Trump Trade: Trump warns of 10% tariff for ‘Anti-American’ BRICS policies

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:

BRICS: U.S. President Donald Trump has threatened an additional 10% tariff on countries that orient themselves along the “Anti-American policies of BRICS.” Trump said in a post on Truth Social Sunday evening, “Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!”

NEW POLITICAL PARTY: Shares of Tesla (TSLA) are falling on Monday after the company’s CEO Elon Musk announced over the weekend the formation of a new political party. William Blair this morning downgraded its rating on Tesla to Market Perform, citing negative implications from President Trump’s Big Beautiful Bill and Musk’s foray back into politics. “Investors are growing tired of the distraction at a point when the business needs Musk’s attention the most and only see downside from his dip back into politics,” William Blair analyst Jed Dorsheimer told investors. Musk over the weekend said via X, “By a factor of 2 to 1, you want a new political party and you shall have it! When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy. Today, the America Party is formed to give you back your freedom…Backing a candidate for president is not out of the question, but the focus for the next 12 months is on the House and the Senate.”

TARIFFS: On Sunday, U.S. President Donald Trump said some trade deals had been made with trading partners and letters would be going out to other countries letting them know of higher tariff rates, Reuters reports. According to comments made by Commerce Secretary Howard Lutnick to reporters, the higher tariffs would begin on August 1 and Trump was “setting the rates and the deals right now.”

MORE CONCESSIONS: In an effort to avert a 36% export levy threatened by the Trump administration, Thailand is offering greater market access for U.S. farm and industrial goods, along with increased purchases of energy and Boeing (BA) jets, Patpicha Tanakasempipat of Bloomberg reports. Finance Minister Pichai Chunhavajira told Bloomberg News in an interview that Bangkok’s latest proposal aims to boost bilaterial trade volume and also reduce Thailand’s $46B trade surplus with the U.S. by 70% within the next five years.

BIG BEAUTIFUL BILL: JPMorgan analyst Mark Strouse says that while amount of tax incentives was reduced compared to the Inflation Reduction Act, the Big Beautiful Bill act “is materially better than feared” for clean energy. With policy certainty restored, investor sentiment should improve and generalist investors will revisit the space again, the analyst tells investors in a research note. JPMorgan believes domestic manufacturing and utility-scale renewables fared better than residential solar in the final version of the bill, but it points out residential solar “was certainly better than feared.” Fuel cells are again eligible for the clean electricity investment credit, which is a positive for Bloom Energy (BE) and FuelCell (FCEL), according to JPMorgan. It sees positives in the bill for Sunrun (RUN), SolarEdge (SEDG), Enphase Energy (ENPH), First Solar (FSLR), Nextracker (NXT), and Array Technologies (ARRY).

Meanwhile, BNP Paribas Exane upgraded Sunrun (RUN) to Outperform from Neutral with a price target of $21, up from $10. The firm expects Sunrun to build on its commercial wins as its market leadership grows. After the passing of Trump’s “OBBB” Act with a last minute save, Sunrun’s tax credits are “not only ‘safe’ through early-30s, but RUN almost becomes the Resi Solar industry,” as small, fragmented competitors that are less capitalized “do not post a serious threat,” especially after Sunnova Energy’s (NOVA) bankruptcy, BNP argues.

TIKTOK DEAL: U.S. President Trump said he will begin discussing with China on Monday or Tuesday about a possible deal with TikTok, Reuters reports. “I think we’re gonna start Monday or Tuesday…talking to China, perhaps President Xi or one of his representatives, but we would we pretty much have a deal,” Trump told reporters on Air Force One, according to Reuters. Publicly traded companies in the space include Meta Platforms (META), Pinterest (PINS), Reddit (RDDT) and Snap (SNAP).

SETTLEMENT TALKS: Google (GOOGL) might be the next tech giant, following in the footsteps of Meta (META) and Elon Musk, to settle sketchy lawsuits from President Donald Trump for restricting his social media accounts in the wake of the January 6, 2001 attack on the U.S. Capitol, The Atlantic’s Michael Scherer reports. The lawyers for both the company and Trump have started legal settlement talks over the restriction of Trump’s YouTube account at the time, the author says.

TRUTH+ PLATFORM: Trump Media and Technology Group (DJT) launched the Truth+ platform globally. Streaming channels and video on demand content are now available globally on Truth+ apps for iOS and Android devices, on the Web, and on Truth+ apps for Apple TV, Android TV, Amazon Fire, and Roku connected TVs. Additionally, the flagship Newsmax channel is now available on all international Truth+ apps and on the Web, which will greatly contribute to Newsmax’s ongoing international expansion efforts. Truth+ apps will become available globally for LG and Samsung connect TVs as the apps are approved. Truth+ apps can be downloaded from the relevant app stores around the world.