TRADE WAR: TEMPORARY RELIEF

Investors' caution remains justified despite the wave of relief following the announcement of a trade agreement between the US and China earlier this month, according to analysts at Capital Economics.

Recent indications of a de-escalation in global trade tensions are "fragile", with several "flashpoints" ahead.

However, these agreements remain temporary, noted Capital Economics analysts, adding that the reciprocal tariffs paused for most countries will come back into effect in early July, before the delayed levies on China resume in August.

JP MORGAN'S VIEWS

"The trade war is not over and could easily escalate, raising tariffs from current levels. The 90-day grace period from Liberation Day ends on 8 July.

Beyond China and the UK, there have been few agreements," noted JPMorgan, warning that the current calm could be short-lived.

The reduction of tariffs between the US and China has helped to decrease the immediate risk of a global recession, with JPMorgan reducing its probability of a US recession from 60% to a still elevated 40% and removing its formal recession forecast.

A more likely outcome is that these deadlines will simply be extended. But even if extensions are granted, markets may face renewed volatility as the administration pushes negotiations to the brink.

US AND EU: NO AGREEMENT

Trump stated in a social media post on Friday that he would impose a 50% tariff on all imports from the bloc starting 1 June, as negotiations were "going nowhere".

Treasury Secretary Scott Bessent stated that the EU's offer was worse than that of other countries and expressed hope that the president's post would prompt the EU to act.

Specific details of the EU's offer, previously undisclosed, cover tariff and non-tariff barriers, enhancement of economic security, mutual investments and strategic purchases, as well as cooperation on global challenges, according to sources speaking on condition of anonymity.

UNITED STATES: PREPARING FOR A POSSIBLE WAR

Trump announced the day before that his government would proceed with the construction of an aerial and space missile defence system that would use a constellation of satellites and space-based weapons to intercept ballistic attacks against the country.

China stated that this project, named the Golden Dome, "undermines global stability".

"The Congressional Budget Office estimated that it could cost up to $542 billion over the next two decades."

"Once built, the Golden Dome will be capable of intercepting missiles launched from other parts of the world and even from space. We will have the best system ever built," said Trump.

TRUMP VS. APPLE

"I informed Tim Cook (president) of Apple some time ago that I expect iPhones sold in the United States to be manufactured in the United States, not in India or elsewhere. If not, Apple will have to pay a tariff of at least 25%," wrote the president on his Truth Social network.

Since returning to the White House in January, Trump has imposed tariffs on the United States' main partners, in a protectionist offensive that has shaken international trade.

His threat to tax Apple comes after he stated last week that the company should move its smartphone production to the United States.

BYD: LAUNCHES NEW VEHICLE IN EUROPE

Chinese company BYD presented on Wednesday in Berlin its low-cost electric car, the "Dolphin Surf", its tenth model in Europe, at a time when sales in the region are accelerating following a strategic restructuring.

The car will be sold in three price ranges, from €22,990 (£19,500) for a range of 322 kilometres, up to €24,990 (£21,200) for a range of 507 kilometres.

Until the end of June, all three versions will be available at a reduced price between €19,990 and €24,990, announced Sales Director Patrick Schulz on Wednesday.

The car increases pressure on European manufacturers to offer more affordable electric alternatives.

OPENAI'S NEW ACQUISITION

In May 2025, OpenAI, the firm behind ChatGPT, announced the acquisition of IO for approximately $6.5 billion, in what is considered the largest deal in its history.

With this purchase, the IO team—comprising about 55 engineers, developers, and industrial designers—joins OpenAI, with the mission of designing a family of consumer devices that facilitate the use of artificial intelligence.

Jony Ive, while continuing with his design studio LoveFrom, will be responsible for the design of all OpenAI products, including software and hardware, as an independent consultant.

About IO

IO is a hardware company founded in 2024 by Jony Ive, the legendary British designer known for being responsible for the design of iconic Apple products such as the iPhone, iPod, iPad, and Apple Watch, alongside Steve Jobs. The company was created with other notable former Apple employees, such as Scott Cannon, Evans Hankey, and Tang Tan.

NEGOTIATIONS BETWEEN RUSSIA AND UKRAINE COOL DOWN

Today, peace in Ukraine seems distant, with a decrease in the likelihood that peace talks will end the war between Ukraine and Russia in the near future.

President Donald Trump told European leaders in a private call on Monday that Russian President Vladimir Putin does not believe the war in Ukraine should end because he thinks he is winning, reported The Wall Street Journal on Wednesday.

The comment, which reportedly occurred during a conference call that included Ukrainian President Volodymyr Zelensky, as well as several European leaders, marked a notable shift from Trump's previous public statements, where he suggested that Putin was open to peace.

TRON: LEADER IN USDT TRANSACTIONS

According to data from CryptoQuant, the total USDT in circulation on Tron has reached $75.8 billion. It has surpassed Ethereum amid the growing adoption of Tron for payments and remittances:

"Indeed, TRON has seen a sharp acceleration in USDT supply growth in 2025 (+27% or ~ $16 billion), surpassing Ethereum. According to the latest data, the USDT supply on TRON is greater than on Ethereum, totalling $75.8 billion," noted CryptoQuant.

STABLECOINS: GLOBAL ADOPTION

Financial institutions are massively adopting stablecoins: 90% already implement them, according to a report by Fireblocks, based on a survey of 265 industry executives.

The data reveal the growing integration of stablecoins into financial entities and international companies.

The trend marks the transition of stablecoins from a technological promise to core infrastructure for global payments.

SUI: THE NEW GEM?

The price of SUI has experienced significant growth recently, surpassing XRP in terms of growth and demand.

In May, SUI has attracted the attention of institutional investors, marking a shift in demand that could have long-term implications for the crypto market.

As institutional inflows increasingly move towards SUI, the focus shifts from its price performance to its potential as a Web3-focused ecosystem.

POSSIBLE XRP AND SOLANA ETF?

The United States Securities and Exchange Commission (SEC) is evaluating three relevant proposals related to cryptocurrencies, submitted by the Cboe BZX and NYSE Arca exchanges. These initiatives aim to incorporate digital assets like XRP, Solana, and Ethereum into exchange-traded funds (ETFs) under regulation.

In one case, the SEC has postponed its decision, while in the other two it has initiated formal procedures to determine whether to approve or reject the applications.