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President Trump's new EPA Administrator, Lee Zeldin, has announced plans to roll back 31 environmental regulations, claiming it to be “the most consequential day of deregulation in American history.” Among the targeted rules is the 2009 endangerment finding, which links greenhouse gases to public health risks. Environmental advocates, including Jackie Wong from the Natural Resources Defense Council, expressed their opposition, saying: “Before finalizing any of these actions, the law says EPA must propose its changes, justify them with science and the law, and listen to the public.” Zeldin's actions also include closing environmental justice offices, which have historically worked to reduce pollution in disadvantaged communities. Critics argue that these changes will primarily benefit large polluters while undermining efforts to protect vulnerable populations.

 

Fast Company

Los Angeles Times

Los Angeles Times

OregonLive.com

The Trump administration is poised to appoint Federal Reserve governor Michelle Bowman as the central bank's top financial regulator, following the resignation of Michael Barr. Barr, who faced criticism from major U.S. banks for his 2023 regulatory reform proposal advocating higher capital reserves, stepped down last month. Bowman, a member of the Fed's governing board since 2018, previously served as the state bank commissioner in Kansas and has experience in federal agencies. She voted against Barr's proposal alongside Fed governor Christopher Waller.

 

The Globe and Mail

China’s Ministry of Commerce held talks with Walmart on Tuesday regarding the retailer's request of Chinese suppliers for price cuts of as much as 10% to offset new tariff costs. The discussions were reported by Yuyuantantian, a social media account affiliated with state broadcaster CCTV, which said: “Walmart’s unilateral demand on Chinese firms to cut prices could lead to disruptions of supply chains and hurt the interests of firms and consumers from both countries. If Walmart insists on doing so, then what would happen next would be beyond talks". Shi Xiaoli, a professor of international trade law at the China University of Political Science and Law in Beijing, said Walmart's request for price reductions from Chinese suppliers may violate commercial contracts, potentially disrupting the normal market transaction order.

 

China Daily

CNBC

South China Morning Post

MGA Entertainment, the major U.S. toymaker known for its Bratz and L.O.L. Surprise! dolls, is planning to shift 40% of its manufacturing from China to India, Vietnam, and Indonesia within six months, up from the current 10%-15%. The move aims to mitigate the impact of President Donald Trump's escalating trade war with China. Consequently, consumers may face up to 20% price increases on toys at retailers like Walmart and Target by the autumn.

 

Reuters

Goldman Sachs, Citigroup, and JPMorgan have raised the alarm about the risks associated with AI in their annual reports. The stated risks include software hallucinations, employee morale issues, and potential misuse by cybercriminals. JPMorgan highlighted that AI could lead to “workforce displacement,” impacting staff morale and retention, while also intensifying competition for skilled employees. The banks are particularly concerned about flawed AI models and new regulations that may restrict AI usage.

 

Bloomberg Law

According to a survey by Cliffwater, private debt is the preferred asset class for institutional investors seeking returns over the next decade. The survey, which included 14 major allocators and advisers, indicates that private debt is expected to yield a consensus return of 8.46% over ten years, second only to private equity's 9.22%. Stephen L. Nesbitt, chief executive of Cliffwater, said: “Institutional investors, who already have double-digit allocations to private equity, will likely focus on increasing their private debt allocations.” The findings suggest a shift away from public equity and private real estate, with the latter expected to decline due to a lower anticipated return of 6.13%. The emergence of private debt in asset allocation discussions has been facilitated by indices like the Cliffwater Direct Lending Index, which provide historical data on returns and risks.

 

Alternative Credit Investor

Bank of America has announced that the biggest weekly outflow this year took place in the week to Wednesday, with investors pulling $2.8bn from stock funds during that period. Economic uncertainties resulting from conflicting Trump administration trade policies have seen the U.S. S&P 500 fall over 10% from a recent high into correction territory.

