How Democrats plan to counterattack Trump’s tax bill
Analysis: How to rethink climate finance for Africa
The World at a Glance
Updated 4:14pm EDT
1
Donald Trump signed an executive order pushing drug companies to cut prices voluntarily, criticizing other countries for ‘freeloading’ because America typically pays higher prices.
2The PKK said it would disband in Turkey and instead pursue democracy, ending the Kurdish militant group’s 40-year conflict with Ankara.
3The US and China suspended most tariffs on each others’ exports, offering a much-needed reprieve in their trade war.
4Hamas released US-Israeli hostage Edan Alexander, amid growing tensions between Donald Trump and Israeli Prime Minister Benjamin Netanyahu.
5The UK’s left-wing government announced plans to overhaul the country’s immigration system, amid pressure from the right and populist parties to reduce migration.
6Volodymyr Zelenskyy said he wanted to meet Vladimir Putin this week for peace talks in Turkey, as Donald Trump signaled he might also attend.
China, US suspend tariffs as Beijing looks to increase leverage
Stocks surged on the news that China and the US had agreed a temporary reprieve in their trade war.
Olivia Le Poidevin/ReutersTrump heads to Middle East with nuclear, arms deals on agenda
The White House hopes the trip to Saudi Arabia, Qatar, and the UAE will help to secure deals worth more than $1 trillion.
Hamad I Mohammed/ReutersCuts at NOAA lead to new weather balloon technology at the agency
A Silicon Valley weather startup will soon begin replacing weather balloons with AI-powered alternatives.
Courtesy WindBorneKenya’s government tries to control the narrative on finance bill to avoid fresh protests
Nairobi blames misinformation for driving last year’s deadly demonstrations.
Kay Nietfeld/File Photo/dpa via Getty ImagesAD
Aramco profits drop as oil prices decline
The company also slashed its dividend, cutting a key source of funds for Saudi Arabia as it pushes to diversify its economy away from fossil fuels.
Ahmed Jadallah/File Photo/ReutersRepublican leaders try to whip up votes for Calif. environmental rollback
Some are worried about setting a precedent that could come back to bite them whenever Democrats come back to power.
Jonathan Ernst/ReutersAnalysis: Trump’s Gulf tour should deepen economic alignment
Without breakthroughs on regional conflicts, stronger investment and tech ties are likely to be the main focus of Donald Trump’s regional visit.
Trump’s 2017 visit to Saudi Arabia. Jonathan Ernst/Reuters
politics
Joshua Qualls/Massachusetts Governor’s Press Office/Creative Commons
Gage Skidmore/Creative Commons
George Frey/Reuters
How Democrats plan to counterattack Trump’s tax bill
The party’s top member on the House Ways and Means Committee sat down with Semafor to detail his strategy.
Joshua Qualls/Massachusetts Governor’s Press Office/Creative CommonsThe new Republican ‘MAGA Account’ has a surprising architect: Ted Cruz
The Texas senator and former Trump rival told Semafor he wants to “produce new capitalists.”
Gage Skidmore/Creative CommonsUncommon bonds: Lowering drug prices
GOP Sen. Josh Hawley has a new bipartisan bill that he’s trying to convince other Republicans to join.
George Frey/ReutersSanders adviser Stephanie Kelton praises Trump’s tax hike suggestion
The economist said the president is targeting the right group for a tax bracket of 39.6% if he wants to avoid inflation.
Republican leaders try to whip up votes for Calif. environmental rollback
Some are worried about setting a precedent that could come back to bite them whenever Democrats come back to power.
Inside the Qatari luxury jet on offer to President Donald Trump
Detailed specifications of a plane that appears to be the same one offered by Qatar to Trump are available online.
The 120 Days of Martin
As the effort to confirm Trump’s interim DC attorney fizzles, the city is still waiting for its fighting prosecutor.
Josh Hawley’s on a tax mission: Make Republicans working-class-friendly
He may not prevail in the final version of President Donald Trump’s marquee bill. But the party’s purest populist in Congress is sure going to push.
Why Trump’s surgeon general pick could survive a Loomer onslaught
Senators are befuddled by Trump’s abrupt switcheroo, but Casey Means could still win confirmation despite online agita.
‘I was in charge and he won’
The former president described a winnable election that was lost by factors out of his control.
Trump endorses higher tax bracket for wealthy, complicating tax talks
Some more populist-leaning members of the party are aligned, but others are likely to balk.
business
Screenshot/Gallagher
‘We’re building a moat around a castle’: How Gallagher’s CEO struck 500 deals in 30 years
The third-generation CEO has transformed the insurance broker’s valuation, but says its size has not given it pricing power.
Screenshot/GallagherAirwaves auction gains backers, but who’s bidding?
Republicans are pushing to authorize an auction of wireless spectrum as part of the “big, beautiful bill” that would enact the president’s domestic agenda.
As Fed keeps rates steady, Powell warns of ‘extremely elevated’ uncertainty over Trump policies
The unanimous decision marks the third time this year that the US central bank has kept the cost of borrowing the same.
