Trump Trade: EU said to be closing in on 15% tariff deal with U.S.

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.-DEAL TRADE DEAL: The EU and U.S. are closing in on a trade deal that would impose 15% tariffs on European imports and Brussels could agree to reciprocal levies similar to the agreement President Donald Trump struck with Japan this week, according to Financial Times‘ Andy Bounds. Under a deal, both sides would waive tariffs on some products, including aircraft, spirits and medical devices, three people familiar with the situation told the Financial Times.

AI ACTION PLAN: The Trump administration has unveiled its so-called AI Action Plan, saying the U.S. is “in a race to achieve global dominance in artificial intelligence.” “America’s AI Action Plan has three pillars: innovation, infrastructure, and international diplomacy and security… To maintain global leadership in AI, America’s private sector must be unencumbered by bureaucratic red tape. President Trump has already taken multiple steps toward this goal, including rescinding Biden Executive Order 14110 on AI that foreshadowed an onerous regulatory regime. AI is far too important to smother in bureaucracy at this early stage, whether at the state or Federal level. The Federal government should not allow AI-related Federal funding to be directed toward states with burdensome AI regulations that waste these funds, but should also not interfere with states’ rights to pass prudent laws that are not unduly restrictive to innovation… We need to ensure America has leading open models founded on American values. Opensource and open-weight models could become global standards in some areas of business and in academic research worldwide…

“AI will enable a wide range of new innovations in the physical world: autonomous drones, self driving cars, robotics, and other inventions for which terminology does not yet exist… The Federal government should prioritize investment in these emerging technologies and usher in a new industrial renaissance… AI has the potential to transform both the warfighting and back-office operations of the DOD. The United States must aggressively adopt AI within its Armed Forces if it is to maintain its global military preeminence while also ensuring, as outlined throughout this Action Plan, that its use of AI is secure and reliable. Because the DOD has unique operational needs within the Federal government, it merits specific policy actions to drive AI adoption…

“AI is the first digital service in modern life that challenges America to build vastly greater energy generation than we have today. American energy capacity has stagnated since the 1970s while China has rapidly built out their grid. America’s path to AI dominance depends on changing this troubling trend.”

THRIVE: President Trump said on social media, “Everyone is stating that I will destroy Elon’s companies by taking away some, if not all, of the large scale subsidies he receives from the U.S. Government. This is not so! I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before! The better they do, the better the USA does, and that’s good for all of us. We are setting records every day, and I want to keep it that way!”