The World at a Glance
Updated 3:44pm EDT
1
Republicans passed Donald Trump’s signature tax and spending bill, after hours of debate and a revolt from some Congress members.
2EU Commission President Ursula von der Leyen said a detailed trade deal with the US was likely ‘impossible’ before the July 9 deadline.
3Donald Trump held a phone call with Russia’s Vladimir Putin, the Kremlin said, following a pause on some US weapons shipments to Ukraine.
4US unemployment unexpectedly fell in June, suggesting economic resilience despite uncertainty over Donald Trump’s trade and fiscal policy.
5The US lifted some restrictions on the export of chip-design software to China, further easing trade tensions.
6Israeli forces killed 82 Gazans overnight, Hamas-run health authorities said, while ceasefire talks appeared to make progress.
The US dollar is on track for its worst year in modern history
The greenback is down more than 7% this year, and Morgan Stanley predicts it could fall another 10%.
Kim Kyung-Hoon/File Photo/ReutersTrump to host African leaders next week
Discussions will center on the continent’s ‘incredible commercial opportunities,’ a White House spokesperson said.
Ken Cedeno/ReutersJapan to face financial sector shakeup
Japan’s end to zero interest rates and the imminent wave of inheritances will force an end to decades of inertia in markets.
Issei Kato/ReutersRepublicans round up votes for a ‘big, beautiful’ blur
The president’s “big, beautiful bill” does not achieve some of what he ran on. That has not stopped Republicans from saying it does.
Annabelle Gordon/Reuters AD
Iran suspends cooperation with UN nuclear watchdog
International inspectors will now be barred from accessing Iranian nuclear sites without Tehran’s approval.
Iran’s Presidential website/WANA/Reuters The death of American equities? Not so fast.
There is little evidence in the stock market that American exceptionalism is dead.
Nathan Howard/ReutersLarge language models improving exponentially, report finds
The abilities of AI models are doubling every seven months, the report said.
Florence Lo/Illustration/File Photo/Reuters
politics
Jonathan Ernst/Reuters
Annabelle Gordon/Reuters
Annabelle Gordon/Reuters
How the GOP’s bill broke the Democrats
Republicans relied on the campaign politics of a “golden age” tax bill.
Jonathan Ernst/ReutersTrump’s megabill squeaks through Congress
The vote is a testament to the president’s sway over his party, and a victory for House Speaker Mike Johnson.
Annabelle Gordon/ReutersTrump’s signature tax bill passes
The president’s signature tax and spending bill passed in a 218-214 vote, after hours of debate and the quelling of a revolt by congressional Republicans.
Annabelle Gordon/ReutersDigital content moderation law figures as part of US-EU trade talks
Brussels insists it will not water down laws, but the bloc believes it can capitalize on a deregulation drive to address Trump administration concerns.
Former Ohio Sen. Sherrod Brown weighs next political move
The Democrat is still weighing where he wants his political career to take him next: to the governor’s mansion or back to the Senate.
Republicans round up votes for a ‘big, beautiful’ blur
The president’s “big, beautiful bill” does not achieve some of what he ran on. That has not stopped Republicans from saying it does.
Republican megabill faces tallest hurdle yet
Votes on the House version of the bill are expected as soon as this afternoon.
Republicans test a new red line: Denaturalization
White House press secretary Karoline Leavitt was asked about the possibility of revoking Zohran Mamdani’s citizenship status and didn’t say no.
Mamdani clinches Democratic nomination for NYC mayor
In the latest vote count, the 33-year-old democratic socialist won more Democratic primary votes than any candidate in thirty years.
How John Thune got Trump’s bill out of trouble
The Senate majority leader talked to Semafor about the all-night whirlwind that led to Tuesday’s 51-50 vote.
Senate passes Trump’s tax and spending cuts bill
The mammoth measure now heads to the House, days ahead of the president’s self-imposed July 4 deadline.
business
Iakovos Hatzistavrou/Pool via Reuters
US trade wars breed jingoism worldwide
Trump’s trade deals are so far light and fraught, as leaders around the world, managing their own voters, are pushing back.
Iakovos Hatzistavrou/Pool via ReutersThe death of American equities? Not so fast.
There is little evidence in the stock market that American exceptionalism is dead.
The US dollar is on track for its worst year in modern history
The greenback is down more than 7% this year, and Morgan Stanley predicts it could fall another 10%.
US hiring remains steady, beating expectations
Employers added 147,000 jobs in June, while unemployment fell to 4.1%, the Labor Department reported, suggesting a resilient economy despite uncertainty over trade and fiscal policy.
Analysis projects $82.3B tariff hit to US firms
The JPMorganChase Institute found that midsize US firms can expect to pay $2,080 more per employee at current tariff rates, amounting to a 3% payroll hike.
technology
Oriental Image via Reuters Connect
Carlos Barria/File Photo/Reuters
New AI model aims to mimic human decision-making
Dubbed Centaur, the model was trained on 160 psychology studies involving 60,000 participants making more than 10 million choices while completing different tasks, like memory games, gambling, and problem solving.
Oriental Image via Reuters ConnectMeta’s new hires offer a peek into superintelligence plans
The résumés of new hires suggest Meta is working on models with reasoning capabilities to more directly take on OpenAI’s suite of products.
