Good morning. All that glitters may not be gold when it comes to bullion tariffs. Tesla disbands the team it said last month it was doubling down on. And for some weekend fun, teach your children how to play poker. Listen to the day’s top stories.
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The bullion market is getting banged up. Gold futures surged after the US confirmed it put levies on imports of one-kilo and 100-ounce gold bars. Border patrol clarified that the bars aren’t exempt as the industry initially thought, people familiar said, leaving traders and analysts scrambling to understand the situation and whether tariffs are already in force.
Oil steadied at least after its longest losing run since May as traders await Donald Trump’s next move in efforts to end the war in Ukraine. The president may sit down with Vladimir Putin soon, but still said he’s “very disappointed” with the Russian leader’s behavior.
Tesla is disbanding its Dojo supercomputer team and its leader will depart the company, according to people familiar, upending the effort to develop in-house chips for driverless technology. Former execs that left previously have already started a new venture. So much for Elon Musk’s comments last month that he was doubling down on Dojo.
Closer to home, Trump moved to increase the presence of federal police around Washington, DC, a day after suggesting he could act to take control of running the capital city. Further afield, the US doubled the reward for the arrest of Venezuela’s President Nicolas Maduro to a whopping $50 million, and denounced him as one of the world’s largest drug traffickers.
International equity markets are on pace to outperform the broad US stock benchmark this year, the first time they’ve done that since 2022.
Fears that tariffs and trade uncertainty will have an outsized effect on Corporate America’s earnings growth are holding back US share prices. One big-name strategist says investors are pulling out in favor of cash funds.
The Big Take
Wall Street’s post-crisis rules added 51 million work hours a year. Deregulators are now weighing what to keep and what to scrap.
No, private companies cannot replace the Bureau of Labor Statistics or any other US statistical agency, Claudia Sahm writes. Private companies aren’t in the business of creating public goods, which is what economic statistics from the government are.
