Trump Trade: U.S., European Union reach trade deal

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.-EU TRADE DEAL: President Trump and European Commission President Ursula von der Leyen announced the U.S. has reached a trade deal with the European Union. The majority of EU exports coming to the U.S. will be subject to a 15% tariff, von der Leyen said. “It’s a very powerful deal, it’s a very big deal, it’s the biggest of all the deals,” Trump added.

SOUTH KOREA TRADE PACKAGE: South Korea is preparing a trade package that will be agreeable with the U.S. ahead of meeting planned next week and a U.S. tariff-pause deadline of August 1, Reuters reports. The package will include shipbuilding cooperation.

TARIFF DISCUSSION: U.S. and Chinese negotiators are meeting to tackle economic disputes, aiming to extend a truce meant to keep higher tariffs at bay, David Lawder of Reuters reports. China currently faces an August 12 deadline to reach a tariff agreement with President Donald Trump’s administration.

CHIP IMPORTS PROBE: Commerce Secretary Howard Lutnick told reporters that in two weeks the Trump Administration will announce results from a national security probe into the imports of semiconductors, Andrew Gray and Andrea Shalal of Reuters report. Publicly traded companies in the space include AMD (AMD), Intel (INTC), Marvell (MRVL), Microchip (MCHP), Micron (MU), Nvidia (NVDA), Qualcomm (QCOM) and Texas Instruments (TXN).

REGULATORY MOMENTUM: Daiwa upgraded Oklo (OKLO) to Outperform from Hold with a price target of $86, up from $58. The firm believes Oklo’s regulatory tailwinds are gaining momentum with President Trump’s AI Action Plan. The plan emphasizes the importance of reliable energy supply to support artificial intelligence industry development. Daiwa tells investors in a research note. The firm believes the plan, which calls for a streamlined handoff between U.S. authorities to avoid unnecessary regulatory burdens on AI projects, bodes well for Oklo. The company’s potential off-grid distributed power supply solution is a “promising long-term answer” to the challenges of existing grid bottlenecks, contends Daiwan.