Carlos Barria/File Photo/ReutersChinese humanoid robots play soccer for the first time
Four teams of robots faced off in a first-of-its-kind, fully autonomous soccer tournament in Beijing, showcasing China’s robotics prowess against the US.
Tech investments reach $200B in Q2 in steady recovery
The increase follows a jump in the first quarter as AI investing picks up, helping the industry recover from a two-year slowdown.
US Senate kills ban on state AI regulation
The measure was a top priority for tech firms who argued a patchwork of local laws hinders their ability to innovate and compete with China.
Apple looks to AI firms to power Siri: Report
The iPhone maker has asked to train versions of Claude and ChatGPT that could run on Apple infrastructure for testing.
net zero
Yves Herman/Reuters
Florence Lo/Reuters
Mike Blake/Reuters
EU lays out roadmap to cut 90% of emissions by 2040
The European Commission’s proposal would allow member nations to buy carbon credits from developing countries to help reach the target.
Yves Herman/ReutersWorld must invest in drought resilience: OECD
Water shortages cause a third of all deaths from natural disasters, as droughts can cripple food production and cause starvation.
Florence Lo/ReutersUS rooftop solar companies are bracing for devastation
If Congress proceeds with a planned tax credit cut, a wave of bankruptcies is coming for US solar installers this year.
Mike Blake/Reutersgulf
Saudi Press Agency/Handout via Reuters
Saudi’s PIF hits $1 trillion in assets amid rising costs and strategy shift
As Vision 2030 nears its 10-year mark, projects like NEOM remain illiquid, and a third consecutive annual fall in foreign investment has meant PIF is footing more of the bill.
Saudi Press Agency/Handout via ReutersSaudi soccer club Al Hilal shocks Man City
The victory propelled the team to the quarterfinals of the Club World Cup tournament, which has showcased the growing role of non-Western teams.
How Saudi Arabia can follow Israel’s AI blueprint
The kingdom won’t become an AI superpower with capital alone. It needs culture, talent, and co-innovation with Israel.
Fragile Iran-Gulf balance appears to hold after strikes
Iran’s attack on a US military base in Qatar last week sparked condemnation from regional leaders, but ties between Tehran and the Gulf appeared stable.
Abu Dhabi’s ADQ eyes stake in seed firm
The UAE is looking to reduce its reliance on food imports and address future threats from climate change.
africa
Ken Cedeno/Reuters
Simon Maina/AFP via Getty Images
First Trump-Africa summit to be held next week
Five West African heads of state have been invited to the White House with economic and security issues likely to be a focus, Africa Intelligence reported.
Ken Cedeno/ReutersAfrican air passengers taxed disproportionately: Report
The average amount of taxes and fees for international departures from Africa is twice the average for both Europe and the Middle East, the report said.
Simon Maina/AFP via Getty ImagesAfreximbank’s rating downgraded again
The decision by ratings agency Moody’s follows a downgrade by Fitch last month, pushing the development bank closer to junk status.
Standard Bank CEO raises concerns on African credit ratings, geopolitical headwinds
Sim Tshabalala pushes back at credit ratings by Fitch, Moody’s, S&P.
To beat China in Africa, US should deploy American businesses
Smart tax breaks could help US companies win hearts, minds, and markets across Africa.
The contradictions of Trump’s ‘commercial diplomacy’ in Africa
“Somebody, maybe Boulos, needs to tell him that this directly hurts US business.”
media
The secret to Zohran Mamdani’s winning media strategy is simpler than you think
Zohran Mamdani broke out through vertical video on social media in ways that few political candidates have been able to pull off.
Mamdani prepares to face damaged opponents — and the New York Post
The young Democratic socialist swept the New York Democratic mayoral primary thanks to an openness to talking to anyone — even the city’s conservative tabloid.
Steve Inskeep on NPR cuts, Iran, and radio’s place in the podcast era
Steve Inskeep has one of the most recognizable names and voices in the country, greeting millions of Americans every morning since the 2000s.
Tradpop summer: US political vibe shift hits music charts
Compared to 2024, the US music charts feel safer and more traditional, amid a broader cultural and political narrative shift toward conservative ideals.
State Department delegation pressures Europeans on speech in Paris, London
Samuel Samson, a young and intensely ideological senior official, got a chilly reception from Reporters Without Borders.
securityIran’s Presidential website/WANA/Reuters 
The Fordo facility before the strikes. Maxar Technologies/Handout via Reuters.
Piroschka Van De Wouw/Reuters
Iran suspends cooperation with UN nuclear watchdog
International inspectors will now be barred from accessing Iranian nuclear sites without Tehran’s approval.
Iran’s Presidential website/WANA/Reuters US, European intel clashes over damage to Iran’s nuclear program
The CIA contradicted a leaked report that suggested the US strikes had set back Iran’s ambitions by only a few months, while European intelligence suggested enriched uranium had been moved.
The Fordo facility before the strikes. Maxar Technologies/Handout via Reuters.Trump praises ‘brave’ Ukraine after Zelenskyy meeting
The US president said he believed Kyiv wants peace and that he would talk to Russia’s Vladimir Putin in a fresh bid to end the Ukraine war.
Piroschka Van De Wouw/ReutersAD