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A U.S. business lobby has warned that some critical minerals and rare earth elements remain “nearly unobtainable” from China despite recent trade agreements, with export controls and licensing delays continuing to disrupt supply chains. According to the U.S.-China Business Council, around three-quarters of affected companies are seeking alternative sources, although many have yet to find viable replacements. The group said minerals used in aerospace, defence and advanced manufacturing remain particularly difficult to access, and warned that diversifying supply chains away from China could take years. The report also highlighted weakening business confidence, with only 49% of surveyed U.S. companies planning to invest in China this year amid ongoing geopolitical and trade tensions.

 

Reuters

According to the CNBC and SurveyMonkey American Dream Pulse Survey, over half (51%) of Americans believe the “American Dream” is currently unattainable for most. The survey, which included 4,130 U.S. adults, found that 45% think the “American Dream” - once defined as the “dream of a better, richer and happier life for all our citizens of every rank” - is achievable only for some, while 6% feel it is out of reach for anyone. Elizabeth Suhay, professor of government at American University, said Americans today are “less likely to believe the American economy is meritocratic, that it is fair, that it delivers economic success to a typical hardworking person, [and] that lower-income people can work their way up” than people in previous decades.

 

CNBC

U.S. consumer prices rose 4.2% year over year in May, the highest inflation rate in three years, as a sharp increase in energy costs pushed overall prices higher, according to data from the Bureau of Labor Statistics. The Consumer Price Index (CPI) increased 0.5% during the month and 4.2% annually, matching market expectations. Energy prices were the main driver, rising 3.9% in May and 23.5% over the past year. Food prices increased a more modest 0.2%, while shelter costs rose 0.3% for the month and 3.4% annually. Core inflation, which excludes food and energy, rose 0.2% in May and 2.9% from a year earlier. The monthly increase was lower than economists had expected, suggesting that broader inflation pressures remain relatively contained despite higher fuel costs. Core goods prices declined 0.1%, while transportation services fell 0.6%. Economists noted that while consumers continue to face higher costs for essentials such as gasoline, food, electricity, and healthcare, underlying inflation trends remain more moderate than the headline figure suggests.

 

CNBC

NPR

Washington Post

The U.S. budget deficit narrowed 7% to $293bn in May, although on an adjusted basis it increased 32% year-over-year, as customs revenue turned negative following refunds of tariffs previously imposed under President Donald Trump’s emergency trade measures. The Treasury Department reported that $21.97bn of customs duty refunds slightly exceeded $21.93bn of gross customs collections during the month, resulting in a net customs outflow of $42m. The refunds follow a U.S. Supreme Court ruling that deemed the tariffs illegal, prompting the repayment of duties collected under the International Emergency Economic Powers Act. Total May receipts fell 10% to $336bn, while outlays declined 9% to $628bn. Government spending was partly driven by a 44% increase in interest payments on federal debt to a record $133bn, reflecting higher debt levels outstanding. For the first eight months of fiscal 2026, the budget deficit totaled $1.246tn, down 9% on an unadjusted basis.

 

Arkansas Democrat-Gazette

Reuters

The Financial Stability Board (FSB) has said it “strongly” encourages boards to consider implementing safeguards to mitigate risks from AI, including from “agentic” AI - systems that are capable of planning, reasoning and executing tasks with limited human oversight. The ​FSB said autonomous AI introduces risks that can “materialise at great ‌speed”, ⁠ and “AI agents pose a distinct challenge for human oversight.” In a report, the global standard setter detailed proposed “sound practices”, and called on ​financial firms to define clear boundaries on AI ​use and ⁠embed safeguards. Firms can consider adapting HR controls and processes to AI agents in a ​way that treats them as "synthetic employees," the FSB said.

