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Top stories today:
- U.S., EU strike deal with 15% tariffs on most EU exports
- Alibaba unveils its most advanced open-weight āreasoningā model
- DOGE said to have built AI tool to cut 50% of federal regulations
- Anthropic in talks to raise $3B-$5B at $150B+ valuation
- Tesla fell short of 5K Optimus robot goal by 2025-end
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 todayās newsletter (beware of hallucinations):
1. U.S., EU strike deal with 15% tariffs on most EU exports
EU, the top U.S. import source, could face steeper tariffs than it imposes on U.S. goods:
The aim is to rebalance a trade surplus with the U.S., European Commission President Ursula von der Leyen said.
Pharma and cars are the top U.S. imports from the EU so far
Senior U.S. officials later said the 2 sides agreed on a 15% tariff level for the EUās pharma exports as well.
The EU agreed to buy $750B in American energy products, invest $600B in the U.S. on top of existing expenditures, Trump said.
The EU will maintain 0% tariffs on most U.S. imports.
EU steel and aluminum arenāt covered by the deal and will still face 50% tariffs.
Trumpās tariffs have lowered growth expectations, with U.S. momentum lagging since his āLiberation Dayā
U.S. tariffs are already the highest in decades before the Aug. 1 deadline
Investment forecasts are lower after Trumpās tariffs
Equities, bonds, and volatility have recovered since Aprilās shocks, but the U.S. dollar remains under pressure
2. Alibaba unveils its most advanced Qwen open-weight āreasoningā model
Qwen3-235B-A22B-Thinking-2507 is on par OpenAIās o4-mini and Gemini 2.5 Pro on benchmark scores shared by Alibaba:
Apache 2.0 licensed.
Priced at $0.70/M input and $8.40/M output tokens, versus o4-miniās $1.10/M and $4.40/M, respectively.
Available for download via Hugging Face and ModelScope.
Accessible through Qwen Chat.
Qwen3-235B-A22B-Thinking-2507 is censoring content critical of the Chinese government
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