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CNBC

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  • Economic growth forecasts for the U.S. and globally were cut further by the Organisation for Economic Co-operation and Development as President Donald Trump’s tariff turmoil weighs on expectations.
  • Trump and China's Xi will likely talk very soon, White House official says President Donald Trump and Chinese President Xi Jinping are likely to speak this week, a senior White House official told CNBC's Eamon Javers on Monday. The expected discussion follows a series of flare-ups between Washington and Beijing that threaten to derail a tentative trade agreement that the two economic superpowers reached just weeks earlier. The two leaders could speak one-on-one "very soon," though probably not today, the official said on condition of anonymity. This is breaking news. Please refresh for updates.
  • Stock futures inch lower to kick off start of the new trading month: Live updates Stock futures fell on Sunday as Wall Street looks to the start of a new month of trading following a strong performance in May. S&P 500 futures traded down 0.3%, along with Nasdaq-100 futures. Futures tied to the Dow Jones Industrial Average also declined 108 points, or 0.3%. On Friday, the S&P 500 closed out the month of May with a more than 6% gain, its best monthly performance since November 2023. The tech-heavy Nasdaq Composite surged more than 9% for the month and the Dow Jones Industrial Average rose about 4%. That said, Morgan Stanley’s Chris Toomey is skeptical about whether May’s market momentum will continue. “We’re probably still range-bound,” the managing director told CNBC’s “Closing Bell” on Friday. “The concern we’ve got is that while I think we’ve taken [out] the worst-case scenario with regards to the ‘liberation day’ [tariffs], we’re in a situation where I think the market’s right now probably pricing in the best-case scenario.” He added: “Everyone’s talking about the fact that there’s probably going to be 10% tariffs across the board, 30% for China. I think that’s kind of baked in.” President Donald Trump’s tariffs have been in legal limbo following two key court rulings last week. The U.S. Court of International Trade struck down much of the president’s steep levies Wednesday, ordering his administration to stop collecting them. A day later, however, a federal appeals court granted the administration’s request to temporarily pause that ruling, effectively reinstating the duties. Trump’s top economic advisors have remained optimistic in the tariffs even with the recent legal challenge, as Commerce Secretary Howard Lutnick said on Fox News over the weekend that the tariffs are “not going away.” Additionally, National Economic Council Director Kevin Hassett told ABC News that he’s “very confident that the judges will uphold this law.” Hassett also suggested that Trump and China’s President Xi Jinping could discuss trade as early as this week, though he said no date for the talks has been set. His comments come as trade tensions between the U.S. and China ramped up last week, with Trump writing in a Truth Social post Friday that China has “TOTALLY VIOLATED ITS AGREEMENT WITH US.” Meanwhile, investors will be eyeing a slew of reports due this week that could provide insight into how tariffs have affected the U.S. economy, including the key May nonfarm payrolls reading on Friday.
