Trump Trade: Nvidia CEO joins China trip, Diamantas tapped as acting FDA chief

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly.

CHINA TRIP: President Donald Trump plans to press Xi Jinping to “open up” China to U.S. business during a Beijing summit, while also adding Nvidia (NDVA) head Jensen Huang to the CEO delegation traveling with him after a stop in Alaska en route to the meeting, Reuters’ Laurie Chen, Trevor Hunnicutt, and Heejin Kim report. Trump asked Huang at the last minute to join the trip, says a source familiar with the matter. 

FDA CHIEF: President Donald Trump posted on Truth Social, “I want to thank Dr. Marty Makary for having done a great job at the FDA. So much was accomplished under his leadership. He was a hard worker, who was respected by all, and will go on to have an outstanding career in Medicine. Kyle Diamantas, a very talented person, will be put in the Acting position.” Publicly traded companies in the space include AstraZeneca (AZN), Bristol Myers (BMY), Eli Lilly (LLY), GSK (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY).

TARIFFS: A U.S. appeals court temporarily paused a lower court ruling against the Trump administration’s 10% global tariff under Section 122 of the Trade Act, keeping the tariffs in place for three importers that had won a reprieve from the duties, reported Reuters.

PAYPAL SETTLEMENT: The Justice Department announced a settlement with PayPal (PYPL) to resolve “a fair lending investigation into a discriminatory investment program created for black and minority-owned businesses,” it said. The settlement requires PayPal to launch a new Small Business Initiative that excludes criteria based on race, national origin, or other protected characteristics. As part of the initiative, PayPal will waive processing fees for $1B of transactions – a value of approximately $30M – for eligible American small businesses that are veteran-owned or engaged in farming, manufacturing, or technology. In addition to fee waivers, as part of the settlement PayPal will designate a director of the Small Business Initiative, conduct an assessment of the needs of American small businesses and determine how PayPal can best support them, submit plans and proposals for the initiative to the United States, provide training to employees on the Equal Credit Opportunity Act, and report on the initiative annually.

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Originally Posted May 13, 2026