zerohedge @zerohedge
Top Overnight News
US futures got a boost after most of Donald Trump’s tariffs were deemed illegal by the US trade court, blocking them for now. The panel of three judges — who ruled unanimously — gave the administration 10 days to “effectuate” its order; the White House is appealing. BBG
House Republicans’ tax package is now expected to cost nearly $4 trillion, thanks in part to a last-minute deal to further increase a cap on state and local tax deductions. Politico
Musk said his scheduled time as a special government employee is coming to an end, while a White House official said Elon Musk leaving the administration is accurate and his off-boarding would begin on Wednesday night.
White House plans to send a small package of DOGE spending cuts to Congress next week: Politico.
The US will start “aggressively” revoking visas for Chinese students with connections to the CCP or studying in critical fields, Marco Rubio said. Fox reported that the State Department will investigate all visa holders associated with Harvard. BBG
The Trump admin has suspended some sales to China of critical US technologies, including those related to jet engines, semiconductors, and certain chemicals and machinery. The move is a response to China’s recent restrictions on exports of critical minerals to the US. NYT
Japan’s top trade negotiator Ryosei Akazawa is headed to Washington for a fourth round of talks despite the US trade court ruling. He hopes to meet Treasury Secretary Scott Bessent before returning Sunday. BBG
South Korea’s central bank cut its policy rate by 25bp (as expected) and slashed its 2025 growth outlook, signaling more easing to come. WSJ
The UK plans to mandate pension funds to invest in private markets and the domestic economy. Industry leaders have argued it conflicts with their fiduciary duties. BBG
Nvidia (+5.8%) shares jumped premarket after it delivered an upbeat sales forecast. CEO Jensen Huang renewed his appeal to the Trump administration to allow it to produce chips for China again. BBG
Elon Musk said his “scheduled time” as a formal adviser to Trump is coming to a close. As for DOGE, Trump and Musk have previously declined to detail a succession plan for the effort, which the president originally gave a sunset date of July 4, 2026. BBG
NY Fed said it will start morning standing repo facility operations on June 26th with offerings to take place between 08:15-08:30ET and will maintain afternoon standing repo facility offerings.
Bank of America Total Card Spending (w/e May 24th) +0.2% (April average +1%); initial read suggestive of softer Memorial Day spending weekend likely due to colder weather. [said the NYC based analysts projecting, because only NYC money matters] (but I might be biased….)
https://twitter.com/zerohedge/status/1928056678643093870