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Top stories today:
- Trump pauses “reciprocal” tariffs for most countries
- Grok 3’s API launched nearly 2 months after its release
- Google’s Gemini 2.5 Flash “reasoning” model announced
- Samsung ties up with Google to launch long-awaited Ballie robot
- DOGE’s job cuts hit self-drive experts amid growing complaints
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. Trump pauses “reciprocal” tariffs for 90-days at 10% for most countries, hits China with 125%
S&P 500 soared +9.5% following Trump’s announcement, the wildest swing since the global financial crisis in 2008:
China’s tariff is “effective immediately” due to “lack of respect that China has shown to the World’s Markets,” Trump said.
Treasury Secretary Bessent, Jamie Dimon’s interview on Fox Business, and other business leaders changed Trump’s.
“[W]e can approach China as a group [with our allies],” Treasury Secretary Bessent said.
75+ countries contacted for negotiations, Trump claimed.
Fed officials worried over stagflation due to the tariffs.
Quinnipiac poll: Tariffs viewed as short-term drag on the U.S. economy.
EU chief welcomed the tariff pause but quiet on its own retaliatory plan.
EU approved first retaliatory tariffs on U.S. imports before the pause.
Billionaires added a record $304B to their combined net worth as stocks soared on the tariff pause
Trump urged buying Trump Media stock 3 hours before the tariff pivot
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Bank’s interest in ad platforms
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3. Elon’s xAI launches Grok 3’s API nearly 2 months after its release
