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Nearly 70,000 people have registered interest in President Donald Trump&#8216;s new $5 million &#8220;Trump Card&#8221; visa program, Commerce Secretary Howard Lutnick announced Monday. The waiting list reached 68,703 applicants within hours of Lutnick&#8217;s morning update showing 67,697 registrations.
What Happened: The Trump administration launched TrumpCard.gov last week, allowing foreign nationals to register for the premium residency program. The website features a gold card design displaying Trump&#8217;s face, signature, an eagle, the Statue of Liberty, and the American flag.
&#8220;The card will be made of gold. It will be beautiful,&#8221; Lutnick <a href="https://www.ft.com/content/468b885d-679d-4419-8d6b-2a7d708d6c6e">told </a>the Financial Times. He emphasized Trump&#8217;s attention to aesthetic details, noting the president &#8220;deeply cares about&#8221; how the investment vehicle looks and feels.
The program targets business leaders and companies seeking U.S. legal residency for executives or employees. One unnamed global technology CEO indicated plans to purchase over 100 cards if the scheme reaches &#8220;fruition,&#8221; viewing it as attracting &#8220;the world&#8217;s best and brightest&#8221; entrepreneurs, engineers, and scientists, according to the report.
Lutnick plans to <a href="https://www.benzinga.com/news/politics/25/06/45898900/pay-5-million-get-the-trump-card-new-visa-program-now-accepting-applications">replace the existing EB-5 investor visa program</a>, which granted approximately 14,000 visas last year with minimum investments up to $1.8 million. The Commerce Department expects to issue tens of thousands of Trump Cards this summer, with Lutnick projecting that 200,000 visas could generate $1 trillion in Treasury revenue.
See Also: <a href="https://www.benzinga.com/news/politics/25/06/45966745/trump-uks-keir-starmer-strike-g7-trade-deal-aerospace-tariffs-slashed-auto-quotas-set-steel-aluminum-still-in-limbo">Trump, UK&#8217;s Keir Starmer Strike G7 Trade Deal: Aerospace Tariffs Slashed, Auto Quotas Set—Steel, Aluminum Still In Limbo</a>
Why It Matters: Billionaire Trump donor John Paulson originally proposed the concept as a debt reduction mechanism for America&#8217;s $36 trillion burden.
The program represents a significant shift targeting high-net-worth individuals. Immigrant entrepreneurs comprise <a href="https://www.benzinga.com/25/03/44070799/mark-cuban-supports-trumps-new-gold-card-scheme-if-sold-to-corporations-for-employee-citizenship-have-a-look-at-the-listed-companies-with-most-number-of-immigrants">22.6% of all U.S. entrepreneurs</a> and founded 46% of Fortune 500 companies. 
Billionaire Mark Cuban previously supported the concept if corporations buy cards for high-earning employees, while Elon Musk was involved in <a href="https://www.benzinga.com/news/25/03/44519944/elons-building-me-the-software-right-now-commerce-secretary-howard-lutnick-says-he-sold-1k-trump-cards-for-5m-each-in-one-day">developing the application software</a>. 
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/25/06/45965418/lockheed-martins-f-35-jets-spark-outcry-in-madison-as-pentagon-rejects-18-million-noise-mitigation-grant">Lockheed Martin&#8217;s F-35 Jets Spark Outcry In Madison As Pentagon Rejects $18 Million Noise Mitigation Grant</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Courtesy: Joshua Sukoff / Shutterstock.com

Government

News

Howard Lutnick Says Nearly 70,000 Register For $5 Million 'Trump Card' Visa As US Eyes $1 Trillion Windfall From Premium Immigration Plan