 

Reuters

The IRS is facing significant workforce reductions, potentially laying off up to 50,000 employees from its 90,000-member staff. David Shapiro, partner at Saul Ewing LLP, said "There's no exact number yet," highlighting the uncertainty surrounding the cuts. The layoffs, occurring during tax season, are expected to hinder the IRS's ability to provide necessary guidance on new tax laws. Mr. Shapiro noted that the agency's capacity to issue rulings will decline, leading to increased backlogs and delays in audits. He expressed concern that "anything where you need people at the IRS will take more time," affecting both taxpayers and preparers. The cuts are part of a broader initiative by the Trump administration to reduce government costs, but they may ultimately lead to inefficiencies and increased taxpayer burdens.

 

Accounting Today

The Trump administration has been ordered to reinstate thousands of probationary workers who were terminated in mass firings across various federal agencies. U.S. District Judge William Alsup in San Francisco said that the terminations were executed by a personnel office lacking the authority to do so. Alsup said: “It is sad, a sad day, when our government would fire some good employee and say it was based on performance when they know good and well that's a lie.” The ruling follows a lawsuit from a coalition of labor unions and organizations amid widespread concerns over the administration's approach to downsizing the federal workforce. The judge has mandated that the affected agencies report back within seven days with a list of the terminated employees and compliance details. Approximately 200,000 probationary workers are employed across federal agencies.

 

The Columbus Dispatch

NPR / National Public Radio

OregonLive.com

U.S. District Judge Kenneth Bell in Charlotte, North Carolina has ruled in favor of Merck in litigation accusing the drugmaker of concealing risks associated with its Gardasil vaccine for the prevention of cervical and other cancers. In his decision, the judge said: "Federal law requires more than speculative inferences prior to adding dire warnings to lifesaving vaccines that discourage their use. That evidence is lacking here." Merck said it was "extremely pleased" with the ruling, noting that the product in question is safe and effective "as reflected in its label."

 

Reuters

Aramco CEO Amin Nasser told executives from major energy firms at the CERAWeek conference in Houston that while investment in all energy sources is necessary,  "the current strategy of prematurely switching to immature alternatives has been so self-destructive. New sources cannot even meet the growth in demand." He called for investment in fossil fuels, citing global demand. Nasser's comments come as the US government works to maximize oil and gas production, and policymakers in Europe scale back introduction of clean energy policies. Nasser observed that "We can all feel the winds of history in our industry's sails again."

 

Reuters

Major corporations including Amazon and Google have pledged to support the goal of tripling the world's nuclear energy capacity by 2050 during the CERAWeek conference in Houston. This initiative, facilitated by the World Nuclear Association (WNA), aims to garner further backing from various industries such as maritime, aviation, and oil and gas. The WNA noted that "the pledge adds on to the vow from over 30 countries, which also aimed to triple capacity by 2050." Currently, nuclear energy accounts for 9% of global electricity generation from 439 reactors, but only 411 reactors are operational, with a total capacity of 371 gigawatts as of early 2025.

 

U.S. News

Poland's Deputy Prime Minister Krzysztof Gawkowski has reaffirmed plans to implement a new tax on big tech companies, despite criticism from the incoming U.S. ambassador, Thomas Rose. Rose described the tax as "self-destructive" and warned it could harm Poland's relations with the U.S. Gawkowski, a member of the Left party, responded to Rose's comments by saying: "This is standing democracy on its head," as he underscored Poland's right to legislate independently. While some coalition members, like Funds Minister Katarzyna Pelczynska-Nalecz, support taxing big tech, they question the timing amid potential trade tensions.

 

US News and World Report

The Girl Scouts of the United States of America are facing a proposed class action lawsuit over allegations of heavy metals and pesticides in their popular cookies. Filed in Brooklyn federal court, the lawsuit cites a December 2024 study by GMO Science and Moms Across America, which found that the cookies contained harmful levels of metals such as arsenic and lead, as well as glyphosate, a pesticide. The lawsuit, led by Amy Mayo from Bayside, New York, claims that she would not have purchased the cookies had she known about the "dangerous toxins." The Girl Scouts responded, saying that "the health and safety of Girl Scouts and cookie customers is our top priority," and asserting that their products comply with food safety standards. The lawsuit seeks at least $5m in damages for U.S. cookie purchasers.

 

U.S. News