  • Saylor's bitcoin buying strategy is 'exploding' globally, but Wall Street is skeptical Watch CNBC's full interview with Strategy's Michael Saylor from Bitcoin 2025 LAS VEGAS — The bitcoin treasury play that lifted Strategy's market cap past $80 billion is now being mimicked by meme stock companies, media firms, and multinational conglomerates. But Wall Street isn't buying all the hype. This week, Trump Media announced plans to raise $2.5 billion to buy bitcoin, and GameStop revealed a $500 million allocation. Meanwhile, Tether, SoftBank, and Strike's Jack Mallers unveiled Twenty One, a bitcoin-native public company expected to launch with more than 42,000 bitcoin on its balance sheet, enough to make it the third-largest corporate holder of the asset globally. For now, the market doesn't see the next Strategy in any of them. Trump Media shares have dropped more than 20% since the announcement, while GameStop is down nearly 17%. Strategy, formerly known as MicroStrategy, has multiplied by 26 times since the end of 2022, amassing a bitcoin stake worth over $60 billion. "Maybe the market wanted them to buy more bitcoin," said Strategy Chairman Michael Saylor in an interview at Bitcoin 2025 in Las Vegas. "But these are short-term dynamics. Over the long term, bitcoin on the balance sheet has proven to be extraordinarily popular." Saylor called Trump Media's move "courageous, aggressive, and intelligent" — and said the flood of similar announcements marks a global shift in corporate finance. "Everywhere I go at this conference, someone says, you know, I'm working on a bitcoin treasury company in Hong Kong. I'm doing this thing in Korea. I've got this thing I'm working on in Abu Dhabi. We're going to do this in the Middle East, you know, we've got this in the U.K.," he said. "There's an explosion of interest right now." Saylor said bitcoin ambassadors are "planting the orange flag everywhere on earth." Trump sons, top lawmakers descend on Bitcoin 2025 ahead of key legislation What began as a fringe financial maneuver is quickly becoming a geopolitical race. Under the Biden administration, corporate bitcoin adoption was often treated as a regulatory red flag. But under President Donald Trump, the tone has changed. In March, Trump signed an executive order establishing a U.S. Strategic Bitcoin Reserve, instructing federal agencies to treat bitcoin as a long-term store of value. The reserve will be funded entirely through bitcoin seized in criminal and civil forfeiture cases, according to White House Crypto and AI Czar David Sacks. The order also empowers the government to explore additional budget-neutral mechanisms for acquiring more bitcoin. For the first time, the federal government will conduct a full audit of its digital asset holdings, currently estimated at more than 200,000 bitcoin. The order explicitly prohibits the sale of any bitcoin from the reserve, cementing its role as a permanent sovereign asset. 'No force on Earth' Vice President JD Vance this week became the first sitting vice president to address the bitcoin community directly, framing crypto as a hedge against inflation, censorship, and "unelected bureaucrats." And in a further move to boost bitcoin, the Department of Labor rolled back guidance that had discouraged bitcoin investments in retirement plans. "No force on Earth can stop an idea whose time has come," Saylor said. "Bitcoin is digital capital and maybe the most explosive idea of the era." Some corners of the corporate world are still resistant. Late last year, Microsoft shareholders rejected a proposal to use some of the software company's massive cash pile to follow Saylor's lead. In a video presentation supporting the effort, Saylor told investors that "Microsoft can't afford to miss the next technology wave." While Strategy has reaped the rewards of early adoption, Saylor suggested the market's cooler reaction to Trump Media and GameStop may stem more from structural financing dynamics than from skepticism toward bitcoin itself. He pointed to GameStop's initial announcement that it was considering a bitcoin strategy, which led to a 50% pop in the stock and tenfold increase in trading volume. The company quickly capitalized on the momentum with a $1.5 billion convertible bond raise — a move he described as "extraordinarily successful." Trump Media took a similar approach, raising capital through a large convertible bond offering. Saylor said those financing methods can create short-term downward pressure, but that over time investors will benefit. When it comes to Strategy, Saylor said there's no ceiling to his bitcoin accumulation plans. His company is already by far the largest corporate holder of the cryptocurrency. "We'll keep buying bitcoin," he told CNBC. "We expect the price of bitcoin will keep going up. We think it will get exponentially harder to buy bitcoin, but we will work exponentially more efficiently to buy bitcoin." For critics who worry that state and media actors embracing bitcoin will undermine its decentralized ideals, Saylor argues the opposite. "The network is very anti-fragile, and there's a balance of power here," he said. "The more actors that come into the ecosystem, the more diverse, the more distributed the protocol is, the more incorruptible it becomes, the more robust it becomes, and so that means the more trustworthy it becomes to larger economic actors who otherwise would be afraid to put all of their economic weight on the network."
