Trump Weekly: President sues JPMorgan, drops tariffs over Greenland

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.

GREENLAND DEAL: Stock market indices moved higher after President Trump said at Davos that the U.S. will not use excessive force to take over Greenland.

President Donald Trump stated in a post to Truth Social, “Based upon a very productive meeting that I have had with the Secretary General of NATO, Mark Rutte, we have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region. This solution, if consummated, will be a great one for the United States of America, and all NATO Nations. Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st. Additional discussions are being held concerning The Golden Dome as it pertains to Greenland. Further information will be made available as discussions progress. Vice President JD Vance, Secretary of State Marco Rubio, Special Envoy Steve Witkoff, and various others, as needed, will be responsible for the negotiations – They will report directly to me. Thank you for your attention to this matter!”

LAWSUIT: President Donald Trump has filed a $5B lawsuit in Florida state court against JPMorgan Chase (JPM) and CEO Jamie Dimon, alleging the bank debanked him and his hospitality companies for political reasons, Brooke Singman of Fox News reports. The complaint cites JPMorgan’s code of conduct, arguing the bank failed to uphold its stated commitment to integrity and ethical conduct. “We set high expectations and hold ourselves accountable. We do the right thing-not necessarily the easy or expedient thing. We abide by the letter and spirit of the laws and regulations everywhere we do business and have zero tolerance for unethical behavior,” the lawsuit states, adding that “Despite claiming to hold these principles dear, JPMC violated them by unilaterally-and without warning or remedy-terminating several of Plaintiff’s bank accounts.”

NO MERIT: JPMorgan issued a statement, saying that “While we regret President Trump has sued us, we believe the suit has no merit. We respect the President’s right to sue us and our right to defend ourselves – that’s what courts are for. Our company does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company. We regret having to do so, but often rules and regulatory expectations lead us to do so. We have been asking both this Administration and prior administrations to change the rules and regulations that put us in this position, and we support this Administration’s efforts to prevent the weaponization of the banking sector.”

TIKTOK: TikTok USDS Joint Venture has been established in compliance with the executive order signed by President Trump on September 25, now enabling more than 200M Americans and 7.5M businesses to continue TikTok’s experience. The majority American owned joint venture will operate under defined safeguards through data protections, algorithm security, content moderation and software assurances for U.S. users. TikTok USDS Joint Venture’s mandate is to secure U.S. user data, apps and the algorithm through data privacy and cybersecurity measures. U.S. user data is said to be protected by USDS Joint Venture in Oracle’s (ORCL) secure U.S. cloud environment.

CHIP INVESTMENT: Taiwan President Lai Ching-te said Taiwan expects increased semiconductor investment in Arizona to strengthen ties with the U.S., highlighting TSMC’s (TSM) presence as a key example of bilateral industrial cooperation, Reuters’ Ben Blanchard and Yi-Chin Lee report. The comments come as President Donald Trump continues to push major chipmakers to expand U.S. investment, particularly in AI-related semiconductors. “We look forward to even more semiconductor manufacturing, research and development facilities springing up in the greater Phoenix area. This will continue to strengthen Taiwan-U.S. relations,” Lai said. 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).

NO INVESTMENT IN VENEZUELA: While U.S. President Donald Trump is pressuring U.S. oil companies to invest $100B into Venezuela’s oil sector, a rapid escalation in oil investments is not in the cards for most companies, not even Chevron (CVX), the only U.S. oil company operating in the country, Collin Eaton and Emily Glazer of The Wall Street Journal report, citing people close to the company. Oil executives want to see the stability in the country and higher oil prices before making big investments. This will likely test the leadership of CEO Mike Wirth, who will have to balance the wishes of the president as well as his shareholders.

STUDENT LOANS: The Department of Education announced that it will delay the implementation of involuntary collections on federal student loans, including Administrative Wage Garnishment and the Treasury Offset Program. “The temporary delay will enable the Department to implement major student loan repayment reforms under the Working Families Tax Cuts Act to give borrowers more options to repay their loans,” the agency said in a statement. “These reforms, which include simplifying repayment options and providing an additional opportunity for borrowers to rehabilitate their federal student loans, reflect the Trump Administration’s commitment to provide better support for current and future borrowers in repayment,” it added. SLM (SLM), Navient (NAVI), Nelnet (NNI) and SoFi Technologies (SOFI) have exposure to student loans.