House Speaker Mike Johnson rents house from colleague
Key crypto group backs specific lawmakers for the first time
The World at a Glance
Updated 6:13pm EDT
1
Surging imports drove US GDP down in Q1, indicating the effect of Donald Trump’s tariffs even as some duties have been rolled back.
2Ukraine has struck a minerals deal with the US after weeks of contentious negotiations.
3India is prepared to take military action against Pakistan, Islamabad claimed, after a deadly attack in Kashmir caused tensions to spike.
4Tech executives and US lawmakers met in Washington, DC to discuss national security, reflecting Silicon Valley’s desire to work with the Trump administration.
5Trump’s tariffs are hurting major Asian economies, with China’s factory activity falling and Japan’s growth forecast cut.
6Scientists began the first trial of a room-temperature vaccine, hoping to overcome cold-storage needs that can hinder distribution.
Shareholder adviser Glass Lewis joins political retreat
In what would be a seismic shift in how shareholders vote in corporate elections, the advisory firm is considering scrapping its “house views,” which have drawn fire from conservatives — and from Jamie Dimon.
Elizabeth Frantz/ReutersEric Trump travels to Dubai to sell property and crypto
The son of the US president is in the Emirates just weeks before his father’s highly anticipated trip to Saudi Arabia, Qatar, and the UAE.
Amr Alfiky/ReutersEmirates airline unfazed by global trade war, chairman says
The chairman of the Gulf’s largest airline said travel demand remains strong, and that the carrier expects a ‘record’ profit for the fiscal year 2024.
Courtesy of EmiratesChina seeks diplomatic openings in face of US trade pressure
China’s foreign minister told counterparts that standing up to the US in the face of trade pressure was in ‘the common interest of all countries.’
Brazilian Foreign Minister Mauro Vieira and Chinese Foreign Minister Wang Yi. Pilar Olivares/Reuters.AD
India courts Latam for critical minerals access
New Delhi’s green targets have fed a push for greater access to key minerals such as copper and lithium.
Chile’s President Gabriel Boric and India’s Prime Minister Narendra Modi. Adnan Abidi/Reuters.UAE to issue new stablecoin pegged to local currency
The project, which is awaiting regulatory approval from the UAE Central Bank, includes three large Emirati entities as founding partners.
Achilver/Wikimedia Commons. CC BY-SA 3.0.Africa’s startup ecosystem needs ‘big exits’ to grow
Investors must start realizing returns on their bets, a top official at the World Bank’s private investment arm told a summit of venture capitalists in Lagos.
Sally Hayden/SOPA Images/LightRocket via Getty Images
politics
Evelyn Hockstein/Reuters
Nathan Howard/Reuters
Elizabeth Fraser/US Army/Arlington National Cemetery
Democrats are all but done with Trump impeachment talk
Activists demand it, but the party’s electeds say they’ve learned it doesn’t work.
Evelyn Hockstein/ReutersHouse Speaker Mike Johnson rents house from colleague
Johnson is renting a house from his colleague, California Rep. Darrell Issa, but it remains unclear how much the speaker is paying in rent.
Nathan Howard/ReutersKey crypto group backs specific lawmakers for the first time
Stand With Crypto will name eight bipartisan members of Congress as its first-ever “crypto champions” today.
Elizabeth Fraser/US Army/Arlington National CemeteryTop Democrats to roll out new bill countering Trump on housing
“As our nation faces the worst affordable housing and homelessness crisis in history, we cannot afford to lose protections,” Rep. Maxine Waters said.
Trump’s 100-day celebration obscures the tough road ahead
The president and congressional Republicans are betting that a massive tax cut bill will help stabilize the economy — and his standing.
Native American woman gets a chance to topple Hogg at DNC
Kalyn Free wants new vice chair elections, alleging bias against “women of color.”
Republican senators pan proposed House changes to Medicaid as ‘cutting benefits’
It’s a sign of internal friction to come over the health insurance program for low-income Americans.
Warren wants whip race on ice
“We need to stay 110% focused on fighting” Trump, the Massachusetts Democrat tells Semafor.
Trump wavers on taxing high earners as his party seeks certainty
The structure of the GOP’s tax cut bill will say a lot about to what extent the party has embraced the president’s populist campaign rhetoric.
House members push stock ban while leadership stays quiet
Ban supporters want to capitalize on recent comments by President Donald Trump and House Minority Leader Hakeem Jeffries backing the idea.
Trump loses public on tariffs
Seven in ten US adults say tariffs will end up costing the US more money than they bring in in the short term, according to a Gallup poll.
business
Rachel Wisniewski/Reuters
Surge in imports drives US GDP down as businesses navigate Trump tariffs
The new data indicated that growth is slowing, rather than shrinking, while a measure of inflation ticked up.
Rachel Wisniewski/ReutersUS consumer confidence falls again amid rising fears of price hikes, slowdowns
Recent polling also indicates that trust in Trump’s ability to handle the economy is faltering, while recession fears are rising.
Why ‘Margin Call’ remains Wall Street’s favorite movie — and the best indictment of it
Semafor talks with JC Chandor, who wrote the 2011 movie that gains new relevance and fans when markets shudder.
Shareholder adviser Glass Lewis joins political retreat
In what would be a seismic shift in how shareholders vote in corporate elections, the advisory firm is considering scrapping its “house views,” which have drawn fire from conservatives — and from Jamie Dimon.
