Trump Trade: U.S., EU reach framework agreement on 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 Trump with this daily recap compiled by The Fly:

FRAMEWORK AGREEMENT: The United States and the European Union announced that they have agreed on a Framework on an Agreement on Reciprocal, Fair, and Balanced Trade. “This Framework Agreement represents a concrete demonstration of our commitment to fair, balanced, and mutually beneficial trade and investment. This Framework Agreement will put our trade and investment relationship – one of the largest in the world – on a solid footing and will reinvigorate our economies’ reindustrialization. It reflects acknowledgement by the European Union of the concerns of the United States and our joint determination to resolve our trade imbalances and unleash the full potential of our combined economic power. The United States and the European Union intend this Framework Agreement to be a first step in a process that can be further expanded over time to cover additional areas and continue to improve market access and increase their trade and investment relationship,” the parties stated in a joint release issued by the White House.

TRUMP WON’T APPROVE WIND PROJECTS: On Wednesday, President Donald Trump stated in a post to Truth Social: “Any State that has built and relied on WINDMILLS and SOLAR for power are seeing RECORD BREAKING INCREASES IN ELECTRICITY AND ENERGY COSTS. THE SCAM OF THE CENTURY! We will not approve wind or farmer destroying Solar. The days of stupidity are over in the USA!!! MAGA” Publicly traded companies in the solar energy space include Array Technologies (ARRY), Canadian Solar (CSIQ), Complete Solaria (SPWR), Emeren (SOL), Enphase Energy (ENPH), FTC Solar (FTCI), First Solar (FSLR), JinkoSolar (JKS), Maxeon Solar (MAXN), Shoals Technologies (SHLS), SolarEdge (SEDG) and Sunrun (RUN).

NORTH CAROLINA INVESTMENT: Johnson & Johnson (JNJ) announced that it will increase its presence in North Carolina with a 160,000+ square foot dedicated manufacturing facility at FUJIFILM’s new biopharmaceutical manufacturing site in Holly Springs, North Carolina. The $2B commitment to FUJIFILM over the next 10 years will expand the company’s U.S. manufacturing capacity and create approximately 120 new jobs in North Carolina, J&J said in a statement. In the coming months, the company also intends to share the plans for additional advanced manufacturing facilities in the U.S. as well as the expansion of current U.S. sites. “Johnson & Johnson has more manufacturing facilities in the U.S. than in any other country, and we continue to strengthen our presence here,” said Joaquin Duato, Chairman and CEO, Johnson & Johnson. “With the recent signing of the One Big Beautiful Bill Act, we continue to expand our investment in the U.S. to lead the next era of healthcare innovation.” In March, the company announced it will invest $55B to support U.S. manufacturing, research and development, and technology investments over the next four years.

CHINA RESTRICTS NVIDIA CHIP SALES: Following remarks made by U.S. commerce secretary Howard Lutnick related to chip exports that officials found “insulting,” a group of Chinese regulators have moved to restrict the sales of H20, Nvidia’s (NVDA) China-specific AI processor, Zijing Wu and Cheng Leng of The Financial Times reports. “We don’t sell them our best stuff, not our second-best stuff, not even our third-best,” Lutnick told CNBC last month. “You want to sell the Chinese enough that their developers get addicted to the American technology stack, that’s the thinking.” These comments by Lutnick mobilized the Cyberspace Administration of China, the National Development and Reform Commission and the Ministry of Industry and Information Technology into action, people with knowledge of the matter said.

STABLECOINS: A speech to be given by Fed Governor Christopher Waller at the Wyoming Blockchain Symposium 2025 that was released by the central bank states in part: “Stablecoins are the latest example of private sector-led innovation in payments. The original use of stablecoins was to facilitate crypto trading. Crypto-asset prices can be volatile and as with any financial market, there is a need for traders to move out of relatively risky positions into safer ones with a stable asset price. As the stablecoin market matured, firms found that the properties of stablecoins using distributed ledger technology- including 24/7 availability, fast transferability, and their freely circulating nature -could be attractive for other use cases as well. That includes providing a means to access and hold U.S. dollars, particularly in countries with high inflation or without easy or affordable access to dollar cash or banking services. In fact, I believe that stablecoins have the potential to maintain and extend the role of the dollar internationally. Stablecoins also have the potential to improve retail and cross-border payments.” Publicly traded companies in the stablecoin and cryptocurrency space include Circle Internet (CRCL), Bit Digital (BTBT), Bitfarms (BITF), Coinbase (COIN), Core Scientific (CORZ), Greenidge Generation (GREE), Mara Holdings (MARA), Riot Platforms (RIOT), Strategy (MSTR), Stronghold Digital Mining (SDIG) and TeraWulf (WULF).

GUIDANCE POSITIVE FOR RESI SOLAR: Jefferies upgraded Enphase Energy to Hold from Underperform with a price target of $36, up from $28. Treasury guidance issued on Friday of last week was positive for residential solar, yet Enphase’s stock is up just about 10%, notes the analyst, who perceives a market disconnect in which the buyside gives little credit for TPO sales, wrongly assuming the majority of sales are tied instead to cash/loan. The firm “strongly” believes the TPO opportunity is underappreciated as investors “hold onto the somewhat stale view” that Enphase has no TPO exposure, the analyst added.