| Hey, readers! I can't believe it's already June and that we're nearly halfway through the year. To everyone who thought we'd see a summer news slowdown, remember that Donald Trump is in power. This week the American president again threw the economy a curve with a further escalating of the global trade war. In a tweet Trump said the US would impose tariffs of 5% on Mexican imports starting June 10. If you're new to the Wall Street Insider newsletter, you can sign up here. Trump said these tariffs would be in place "until such time as illegal migrants coming through Mexico, and into our Country, STOP." Trump said he'd boost the initial 5% tariff all the way up to 25% if the border isn't controlled. Our investing editor Joe Ciolli breaks down the effects the tariffs would have. In the US, JPMorgan estimates that new tariffs will reduce third-quarter gross domestic product by a quarter point, from 1.75% to 1.5%. The firm warns that a much bigger downward revision may be necessary if a corporate spending slowdown affects hiring, which could hurt consumer spending. There's been ongoing speculation that Trump's recent tariffs are serving as an indirect tax on the average person. After all, when a tariff is imposed, the manufacturing company doesn't necessarily have to make up the difference on their end. They can always pass that additional cost along to the purchaser. And then there's the matter of markets. With US stocks getting pummeled this past week, it's clear investors are allergic to Trump's trade uncertainty. Meanwhile, in the bond market the scared rush into Treasurys, considered to be among the safest assets, has pushed yields into dangerous territory. Near-term yields are higher than their long-term counterparts, something that's historically signaled an imminent recession as it implies nervousness. This is commonly referred to as a yield-curve inversion, and the current situation is more stretched than at any point since 2007. Joe also points out that any Mexico tariffs would be in addition to the China tariffs already enacted. The trade war has already had a meaningful effect. Companies have started warning investors about the downside they might face if the trade war doesn't end soon. That includes Stanley Black & Decker CEO James Loree, who said recently that his firm may go as far as to move production back to the US from China in response — a costly, complex endeavor. Don't expect Trump to let up anytime soon. Between China and Mexico, tariffs appear to be his favorite policy weapon. On another note we've just started collecting nominations for our annual Rising Stars of Wall Street list that will run in the fall. We're looking for people under age 35 who are killing it in their industry, making notable contributions or accomplishments ahead of their class within investment banking/dealmaking, investing, and sales and trading. To nominate someone, fill out our form here. Please let me know if you have any questions! And don't forget ... Business Insider is hosting a (free!) finance event tied to our "100 people transforming the world of business" list. The event is called IGNITION: Transforming Finance, and it will be held on June 10, 8-9:30 a.m., at the New York Stock Exchange. It'll feature a number of speakers from our list, including Omar Ismail, the head of consumer digital finance in the Americas for Goldman's Marcus business, and Huy Richards, the head of digital investment banking at JPMorgan. Please e-mail me if you'd like an invite at ooran@businessinsider.com. Have a great weekend, and enjoy the sunshine. Olivia
 JPMorgan says it's poaching Google tech whizzes for its new equity-trading bot as Wall Street ramps up its automation revolution
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