Trump Weekly: Appeals court halts block on tariffs, talks with China stall

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:

TRUMP TARIFFS: After the United States Court of International Trade entered judgment against the United States and permanently enjoined certain Executive Orders imposing various tariffs, the United States moved to consolidate its appeals from those rulings and has applied for the U.S. Court of Appeals for the Federal Circuit to stay the judgment and injunction pending these appeals and for an immediate administrative stay while the court considers that motion. The United States’ request for the Court of International Trade to grant the same relief remains pending before that court. The appeals court ordered that the motions to consolidate are granted and the request for an immediate administrative stay is granted to the extent that the judgments and the permanent injunctions entered by the Court of International Trade in these cases are temporarily stayed until further notice while this court considers the motions papers, a ruling posted to the site of the court stated.

Of note, this comes after the U.S. Court of International Trade had ruled that President Trump does not have the authority under economic emergency legislation to impose sweeping global tariffs. “There is no question here of narrowly tailored relief; if the challenged Tariff Orders are unlawful as to Plaintiffs they are unlawful as to all,” the court’s opinion reads.

CHINA TRADE: President Donald Trump stated in a post to Truth Social, “Two weeks ago China was in grave economic danger! The very high Tariffs I set made it virtually impossible for China to TRADE into the United States marketplace which is, by far, number one in the World. We went, in effect, COLD TURKEY with China, and it was devastating for them. Many factories closed and there was, to put it mildly, “civil unrest.” I saw what was happening and didn’t like it, for them, not for us. I made a FAST DEAL with China in order to save them from what I thought was going to be a very bad situation, and I didn’t want to see that happen. Because of this deal, everything quickly stabilized and China got back to business as usual. Everybody was happy! That is the good news!!! The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!”

CHIP EXPORT: The Trump administration has suspended sales of more U.S. technology, including chips and jet engines, in response to China’s critical mineral export restrictions, The New York Times’ Ana Swanson reports. The new U.S. restrictions appear to be part of a broader review within the Commerce Department of exports of strategic goods to China. Publicly traded companies in the chip space include AMD (AMD), Intel (INTC), Marvell (MRVL), Microchip (MCHP), Micron (MU), Nvidia (NVDA), Qualcomm (QCOM) and Texas Instruments (TXN).

TARIFFS ON EU: President Donald Trump stated in a post to Truth Social, “I received a call today from Ursula von der Leyen, President of the European Commission, requesting an extension on the June 1st deadline on the 50% Tariff with respect to Trade and the European Union. I agreed to the extension – July 9, 2025 – It was my privilege to do so. The Commission President said that talks will begin rapidly. Thank you for your attention to this matter!”

Further, he also stated on Truth Social that, “I was extremely satisfied with the 50% Tariff allotment on the European Union, especially since they were ‘slow walking (to put it mildly!), our negotiations with them. Remember, I am empowered to ‘SET A DEAL’ for Trade into the United States if we are unable to make a deal, or are treated unfairly. I have just been informed that the E.U. has called to quickly establish meeting dates. This is a positive event, and I hope that they will, FINALLY, like my same demand to China, open up the European Nations for Trade with the United States of America. They will BOTH be very happy, and successful, if they do!!!”

NUCLEAR ORDER SIGNING: President Donald Trump signed orders meant to accelerate the construction of nuclear power plants, including small, newer reactor types. “We’re signing tremendous executive orders today that really will make us the real power in this industry,” Trump said as he signed the directives in the Oval Office, adding that nuclear technology “has come a long way, both in safety and costs.” Trump was joined by Interior Secretary Doug Burgum, Defense Secretary Pete Hegseth and energy industry executives including Constellation Energy (CEG) CEO Joseph Dominguez and Jake DeWitte, the co-founder and CEO of Oklo (OKLO). Other publicly traded companies in the nuclear energy space include Nuscale Power (SMR), Nano Nuclear Energy (NNE), BWX Technologies (BWXT), Centrus Energy (LEU) and Cameco (CCJ).

GOING PUBLIC: In a post on Truth Social, President Trump stated: “Our great Mortgage Agencies, Fannie Mae (FNMA) and Freddie Mac (FMCC), provide a vital service to our Nation by helping hardworking Americans reach the American Dream – Home Ownership. I am working on TAKING THESE AMAZING COMPANIES PUBLIC, but I want to be clear, the U.S. Government will keep its implicit GUARANTEES, and I will stay strong in my position on overseeing them as President. These Agencies are now doing very well, and will help us to, MAKE AMERICA GREAT AGAIN!”

MUSK LEAVING DOGE: In a post on X, Tesla (TSLA) CEO Elon Musk stated, “As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending. The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government.

GOLDEN SHARE: The U.S. government will have veto power over key decisions relating to U.S. Steel (X) as part of a national security agreement deal with Nippon Steel (NPSCY) that would approve the Japanese company’s bid for the steel company, Bloomberg’s Joe Deaux and Josh Wingrove report. The deal put forward to the Committee on Foreign Investment int he U.S. and to the President includes the original $55 per share acquisition offer, plus $14B in new investments, two people familiar with the matter say. Senator Dave McCormick, a Pennsylvania Republican and Trump ally, confirmed some of the details on Tuesday, including $2.4B to be invested in the Mon Valley plant. “The control structure is going to be somewhat unique,” McCormick said. “It’ll be a U.S. CEO, a U.S. majority board, and then there’ll be a golden share, which will essentially require U.S. government approval of a number of the board members, and that’ll allow the United States to ensure production levels aren’t cut and things like that.”