The German-US trade balance surplus keeps increasing...
In Germany, anticipation is building for the upcoming meeting between Chancellor Friedrich Merz and US President Donald Trump. The two leaders will meet at the White House on June 5 to discuss key issues including the war in Ukraine, the Middle East, and trade policy. Over the past 12 months, Germany has posted a trade surplus of >€70bn with the US, equal to 1.7% of its GDP... Source: HolgerZ, Bloomberg
If it is the case, that means the printer is coming
Source: Bloomberg
There are now 9 US companies with a market cap above $1 trillion:
Microsoft, Nvidia, Apple, Amazon, Google, Meta, Tesla, Broadcom, and Berkshire Hathaway. A decade ago, Apple was the largest company in the US with a market cap of $750 Billion. Source: Charlie Bilello
⚠️US consumers are struggling: More than 50% of US consumers are not able to cover a $2,000 emergency expense using only savings.
Nearly one-third cannot cover $500, according to the Fed survey released Wednesday. Most Americans have no savings. Source: Bloombrg, Global Markets Investor
The Economist: The solar+battery model is working.
California gets 75% of its power from solar midday. Batteries now kick in for 30% at night. Battery capacity jumped 32x since 2018. Source: @jason on X
LIBERATION DAY TARIFFS - GONE.
Any “national emergency” blanket tariffs - GONE. Dow futures are up 500 points 🚀 President Donald Trump’s global tariffs were deemed illegal and blocked by the US trade court, dealing a major blow to a pillar of the Republican’s economic agenda. 👉 A federal trade court struck down President Donald Trump’s worldwide reciprocal tariffs and ordered the administration to stop collecting them. 👉 A three-judge panel on the Court of International Trade said Trump exceeded “any authority granted” by the International Emergency Economic Powers Act in imposing the import levies. 👉 In halting tariffs Trump ordered on Canada, Mexico, and China to combat drug trafficking, the judges said they “fail because they do not deal with the threats set forth in those orders.” 👉 The government immediately appealed the ruling to the U.S. Court of Appeals for the Federal Circuit.
Elon Musk is formally stepping down from his role in the Trump administration after just five months
ending a tumultuous period during which he oversaw cost-cutting by the so-called Department of Government Efficiency (source: FT) 👉 It's no coincidence that he's leaving DOGE as of the end of May. After 130 days at the DOGE, the billionaire would have had to go before Congress to publish his accounts and fulfill his obligations of control and transparency...
The Big Beautiful Bill ???
Source: Spencer Hakimian