  • EU 'prepared to impose countermeasures' after Trump doubles steel tariffs to 50% The European Union on Saturday criticized President Donald Trump's move to double tariffs on steel imports, warning that it "undermines" efforts to reach a "negotiated solution" in the ongoing trade war. "We strongly regret the announced increase of U.S. tariffs on steel imports from 25% to 50%," an EU spokesperson said in a statement to NBC News. "This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic," the spokesperson continued. The spokesperson added that the EU is "prepared to impose countermeasures, including in response to the latest U.S. tariff increase." Trump on Friday announced that he was doubling tariffs on steel imports to 50% from 25%, increasing the pressure on manufacturers dependent on industrial metals for production. The new import duties are set to go into effect June 4. His announcement, made at a rally at U.S. Steel in Pennsylvania, came after the president signaled earlier this month that he would approved a controversial deal between Nippon Steel and U.S. Steel. Trump highlighted an "agreement" between Nippon and U.S. Steel during the Friday rally, but said that the deal was not yet final. The EU, which said that it had paused its countermeasures against the U.S. on April 14 "to allow time and space" for negotiations, said it is prepared to instate those measures "if no mutually acceptable solution is reached." "The European Commission is currently finalizing consultations on expanded countermeasures," the spokesperson said. "If no mutually acceptable solution is reached, both existing and additional EU measures will automatically take effect on 14 July — or earlier, if circumstances require."
  • Trump aims to exceed first term's weapons sales to Taiwan, The American flag, left, and the Taiwanese flag in Taipei, Taiwan, on Thursday, Feb. 22, 2024. I-Hwa Cheng | Bloomberg | Getty Images The United States plans to ramp up weapons sales to Taipei to a level exceeding President Donald Trump's first term as part of an effort to deter China as it intensifies military pressure on the democratic island, according to two U.S. officials. If U.S. arms sales to Taiwan do accelerate, it could ease worries about the extent of Trump's commitment to the island. It would also add new friction to the tense U.S.-China relationship. The U.S. officials, who spoke on condition of anonymity, said they expect U.S. approvals for weapons sales to Taipei over the next four years to surpass those in Trump's first term, with one of the officials saying arms sales notifications to Taiwan could "easily exceed" that earlier period. They also said the United States is pressing members of Taiwan's opposition parties not to oppose the government's efforts to increase defense spending to 3% of the island's economic output. The first Trump administration approved sales of approximately $18.3 billion worth of weapons to Taiwan, compared with around $8.4 billion during Joe Biden's term, according to Reuters calculations. The United States is Taiwan's most important international backer and arms supplier despite the lack of formal diplomatic ties between Washington and Taipei. Even so, many in Taiwan, which China claims as its own, worry that Trump may not be as committed to the island as past U.S. presidents. On the election campaign trail, Trump suggested Taiwan should pay to be protected and also accused the island of stealing American semiconductor business, causing alarm in Taipei. China has vowed to "reunify" with the separately governed island, by force if necessary. Taiwan's government rejects Beijing's sovereignty claims, saying only the island's people can decide their future. The U.S. officials said administration officials and Trump himself were committed to "enhancing hard deterrence" for Taiwan. "That's where the president is. That's where all of us are," one U.S. official said, adding that they were working closely with Taiwan on an arms procurement package to be rolled out when Taiwan secured domestic funding. Taiwan's Presidential Office told Reuters the government is determined to strengthen its self-defense capabilities and pointed to its proposals to increase defense spending. "Taiwan aims to enhance military deterrence while continuing to deepen its security cooperation with the United States," Presidential Office spokesperson Wen Lii said. Taiwan's defense ministry declined to comment on any new arms sales, but reiterated previous remarks by the island's defense minister, Wellington