Biden expected to block Nippon Steel deal, citing national security

Europe turns up the heat on Big Tech

It was a tough week for US tech companies in Europe. On Tuesday, France became the first country in the European Union to ban children under the age of 15 from using major social media platforms. Then on Thursday, the EU fined Google $1 billion over allegedly breaking digital anti-trust regulations. Google argued the fine is “product degradation,” while Brussels says it's standard enforcement of EU law. The US, meanwhile, is unlikely to take the hit to its businesses well, given US President Donald Trump has lambasted previous EU fines against US tech companies. The US could retaliate with fees or restrictions on European companies in the American market or punitive tariffs. As the second-largest consumer market and one of the wealthiest in the world, the EU is betting that it can set tech standards. But if the US pushes back, those efforts could carry far less weight.

Liberation Day, the sequel

The US on Thursday slapped fresh tariffs on 60 countries — including all of the world’s top 10 economies — as the Trump administration seeks to rebuild a previous tariff regime struck down by the Supreme Court in February. The new tariffs draw on “Section 301” of the US trade code, which permits duties on countries found to employ unfair trade practices of their own. The move comes after Washington earlier this week used another trade law to slap 50% tariffs on some Canadian goods. So far Trump’s trade policy has had little effect on manufacturing sector jobs (which have gently fallen since 2022) or the overall trade balance (largely unchanged), but halfway through his second term he is doubling down on them as a tool to get what he wants from other countries: whether that’s prying open more access for US industries, keeping countries from engaging with Chinese technology, or getting allies to spend more on defense.

Can Milei move the needle for Bolsonaro?

Argentine President Javier Milei will head to Brazil tomorrow in an effort to boost support for Brazilian presidential candidate Flávio Bolsonaro, who is trailing in the polls to incumbent Luiz Inácio Lula da Silva. Milei is set to attend the Liberal Party’s national convention in São Paulo, where Bolsonaro is expected to be formally nominated as the party’s candidate for October’s election. The visit is as much a show of right-wing solidarity as it is a political swipe at left-wing Lula da Silva. Lula’s advisers notably backed Milei’s rival, Sergio Massa, during Argentina’s 2023 presidential race, deepening tensions between the two leaders. Milei will be limited to campaigning alongside Flávio this visit: a court rejected his request to visit his friend and ally, former President Jair Bolsonaro, who remains under house arrest. Milei could use a political boost himself, as his approval ratings are at record lows since taking office in 2023.