Trade Truce Trouble—China Hurls Accusations at the U.S.

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via Yahoo Finance

China has demanded the U.S. “immediately correct its wrongdoings” regarding new American guidance to not use Chinese computer chips.

China’s commerce ministry even went as far as to say the U.S.’s move “undermined consensus” reached at the Geneva talks earlier this month, and threatened retaliation if the guidance wasn’t rescinded. Markets are trying to decipher whether the U.S.-China trade truce is going to hold up under the pressure.

via BBC

Moody lowered the U.S.’s credit rating from a previously pristine AAA to Aa1—its second-highest rating. But at the same time, foreign nations’ US Treasury holdings hit an all-time high of $9.05 trillion for last month.

We’ll be watching the data for foreign holdings of US Treasuries next month to see whether other countries still really think US debt is a good investment—because the $9.05 trillion figure was for March, before the mayhem of tariffs began. As for the credit rating drop, huge deficits and interest costs were cited as reasons for the ding on the U.S.’s score.

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via Axios​

The House Budget Committee rejected President Trump's signature tax and spending legislation Friday in a stunning 16-21 vote, with four Republican members joining Democrats in opposition.

Despite President Trump's social media plea for unity, conservative holdouts remained unmoved, primarily over disagreements on Medicaid reform and SALT deductions. The defeat represents a significant setback for Speaker Mike Johnson's Memorial Day passage target. Market participants should watch for increased volatility as fiscal policy uncertainty grows.

via Reuters ​

President Trump’s executive order to align US drug prices with international benchmarks initially rattled global pharma stocks, but markets quickly stabilized as analysts flagged legal and logistical hurdles.

Major US drugmakers like Pfizer and Merck saw early losses reverse, while pharmacy benefit managers like Cigna and CVS remained under pressure. The order revives Trump’s earlier efforts to cut out “middlemen” in the drug supply chain, a move that could reshape pricing dynamics if it survives court challenges. Legal resistance may delay implementation, but the threat to global pharma margins is now back on the table.

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