Eric Trump Launches Bitcoin Firm

CRYPTO
Eric Trump Launches Bitcoin Firm

Eric Trump, son of former President Donald Trump, has launched American Bitcoin, a Bitcoin mining firm aiming to go public. The company has already reserved the ticker $ABTC with Nasdaq, signaling serious plans for a public listing. The venture is a partnership between the Trump family and Hut 8, a major Bitcoin mining company that owns 80% of the firm, while Eric Trump, Donald Trump Jr., and early investors hold the remaining 20%.

The project began as a data center idea but shifted focus after discussions between Eric and Hut 8 CEO Asher Genoot. Their shared vision and close relationship led to the rebranding as a Bitcoin company. American Bitcoin is the latest in the Trump family’s growing crypto ventures, which include NFTs, a crypto app, a memecoin, and a planned stablecoin. Critics cite potential conflicts of interest, but Eric Trump insists the family's involvement in crypto predates Trump’s return to office.

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FINANCE
Experts Warn of Recession Risk

President Donald Trump unveiled a sweeping new trade policy on Wednesday, introducing “reciprocal tariffs” that will affect over 180 countries and territories. The announcement rattled financial markets, sending stocks downward as investors sought safer assets. Analysts reacted with concern, warning of economic fallout and rising recession risks. J.P. Morgan’s Tai Hui noted that the tariffs could drive inflation, disrupt supply chains, and reduce consumer spending.

Economist David Rosenberg criticized the notion that foreign producers would bear the cost, explaining that U.S. importers—and ultimately consumers—would absorb the impact. UOB’s Anthony Raza said the policy rollout was far more immediate and extreme than expected. Strategist David Roche described the move as a shift from globalization to long-term economic nationalism, predicting global stagflation. AMP’s Shane Oliver said U.S. tariffs could exceed levels seen in the 1930s, raising recession risk to 40%. ANZ’s Tom Kenny forecast inflation and Fed rate cuts as markets brace for slower growth.

FINANCE
Amazon Bids for TikTok Deal

Amazon has reportedly submitted a last-minute bid to acquire TikTok, just days before a U.S. ban on the app is set to take effect. According to a Trump administration official, Amazon sent a letter to Vice President JD Vance and Commerce Secretary Howard Lutnick outlining the offer. The New York Times first reported the move. President Trump previously extended TikTok’s deadline despite a law—upheld by the Supreme Court—requiring ByteDance, its Chinese parent company, to sell the platform to an approved U.S. buyer.

While TikTok and Amazon declined to comment, the bid emerged as Trump planned meetings to discuss the looming deadline. Other interested parties include Oracle, Blackstone, Perplexity AI, and investor-led groups offering up to $47.5 billion. The FBI and FCC have raised concerns over ByteDance’s access to user data, though no public evidence has been shared. Trump, who now embraces TikTok as a political tool, may extend the pause again.

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