Trump Trade: U.S., China representatives to meet about trade

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.-CHINA TRADE: President Donald Trump stated in a post to Truth Social, “I am pleased to announce that Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and United States Trade Representative, Ambassador Jamieson Greer, will be meeting in London on Monday, June 9, 2025, with Representatives of China, with reference to the Trade Deal. The meeting should go very well. Thank you for your attention to this matter!”

WAR OF WORDS: Argus downgraded Tesla (TSLA) to Hold from Buy with no price target. The stock “appears to be currently trading on non-fundamental events,” says the firm, which is concerned that the “war of words” between President Trump and Tesla CEO Elon Musk, along with expiration of EV credits, could further weaken demand for new Teslas. While the firm believes AI-related projects such as Cybercab and Optimus are positive for the company and its valuation, it believes a near-term Hold rating is “prudent at this time.”

Baird also downgraded Tesla to Neutral from Outperform with an unchanged price target of $320. The stock’s strong performance following a “fundamentally poor quarter” has been partly a product of anticipation for the June launch of both a more affordable vehicle and robotaxi service, the firm tells investors in a research note. Baird believes Tesla CEO Elon Musk’s comments regarding the robotaxi ramp rate “are a bit too optimistic,” and that this excitement has been priced into shares. The firm also notes that Musk’s ties to President Trump “have added considerable uncertainty.” Baird sees Tesla as a core holding in the long term, but is stepping to the sidelines for now.

DRONES: President Donald Trump signed an Executive Order to “ensure continued American leadership in the development, commercialization, and export of unmanned aircraft systems – otherwise known as drones,” the White House announced. “The Order directs the Administrator of the Federal Aviation Administration to expand drone operations by enabling routine “Beyond Visual Line of Sight” drone operations for commercial and public safety missions, and to accelerate the development, testing, and scaling of American drone technologies, including advanced air mobility and autonomous operations. The Order establishes an electric ‘Vertical Takeoff and Landing’ integration pilot program to accelerate the deployment of safe and lawful vertical operations in the United States, selecting at least five pilot projects to advance applications like cargo transport and medical response,” the White House stated. Companies working on drones or low-altitude urban aircraft known as eVTOLs include AeroVironment (AVAV), Joby Aviation (JOBY) and Archer Aviation (ACHR).

CYBERSECURITY: President Donald Trump signed an Executive Order to strengthen the nation’s cybersecurity by “focusing on critical protections against foreign cyber threats and enhancing secure technology practices,” the White House announced. The Order “amends problematic elements of Obama and Biden-era Executive Orders” and directs the Federal government to advance secure software development, the White House stated. Publicly traded companies in the cybersecurity space include Check Point (CHKP), CrowdStrike (CRWD), CyberArk (CYBR), F5 Networks (FFIV), Fortinet (FTNT), Gen Digital (GEN), Okta (OKTA), Palo Alto Networks (PANW) and Qualys (QLYS). Companies working in the quantum computing space include D-Wave Quantum (QBTS), Quantum (QMCO), Rigetti Computing (RGTI), Sealsq (LAES), Quantum Computing (QUBT) and Honeywell (HON).

TIKTOK SALE DEADLINE: U.S. President Donald Trump intends to give social media app another extension to a deadline that would force the company to sell itself or be banned in the U.S., the Wall Street Journal’s Alex Leary reports. With the current mid-June deadline quickly approaching and with China trade talks currently in flux, the president is anticipated to sign an executive order staving off enforcement of the law that would ban the video-sharing app, the author says, citing people familiar with the matter. Publicly traded companies in the social media space include Meta Platforms (META), Pinterest (PINS), Reddit (RDDT) and Snap (SNAP).