Trump Trade: OpenAI's Altman notes ‘productive' talks with Trump
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RETALIATORY TARIFFS: The European Union plans to impose retaliatory tariffs on U.S. imports, including on Boeing (BA) aircraft, if President Donald Trump puts a baseline levy on the bloc's goods as many expect, reported Bloomberg's Jorge Valero. Until now, the European Commission hasn't indicated if that would trigger retaliation from the bloc, but the EU's industry chief, Stephane Sejourne, told Bloomberg News: 'We will need to retaliate and rebalance in some key sectors if the US insists on an asymmetrical deal,' including if the 'outcome of the negotiations is that a 10% tariff remains.' 'APPROPRIATE' TO MAINTAIN RATES: John Williams of the New York Federal Reserve said in prepared remarks on Tuesday afternoon: 'Given the continued uncertainty, the solid labor market, and inflation still above our 2 percent goal, the FOMC decided at its meeting last week to leave the target range for the federal funds rate unchanged at 4-1/4 to 4-1/2 percent. Maintaining this modestly restrictive stance of monetary policy is entirely appropriate to achieve our maximum employment and price stability goals. It allows for time to closely analyze incoming data, assess the evolving outlook, and evaluate the balance of risks to achieving our dual mandate goals. In addition, the FOMC continues to reduce its holdings of Treasury securities and agency debt and agency mortgage-backed securities. Despite market volatility related to trade policy and other developments, that process continues to go very smoothly.'
'PRODUCTIVE TALKS': OpenAI CEO Sam Altman said in a New York Times podcast that he has had productive talks with President Trump about AI and credited him with understanding 'the potential for economic transformation, sort of geopolitical importance, the need to build a lot of infrastructure.' WEDBUSH UPGRADES METALS COMPANY: Wedbush upgraded Metals Company (TMC) to Outperform from Neutral with a price target of $11, up from $6, citing 'significantly increased confidence' in the long-term growth story following the executive order signed by President Trump at the end of April. The firm also cites its recent industry checks on boosting domestic critical mineral supply through deep sea mining in its upgrade.
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