Senate Republicans presented the long-awaited version of President Donald Trump's "big, beautiful bill" on Monday, with notable changes made to the <a href="https://www.benzinga.com/25/05/45582778/trumps-big-beautiful-bill-passes-house-what-it-means-for-taxes-student-loans-medicaid-and-more">version that passed the House</a>.
What Happened: Spearheaded by Senate Finance Committee Chair Mike Crapo (R-Idaho), the bill includes tax provisions such as deductions for tips and overtime pay, as well as a boost to the standard deduction, according to <a href="https://benzinga.slack.com/archives/C06S461L7PZ/p1750139335022209?thread_ts=1750139221.697549&amp;cid=C06S461L7PZ">a</a> report by The Hill.
The Senate also raises the federal debt ceiling by $5 trillion, which is $1 trillion more than the House version. Stricter <a href="https://www.benzinga.com/25/05/45278823/over-5-million-americans-set-to-lose-health-coverage-by-2034-amid-proposed-gop-medicaid-cuts-cbo-analysis">Medicaid eligibility</a> requirements have also been drawn up.
Noteworthy policy changes include semi-annual <a href="https://www.benzinga.com/news/25/06/45762220/medicaid-cuts-are-heroic-speaker-mike-johnson-says-4-8-million-wont-lose-healthcare-unless-they-choo">Medicaid eligibility redeterminations</a> and restrictions on states' ability to use provider taxes to draw down federal funds.
The bill maintains a $10,000 cap on state and local tax (SALT) deductions, reversing a House deal to raise it. It <a href="https://www.benzinga.com/general/health-care/25/05/45537041/trumps-tax-bill-expands-child-benefits-with-2500-credit-and-1000-savings-boost-for-babies-born-through-2028">also sets a lower increase for the Child Tax Credit than the House bill</a> and phases out <a href="https://www.benzinga.com/news/politics/25/06/45786416/joe-biden-calls-trump-probe-a-distraction-from-disastrous-gop-bill-aiming-to-raise-costs-for-americans-all-to-pay-for-tax-breaks-for-the-ultra-wealthy">Biden-era clean energy credits</a> more gradually, while terminating the hydrogen tax credit by 2026 unless projects are already underway.
See Also: <a href="https://www.benzinga.com/news/politics/25/06/45965629/trump-exits-g7-summit-early-citing-obvious-reasons-amid-escalating-iran-israel-conflict-gold-oil-etfs-spike-in-after-hours-trading">Trump Exits G7 Summit Early Citing &#8216;Obvious Reasons&#8217; Amid Escalating Iran-Israel Conflict: Gold, Oil ETFs Spike In After-Hours Trading</a>
Why It Matters: The proposal is already facing backlash from multiple factions. Sen. Rand Paul (R-Ky.) is against the large debt ceiling increase, while Sen. Ron Johnson (R-Wis.) argues the bill does not go far enough to curb the deficit, saying, "We're not seriously addressing our long-term deficit and debt issues."
The Medicaid cuts, estimated by the CBO to reduce spending by $863 billion over a decade, would leave 10.9 million <a href="https://www.benzinga.com/news/health-care/25/06/45930856/trumps-tax-plan-could-leave-millions-uninsured-hit-rural-america-hard">more Americans uninsured if enacted</a>. Sen. Josh Hawley (R-Mo.) criticized the rural impact, saying, "We're going to pay for [green subsidies] by defunding rural hospitals. That's going to be a hard argument to make in Missouri."
Senators from blue states also criticized the SALT cap rollback. "Instead of undermining the deal already in place… the Senate should work with us to keep our promise of historic tax relief," wrote House SALT Caucus co-chairs Reps. Young Kim (R-Calif.) and Andrew Garbarino (R-N.Y.).
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<li><a href="https://www.benzinga.com/markets/tech/25/06/45965638/amid-trumps-anti-ev-push-senate-republicans-propose-tax-bill-to-axe-7500-ev-credit">Amid Trump&#8217;s Anti-EV Push, Senate Republicans Propose Tax Bill To Axe $7500 EV Credit</a></li>
</ul>
Photo courtesy: Maxim Elramsisy / Shutterstock.com

Politics

Senate Republicans Unveil Trump Tax And Health Plan With $5 Trillion Debt Ceiling Hike, Tighter Medicaid Rules In The 'Big, Beautiful Bill'

CRTO

Criteo Launches Auction-Based Display Ads To Bring Programmatic Flexibility And New Value To Global Retail Media