 

Reuters

JPMorgan Chase is set to deploy advanced AI agents later this year that can operate autonomously for extended periods, marking a significant step in corporate AI adoption. Derek Waldron, JPMorgan chief analytics officer, told CNBC: “We've entered now the era of long-running autonomous agents . . . [that] means that agents don't just run for two or three minutes to carry out a goal or some instructions of a human, they can run for an hour or two.” The bank has already seen a 20% increase in private banking gross sales due to AI tools, which have enhanced client interactions by analyzing market activity and client positions overnight. While some jobs may be displaced, Waldron emphasized that the focus is on creating a sustainable competitive advantage rather than merely cutting costs. He noted that the bank is shifting its approach to software development, considering in-house capabilities over traditional vendors, as the competitive landscape evolves.

 

CNBC

A Reuters/Ipsos poll ‌reveals that more than half (53%) of Americans worry that the ​rise of AI could put them or someone in their household out of work. The survey of 4,531 U.S. adults nationwide found that the fear was spread fairly evenly across respondents by age, gender and education level. The poll found college graduates said they use AI more, with 50% saying they employ it regularly, compared to 34% of people without degrees and 40% of people overall.

 

Reuters

Mississippi residents have sued Elon Musk’s xAI and SpaceX. They say a power plant fueling nearby data centers is responsible for “omnipresent ​and inescapable” noise that is detrimental to their health and the values of their homes. The lawsuit filed in federal court in Oxford, Mississippi, claims Musk’s companies negligently failed to curb the disturbance and created a public nuisance through excessive ​and offensive noise. The case has been filed by the residents on behalf of ​a class estimated at more than 10,000 members. Robert Wiygul, a lawyer for the plaintiffs, said: “Our homes are supposed to be a sanctuary for us against the world," but “when they are invaded by noise 24 hours a day, it takes that fundamental peace of a good and decent life away ​from us.”

 

Reuters

President Donald Trump will ask the Supreme Court to revive his $475m defamation lawsuit against CNN over the use of the term “Big Lie” in reporting on his claim that the 2020 election was rigged against him. Trump’s lawyers have asked the court for a 60-day extension to file his petition for review of a lower court’s dismissal of the case. The appeal is expected to double down on his claims about the 2020 election. Trump wants the Supreme Court to weigh the broader question of when a jury should determine whether an allegedly defamatory statement would be viewed by the public as opinion or fact, as part of his appeal to revive the suit.

 

Bloomberg Law

South China Morning Post

Fox Rothschild has been sued by a plaintiff who said the law firm failed to sufficiently protect her data from cybercriminals who may have taken her Social Security number. The breach that hit Fox Rothschild follows an attack against Jones Day by the same perpetrators, SilentRansomGroup. The attack against Fox Rothschild occurred on or around May 28, according to the suit filed in the U.S. District Court for the Eastern District of Pennsylvania.

 

Bloomberg Law

Law

Target shareholders have rejected a proposal to separate the roles of board chair and executive leadership, allowing former chief executive Brian Cornell to remain as executive chair despite investor calls for a more independent governance structure. At the retailer’s annual meeting, shareholders also voted down proposals seeking additional reporting on pesticide use in private-label products and efforts to reduce microfiber emissions. The vote comes as Target works to revive sales and profitability amid intense competition from Walmart and Costco, with new CEO Michael Fiddelke leading initiatives to improve pricing and inventory management.

 

Reuters

OpenAI CEO Sam Altman told employees in a memo ​earlier this week that he expects the ChatGPT maker to ‌go public "within the next year." The firm said on Monday it had confidentially filed for a U.S. initial public offering recently, but did not disclose the size or terms of the offering, and said ​a timeline had not yet been determined.

 

The Information

Cracker Barrel shares surged on Wednesday after the restaurant chain raised its full-year revenue guidance and reported improving traffic trends, reflecting a successful turnaround following customer backlash over last year’s logo and restaurant redesign. The company has refocused on traditional offerings, including the return of its country ham dinner, while boosting retail sales with Americana-themed merchandise such as patriotic apparel and novelty collectibles. Chief executive Julie Felss Masino said several product lines have proved highly popular, with some selling out quickly.

 

Bloomberg

Wall Street Journal