FedEx CEO’s ‘catbird seat’ view of the global supply chain amid a trade war
“So far, things are OK, but I can’t tell you what happens next week,” says FedEx’s Raj Subramaniam.
technology
Leah Millis/Reuters
Tyrone Siu/Reuters
US lawmakers, tech execs gather to discuss national security priorities
The summit was aimed at figuring out how cutting-edge technology can bolster security and help reindustrialize the US.
Leah Millis/ReutersHuawei eyes new AI chip to rival Nvidia
Huawei has been at the forefront of Beijing’s effort to bolster China’s tech industry and skirt Washington’s restrictions.
Tyrone Siu/ReutersLaw experts, former employees push to stop OpenAI’s nonprofit structure change
“If the problem is [that] investors don’t like that the mission comes first, that’s too bad,” said one former OpenAI employee.
Elon Musk says he will reduce his time at the White House
The Tesla CEO said his time working with the Department of Government Efficiency will drop starting next month.
Google operates illegal monopoly in online ad business, judge rules
The decision marks the second time in a year that the tech giant has been found to have acted illegally to maintain its dominance.
‘Fuzzy logic’ encryption offers a path to safer, easier authentication
The legendary technologist known as “Darpa Dan” joined Badge, which is developing biometric authentication software accessible from anywhere, without storing user data.
net zero
Dane Rhys/Reuters
Rodrigo Garrido/Reuters
Semafor
The US can’t win the AI race without renewables
The Trump administration wants to push the power sector more into coal and gas, but utility execs have a different plan.
Dane Rhys/ReutersTariffs won’t solve the US copper problem, BHP CEO says
Mike Henry, CEO of BHP, downplayed the possibility of another stab at acquiring rival miner Anglo American.
Rodrigo Garrido/ReutersFormer Colombian president: Petro’s oil policies are ‘absolutely insane’
Iván Duque, the former president of Colombia, criticized some of his predecessor’s climate policy stances at Semafor’s World Economy Summit.
Semaforgulf
Courtesy of Metropolitan Palace Hotel, Beirut.
Why a Dubai billionaire wants to slice up his Beirut hotel
Outspoken billionaire Khalaf Al-Habtoor plans to slice up the luxury hotel he owns in Beirut and ship it out on barges.
Courtesy of Metropolitan Palace Hotel, Beirut.Emirates airline unfazed by global trade war, chairman says
The chairman of the Gulf’s largest airline said travel demand remains strong, and that the carrier expects a ‘record’ profit for the fiscal year 2024.
UAE to issue new stablecoin pegged to local currency
The project, which is awaiting regulatory approval from the UAE Central Bank, includes three large Emirati entities as founding partners.
Eric Trump travels to Dubai to sell property and crypto
The son of the US president is in the Emirates just weeks before his father’s highly anticipated trip to Saudi Arabia, Qatar, and the UAE.
Saudi Arabia expects PIF to triple by 2030
The kingdom expects its sovereign wealth fund to reach $2.67 trillion in assets by 2030, up $800 billion from its previous forecast.
africaSally Hayden/SOPA Images/LightRocket via Getty Images 
Tiksa Negeri/Reuters
Africa’s startup ecosystem needs ‘big exits’ to grow
Investors must start realizing returns on their bets, a top official at the World Bank’s private investment arm told a summit of venture capitalists in Lagos.
Sally Hayden/SOPA Images/LightRocket via Getty ImagesEthiopia’s state-owned Ethio Telecom records lackluster IPO
The mobile operator sold only 10.7% of shares in its initial public offering aimed at boosting the country’s struggling economy.
Tiksa Negeri/ReutersAnalysis: Reframing an optimistic Africa
What if the world’s most untapped opportunity became the single story of
Africa?
Will the next pope be African?
Three African cardinals are among the potential contenders to become the next leader of the Roman Catholic Church.
US State Department retains Africa bureau
Embassies and consulates on the continent could still be under threat, according to a leaked memo.
Côte d’Ivoire’s main opposition leader disqualified from polls
Tidjane Thiam described the court’s decision as an ‘act of electoral vandalism.’
media
Daily Wire
Daily Wire to open DC branch
The outlet is making a push to have a bigger presence in Donald Trump’s Washington.
Daily WireComments from CEO anger Marketplace staffers after layoffs
Last week, the business-focused public radio outlet announced that it was shedding some staff.
MAHA icon Shanahan inks deal with conservative talk network
Blaze Media is partnering with Nicole Shanahan to license and represent her podcast.
The group chats that changed America
A loose private network on Signal and WhatsApp helped usher in the new alliance between Silicon Valley and Donald Trump’s new right.
Mixed Signals: Ezra Klein on Trump, Sanity, and Podcasting
The New York Times columnist discusses what he’s learned about the media and podcasting through this latest tour, how the “abundance” framework might apply to media, and if Trump will go after the press next.
security
Kris Tripplaar/Semafor
Christian Klindt Soelbeck/Ritzau Scanpix/via Reuters
Flickr Creative Commons Photo/NNSA
Trump will likely ‘walk away’ from both Russia and Ukraine if he can’t get a peace deal: Ian Bremmer
If Trump fails to convince Moscow to agree to a ceasefire, he will likely walk away from both Ukraine and Russia, Bremmer said at Semafor’s World Economy Summit.
Kris Tripplaar/SemaforUS scales back Greenland visit after criticism
US President Donald Trump’s expansionist overtures are creating a ‘permissive space’ for other world leaders bent on territorial acquisition, analysts argued.
Christian Klindt Soelbeck/Ritzau Scanpix/via ReutersDOGE reviews nuclear contractors
A review of National Nuclear Security Administration contractors has sparked concern within the agency that it could lose manpower at a critical time.
Flickr Creative Commons Photo/NNSAAD