Trump Trade: Commerce Secretary ‘confident’ U.S. will enter trade deal with EU

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:

U.S.-EU TRADE DEAL: U.S. Commerce Secretary Howard Lutnick said he is confident a trade deal will be secured between the U.S. and the European Union, Reuters reports. “These are the two biggest trading partners in the world, talking to each other. We’ll get a deal done. I am confident we’ll get a deal done,” Lutnick said in an interview with CBS, according to Reuters.

SUIT BY TRUMP: President Trump on Friday filed a lawsuit against the publisher of The Wall Street Journal, alleging the newspaper defamed him in an article about a birthday letter sent to disgraced financier Jeffrey Epstein, the paper reported. The lawsuit, filed in federal court in the Southern District of Florida, includes as defendants Dow Jones and its parent company, News Corp. (NWS; NWSA). It also names News Corp. Chair Emeritus Rupert Murdoch, its chief executive, Robert Thomson, and two Journal reporters. The suit alleges that the article in question falsely claimed that Trump in 2003 wrote and signed a letter that included a drawing of a naked woman for Epstein. No authentic letter or drawing exists, according to the suit. A Dow Jones spokeswoman said, “We have full confidence in the rigor and accuracy of our reporting, and will vigorously defend against any lawsuit.” News Corp didn’t immediately respond to a request for comment.

COST INCREASE: Since President Trump first announced sweeping tariffs, Amazon (AMZN) has raised prices on low-cost products, Shane Shifflett, Nate Rattner, Sebastian Herrera, and Brian Whitton of The Wall Street Journal report, citing an analysis done by the journal on nearly 2,500 items. On average, the prices of inexpensive goods, such as deodorant, protein shakes and pet care items, increased by approximately 5% in July. Overall, Amazon lowered its prices on expensive items and raised the prices on cheaper goods.

SPACEX CONTRACTS: In early June, the Trump administration initiated a review of Elon Musk’s SpaceX’s contract with the federal government, looking to identity potential waste in the multi billion-dollar agreements the company has with the government, Brian Schwartz, Shalini Ramachandran, and Micah Maidenberg of The Wall Street Journal report, citing people familiar with the matter. Administration officials, however, determined they couldn’t eliminate most contracts because they are critical to the Defense Department and NASA, sources added.

INVESTIGATION: The Writers Guild of America East and Writers Guild of America West issued a joint statement calling for an investigation into Paramount’s (PARA, PARAA) decision to cancel “The Late Show with Stephen Colbert.” “On July 2nd, Paramount agreed to settle a baseless lawsuit brought against 60 Minutes and CBS News by President Trump for $16 million,” the statement reads. “On July 15, during a regular show of The Late Show with Stephen Colbert, Colbert went on-air and called the settlement a “big fat bribe” in exchange for a favorable decision on the proposed merger between Paramount and Skydance, a charge currently under investigation in California. Less than 48 hours later, on July 17, Paramount cancelled The Late Show with Stephen Colbert, a show currently performing first in its timeslot, giving vague references to the program’s “financial performance” as the only explanation…Given Paramount’s recent capitulation to President Trump in the CBS News lawsuit, the Writers Guild of America has significant concerns that The Late Show’s cancelation is a bribe, sacrificing free speech to curry favor with the Trump Administration as the company looks for merger approval…Paramount’s decision comes against a backdrop of relentless attacks on a free press by President Trump, through lawsuits against CBS and ABC, threatened litigation of media organizations with critical coverage, and the unconscionable defunding of PBS and NPR. The Writers Guild of America calls on New York State Attorney General Letitia James, no stranger to prosecuting Trump for illegal business practices, to join California and launch an investigation into potential wrongdoing at Paramount.”