Max Keiser, known for his early advocacy and unwavering enthusiasm regarding Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), has made some eye-popping forecasts regarding its price.
What happened: During an interview with Simply Bitcoin in September of last year, Keiser dissected how Bitcoin is mathematically guaranteed to increase in purchasing power and potentially hit a market capitalization of even $300 trillion
"The price is just a proxy for how quickly the fiat world is disintegrating," said Keiser, who also serves as the senior Bitcoin advisor to the El Salvador president.
Keiser expressed confidence that Bitcoin will "demonetize" gold, the bond market and the stock market.&nbsp;
"So now you&#8217;re talking about Bitcoin worth $100 trillion, $200 trillion, $300 trillion. These are all completely within the realm of highly probable going forward," he projected.&nbsp;
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="Max Keiser: Why Bitcoin Could Be A $300 Trillion Asset Class &#x7C; Ep 1075" width="500" height="281" src="https://www.youtube.com/embed/lnE7o9B0dhQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
See Also:<a href="https://www.benzinga.com/25/04/44621245/gold-backed-cryptos-match-yellow-metals-highs-following-trumps-liberation-day-shock"> </a><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45740537/forget-dollars-willy-woo-says-bitcoin-will-be-priced-against-global-gdp-gold-used-to-be-that-money-btc-is-the-challenger">Forget Dollars: Willy Woo Says Bitcoin Will Be Priced Against Global GDP — &#8216;Gold Used To Be That Money, BTC Is The Challenger&#8217;</a>
Let's assume Keiser's prediction comes true and Bitcoin indeed rises to a market value of $300 trillion. This would mean a whopping 14900% jump from its current capitalization of $2.11 trillion.
Assuming that this feat is reached once the entirety of BTC&#8217;s supply, i.e., 21 million, is mined in 2140, the price of one Bitcoin will rise to roughly $14.29 million.
But what if we get there much earlier? As of this writing, 19.87 million BTC have been mined. Assume the $300 trillion figure is achieved when the circulating supply reaches 20 million. At that point, one Bitcoin will cost $15 million.
It&#8217;s worth noting that Keiser&#8217;s faith in Bitcoin was so strong that<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39420309/who-is-bitcoin-influencer-max-keiser" target="_blank" rel="noreferrer noopener">&nbsp;he became one of the first mainstream journalists</a>&nbsp;to cover it when it was priced at only $0.30. Moreover, he predicted it to hit $100,000 when it was around $1 in 2011.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The only Bitcoin prediction of mine that truly matters is in 2011, at $1, I said it was going to $100,000 This was said on my show, etc As far as new predictions… The only metric you need to know is that everything is going to zero against Bitcoin. <a href="https://t.co/GXTdn8asvl">https://t.co/GXTdn8asvl</a>
&mdash; Max Keiser (@maxkeiser) <a href="https://twitter.com/maxkeiser/status/1932809530628583567?ref_src=twsrc%5Etfw">June 11, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Price Action:&nbsp; At the time of writing, BTC was exchanging hands at $106,744.49<span style="color: rgb(255, 255, 255); font-family: Inter, -apple-system, BlinkMacSystemFont, &quot;segoe ui&quot;, Roboto, Helvetica, Arial, sans-serif; font-size: 15px; white-space-collapse: collapse; background-color: rgb(13, 20, 33);">, down 0.35% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;
Read Next:&nbsp;
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45942372/anthony-scaramucci-welcomes-philippe-laffonts-bitcoin-advocacy-after-billionaire-hedge-fund-manager-says-apex-crypto-has-become-central-to-investment-portfolios">Anthony Scaramucci Welcomes Philippe Laffont&#8217;s Bitcoin Advocacy After Billionaire Hedge Fund Manager Says Apex Crypto Has Become &#8216;Central&#8217; To Investment Portfolios</a></li>
</ul>
Photo: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Markets

$BTC

AMZN

Max Keiser Once Predicted Bitcoin Could Hit A $300 Trillion Market Cap — Here's How Much 1 BTC Would Be Worth If That Happens

STMicroelectronics Unveils AI-Powered Human Presence Detection To Cut Laptop Power Use by 20% And Boost Privacy

