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Brain Drain Alarm: U.S. Scientists Warn That Trump’s Cuts Will Set Off Talent Exodus (New York Times)
Applications from China and Europe for graduate student or postdoctoral positions in the United States have dropped sharply or dried up entirely since President Trump took office. The number of postdocs and graduate students in the United States applying for jobs abroad has spiked. “We are embarking on a major experiment in restructuring the innovative engine in America, and China is the control,” said Marcia McNutt, a geophysicist and the president of the National Academy of Sciences.
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TACO Trade Alert: Trump to Sign Order Hiking Steel, Aluminum Tariffs to 50% (Bloomberg)
The move raises trade tensions at a time when the US is locked in negotiations with numerous trading partners over his so-called “reciprocal” duties before a July 9 deadline. The president’s ability to unilaterally impose tariffs stands on shakier legal ground, after a federal court knocked down duties he announced under an emergency law. His levies on metals were not subject to that ruling.
Investors are on watch for the TACO trade, which stands for "Trump always chickens out." It's an investor strategy to buy into the market that dips when Trump announces steep tariffs on the assumption that he will back off his tariff order, and the market will rebound.
Market Warning: Jamie Dimon Says Crack in the Bond Market Is ‘Going to Happen’ (Bloomberg)
US Treasuries are on track for their first monthly loss this year as Trump’s abrupt policy shifts shake investor confidence. Worry about the budget deficit picked up in May tied to a tax-cut bill moving through Congress. The JPMorgan CEO has said repeatedly in recent years that he is concerned about global deficit spending.
“I just don’t know if it’s going to be a crisis in six months or six years, and I’m hoping that we change both the trajectory of the debt and the ability of market makers to make markets,” Dimon said Friday at the Reagan National Economic Forum.
Succession Planning: JPMorgan Hands Lake, Seen as a Contender to Succeed Dimon, More Responsibility (Bloomberg)
JPMorgan is putting Marianne Lake, one of the leading contenders to one day take over for Chief Executive Officer Jamie Dimon, in charge of strategic growth and the firm’s fast-growing overseas consumer bank.
The appointment follows the departure of Sanoke Viswanathan, who’s leaving to become CEO of the data company FactSet, according to a memo to staff seen by Bloomberg News. Viswanathan had been a member of JPMorgan’s executive committee and had previously been seen as another possible successor to Dimon.
Air Quality Alert: Canadian Wildfire Smoke Continues to Worsen Air Quality in Several US States (ABC News)
Smoke from at least 208 raging wildfires in Canada continues to bring dangerous air quality conditions to parts of the northern United States, with hazy and smoky skies also possible for the East and South.
Trump Against the World: Trump to Attend NATO Summit at The Hague, White House Says (Bloomberg)
The NATO alliance will discuss a target that would see nations commit to spending 3.5% of GDP on core defense and another 1.5% in defense-related outlays on areas including infrastructure, cyber defense and civilian preparedness. That’s expected to include expanding ground-based air-defense capabilities.
The June 24-25 NATO summit comes shortly after Group of Seven leaders are expected to meet in Canada, hosted by Prime Minister Mark Carney. In both high-profile meetings, allies are expected to discuss progress on brokering a peace deal between Ukraine and Russia.
Sky Shield: NATO Is Pushing Europeans for Fivefold Boost to Air Defenses (Bloomberg)
Envisioning a world without U.S. leadership, NATO is asking European member states to significantly expand ground-based air-defense capabilities.
“We are not at war, but we’re not at peace either,” NATO Secretary General Mark Rutte said at a meeting in Vilnius on Monday.
Election Held by US Ally in Asia: South Korea Elects Lee President, Capping Six Months of Chaos (Bloomberg)
President-elect Lee struck a message of national unity in his speech but notably absent was any mention of how he would manage relations with Washington as the country faces mounting pressure from Trump’s tariffs.
Live from New York, It's Debate Night: New York Mayoral Candidates Square Off Ahead of June 16 Vote (Politico)
Nine mayoral candidates will square off tonight in the first televised debate of the rollercoaster Democratic primary — the best opportunity yet for frontrunner Andrew Cuomo’s opponents to break his vice-like grip over the lead in public polling.
DC's Pride Celebration is On: Joy, Tension Collide as WorldPride Arrives in Trump’s Washington (Washington Post)
The message from the District to LGBTQ+ residents and visitors has been a cheery and unequivocal, “We want you here.” At a Pride news conference Thursday, District Mayor Muriel E. Bowser proudly called the District “the gayest city in the world” and encouraged residents to fly Pride flags in front of their homes.
Less than a year ago, 3 million was the number of people city leaders, LGBTQ+ business owners and Pride organizers said they anticipated the event and its associated panels, parties and parades would bring to D.C.
Regardless of the current White House occupant, the streets of D.C. are expected to be filled with pageantry, parties and crowds for WorldPride 2025.
So Long, Tom, and Thanks for All the Memories: Knicks Fire Tom Thibodeau: What's Next for New York's Open Job? (ESPN)
Thibodeau guided the Knicks to their first Eastern Conference finals since 2000. New York defeated the Detroit Pistons in the first round and dethroned the defending champion Boston Celtics in the second round before falling in six games to the
Indiana Pacers. Thibodeau finishes his tenure in New York with 24 playoff wins, 17 more than the team's past 13 coaches combined.
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