Trump Trade: Trump cuts China tariffs in deal on fentanyl, rare earths

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:

CHINA TARIFFS: U.S. President Donald Trump said he agreed with China’s President Xi Jinping to cut tariffs on the country in exchange for Beijing cracking down on fentanyl trade, Trevor Hunnicutt of Reuters reports. Specifically, Trump said the tariffs on Chinese imports would be cut to 47% from 57%. Additionally, China agreed to pause for one year the recently unveiled export controls on rare earths. The Fly notes that companies involved in the development and mining of rare earth minerals include Nova Minerals (NVA), Ioneer (IONR), Lynas Rare Earths (LYSCF), MP Materials (MP), Energy Fuels (UUUU), NioCorp (NB) and VanEck Vectors Rare Earth/Strategic Metals ETF (REMX).

BLACKWELL CHIP: After meeting with Chinese President Xi Jinping in South Korea, U.S. President Donald Trump said that while semiconductors were discussed and China planned to talk with Nvidia (NVDA) and other companies about acquiring chips, the conversation did not include Nvidia’s advanced Blackwell AI chips, despite earlier hints that it might, Reuters’ Trevor Hunnicutt and Eduardo Baptista report.

SUBPOENA: Devin Nunes, CEO and Chairman of Trump Media and Technology Group (DJT), issued the following statement following the revelation that Special Counsel Jack Smith subpoenaed J. P. Morgan Chase (JPM) for Trump Media’s bank records, “We discovered today from the Senate Judiciary Committee that Trump Media & Technology Group was among the more than 400 Trump-linked individuals and organizations that were spied on as part of Special Counsel Jack Smith’s investigation of President Trump–specifically, the Smith team issued a shockingly broad, secret subpoena for our banking records. This is a stunning abuse of power against a private business and our hundreds of thousands of retail investors, especially since Trump Media did not even exist at the time of the events Jack Smith was supposedly investigating. We now need to know what the SEC and J.P. Morgan knew about this blatant malfeasance, when did they know it, and whether anyone leaked our bank records.”