China announced Tuesday that Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) will attend its flagship China International Supply Chain Expo for the first time in July, marking a significant development as U.S.-China tech tensions reach new heights over semiconductor trade restrictions.
What Happened: Yu Jianlong, deputy director of the China Council for the Promotion of International Trade, called the participation of over 100 U.S. and European exhibitors a &#8220;vote of confidence&#8221; in China&#8217;s supply chain amid a &#8220;complex and volatile&#8221; global trade landscape, <a href="https://www.scmp.com/economy/china-economy/article/3314715/nvidia-hands-china-symbolic-victory-attendance-beijing-expo?module=perpetual_scroll_0&amp;pgtype=article">reported</a> the South China Morning Post. 
The artificial intelligence chipmaker&#8217;s Beijing appearance comes despite escalating export controls that cost Nvidia $2.5 billion in first-quarter revenue. CEO Jensen Huang recently said that the <a href="https://www.benzinga.com/markets/equities/25/06/45918580/nvidia-drops-china-from-guidance-after-2-5-billion-q1-revenue-hit-ceo-jensen-huang-says-hes-not-">company no longer includes China in revenue forecasts</a>, stating, &#8220;I&#8217;m not counting on it, but if it happens, then it will be a great bonus.&#8221;
See Also: <a href="https://www.benzinga.com/news/politics/25/06/45965629/trump-exits-g7-summit-early-citing-obvious-reasons-amid-escalating-iran-israel-conflict-gold-oil-etfs-spike-in-after-hours-trading">Trump Exits G7 Summit Early Citing &#8216;Obvious Reasons&#8217; Amid Escalating Iran-Israel Conflict: Gold, Oil ETFs Spike In After-Hours Trading</a>
Why It Matters: The timing highlights mounting pressure on China&#8217;s semiconductor independence. Chinese automakers, including BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>), Geely Automobile Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>), and Li Auto Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) are accelerating plans to eliminate foreign chips by 2027, targeting 100% <a href="https://www.benzinga.com/markets/equities/25/06/45966176/after-nvidia-pauses-china-outlook-top-chinese-automakers-race-to-ditch-foreign-chips-aim-for-100-domestic-supply-by-2027-report">domestic semiconductor supply chains</a>.
This represents a dramatic shift from Beijing&#8217;s previous 25% domestic chip usage goal for this year. Major automakers currently rely heavily on Nvidia&#8217;s AI processors for autonomous driving and Qualcomm Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) <a href="https://www.benzinga.com/markets/equities/25/06/45966176/after-nvidia-pauses-china-outlook-top-chinese-automakers-race-to-ditch-foreign-chips-aim-for-100-domestic-supply-by-2027-report">smart cockpit solutions</a>.
Washington&#8217;s export controls have blocked Nvidia&#8217;s <a href="https://www.benzinga.com/tech/25/05/45309175/nvidia-modifies-h20-chip-for-china-after-us-restrictions-block-sales-aims-to-deliver-new-version-by-july-report">China-specific H20 AI chip shipments</a>, requiring special licenses. 
The restrictions aim to limit China&#8217;s access to advanced semiconductor technology critical for <a href="https://www.benzinga.com/tech/25/05/45309175/nvidia-modifies-h20-chip-for-china-after-us-restrictions-block-sales-aims-to-deliver-new-version-by-july-report">AI development and military applications</a>.
Benzinga Edge Stock Rankings indicate Nvidia continues to show strong upward momentum across short-, medium-, and long-term timeframes. Full <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">performance insights are available here</a>.
<figure class="wp-block-image aligncenter size-full is-resized"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="886" height="648" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17030137/image-253.png" alt="" class="wp-image-951718" style="width:461px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17030137/image-253.png 886w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17030137/image-253-300x219.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17030137/image-253-768x562.png 768w" sizes="(max-width: 886px) 100vw, 886px" /></a></figure>
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/06/45965418/lockheed-martins-f-35-jets-spark-outcry-in-madison-as-pentagon-rejects-18-million-noise-mitigation-grant" target="_blank" rel="noreferrer noopener">Lockheed Martin's F-35 Jets Spark Outcry In Madison As Pentagon Rejects $18 Million Noise Mitigation Grant</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Evolf on Shutterstock.com

Equities

Tech

BYDDF

BYDDY

GELYF

NVDA

QCOM

Nvidia To Appear At China's Top Supply Chain Expo Despite Escalating US-China Chip War: Beijing Calls Participation 'A Vote Of Confidence'

RTX's Pratt & Whitney Advances Additive Manufacturing With First 3D Printed Rotating Part For TJ150 Engine

