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- China retaliates with targeted tariffs, Google probe, as Mexico, Canada strike deal
China retaliates with targeted tariffs, Google probe, as Mexico, Canada strike deal

Top stories today:
- China retaliates with targeted tariffs, Google probe
- Sovereign wealth fund order signed by Trump
- MicroStrategy halts Bitcoin buying streak after 12 weeks
- U.S. startup graduation rates from seed to Series A declining
- Nintendo cuts 2025 full-year outlook ahead of Switch 2 launch
0. Data and calendar

All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).

All times are ET.
Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):
1. China retaliates with targeted tariffs, Google probe, as Mexico, Canada strike deal

10% tariff on goods from Beijing by Trump came into effect on Tue.
China imposed a 15% levy on U.S. coal and LNG, in response.
10% fee on U.S. oil, farm equipment, large cars, and pickup trucks.
A Google probe has been launched over anti-monopoly violations.
Since 2010, Google has blocked its services in China, except advertising.
Illumina and PVH Group have been added to China's restricted list.
Trump announced a Canada deal (with only $200M of new spending) at night, after a Mexico deal was struck earlier in the day
Ontario Premier Ford paused its retaliation, including canceling Starlink’s $100M contract, after the update.
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Fashion flops: Lowest click-to-open rates of any industry
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3. Sovereign wealth fund order signed by Trump, who says it could help enable TikTok sale

Within 12 months: when the fund would be created, Treasury Secretary Bessent said.
Funding mechanism is unclear, but Trump previously cited tariffs as a source.
28% of U.S. territory is owned by the federal government.
U.S. International Development Finance Corp (DFC) could be converted to function as the fund.
Relatedly, Bessent has shut down most CFPB work upon taking its control.
4. Longevity presentations of Foresight’s Vision Weekend released
Jean Hebert (from Replacing Aging) talks about how ARPA-H is looking for new program managers, each getting $100M-$200M for their projects: