Trump Weekly: House Republicans expected to pass ‘big beautiful bill’

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 weekly recap compiled by The Fly:

MEGABILL TO PASS: After a vote that remained open for several hours as House Speaker Mike Johnson tried to convince five holdouts to advance President Trump’s signature legislation, the “One Big Beautiful Bill Act,” House Republicans have cleared a key hurdle, setting the bill up for final passage ahead of a self-imposed July 4 deadline, NPR’s Claudia Grisales reports. It is unclear what concessions Johnson made, if any, to secure the support of the few lawmakers who held up the vote. With just a narrow majority in the House, Republicans could only afford to lose three votes. The final tally was 219-213, the author says.

Earlier this week, the U.S. Senate narrowly passed President Donald Trump’s so-called “big, beautiful bill” following days of negotiations and a long amendment session, CNBC’s Erin Doherty and Christina Wilkie report. Senators voted 99-1 early Tuesday to strip the language out of President Donald Trump’s signature tax legislation during a marathon all-night voting session. The overwhelming opposition came despite widespread support for the pause on state AI legislation from GOP allies in Silicon Valley and White House technology advisers Michael Kratsios and David Sacks. The measure was the top priority for major technology companies including Microsoft (MSFT) and Meta Platforms (META), as well as venture capital firms like Andreessen Horowitz, which back other powerful players, the authors note. Trump allies in Silicon Valley, including venture capitalist Marc Andreessen, defense tech company Anduril Industries founder Palmer Luckey and Palantir Technologies (PLTR) co-founder Joe Lonsdale all advocated for including the restriction.

TRADE TALKS: Over the weekend, President Donald Trump stated in a post to Truth Social, “We have just been informed that Canada, a very difficult Country to TRADE with, including the fact that they have charged our Farmers as much as 400% Tariffs, for years, on Dairy Products, has just announced that they are putting a Digital Services Tax on our American Technology Companies, which is a direct and blatant attack on our Country. They are obviously copying the European Union, which has done the same thing, and is currently under discussion with us, also. Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately. We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period. Thank you for your attention to this matter!”

Meanwhile, Canada has walked back on its digital services tax “in anticipation” of a mutually beneficial comprehensive trade arrangement with the U.S., Lim Hui Jie of CNBC reports. The first payments of Canada’s digital services tax, which was enacted last year and applies retroactively to 2022, were originally set to be collected Monday. The tax would have applied to both domestic and foreign tech companies, including Amazon (AMZN), Google (GOOGL), and Meta (META).

TARIFFS: President Donald Trump stated in a post to Truth Social, “It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking with To Lam, the Highly Respected General Secretary of the Communist Party of Vietnam. It will be a Great Deal of Cooperation between our two Countries. The Terms are that Vietnam will pay the United States a 20% Tariff on any and all goods sent into our Territory, and a 40% Tariff on any Transshipping. In return, Vietnam will do something that they have never done before, give the United States of America TOTAL ACCESS to their Markets for Trade. In other words, they will ‘OPEN THEIR MARKET TO THE UNITED STATES,’ meaning that, we will be able to sell our product into Vietnam at ZERO Tariff. It is my opinion that the SUV or, as it is sometimes referred to, Large Engine Vehicle, which does so well in the United States, will be a wonderful addition to the various product lines within Vietnam. Dealing with General Secretary To Lam, which I did personally, was an absolute pleasure. Thank you for your attention to this matter!

LARGER TAX CREDIT: The latest version of U.S. President Trump’s “big beautiful bill” could make it cheaper for semiconductor manufacturers to build plants in the U.S., Dylan Butts of CNBC reports. Under the bill, tax credits for semiconductor firms would rise to 35% from 25%, which is more than the 30% increase in the draft version of the bill. Companies eligible for the credits include Intel (INTC), TSMC (TSM), and Micron Technology (MU), provided they expand their manufacturing in the U.S. before a 2026 deadline.

EU, U.S. TRADE AGREEMENT: The European Union is willing to accept a trade deal with the U.S. that includes a 10% universal tariff on many of the bloc’s exports, but wants certain exceptions, people familiar with the matter told Bloomberg’s Jorge Valero and Alberto Nardelli. The EU wants the U.S. to commit to lower rates on key sectors – such as pharmaceuticals, alcohol, semiconductors and commercial aircraft – and is pushing for quotas and exemptions to effectively lower a 25% tariff on automobiles and car parts as well as a 50% tariff on steel and aluminum, source told Bloomberg.

MUST, TRUMP FEUD: President Donald Trump said via Truth Social, “Elon Musk knew, long before he so strongly Endorsed me for President, that I was strongly against the EV Mandate. It is ridiculous, and was always a major part of my campaign. Electric cars are fine, but not everyone should be forced to own one. Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa. No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!”

In response to a post on Truth Social from President Trump, Tesla (TSLA) CEO Elon Musk said, “I am literally saying CUT IT ALL. Now.” Trump said via Truth Social: “Elon Musk knew, long before he so strongly Endorsed me for President, that I was strongly against the EV Mandate. It is ridiculous, and was always a major part of my campaign. Electric cars are fine, but not everyone should be forced to own one. Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa. No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!” Other publicly traded companies in the EV space include Ford (F), GM (GM), Rivian (RIVN), Lucid (LCID), Nio (NIO), Xpeng (XPEV), Li Auto (LI), Nikola (NKLA), and Zeekr (ZK).

After Tesla CEO Elon Musk took to X, formerly Twitter, to vent his objections to President Trump’s “big, beautiful bill,” Trump told reporters on Tuesday that “We might have to put DOGE on Elon. You know what DOGE is? DOGE is the monster that might have to go back and eat Elon,” Avery Lotz of Axios reports. When asked if he would consider deporting Musk, Trump said he didn’t know, but that “We’ll have to take a look.” “If DOGE looks at Musk, we’re going to save a fortune,” Trump added.