Markets Down, Trump's Tariff Stance, and LGBTQ+ Rights Ruling on Bloomberg News Now

Market Performance and Economic Outlook

• 📉 US stocks fell as President Trump's remarks on tariffs failed to alleviate market worries, with the S&P 500 losing 0.75%, the Nasdaq dropping 0.9%, and the Dow falling nearly 1%.
• 📈 The ten-year Treasury yield was at 4.3%, and the two-year yield stood at 3.8%.
• 🛢️ The price of oil rebounded slightly, trading just over $59 a barrel.

Trump's Tariff Strategy and Trade Talks

• 🗣️ President Trump stated he will dictate tariff levels for U.S. trading partners, moving away from negotiation towards setting terms.
• 🤝 Treasury Secretary Scott Bessant reported that many trading partners have made good offers, with over 80-90% of renegotiations expected to be wrapped up by year-end.
• 🇺🇸 Bessant assured that the U.S. government will not default and the debt ceiling will be raised without using "gimmicks."

US-Canada Relations and Political Developments

• 🇨🇦 President Trump and Canadian Prime Minister Mark Carney met to discuss tariffs and bilateral relations, with Trump reiterating his belief that Canada would benefit from becoming the 51st state.
• 🚫 Prime Minister Carney firmly stated that Canada is not for sale and will not become a U.S. state.
• 🇩🇪 Friedrich Merz was confirmed as Germany's new chancellor on his second attempt, a rare occurrence since World War Two.

Supreme Court Ruling and Sports News

• ⚖️ The Supreme Court cleared the way for the Trump administration to discharge transgender service members, allowing a ban to remain in place while litigation continues.
• 🐎 Kentucky Derby winner Sovereignty will skip the Preakness Stakes to focus on the Belmont Stakes next month.