Good morning. Canada drops its tech tax to restart trade talks with the US. Donald Trump’s tax bill faces Senate vote. And Apple’s F1 film tops the weekend box office. Listen to the day’s top stories.
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Canada scrapped its digital services tax on tech firms such as Meta and Alphabet to revive trade negotiations with the US following Donald Trump’s threat to walk away. The president is also turning up the heat on other countries, floating the idea of keeping 25% tariffs on Japan’s cars as talks continue.
Trump’s $4.5 trillion tax-cut bill faces a marathon voting session in the Senate today and opposition from around eight Republican senators. The bill would add nearly $3.3 trillion to US deficits over a decade, according to a new estimate from the nonpartisan Congressional Budget Office. Meanwhile, Senate Republicans restored major Medicaid cuts to the legislation, re-fashioning a key provision to overcome a procedural obstacle.
In corporate news, Trump said he identified a buyer for the US operations of TikTok, but he won’t provide details for two weeks. Short-seller Jim Chanos warned that signs of a slowdown in the labor market and potential disruptions from tariffs may lead to a pullback in corporate artificial intelligence demand. Listen to Chanos in our Odd Lots podcast.
Throwing down the gauntlet. Democratic mayoral candidate Zohran Mamdanisaid billionaires shouldn’t exist, escalating his war of words against the wealthiest and most powerful New Yorkers. Elsewhere, North Carolina Senator Thom Tillis said he won’t seek reelection after voting to oppose Trump’s tax bill and drawing the president’s ire.
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Deep Dive: Crypto Complications
At first glance, 2025 looks like a banner year for crypto. But beyond the bullish headlines and the rally in Bitcoin, a vastly different landscape emerges.
Most of the so-called altcoins—the catch-all term for all digital assets outside of Bitcoin and stablecoins—are nursing steep declines, with more than $300 billion of market value wiped out so far this year.
Crypto now looks increasingly like a Bitcoin-only game. Many tokens are fading fast, raising fears the sector is turning into a digital wasteland.
“I think they’re just going to die, frankly,” Nick Philpott, co-founder of trading platform Zodia Markets, said of altcoins. “They’ll just wither away.”
But it’s not all gloom and doom. Some tokens like Maker and Hyperliquid have notched big gains this year. And there’s also the prospect of more favorable regulations with a crypto-friendly US president in power.
A large tanker ship in the Strait of Hormuz. Photographer: Clare Louise Jackson
The Iran-Israel war exposed a critical flaw in the satellite-based navigation systems that makes the industry hauling 80% of global trade vulnerable to mass-jamming.
Opinion
Photographer: Andrey Rudakov/Bloomberg
Former Apple designer Jony Ive’s minimalist ethos could make OpenAI’s first product stand out, and win over consumers who might be wary of tech’s latest intrusion into their lives, Parmy Olson writes. And that AI gadget may well be a pen.
A scene from Apple Original Films, “F1 The Movie.”
In the fast lane. Apple’s strategy of releasing its films to theaters before Apple TV+ was vindicated over the weekend, with the company’s F1 movie debuting at the top of the box office. It raked in $55.6 million from US and Canadian theaters, more than expected.
