Trump Trade: Trump family holds talks for stake in Binance U.S. arm

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Fri, Mar 14, 2025, 8:10 AM 4 min read

STAKE IN BINANCE: Representatives of President Trump’s family have held talks to take a financial stake in the U.S. arm of crypto exchange Binance, according to people familiar with the matter told The Wall Street Journal‘s Rebecca Ballhaus, Patricia Kowsmann, Angus Berwick, Josh Dawsey and Caitlin Ostroff. Binance’s billionaire founder, Changpeng Zhao, who served four months in prison after pleading guilty to violating anti-money-laundering requirements, has been pushing for the Trump administration to grant him a pardon, people familiar with the matter added. Publicly traded companies in the cryptocurrency space include Bit Digital (BTBT), Bitfarms (BITF), Coinbase (COIN), Core Scientific (CORZ), Greenidge Generation (GREE), Mara Holdings (MARA), Riot Platforms (RIOT), Strategy (MSTR), Stronghold Digital Mining (SDIG) and TeraWulf (WULF).

200% TARIFFS: President Donald Trump said in a Truth Social post, “The European Union, one of the most hostile and abusive taxing and tariffing authorities in the World, which was formed for the sole purpose of taking advantage of the United States, has just put a nasty 50% Tariff on Whisky. If this Tariff is not removed immediately, the U.S. will shortly place a 200% Tariff on all WINES, CHAMPAGNES, & ALCOHOLIC PRODUCTS COMING OUT OF FRANCE AND OTHER E.U. REPRESENTED COUNTRIES. This will be great for the Wine and Champagne businesses in the U.S.” Publicly traded stocks include AB InBev (BUD), Constellation Brands (STZ), Brown Forman (BFA), and Diageo (DEO).

This came after President Trump threatened more tariffs, escalating a global trade war with further tariffs on EU goods, after Canada and the EU retaliated for trade barriers already erected by the U.S. president, Reuters’ Andrea Shalal, David Lawder and Jarrett Renshaw report. In retaliation for 25% tariffs on all U.S. steel and aluminum imports, the EU responded with tariffs on up to EUR 26B of U.S. exports, while Canada imposed C$29.8B in levies. Trump said he would impose additional penalties if the EU follows through with its plan to enact counter tariffs on some U.S. goods next month. “Whatever they charge us, we’re charging them,” Trump told reporters at the White House. Publicly traded companies in the steel and aluminum space include ArcelorMittal (MT), Cleveland-Cliffs (CLF), Nucor (NUE), Steel Dynamics (STLD) and U.S. Steel (X).

U.S. COAL PLANTS: The Trump administration plans to overturn pollution rules that seek to reduce soot emissions from U.S. coal-fired power plants in a move that aims to help keep some of the U.S.’s dirtiest plants operational, Reuters’ Tim McLaughlin reports, citing people familiar with the matter. The nation’s dirtiest coal plants would be among the biggest beneficiaries from a rollback of soot limits, including Montana’s Colstrip power plant, which the EPA says is America’s only coal plant without modern pollution controls for particulate matter, the author notes. Talen Energy (TLN), the operator of the facility and minority owner, recently joined over 20 states in a pending legal challenge to the Biden administration’s stricter rules in the Washington D.C. Circuit Court of Appeals, while NorthWestern Energy (NWE), who will own a majority of Colstrip at the end of this year, has estimated that complying with Biden era limits would cost the plant’s owners $350M-$665M, the author says. Other publicly traded companies in the coal space include Alliance Resource Partners (ARLP), Arch Resources (ARCH), Consol Energy (CEIX) and Peabody Energy (BTU).

UPSIDE TO POLICIES: The CEOs of Blackstone (BX) and Goldman Sachs (GS) say there are upsides to President Donald Trump’s policies, even as he forges ahead with import tariffs that have fueled fears of a slowdown in the U.S., The Wall Street Journal’s Guy Chazan reports. Blackstone CEO Steven Shwarzman, chief executive of Blackstone, told reporters in India on Wednesday that the tariffs would, “at the end of the day,” lead to a significant increase in manufacturing activity in the U.S., which “tends to be a good thing for the world.” Meanwhile, Goldman CEO David Solomon said that the business community “understands what the president is trying to do with tariffs,” though he is seeking more “certainty” on the Trump administration’s policy agenda.

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