Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:
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TRUMP SAYS NO INFLATION: President Trump said via Truth Social, “Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place. This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34%, on top of its long term ridiculously high Tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate. They’ve made enough, for decades, taking advantage of the Good OL’ USA! Our past ‘leaders’ are to blame for allowing this, and so much else, to happen to our Country.”
The President also said, “The United States has a chance to do something that should have been done DECADES AGO. Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!). Be Strong, Courageous, and Patient, and GREATNESS will be the result!”
Trump told reporters aboard Air Force One Sunday night, “I don’t want anything to go down, but sometimes you have to take medicine to fix something.” He added, “I’m willing to deal with China, but they have to solve their surplus.” On Truth Social earlier, Trump said, “We have massive Financial Deficits with China, the European Union, and many others. The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the U.S.A. They are already in effect, and a beautiful thing to behold. The Surplus with these Countries has grown during the ‘Presidency’ of Sleepy Joe Biden. We are going to reverse it, and reverse it QUICKLY. Some day people will realize that Tariffs, for the United States of America, are a very beautiful thing!”
The U.S. President said via Truth Social, “Countries from all over the World are talking to us. Tough but fair parameters are being set. Spoke to the Japanese Prime Minister this morning. He is sending a top team to negotiate! They have treated the U.S. very poorly on Trade. They don’t take our cars, but we take MILLIONS of theirs. Likewise Agriculture, and many other “things.” It all has to change, but especially with CHINA!!!”
READY TO NEGOTIATE: Ursula von der Leyen, President of the European Union Commission, said via X: “Europe is ready to negotiate with the US. We have offered zero-for-zero tariffs for industrial goods. Because we’re always ready for a good deal. But we’re also prepared to respond with countermeasures. And protect ourselves against indirect effects through trade diversion.”
ECONOMIC ARMAGEDDON: Wedbush lowered the firm’s price target on Tesla (TSLA) to $315 from $550 and keeps an Outperform rating on the shares. The economic tariff Armageddon unleashed by the Trump Administration is a “double whammy” for Tesla in the firm’s view. Wedbush notes that Tesla is less exposed to tariffs than other U.S. automakers such as General Motors (GM), Ford (F), and Stellantis (STLA) as well as foreign autos. The bigger worry in the firm’s opinion is Tesla’s success in China as this key region is the linchpin to the future success of Tesla. Furthermore, Tesla has essentially become a political symbol globally, and that is “a very bad thing for the future of this disruptive tech stalwart and the brand crisis tornado that has now turned into an F5 tornado,” says the firm. It now estimates Tesla has lost/destroyed at least 10% of its future customer base globally based on self-created brand issues and this could be a conservative estimate.
Wedbush also lowered the firm’s price target on Apple (AAPL) to $250 from $325, while keeping an Outperform rating on the shares. The “tariff economic Armageddon unleashed by Trump is a complete disaster for Apple given its massive China production exposure,” the firm tells investors in a research note. Wedbush says the current tariff slate with China at 54% and Taiwan at 32% “would be devastating to Apple, its cost structure, and ultimately consumer demand.” The firm, however, maintains a longer-term positive view on Apple shares citing the company’s strong free cash flow and the growth of its Services business.
Apple could finally be forced to make increases to the cost of iPhones in the U.S., Bloomberg’s Mark Gurman reports. Apple hasn’t raised the starting price of its flagship model from $999 since the debut of the iPhone X in 2017, but with tariffs hitting Apple’s major production sources, Gurman writes. Gurman says there’s still a chance CEO Tim Cook can secure “some sort of exemption.”
ANTI-OBESITY DRUGS: The Trump administration has declined to cover expensive, high-demand obesity treatments under the federal government’s Medicare program, Tom Murphy of The Associated Press reports. The Centers for Medicare and Medicaid Services will not cover the medications under Medicare’s Part D prescription drug coverage. Trump’s Health and Human Services secretary, Robert F. Kennedy Jr., has been an outspoken opponent of the injectable drugs, which have exploded in popularity due to the potentially life-changing weight loss that some patients experience, the report notes. The Fly notes that Novo Nordisk (NVO) manufactures Ozempic and Wegovy, while Eli Lilly (LLY) produces Zepbound.
VIETNAM DEAL: Roth MKM keeps a Buy rating and $26 price target on Turtle Beach (TBCH). Trump’s proposed 46% tariff on imports from Vietnam triggered a 30% slump in Turtle Beach share price last week, reflecting the company’s dependence on Vietnamese sourcing, the firm tells investors in a research note. As of late last week however, the prospect has emerged of an agreement between the U.S. and Vietnam to delay and possibly minimize tariffs, and should such an agreement be reached, it could spark a significant rally in the shares, Roth added.
TIKTOK: A deal to spin off the U.S. assets of TikTok has been put on hold after China indicated it would not approve the deal after President Donald Trump’s tariffs announcement this week, Dawn Chmielewski, David Shepardson and Antoni Slodkowski of Reuters report, citing two sources familiar with the matter. Publicly traded companies in the social media space include Meta Platforms (META), Alphabet (GOOGL), Pinterest (PINS), Reddit (RDDT) and Snap(SNAP).
Following assurances from the Trump administration, Apple is keeping TikTok and other apps from ByteDance on its U.S. App Store for the next 75 days, Mark Gurman of Bloomberg reports. The company received a letter from Attorney General Pam Bondi telling Apple to follow President Donald Trump’s executive order to extend the pause on a TikTok ban, people with knowledge of the matter said.
U.S. ONLY STABLECOIN: Tether (USDT) is considering offering a U.S.-only stablecoin if President Donald Trump’s administration creates regulations that encourage new entrants to the market, Philip Stafford of The Financial Times reports. Tether CEO Paolo Ardoino told the Financial Times it was involved in discussions about US rules on stablecoins and the administration saw it as “an important instrument for the United States.” Tether could create a token for just the U.S. market, depending on regulation outcomes, Ardoino said, according to the Financial Times.
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