The relationship between&nbsp;OpenAI&nbsp;and&nbsp;Microsoft Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) is becoming increasingly strained, with OpenAI reportedly contemplating a drastic move in the ongoing negotiations.
What Happened: OpenAI is exploring the option of accusing Microsoft of anticompetitive practices — a step that could potentially strain their long-standing partnership, <a href="https://www.wsj.com/tech/ai/openai-and-microsoft-tensions-are-reaching-a-boiling-point-4981c44f">reported</a> The Wall Street Journal on Monday. This potential move might include requesting a federal regulatory review of their contract terms for possible antitrust violations, along with launching a public campaign, 
The negotiations have entered a pivotal stage, with OpenAI reportedly aiming to reduce Microsoft&#8217;s influence over its AI products and access to computing resources, but Microsoft&#8217;s consent is pivotal for OpenAI&#8217;s transition into a for-profit entity, a change that could facilitate increased fundraising and a potential public listing.
OpenAI and MSFT did not immediately respond to <a href="http://pro.benzinga.com">Benzinga&#8217;s</a> request for comment.
SEE ALSO:&nbsp;<a href="https://benzinga.com/news/events/25/06/45964856/trump-asks-everyone-to-immediately-evacuate-tehran-odds-of-us-striking-iran-spike-on-crypto-betting-p" target="_blank" rel="noreferrer noopener">Trump Asks &#8216;Everyone&#8217; To Immediately Evacuate Tehran, Odds Of US Striking Iran Spike On Crypto Betting Platform</a>
Why It Matters: Microsoft, once a key driver of OpenAI's early growth in return for priority access to its technology, has now emerged as a rival—adding complexity to ongoing negotiations. The two companies are also in disagreement over the stake Microsoft would hold if OpenAI transitions into a public-benefit corporation.
In May, OpenAI was&nbsp;reportedly in <a href="https://www.benzinga.com/25/05/45340216/openais-ipo-ambitions-hang-in-the-balance-as-microsoft-negotiates-equity-report">high-stakes</a> negotiations&nbsp;with Microsoft to revise the terms of their multibillion-dollar partnership. A key point of contention was the amount of equity Microsoft would receive in the restructured OpenAI entity in exchange for its over $13 billion investment to date.
OpenAI&#8217;s future as a for-profit company is also closely tied to its relationship with Microsoft. The company&#8217;s&nbsp;Texas <a href="https://www.benzinga.com/personal-finance/entrepreneurship/25/05/45705941/openai-secures-11-6b-for-texas-data-center-expansion-reducing-microsoft-dependence">data center</a> expansion&nbsp;was seen as a move to reduce its dependence on Microsoft&#8217;s computing resources. 
Later in June, Microsoft integrated OpenAI&#8217;s Sora model into its Bing app, bringing generative video tools to everyday users. This move came after&nbsp;Google&#8217;s <a href="https://www.benzinga.com/markets/tech/25/06/45739990/microsoft-brings-openais-sora-to-the-masses-with-free-ai-video-generator-in-bing-app-after-googles-veo-3-wowed-the-internet-heres-what-you-can-and-cant-do">Veo 3 video AI</a> made headlines, highlighting the competitive landscape of the AI industry.
OpenAI&#8217;s potential transition into a public-benefit corporation and its&nbsp;<a href="https://www.benzinga.com/25/05/45340216/openais-ipo-ambitions-hang-in-the-balance-as-microsoft-negotiates-equity-report">IPO ambitions</a>&nbsp;have been a focal point of the negotiations with Microsoft. The outcome of these discussions will shape the future of their partnership and the broader AI industry.
On a year-to-date basis, Microsoft stock surged 14.47%, according to data from <a href="http://pro.benzinga.com">Benzinga Pro. </a>
<ul class="wp-block-list">
<li>READ MORE: <a href="https://benzinga.com/crypto/cryptocurrency/25/06/45965853/elizabeth-warren-says-billionaires-like-jeff-bezos-and-elon-musk-will-track-your-purchases-if-allowed-to-launch-stablecoins-and-stick-you-with-the-bill-when-it-blows-up" target="_blank" rel="noreferrer noopener">Elizabeth Warren Says Billionaires Like Jeff Bezos And Elon Musk Will &#8216;Track Your Purchases&#8217; If Allowed To Launch Stablecoins, And Stick You With The Bill When It &#8216;Blows Up&#8217; </a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