Koo, about the importance of "solidarity and cooperation of democratic allies." UBS GWM: Taiwan's security means it needs to remain relevant to the world, including China 'Don't get in the way' Taiwan's President Lai Ching-te and his Democratic Progressive Party (DPP) aim to increase defense spending to 3% of GDP this year through a special defense budget. But the island's parliament, controlled by opposition parties the Kuomintang (KMT) and the Taiwan People's Party (TPP), passed budget cuts earlier this year that threatened to hit defense spending. That triggered concerns in Washington, where officials and lawmakers have regularly said the U.S. cannot show more urgency over Taiwan's defense than the island itself. "We're messaging pretty hard (in Taipei) to the opposition. Don't get in the way of this. This isn't a Taiwanese partisan question. This is a Taiwanese survival question," one of the U.S. officials told Reuters. Three people in Taiwan with direct knowledge of the situation confirmed that the U.S. government and U.S. congressional visitors have been pressing the opposition parties in Taiwan not to block defense spending, especially the coming special defense budget, which is expected to be proposed to parliament later this year. "As long as they knew there were people from the opposition in the room, they directly asked them not to cut the defense budget," one of the people said. Alexander Huang, director of the KMT's international department, told Reuters it was "beyond question" that the party firmly supports increasing the defense budget and its "doors are open" to the U.S. government and the ruling DPP for consultations. "Supporting an increased budget does not mean serving as a rubber stamp, nor does it preclude making adjustments or engaging in negotiations regarding the special budget proposals put forth by the DPP administration," he added. The much smaller TPP said it has "always had smooth communication with the U.S. side and has continued to engage in in-depth dialogue on issues such as national defense and regional security." Reuters reported in February that Taiwan was exploring a multi-billion dollar arms purchase from the U.S., hoping to win support from the new Trump administration. New weapons packages are expected to focus on missiles, munitions and drones, cost-effective means to help improve Taiwan's chances of rebuffing any military action by China's much larger forces. For years, China has been steadily ramping up its military pressure to assert its sovereignty claims over the island that is home to critical chip manufacturing vital to the global economy. Separately, one of the U.S. officials said the Trump administration would not object to a transit this year through U.S. territory by Lai, whom Beijing labels a "separatist." Past visits to the United States by Taiwanese officials have triggered angry objections by China, which sees such trips as inappropriate given that the United States has diplomatic relations with Beijing, not Taipei. Taiwan's presidential office spokesperson Lii said there are currently "no plans for a presidential transit through the United States at the moment."
  • Court strikes down Trump reciprocal tariffs A federal court ruled Wednesday that President Donald Trump exceeded his authority with his reciprocal tariffs, dealing a blow to the president's economic plan that has roiled markets. Trump is all but certain to appeal, but the ruling by the U.S. Court of International Trade could bring the plan that sparked a , at least temporarily. The judges wrote that the International Emergency Economic Powers Act, a 1977 law that Trump invoked to justify the tariffs, does not actually give the president the power to implement the sweeping duties initiated last month. "The Worldwide and Retaliatory Tariff Orders exceed any authority granted to the President by IEEPA to regulate importation by means of tariffs. The Trafficking Tariffs fail because they do not deal with the threats set forth in those orders," the judges wrote. The suit was brought on behalf of five U.S. businesses that rely on imports to some extent. The judges said that Trump's tariff orders were "unlawful as to all," not just those plaintiffs' companies, so there would be "no question here of narrowly tailored relief." The judges ordered the challenged tariffs to be "vacated and their operation permanently enjoined." Lawyers for the White House could appeal the matter, but the case and decision put President Donald Trump's economic agenda under pressure.
