Global trade tensions persist with US probes into imports of drones and chips, Trump adding tariffs on Mexican tomatoes, and threats of severe tariffs against Russia over the Ukraine war, all contributing to soaring tariff rates under Trump and potential economic hits from new rounds of duties. Meanwhile, European companies remain frozen by tariff uncertainty, US investors face complacency risks regarding Trump's policy agenda, the EU warns of a big gap in trade talks, Volvo Cars books a significant charge on tariffs, and while European stocks dip after Trump's threats, stocks generally shrug off his latest moves; China approves a chip software deal after US eases export curbs, the Justice Department battles tariff fraud, Trump's bullying of Brazil proves inept, a race begins to build US copper mines after higher tariff pledges, China's exports jump amid a trade war truce, Brussels sidesteps Trump's tariff threat, Chinese manufacturers use Vietnam to dodge tariffs, Japan faces an era-defining reset with the US, and the EU prepares to step up foreign subsidy probes.
Key domestic policy headlines feature Trump's Maga base split over Jeffrey Epstein files, the pragmatic settlement of a '60 Minutes' lawsuit, Andrew Cuomo's vow to run in the New York mayoral race as an independent, the VA reporting dubious savings amidst painful cuts, ongoing concerns over federal funding cuts for NPR and PBS, and questions surrounding Trump Media's streaming service, Truth Plus. Additional headlines cover Starbucks' corporate staff work policy changes, an opinion piece on 'Kneecap and Other Nonsense of the Day', public broadcasters bracing for a funding vote, a historical parallel for a socialist gubernatorial bid, the influence of a tax lobbyist writing Trump's tax law, Trump's budget response and its political litmus test, Trump's tax law sweetening venture capital deals, his policy of soaking the rich in higher education services, and a Republican dissident saying no to Trump.
The technology sector sees Meta's new data centers causing water supply problems for neighbors, Cognition AI acquiring Windsurf amid an AI frenzy, Meta's superintelligence lab discussing major AI strategy changes, Elon Musk exploring Tesla funding for xAI, and Tesla facing its first federal jury trial over its Autopilot system.
Corporate news highlights LVMH's Loro Piana facing court administration over alleged worker exploitation, Starbucks requiring corporate staff to work from the office four days a week or take a buyout, PE-backed McGraw Hill and NIQ Global Intelligence unveiling IPO terms, Scholastic's need for a turnaround, UnitedHealth's campaign to quiet critics, UniCredit's attack on the Italian government's power over a BPM bid, Warren Buffett benefiting from the Kraft Heinz flop, private equity firms making big bets on the biopharma industry, lessons from the Kraft-Heinz cul-de-sac, and Chinese biotech shares surging as Big Pharma licenses cancer treatments.
International developments include freed-up US manufacturing capacity from ebbing EV sales benefiting missile systems for Ukraine, Israel launching new strikes on Syria, murky reports on the Air India crash deepening uncertainty for Tata, an Air India chief raising fresh questions about a preliminary crash report, an EU budget shake-up shifting billions to eastern states, Zelenskyy nominating a new Ukraine PM, the passing of former Nigerian President Muhammadu Buhari, the resurrection of the London-Paris-Berlin triangle as essential for stability, Ukraine hitting back after a top agent was assassinated, Trump shifting tone on Ukraine ahead of a major announcement, Trump stating the US will send Patriot missiles to Ukraine, a German defense minister calling on arms makers to deliver, US investors reviving a Ukrainian grain terminal in a test of wartime financing, markets signaling Israel as a clear economic winner in the Middle East, cuts in western aid being deadlier for Africa than Covid, insights into Gaza's 'death traps', and Argentina's president making a risky bet on a potent peso.
UK headlines detail Rachel Reeves dialing up risk in financial services to boost growth, the UK subsidizing electric vehicle purchases as sales lag targets, Labour postponing a London event due to backlash, UK ministers issuing contradictory messages on tax, a government debate on 'Send' paved with good intentions, a new deal making German school trips to the UK easier, the Lord Mayor criticizing UK companies for low-fee pension schemes, and Reform UK's 'Doge' unit battling councils for sensitive data access.
Financial news focuses on **Bitcoin's price soaring past $120,000 as US Congress readies for 'crypto week', Bitcoin hitting a $120,000 milestone, Jane Street depositing $560 million to lift an India trading ban, and US investment banking expected to stay in the doldrums with investment banking set to extend its worst run in over a decade, while Taiwan's central bank warns foreign investors to stop violating capital controls**.
Environmental topics include magical thinking coming for net zero critics, **Saudi Arabia boosting renewable energy with an $8 billion investment, Thames Water announcing a hosepipe ban for parts of southern England, shoppers slowly turning away from plastic packaging, and venture capital investors betting on demand for battery swapping**.
This section covers diverse topics such as the passing of Andrew Kassoy who saw capitalism as a force for social good, the impact of Chinese students flocking to central Illinois and their food following, a callout on prenuptial agreements, the BBC ending ties with 'MasterChef' host Gregg Wallace after an investigation, financial institutions needing to prepare for subsea cable sabotage, how deep sea cables that power the world are made, Lagos's lack of beaches despite being surrounded by water, Germany's exporters being stifled by red tape, a Meta trial testing board culpability over corporate scandals, hot property in Perugia province, Umbria, and London's best restaurant wine lists.