IBM’s Gary Cohn on the tariff-driven ‘environment of uncertainties’ holding back AI
“There are very few companies in the world that are spending more today than they were a year ago, on anything.”
Activists come for the media moguls
The industry may be in managed decline, but investors see opportunities for growth — and value extraction.
technologyCourtesy WindBorne 
Matteo Della Torre/NurPhoto via Reuters
Cuts at NOAA lead to new weather balloon technology at the agency
A Silicon Valley weather startup will soon begin replacing weather balloons with AI-powered alternatives.
Courtesy WindBorneUS Treasury examining Benchmark Capital’s ties to Chinese startup Manus AI
Benchmark led a $75 million investment into Manus which is under review, said sources familiar with the matter.
Matteo Della Torre/NurPhoto via ReutersNIMBYism hits US AI infrastructure buildout
“It’s like living in hell,” one resident said of the data center infrastructure in her county.
ChatGPT’s latest model ‘noticeably more sycophantic’
One tech writer said that OpenAI’s move to optimize for engagement is leading to ‘increasingly misaligned models.’
OpenAI to remain under non-profit control after former staff, Musk criticism
OpenAI’s plan to convert into a for-profit company had faced significant pressure from former employees and AI experts, as well as a legal challenge from Elon Musk.
Semafor Tech: San Francisco
How can we unlock AI’s real-world impact?
net zero
USA Today Network via Reuters
Leah Millis
Jon Nazca/Reuters
Big gas turbine manufacturers aren’t ready to bet on the AI boom
Demand for gas power-generation hardware is surging, but the few companies that make it are reluctant to scale up.
USA Today Network via ReutersPower companies get creative to compete for tech deals
After winning a $20 billion contract with Google, Intersect Power wants to “create a whole new class of real estate.”
Leah MillisCheaper borrowing can help prevent another Spain-style blackout
Europe’s electric grid is sorely underinvested in. Forthcoming interest rate cuts should help.
Jon Nazca/Reutersgulf
A G20 meeting in 2019. Kevin Lamarque/Reuters.
Analysis: ‘America First’ meets ‘Gulf first’ in Trump’s visit
The loftiest expectations won’t be met, but investment pledges, defense and tech deals — and possibly progress on security issues — are likely.
A G20 meeting in 2019. Kevin Lamarque/Reuters.Analysis: Trump’s Gulf tour should deepen economic alignment
Without breakthroughs on regional conflicts, stronger investment and tech ties are likely to be the main focus of Donald Trump’s regional visit.
Analysis: High hopes for Trump’s Middle East trip
The president’s return to Riyadh doubles down on his first term’s plan to deepen economic partnerships and diplomacy in the Gulf.
Emirates becomes the most profitable airline in the world
The results were driven in part by passengers spending more on upgrades, as the Dubai carrier bucks the pessimism pervading the industry.
Disney to open its first Middle East theme park in Abu Dhabi
The resort, a win for the UAE’s tourism ambitions, could take between five and eight years to open.
africa
Martin Bertrand/Hans Lucas/File Photo/AFP via Getty Images
Patrick Sheperd/CIFOR
Mobile internet gender gap narrows in sub-Saharan Africa
It is the only region to have shown progress but still has the highest proportion of women not yet using mobile internet, a new report suggests.
Martin Bertrand/Hans Lucas/File Photo/AFP via Getty ImagesAnalysis: How to rethink climate finance for Africa
African countries need to drop complicated strategies aimed at the global development bureaucracy and instead focus on attracting best-fit investors.
Patrick Sheperd/CIFORAfrica’s debt crisis talks to center on need for global reform
Around 20 of the continent’s 54 countries are in, or at risk of, debt distress.
Kenya’s government tries to control the narrative on finance bill to avoid fresh protests
Nairobi blames misinformation for driving last year’s deadly demonstrations.
Ex-Credit Suisse boss election block could hurt Ivorian businesses
Tidjane Thiam was disqualified last month from running in October’s presidential election.
DRC, Zambia flagged as hubs for abuse in mining sector
According to the report, 40% of all recorded mining deaths in 2024 were in DR Congo, Guinea, and Zambia.
media
Akhtar Soomro/Reuters
Analysis: The fog of information war
We may have reached the end of a long and uneven march toward transparency in global crises.
Akhtar Soomro/ReutersLooking for direction, Democrats consult pundits
The party is increasingly seeking out policy answers from prominent figures in the media.
PR pros have discovered how to influence the chatbots: Talk to a journalist
The public relations business is poised for a resurgence in the AI age. It just needs someone to write the stories.
538’s former top numbers guy to launch data journalism site
G. Elliott Morris, the data journalist who took over 538 in 2023, is launching Strength In Numbers, a paid Substack.
Legal sports betting was a ‘gold rush’ for Clay Travis: ‘We made $2M on Super Bowl Sunday’
“Everything changes almost overnight,” the OutKick founder said on Semafor’s Mixed Signals podcast.
security
Kris Tripplaar/Semafor
Christian Klindt Soelbeck/Ritzau Scanpix/via Reuters
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 ReutersAD