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The Trump administration would enact new tariffs almost immediately if the Supreme Court struck down sweeping global tariffs the president launched under an emergency law, U.S. Trade Representative Jamieson Greer had told the New York Times. He told the Times that the administration would “start the next day” to replace the tariffs with other levies, saying: “The reality is the president is going to have tariffs as part of his trade policy going forward.” Greer nevertheless expressed optimism that the Supreme Court, which is currently reviewing the president’s use of an emergency law that underpins most of his tariffs, would rule in the administration’s favor.

 

New York Times

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A study by the Kiel Institute for the World Economy has concluded that U.S. tariffs imposed under President Donald Trump have been passed almost entirely onto American importers and consumers, with foreign exporters absorbing only around 4% of the cost. Based on analysis of roughly 25 million transactions worth about $4tn, the researchers found a 96% “near-complete” pass-through of tariff costs to U.S. buyers, arguing the duties function more like a domestic consumption tax than a levy on foreign producers. The study highlights Brazil and India as examples where exporters did not materially cut prices after steep U.S. tariff increases, with the adjustment instead occurring through reduced trade volumes rather than price concessions.

 

Bloomberg

The White House is considering an executive action to enact U.S. President Donald Trump’s call for a cap on credit card interest rates, according to people familiar with the matter. The proposal is designed to lower interest rates on credit cards as part of a broader push to reduce costs for Americans. The plan, which is still being crafted, may include other measures such as a ban on institutional investors buying single-family homes.

 

Bloomberg

So-called "moonshot" CEO pay packages worth $100m or more have largely failed to deliver superior returns for shareholders, according to analysis by compensation firm Equilar. Of 21 U.S. CEOs awarded nine-figure equity incentives in 2020–21, around three-quarters of companies underperformed the S&P 500. On average, executives have realized only about a quarter of the potential value, with half forfeiting most or all of their awards. Only four CEOs, including KKR’s co-chief executives, fully met their targets. Many schemes were cancelled or restructured as share prices fell, with boards concluding the incentives no longer aligned with shareholder interests. While designed to drive long-term performance and retention, the evidence suggests oversized pay packages often misjudge targets, dilute shareholders and fail to generate commensurate value.

 

Wall Street Journal

Europe's far-right parties are reassessing their ties to U.S. President Donald Trump after he used military force to depose Venezuelan leader Nicolás Maduro and threatened the annexation of Greenland. Alice Weidel, co-leader of the Alternative for Germany party, said Trump was acting no differently from Russia's Vladimir Putin. France’s National Rally leader Jordan Bardella described the capture of Maduro as “a return to [American] imperial ambitions” and a world in which “the law of the strongest trumps respect of international rules.”

 

Bloomberg

The Canadian government is developing a new automotive strategy aimed at enhancing market access for manufacturers that produce cars domestically in response to White House initiatives encouraging automakers to relocate to the U.S. The strategy will also allow Chinese firms to assemble vehicles in Canada under specific conditions, such as forming joint ventures with local firms and using Canadian technology. With plans to enhance production and attract new factories, the strategy seeks to reverse job losses experienced after the implementation of U.S. tariffs on foreign-made vehicles.

 

Bloomberg

A PwC poll of more than 4,000 chief executives from 95 countries indicates that just over a quarter (26%) of firms have managed to drive down costs following investment in artificial intelligence, while 30% have boosted their revenue as a result of spending on the technology. More than half (56%) of the CEOs surveyed said AI hasn't produced revenue or cost benefits for their businesses to date. "A small group of companies are already turning AI into measurable financial returns, while many others are still struggling to move beyond pilots," said Mohamed Kande, PwC's global chairman. "That gap is starting to show up in confidence and competitiveness - and it will widen quickly for those that don't act."

 

Financial Times

Business Insider

The Clarity Act, a sweeping piece of legislation to govern the multibillion-dollar U.S. crypto sector, has been delayed in the Senate after Coinbase CEO Brian Armstrong publicly withdrew his support.

 

Financial Times

Hawaii's strict gun law will be under examination as the Supreme Court today reviews the state's prohibition on firearms in private properties open to the public, such as stores and hotels, unless explicitly allowed by the owner. The case arose after three Maui residents challenged the law, claiming it infringes on their Second Amendment rights. Their attorney, Alan Beck, highlighted the importance of the case, saying: “I think this is a good opportunity to highlight Hawaii to the rest of the nation . . . A lot of times Hawaii doesn't get to be part of the national conversation.”

 

U.S. News

One in ten U.K. business leaders avoids meeting junior colleagues due to fears of false allegations, according to a YouGov survey by global investigations firm Nardello & Co. The study revealed that 25% of leaders consider reputational damage a top concern, with 20% worried about managing wrongful allegations. Alan Kennedy, managing director at Nardello, noted that advancements in AI complicate the challenge of false narratives. Additionally, 42% of businesses are concerned about the reputational impact of data breaches, while 30% cite financial crime as a major threat. Joseph Pochron at Nardello points out that the U.K. Cyber Security and Resilience Bill, which is expected to be enforced later this year, will force organizations to adopt risk-based cybersecurity measures.

 

The Times

The U.S. Department of Health and Human Services is to launch a study of cell phone radiation, following Health Secretary Robert F. Kennedy Jr.'s linking of such radiation to cancer and neurological harm. The study, part of the “Make America Healthy Again” initiative, aims to assess health risks tied to electromagnetic radiation amid evolving technologies. Agencies including the Centers for Disease Control and Prevention and National Cancer Institute maintain there is no credible evidence of health risks from cellphone use.

 

USA Today