Trump Trade: Tesla under pressure as Musk, Trump resume feud

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:

MUST, TRUMP FEUD: President Donald Trump said via Truth Social, “Elon Musk knew, long before he so strongly Endorsed me for President, that I was strongly against the EV Mandate. It is ridiculous, and was always a major part of my campaign. Electric cars are fine, but not everyone should be forced to own one. Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa. No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!”

In response to a post on Truth Social from President Trump, Tesla (TSLA) CEO Elon Musk said, “I am literally saying CUT IT ALL. Now.” Trump said via Truth Social: “Elon Musk knew, long before he so strongly Endorsed me for President, that I was strongly against the EV Mandate. It is ridiculous, and was always a major part of my campaign. Electric cars are fine, but not everyone should be forced to own one. Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa. No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!” Other publicly traded companies in the EV space include Ford (F), GM (GM), Rivian (RIVN), Lucid (LCID), Nio (NIO), Xpeng (XPEV), Li Auto (LI), Nikola (NKLA), and Zeekr (ZK).

EU, U.S. TRADE AGREEMENT: The European Union is willing to accept a trade deal with the U.S. that includes a 10% universal tariff on many of the bloc’s exports, but wants certain exceptions, people familiar with the matter told Bloomberg’s Jorge Valero and Alberto Nardelli. The EU wants the U.S. to commit to lower rates on key sectors – such as pharmaceuticals, alcohol, semiconductors and commercial aircraft – and is pushing for quotas and exemptions to effectively lower a 25% tariff on automobiles and car parts as well as a 50% tariff on steel and aluminum, source told Bloomberg.

RICE IMPORTS: President Donald Trump stated in a post to Truth Social, “To show people how spoiled Countries have become with respect to the United States of America, and I have great respect for Japan, they won’t take our RICE, and yet they have a massive rice shortage. In other words, we’ll just be sending them a letter, and we love having them as a Trading Partner for many years to come.”

INTEREST RATE: In a Truth Social post, President Donald Trump stated, “Jerome ‘Too Late’ Powell, and his entire Board, should be ashamed of themselves for allowing this to happen to the United States. They have one of the easiest, yet most prestigious, jobs in America, and they have FAILED – And continue to do so. If they were doing their job properly, our Country would be saving Trillions of Dollars in Interest Cost. The Board just sits there and watches, so they are equally to blame. We should be paying 1% Interest, or better!”

ENERGY DOMINANCE: EPA administrator Lee Zeldin has added mandates, such as energy dominance, to the agency’s original mission, The Wall Street Journal’s Scott Patterson and Kris Maher report. EPA employees are concerned about the shift to ease rules on U.S. industries and cutbacks on key research programs and Zeldin’s current stance puzzles those who previously collaborated with him on environmental campaigns, according to the report. “I don’t accept that it’s a binary choice between protecting the environment and growing the economy,” Zeldin said in an interview. “At the Trump EPA, we choose both, and that’s something that we’re very proud of pursuing.” Publicly traded companies in the space include Baker Hughes (BKR), Diamond Offshore (DO), Halliburton (HAL), Nabors Industries (NBR), Noble Corp. (NE), SLB (SLB), Transocean (RIG) and Weatherford (WFRD).

SETTLEMENT: In a court filing, Plaintiffs, President Donald J. Trump and Representative Ronny Jackson, together with Defendants Paramount Global (PARA, PARAA) requested that the court stay all proceedings, including all discovery deadlines and all motion practice, until July 3. The parties submit that good cause to stay all proceedings exists because the parties are engaged in good faith, advanced, settlement negotiations.