MSFT

OpenAI Vs. Microsoft? Inside The Brewing Power Struggle That Could Reportedly Explode Into An Antitrust Showdown

Textron Aviation And Tassili Travail Aérien Announce First Aero-Medical Cessna SkyCourier For Africa, Ushering In New Medevac Era

Honeywell And Near Earth Autonomy Demonstrate Scalable Uncrewed Rotorcraft Operations With Successful AW139 Test Flight

The U.S. Department of Homeland Security reversed guidance Monday that had paused Immigration and Customs Enforcement raids at farms, hotels and restaurants, potentially impacting labor-intensive sectors and supply chain operations critical to market stability.
What Happened: Immigration and Customs Enforcement officials told agency leaders during a Monday call that workforce site raids must continue at agricultural businesses, hotels and restaurants, the Washington Post <a href="https://www.washingtonpost.com/immigration/2025/06/16/trump-farms-hotels-immigration-raids/">reported</a>, citing sources. The reversal comes after internal guidance last week had directed agents to pause such operations.
President Donald Trump&#8216;s administration had initially directed immigration officials to largely halt raids on farms, hotels, restaurants and meatpacking plants, according to the report. The policy shift occurred as ICE operations <a href="https://www.benzinga.com/news/politics/25/06/45919950/appeals-court-allows-trump-to-keep-national-guard-in-california-for-now">averaged 2,000 daily arrests</a>, significantly exceeding the 311 daily average under former President Joe Biden.
Recent enforcement actions have targeted retail locations, including Home Depot Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) stores in Westlake, Whittier and Huntington Park without prior notification.
ICE did not immediately respond to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/markets/tech/25/06/45966113/tesla-crashes-significantly-lower-than-national-average-chamath-palihapitiya-weighs-in-on-why-its-the-ideal-choice-for-teenage-drivers">Tesla Crashes Significantly Lower Than National Average: Chamath Palihapitiya Weighs In On Why It&#8217;s The Ideal Choice For Teenage Drivers</a>
Why It Matters: The raids target sectors including agriculture, hospitality and food processing. Trump took office in January, pledging to deport millions of immigrants in the U.S. illegally, with thousands of suspected immigration offenders with no criminal records swept up in recent months.
California Governor Gavin Newsom has opposed federal deployment of over 2,000 National Guard troops and 700 Marines to Los Angeles during immigration protests, marking the first federal National Guard activation without gubernatorial consent since 1965. 
Current enforcement operations have prompted protests across major metropolitan areas, including Los Angeles, Chicago and Seattle, with <a href="https://www.benzinga.com/news/politics/25/06/45938132/us-marines-detain-civilian-in-los-angeles-amid-immigration-protests-first-known-incident-of-its-kind-report">197 arrests reported in a single day</a> in Los Angeles. The administration has deployed 200 Marines and over 2,000 National Guard members to Los Angeles.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Citadel LLC. founder Ken Griffin told the hedge fund's 300 incoming summer interns that investors who "go on defense" during market turmoil almost always lose money, and he advised them to park cash rather than crowd into so-called safe trades.
What Happened: "In finance, when you're playing defense, you're almost certainly losing," he said, according to a CNBC <a href="https://www.cnbc.com/2025/06/16/citadels-ken-griffin-says-playing-defense-almost-always-guarantees-losses.html">report</a>, adding that every time a portfolio manager utters that phrase, &#8220;I'm waiting to watch the red because that tends to be what happens next.&#8221;
Griffin, whose flagship hedge fund manages about $66 billion, spoke as stocks whipsawed on President Donald Trump's shifting tariff policy and fresh fears that Israel's strikes on Iran <a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/06/45940903/a-thin-strip-of-water-keeps-the-world-economy-on-edge-will-it-trigger-a-100-oil-shock">could jolt</a> oil supplies and inflation.
He argued that investors hiding in crowded risk-off positions often discover those trades are "where the losses are," whereas holding cash preserves optionality until markets reset.
