Trump Trade: President Trump attending G7 summit in Canada

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:

G7 SUMMIT: President Donald Trump is attending the G7 summit in Canada, where he will hold a meeting Monday morning with Canadian Prime Minister Mark Carney. Trump said yesterday that he anticipates announcing new trade deals at the summit, suggesting to reporters ahead of his departure to Canada that it’s just a matter of sending letters laying out the framework of the economic agreements, according to NBC News’ Nnamdi Egwuonwu reports. In addition to the Group of Seven nations and the European Union, Canadian Prime Minister Mark Carney also extended invitations to this year’s gathering to several allied countries, including Ukraine, Mexico, South Africa, India and Australia.

PARTNERSHIP APPROVED: United States Steel (X) and Nippon Steel (NPSCY) together with its wholly owned subsidiary Nippon Steel North America, announced that President Trump has approved the companies’ partnership that “will unleash unprecedented investments in steelmaking in the United States, protecting and creating more than 100,000 jobs.” In addition to President Trump’s Executive Order approving the partnership, the Companies have entered into a National Security Agreement with the U.S. Government. The NSA provides that approximately $11B in new investments will be made by 2028, which includes the initial investment in a greenfield project that would be completed after 2028. The NSA also includes commitments related to governance, domestic production, and trade matters. Along with President Trump’s Executive Order, the companies have completed the U.S. Department of Justice review process. With those approvals, all necessary regulatory approvals for the partnership have now been received, and the partnership is expected to be finalized promptly.

SMARTPHONE: The Trump Organization on Monday unveiled a mobile phone plan and a $499 smartphone that is set to launch in September, CNBC’s Kevin Breuninger reports. The new service, Trump Mobile, will offer a $47.45-per-month plan that includes unlimited talk, text and data, as well as roadside assistance and a “Telehealth and Pharmacy Benefit.” The company owned by President Donald Trump also announced it will sell a “T1” smartphone, which appears to feature a gold-colored metal case etched with an American flag. Publicly traded companies in the space include Verizon (VZ), AT&T (T), and T-Mobile (TMUS).

BITCOIN, ETHEREUM ETF: Trump Media and Technology Group (DJT) announced the filing with the U.S. Securities and Exchange Commission of the initial registration statement on Form S-1 for the Truth Social Bitcoin and Ethereum ETF. The ETF will hold Bitcoin and Ether directly, with 75% of its assets invested in Bitcoin and 25% in Ether, and offer its shares to investors, aiming to reflect the price performance of Bitcoin and Ether. Crypto.com will act as the ETF’s exclusive Bitcoin and Ether custodian and prime execution agent, as well as staking and liquidity provider. The launch of the Truth Social Bitcoin and Ethereum ETF is pending effectiveness of the Registration Statement as well as approval of a Form 19b-4 filing with the SEC. Upon launch, the Shares will be listed on NYSE Arca. Yorkville America Digital is acting as the sponsor of the ETF.