Trump Trade: U.S. President says China getting 10% tariffs in ‘done’ 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.-CHINA TRADE: President Donald Trump stated in a post to Truth Social, “OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!”

MUSK-TRUMP SPAT: Tesla (TSLA) CEO Elon Musk said via X, “I regret some of my posts about President @realDonaldTrump last week. They went too far.”

U.S.-MEXICO TRADE: The U.S. and Mexico are close to a deal that would remove President Trump’s 50%tariffs on steel imports up to a certain volume, Joe Deaux and Eric Martin of Bloomberg report, citing people familiar with the matter. Trump hasn’t been directly involved in the negotiations and would need to sign off on any deal, Bloomberg added. The talks are being led by Commerce Secretary Howard Lutnick, sources told Bloomberg. The agreement, which hasn’t been finalized, would allow U.S. buyers to import Mexican steel duty-free as long as they kept total shipments below a level based on historical trade volumes, according to the people. The new cap would be higher than what was allowed under a similar deal during Trump’s first term, the sources added. Publicly traded companies in the steel space include ArcelorMittal (MT), Cleveland-Cliffs (CLF), Nucor (NUE), Steel Dynamics (STLD) and U.S. Steel (X).

POWER-PLANT POLLUTION CURBS: President Donald Trump plans to propose dropping Biden-era climate mandates requiring U.S. power plants to curb greenhouse gas emissions as soon as Wednesday, Bloomberg’s Ari Natter and Jennifer Dlouhy report, citing people familiar with the matter. The EPA is also slated tot proceed with a plan for unwinding limits on mercury and other toxic air pollution from said plants, the authors note. Publicly traded companies in the coal space include Alliance Resource Partners (ARLP), Arch Resources (ARCH), Consol Energy (CEIX) and Peabody Energy (BTU). Publicly traded companies in the energy utility space include NextEra (NEE), Eversource (ES), WEC Energy (WEC), Edison (EIX), DTE Energy (DTE), PSEG (PEG), Exelon (EXC), Ameren (AEE), Sempra (SRE), PG&E (PCG), and Xcel (XEL).