See also: <a href="https://www.benzinga.com/news/events/25/06/45966450/bill-ackman-warns-iran-an-existential-threat-to-america-says-it-is-time-to-finish-the-job">Bill Ackman Warns Iran An &#8216;Existential Threat&#8217; To America, Says &#8216;It Is Time To Finish The Job&#8217;</a>
The billionaire said Citadel has succeeded in coaching staff to become "risk-neutral," noting that "most humans are risk-averse." The closer a trader gets to neutral, he said, "the more optimal your decision-making is from a profitability perspective."
Why It Matters: Griffin's remarks echo his <a href="https://www.benzinga.com/markets/equities/25/04/44972192/gop-megadonor-ken-griffin-urges-investors-to-tread-water-and-not-drown-amid-nonsensical-trade-policies-we-put-that-brand-at-risk">recent criticism</a> that tariff uncertainty and ballooning federal deficits threaten long-term growth.
Citadel's internship program remains one of Wall Street's toughest tickets. More than 108,000 students applied for roughly 300 seats this year, an acceptance rate of about 0.4%, lower than Harvard or MIT. Griffin said the firm prizes "people who are willing to step up and occasionally have a bad day, because unless you're willing to have a bad day, you're not going to have a great day."
Oil prices and equity volatility could keep those bad days coming. According to Trading Economics data, Brent Crude oil futures price spiked to $73.4 after the <a href="https://www.benzinga.com/markets/equities/25/06/45956228/aggressive-stock-buying-on-oil-drop-and-israel-gaining-control-of-tehran-skies">Iran-Israel exchanges</a>, stoking fears that the Federal Reserve <a href="https://www.benzinga.com/markets/macro-economic-events/25/06/45944853/rate-cut-odds-50-50-amid-israel-iran-conflict-says-jerome-powells-ex-advisor-jon-faust">may delay</a> rate cuts. Even so, Griffin insists aggressive, well-timed risk-taking remains the surest path to long-term gains.
Photo Courtesy: Gsign76 On Shutterstock.com
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President Donald Trump and British Prime Minister Keir Starmer signed a bilateral trade agreement Monday at the G7 Summit, formally reducing tariffs on select sectors while leaving critical steel and aluminum import quotas undetermined.
What Happened: The deal eliminates tariffs on UK aerospace exports and reaffirms automotive quotas, but steel and aluminum remain subject to pending Commerce Department review, reported Reuters. 
Commerce Secretary Howard Lutnick will set quota levels for British steel imports exempt from 25% tariffs, contingent on UK security demonstrations for supply chains and production facilities.
&#8220;We signed it and it&#8217;s done,&#8221; Trump said, holding the signed document. Starmer called it &#8220;a very good day for both of our countries, a real sign of strength.&#8221;
The agreement grants British automakers an annual quota of 100,000 vehicles at 10% tariff rates, significantly below the 25% imposed on other nations. 
See Also: <a href="https://www.benzinga.com/news/politics/25/06/45965629/trump-exits-g7-summit-early-citing-obvious-reasons-amid-escalating-iran-israel-conflict-gold-oil-etfs-spike-in-after-hours-trading">Trump Exits G7 Summit Early Citing &#8216;Obvious Reasons&#8217; Amid Escalating Iran-Israel Conflict: Gold, Oil ETFs Spike In After-Hours Trading</a>
Why It Matters: Major UK manufacturers, including Rolls-Royce Holdings and Aston Martin, benefit from the automotive provisions, while General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), and Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) have previously <a href="https://www.benzinga.com/25/05/45342313/trumps-uk-trade-carveouts-baffles-economist-justin-wolfers-bentley-rolls-royce-exemption-is-politically-insane">criticized the deal&#8217;s preferential treatment</a>.
The aerospace sector eliminates all tariffs on UK parts and planes under the executive order. Britain avoided the 50% steel and aluminum tariffs imposed on other countries earlier this month, but faced potential elevated tariffs starting July 9 without this agreement.
Critical pharmaceutical sector negotiations remain ongoing. UK Trade Secretary Jonathan Reynolds said both countries seek &#8220;significantly preferential outcomes&#8221; for pharmaceuticals while protecting against further Section 232 investigation tariffs, according to the report.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock

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