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The Latest Breaking News from the White House

White House plans for Alaskan oil and gas face some hurdles – including from Trump and the petroleum industry

The second Trump administration has launched the next stage in the half-century-long battle between commerce and conservation over Alaskan oil and gas development. But its moves are delivering a mixed message to the petroleum industry.

The Conversation

Elon Musk drastically drops DOGE’s savings goal from $2 trillion to $150 billion for the year

In a cabinet meeting, Elon Musk appeared to dramatically lower DOGE’s savings goal.

Fortune

Trump is once again pushing for a rate cut. FOMC members are building a credibility barricade around Jerome Powell

Jerome Powell, Tom Barkin, Jeff Schmid, and Lorie Logan have said they’ll wait for data before axing the interest rate—not what President Trump wants.

Fortune

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UK ‘resolved to get best deal’ with US despite American doubts about carve out

Rachel Reeves is travelling to Poland on Friday to meet European finance ministers.

Evening Standard

Why Are White House Insiders Asking That 'Crazy Uncle' Elon Musk Take A Drug Test?

White House insiders are raising concerns about Elon Musk's behavior, with some even suggesting he undergo drug testing.

International Business Times UK

S&P Futures Gain With Focus on Key U.S. PPI Data and Big Bank Earnings, China Retaliates Again

June S&P 500 E-Mini futures (ESM25) are trending up +0.69% this morning as investors await crucial U.S. producer inflation data and earnings reports from some of the biggest U.S. banks.

Barchart

S&P Futures Slip as U.S.-China Trade War Heats Up, PPI Data and Big Bank Earnings on Tap

June S&P 500 E-Mini futures (ESM25) are trending down -0.29% this morning as the trade war between the world’s two largest economies continues to escalate, while investors await crucial U.S. producer inflation data and earnings reports from some of the biggest U.S. banks.

Barchart

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China raises US tariffs to 125% as Xi invites EU to team up against Trump ‘bullying’

Chinese leader canvasses Spain and other trading partners on how to tackle economic fallout as market turmoil continues

The Guardian - UK

Aussie shares lower as uncertainty trumps confidence

The Australian share market has finished the week down after a tariff delay wasn't enough to offset worries over an escalating US-China trade war.

AAP

The U.S. is now gearing up for a confrontation with China, which some say was the plan all along

The case for and against the existence of Trump’s Grand Plan.

Fortune

UK would need ‘extraordinary’ deal to go below 10% tariff, Trump adviser says

Sir Keir Starmer’s Government still hopes an economic deal with America can be reached.

Evening Standard

Democrats in Congress take aim at Trump’s ‘market manipulation’: ‘This could be an enormous scandal’

Lawmakers call for investigations into whether administration officials and members of Congress engaged in insider trading

The Independent UK

Morning Mail: China tariffs in US now up to 145%, aged care commission jobs at risk, bum-breathing turtle in danger

The White House says overall tariffs on China now at 145% rather than the 125% announced yesterday

The Guardian - AU

US stocks down as trade war with China deepens

The White House says President Donald Trump’s tariffs on imports from China is currently 145 percent.

Al Jazeera

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The Independent UK

House Democrats warn Trump that Musk must leave by May 30 and demand the president agree to the timeline

Musk has said DOGE will have accomplished ‘most’ of its work by May deadline

Euronews

White House says tariff rate on most Chinese imports is now 145%

Speaking at a cabinet meeting, the US president defended his tariff policies, saying the US is in “very good shape”.

Reason

America Gained Nothing From Trump's Latest Tariff Stunt

There were no deals. There were no wins. There was no plan.

The Independent UK

Trump claims TikTok deal still on the table as China tariffs threaten to derail agreement

Trump announced a 90-day pause on all reciprocal tariffs this week, except for those placed on China

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The Guardian - US

Trump administration cuts $4m to Princeton’s climate research funding

White House claims university’s work exposed students to ‘climate anxiety’ and ‘exaggerated climate threats’

The Independent UK

Trump brags to NASCAR drivers that friend Charles Schwab made $2bn from stock market chaos

Donald Trump bragged that his friend and investor Charles Schwab made two billion dollars from the current stock market chaos.

Fortune

'Bond King' Bill Gross warns Gen Z and millennials will be the biggest losers from tariff-fueled market swings that rely on whether Trump 'had a good night's sleep'

The president pressed pause on some tariffs, but after a relief-fueled rally, stocks retreated less than 24 hours later and fears of inflation and a potential recession still swirl.

The Independent UK

Trump plans to fix showerheads and dishwashers so everything gets more clean — including his ‘beautiful hair’

President Donald Trump is trying to make America’s showers ‘great again’

The Independent UK

Fund managers quietly fear Trump doesn’t have a tariff plan and that he ‘might be insane’

Some fund managers concerned ‘that the White House is not acting rationally, but rather on ideology. And some even fear that this may not even be ideology’

The Independent UK

White House is refusing to distribute press pool reports that contain ‘inconvenient’ info

‘Now, it appears the White House is withholding reports it doesn’t like—choosing not to distribute pool reports that contain information it finds inconvenient or unflattering,’ Oliver Darcy reported on the censorship

The Guardian - UK

Trump’s ‘Liz Truss moment’: when economic bravado meets market reality

The president’s U-turn after his maverick plan threatened meltdown has echoes of the 2022 UK crisis

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