  • Trump’s EU tariffs delay is no guarantee trade tensions won't escalate, market watchers say President Donald Trump meets with European Commission President Ursula von Der Leyen at the World Economic Forum, Tuesday, Jan. 21, 2020, in Davos, Switzerland. Investors should "buckle up" for more volatility as the potential for a trade war has not completely dissipated despite U.S. President Donald Trump's delay of rolling out 50% tariffs on the European Union, analysts warn. Trump announced on Sunday that he had agreed to push the rollout of the punitive import duties back to July 9, following a call with EU Commission President Ursula von der Leyen. The president had initially called for a 50% tariff on EU goods to begin on June 1. He accused the bloc in a social media post of being "very difficult to deal with," and said trade negotiations with the EU were "going nowhere." European stocks rebounded Monday morning, moving into positive territory, after previously sinking on Friday in response to Trump's fresh tariffs threats. Von der Leyen said in a post on X over the weekend that the EU was "ready to advance talks swiftly and decisively." "The EU and US share the world's most consequential and close trade relationship," she said. "To reach a good deal, we would need the time until July 9." European Trade Commissioner Maros Sefcovic said in a post on X later Monday that he had "good calls" with U.S. Commerce Secretary Howard Lutnick and that they would "continue to stay in constant contact." But while Trump's announcement of the delay has granted the two parties some more breathing space, market watchers warned Monday that a lot remains at stake. Shock tactics Berenberg Chief Economist Holger Schmieding told CNBC that the six-week window until tariffs kick in was probably not enough time to "settle all detailed questions" – but he argued it should be sufficient to put the framework of a trade agreement in place. "It should be enough to get an agreement like the one between the U.S. and the U.K.," he said on CNBC's "Europe Early Edition" on Monday. "[It] is basically a matter of political will, and that depends a bit on the U.S. side," he added. "If they do have the political will, we should really be able to have such an agreement with, probably in the end, a 10% tariff from the U.S. on all EU imports, hardly any EU retaliation, and [scaling back] a few sector-specific things … with some of the details to be finalized after July 9." However, Schmieding noted that if the end result were a 20% or 30% blanket tariff on EU goods, "the EU would have no choice" but to impose "significant countermeasures" against the United States. Labeling Trump "an interesting negotiator," Schmieding argued that the president often tries to shock those with whom he's negotiating into agreeing to concessions. But the EU, he said, was unlikely to capitulate to these tactics. "We just have to stay calm, and from the European side, we just have to negotiate – we have to remember from the European side that our market is big, that we do matter in economic terms to the U.S. quite a lot, not just vice versa," he added. "So these negotiations should be negotiations among equals. The European Union is not a region which can be scared into just throwing in the towel." 'Unclear' what Trump administration wants from Europe Guntram Wolff, senior fellow at Bruegel, told CNBC that despite the extension of the tariffs deadline, "massive uncertainty" remained. "This uncertainty is bad for business, it's bad for consumers, and frankly it's an unnecessary step in the negotiations," he told CNBC's "Europe Early Edition." "It's very unclear what exactly the U.S. President wants," Wolff added. "That's the biggest obstacle at this stage, that in the negotiations the EU has made offers, has made proposals, but it doesn't really know what the president wants." 'It's very unclear' what Trump wants out of EU tariff negotiations, says analyst According to Wolff, the EU is "playing it rather well." "The U.K. has given in on all kinds of demands, China is the other extreme, [it] has really escalated … to a point where the U.S. had to blink, had to give in," he explained. "Europe sort of tries to take a middle path." The EU does have capacity to retaliate should massive tariffs be levied on its exports by the Trump administration, Wolff added, pointing to the importance of its pharmaceutical products to the U.S., and the potential for retaliatory measures to be implemented in the services sector. "But the EU so far has decided not to do it, really to keep a climate of de-escalation," he said. "But at the end of the day, that might not be enough now." 'This ride's far from over' Naeem Aslam, chief investment officer at London's Zaye Capital Markets, told CNBC on Monday the tariffs delay had sparked a "tentative risk-on rally" – but like Wolff, he cautioned that much remained at stake. "Looking ahead, the EU-US trade dance is a high-stakes tango, with July 9 as the next flashpoint," he said in an email. "The EU's dangling phased tariff cuts and "mutual respect" talks, but Trump's America-first bravado could turn negotiations into a slugfest, rattling supply chains and fanning inflationary flames." Aslam added that sectors like tech and industrials were particularly "braced for whiplash." "Markets will hang on every tweet and trade talk whisper, with investors betting on whether this delay is a genuine olive branch or just Trump reloading for a bigger tariff showdown," he said. "Buckle up; this ride's far from over."
  • Tencent and Baidu, two of China’s largest technology companies, revealed how they’re keeping in the global artificial intelligence race even as the U.S. tightens some curbs on key semiconductors.
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