariff on most goods from Canada and Mexico.

The tariffs were initially set to take effect on Tuesday. But after an early morning stock market downturn on Monday, talks with Canada and Mexico resulted in a 30-day tariff delay.

In exchange for the pause, Mexico agreed to deploy 10,000 National Guard troops to its northern border to curb illegal activities. Canada agreed to a set of initiatives targeting drug trafficking, money laundering, and border security.

"Mexico and Canada have immediately capitulated to the threat of US tariffs and agreed to enforce tougher border security measures, which is what President Trump had clearly requested them to do weeks ago, even prior to his inauguration," Biswas said.

The US is trading off, too

While Trump's deals with Canada and Mexico may have been swift, the tradeoff is ill will toward the US in both countries and uncertainty in the international trade order.

"The trade rules are valuable because they create a predictability and certainty for countries and for companies that do business in North America and in the world," said Edward Alden, a senior fellow at the Council on Fore­­­ign Relations. "And to mess with those rules for no good reason is truly irresponsible."

"He has no evidence to show he is able to use tariffs to achieve significant concessions, economic or otherwise," he added.

Some experts said the agreements could have been achieved without threatening tariffs.

"Using the issues around fentanyl and illegal immigration to justify a trade war is somewhat bizarre," said Romel Mostafa, an assistant professor in economics and public policy at the Ivey Business School in Ontario. "It seems like we put the cart before the horse here, which is we basically went into this tariff imposition and counter-tariffs and then came to the discussion table."

Alden said the agreements are "not in the slightest" a significant concession because the Mexican government has long had an interest in cracking down fentanyl smuggling and better controlling its border. As for Canada, he pointed to data from the US Customs and Border Protection showing that the northern neighbor accounts for 0.2% of US border fentanyl seizures.

"The bigger question is whether potentially we could come back again a month later and there could be other demands coming in," Mostafa said of Trump's actions.

China retaliates

While Canada and Mexico have secured brief reprieves from Trump's tariffs, China hasn't. Blanket tariffs of 10% on Chinese goods took effect at 12:01 a.m. ET on Tuesday.

China hit back swiftly, announcing tariffs on a range of US goods, including coal, liquefied natural gas, crude oil, and agricultural machinery.

"The US's unilateral imposition of tariffs seriously violates the rules of the World Trade Organization," China's Finance Ministry said in its tariffs announcement. "It is not only unhelpful in solving its own problems, but also undermines the normal economic and trade cooperation between China and the US."

China has said fentanyl is the US' own problem and that Beijing would challenge the tariffs at the World Trade Organization.

"The US needs to view and solve its own fentanyl issue in an objective and rational way instead of threatening other countries with arbitrary tariff hikes," a Chinese foreign ministry spokesperson said on Sunday.

Trump is taking the same brinkmanship approach to China, said Alex Capri, an international trade specialist and a senior lecturer at the National University of Singapore's business school.

"Trump will take the same approach to China and I think Beijing will, in fact, welcome this transactional way of doing business," Capri said.