The White House plans to impose a 15 percent tariff under Section 122 of the Trade Act of 1974 following a US Supreme Court ruling that declared Trump's previous tariffs unlawful. Trump has warned that countries attempting to "play games" will face higher tariffs, and he claims tariff approval does not require Congress. These tariff threats are causing economic uncertainty, impacting markets, investor sentiment, and causing delays in trade deal progress, such as postponing a EU-US trade agreement vote.
The Trump Organization has announced plans to develop Australia's tallest building, a 335-meter, 91-storey tower on Queensland's Gold Coast, featuring hotel rooms, luxury apartments, retail space, and a beach club. Construction is set to begin in August, with an estimated cost of at least $1 billion. The project faces competition from other proposed tall buildings in the area, including a taller twin-tower development. The Trump brand's involvement in international property development has been accompanied by controversy and allegations of conflicts of interest during Donald Trump's presidency.
Defense Secretary Pete Hegseth is scheduled to meet with Anthropic CEO Dario Amodei amid ongoing debate over AI's role in military applications. Anthropic, known for its safety-conscious approach, is the only AI company approved for classified military networks, while other firms like Google, OpenAI, and xAI are operating in unclassified environments. The meeting highlights concerns about AI use in national security, autonomous weapons, and government surveillance, with Anthropic calling for responsible AI development.
President Donald Trump is considering military strikes against Iran's nuclear program, citing concerns that Iran is close to obtaining enough highly enriched uranium for a bomb, despite U.S. claims of having destroyed key nuclear facilities in a 2019 bombing. International inspectors and analysts suggest Iran's stockpile of enriched uranium likely remains substantial, with some estimates indicating around 972 pounds unaccounted for. The U.S. is also pursuing negotiations with Iran, with reports of an upcoming nuclear proposal, amid warnings from Israeli Prime Minister Benjamin Netanyahu about potential conflict escalation.
The U.S. Supreme Court ruled that the executive branch lacks the authority under the International Emergency Economic Powers Act (IEEPA) to impose tariffs, prompting President Trump to implement a 15% tariff as a temporary measure. The ruling could lead to tariff refunds for paid tariffs, with legal disputes expected regarding the process. The administration may respond by invoking other legal authorities, such as Section 232 and Section 301, to impose tariffs, particularly on China. The future of U.S. trade policy remains uncertain, with ongoing discussions about USMCA negotiations and potential shifts toward bilateral agreements.
Following the Supreme Court's decision to strike down most of President Trump's tariffs, congressional Republicans have expressed concerns over the unpopularity and economic impact of tariffs, with some advocating for legislative checks on presidential trade authority. Democrats have vowed to block extensions of Trump's tariffs, citing issues like rising prices and economic harm, while GOP members face uncertainty in supporting tariff policies ahead of the midterm elections. The situation has heightened debates over Congress's role in trade policy and the potential for bipartisan efforts to reassert legislative authority over tariffs.
High trading activity continues in US 2028 presidential markets, with Gavin Newsom leading as Democratic nominee at $697 million and JD Vance as winning candidate at $317.8 million. International markets show strong betting on Dutch coalition formation and Hungarian leadership, while US midterm bets favor Democratic control of the House. Overall, trader focus remains on upcoming election races and European political developments.
The South Dakota Senate approved bills allowing a housing infrastructure fund to be used for large airport project loans at a 2% interest rate, increased from the initially proposed 0%. The legislation also loosens loan terms by expanding the definition of public infrastructure and increasing the maximum loan to cover more of the project costs. Both bills now head to a House committee for further consideration.
After the Supreme Court declared President Trump's emergency tariffs unlawful, he has vowed to continue applying tariffs using other legal authorities, risking political backlash and legislative challenges. Trump remains intensely committed to tariffs, viewing them as a key tool for economic and presidential power, despite declining manufacturing data and opposition from Democrats and some Republicans. The administration plans to use alternative laws, such as Section 232 and Section 301 tariffs, but faces legal and political hurdles in prolonging or expanding tariff measures. Critics argue that tariffs are causing economic harm to American consumers, while supporters claim they are necessary for protecting industries and asserting US economic strength.
Defense Secretary Pete Hegseth is scheduled to meet with Anthropic CEO Dario Amodei amid growing debate over the military's use of AI, particularly given Anthropic's stance on ethical concerns and its limited participation in classified military networks compared to other AI firms. The meeting highlights ongoing tensions about AI's role in national security, with some wishing to ensure responsible use while others emphasize operational readiness and lawful applications. Anthropic has publicly advocated for stricter AI safeguards, contrasting with broader industry compliance, and its involvement in Pentagon contracts underscores the complex balance between AI innovation and security risks.
US President Donald Trump criticized media reports suggesting that General Dan Caine warned him of the risks of attacking Iran, calling such reports "100 percent incorrect." Reports indicated that Caine, chairman of the Joint Chiefs of Staff, expressed concerns about the potential for prolonged conflict and US casualties, but Caine's office stated he was providing military options to civilian leaders. Trump emphasized that Caine's role is to win if ordered and dismissed the idea that military leaders oppose actions against Iran.
Mexican authorities announced the successful capture and death of cartel leader Nemesio “El Mencho” Oseguera Cervantes, aided by surveillance of his romantic partner and U.S. intelligence. The operation involved a coordinated military and police effort in Jalisco, resulting in a violent confrontation that left multiple casualties, including Oseguera Cervantes and his bodyguards, who died en route to the hospital. The operation also led to the death of “El Tuli,” a suspected cartel mastermind, and significant seizures of weapons and funds amidst ongoing cartel-related violence.
