Trump Trade: Conservatives fight to end IRA tax credits sooner

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:

IRA TAX CREDITS: Shares of several solar energy companies slipped after conservative Republican lawmakers said they had secured a commitment from leadership to end key clean-energy tax credits earlier than planned as part of a deal aimed at allowing President Donald Trump’s tax and spending package to advance. South Carolina Representative Ralph Norman said House leadership had agreed to a proposal to end Inflation Reduction Act tax credits earlier than Republicans’ original proposal, though Norman didn’t provide a new timeframe. In a post to X, Norman stated: “After last night’s budget vote, we made some progress. Yes, we’re moving up Medicaid work requirements. Yes, we’re putting an end to the Green New Scam subsidies. There are several bites at the apple, but more to be done. We have worked tirelessly to ensure President Trump’s America First agenda is maximized in this bill. The US credit rating being downgraded is evidence of how our fiscal house is out of order. The American people deserve better, and it’s high time our colleagues step up, get serious, and deliver the bold reforms this country needs.” Publicly traded companies in the space include Enphase Energy (ENPH), Sunrun (RUN), Array Technologies (ARRY), First Solar (FSLR), Canadian Solar (CSIQ), Emeren (SOL), FTC Solar (FTCI), JinkoSolar (JKS), Maxeon Solar (MAXN), Shoals Technologies (SHLS), SolarEdge (SEDG) and SunPower (SPWR).

CALL WITH PUTIN: President Donald Trump stated in a post to Truth Social, “Just completed my two hour call with President Vladimir Putin of Russia. I believe it went very well. Russia and Ukraine will immediately start negotiations toward a Ceasefire and, more importantly, an END to the War. The conditions for that will be negotiated between the two parties, as it can only be, because they know details of a negotiation that nobody else would be aware of. The tone and spirit of the conversation were excellent. If it wasn’t, I would say so now, rather than later. Russia wants to do largescale TRADE with the United States when this catastrophic bloodbath’ is over, and I agree. There is a tremendous opportunity for Russia to create massive amounts of jobs and wealth. Its potential is UNLIMITED. Likewise, Ukraine can be a great beneficiary on Trade, in the process of rebuilding its Country. Negotiations between Russia and Ukraine will begin immediately. I have so informed President Volodymyr Zelenskyy, of Ukraine, Ursula von der Leyen, President of the European Commission, President Emmanuel Macron, of France, Prime Minister Giorgia Meloni, of Italy, Chancellor Friedrich Merz, of Germany, and President Alexander Stubb, of Finland, during a call with me, immediately after the call with President Putin. The Vatican, as represented by the Pope, has stated that it would be very interested in hosting the negotiations. Let the process begin!”

INVESTMENT IN U.S. STEEL: Nippon Steel (NPSCY) plans to invest $14B in U.S. Steel’s (X) operations, including up to $4B in a new steel mill, if the Trump administration green lights its bid for the U.S. company, according to Reuters, citing a document and two people familiar with the matter. Under details of the plan included in the document, the company will invest $11B into U.S. Steel’s infrastructure through 2028, the news service stated.

DEEP-SEA MINING: Shares of Metals Company (TMC) jumped after the Wall Street Journal reported that deep-sea mining has the backing of the Trump administration. In April, five days after Trump’s executive order was issued, Metals Company applied for permits to conduct deep-sea exploration and mining in the Clarion-Clipperton Zone, the Journal points out.