Today in Canada: Mark Carney Clinches Majority Government to Push Energy and Trade Ambitions (Bloomberg)

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Prime Minister Mark Carney secured a majority government after his Liberal Party won three special elections, giving him the ability to push ahead faster with an economic agenda centered on expanding energy exports and reducing Canada’s reliance on the US.

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The Liberals won Toronto’s University-Rosedale district — the seat held by Chrystia Freeland when she was finance minister — in addition to victories in Scarborough Southwest and in Terrebonne, near Montreal.

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The prime minister’s party will now hold 174 of 343 seats in the House of Commons. That makes it easier for the government to pass legislation and clears the way to accelerate his economic and fiscal priorities: increased defense spending and construction of large  infrastructure projects, including ports and energy export facilities.

It’s the first time any Canadian political party has had a majority government since 2019.
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The past year has brought a historic turnaround for the Liberals, whose prospects were in steep decline under former Prime Minister Justin Trudeau before his resignation in January 2025. Trudeau’s departure — combined with Donald Trump’s return to the White House — reshaped Canada’s political landscape.

“Tonight, voters have placed their trust in our new government’s plan,” Carney said in a statement. “We accept that support with humility, determination and a clear understanding of what this moment demands.”

Oil on Edge

Energy Crisis Escalates: Hormuz Blockade Plunges Oil Market Into Fresh Round of Turmoil (Wall Street Journal)

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President Trump’s order to blockade Iranian trade through the Strait of Hormuz and Tehran’s promise to continue choking the strait are leaving global energy markets in even deeper trouble than they were just days ago, threatening higher oil and gasoline prices, tighter supplies, and fresh volatility across the global economy.

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It isn’t clear how ships can satisfy both US and Iranian conditions on leaving the Gulf, according to shipbrokers and analysts. Tehran says international ships need to pay up to get through Hormuz, but Trump said he had instructed the Navy to interdict vessels that have paid a toll.

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Instead of the prospect of oil flowing again, as many hoped after the cease-fire was struck last week, the blockade stands to remove 2 million barrels of daily Iranian exports from a market already struggling to navigate a historic supply crunch.

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The loss of Iranian barrels is likely to intensify a worldwide scramble for crude. Iran’s main customer, China, could join the competition for US and European supplies unless it uses its substantial strategic reserves. 
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Live from the Hormuz: US-Sanctioned Tanker Tests Trump Blockade With Hormuz Exit (Bloomberg)
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A US-sanctioned tanker linked to China sailed out of the Strait of Hormuz and into the Gulf of Oman, testing President Donald Trump’s naval blockade.

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Rich Starry, a medium-range tanker earlier known as Full Star, was blacklisted by Washington in 2023 for helping Tehran evade energy sanctions. It is not clear on this occasion whether it visited Iranian ports before its transit, or whether it is carrying cargo.

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The exit is a second attempt for the carrier, which began a first as the US blockade came into effect on Monday, only to turn back. It then restarted hours later, and appeared to turn the bend into the eastern side of Hormuz on Tuesday.

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Shipowners, energy traders and investors across financial markets have been keenly following its route through Hormuz as they try to understand the latest US effort to pressure Tehran and curb its oil revenues — and how it will work in practice.

The Worst is Yet to Come: Oil Prices Will Soon Converge to Reflect Crisis, International Energy Agency Says (Bloomberg)
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Oil prices don’t yet reflect the severity of the unprecedented supply crisis caused by the Iran war, but they soon will, the head of the International Energy Agency said.

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About 13 million barrels a day of oil supply have been shuttered by the conflict and the near-closure of the Strait of Hormuz, IEA Executive Director Fatih Birol said at an event hosted by the Atlantic Council.

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More than 80 energy facilities have been damaged during the hostilities, and a recovery could take as long as two years, he warned. The Paris-based agency has already described the current supply disruption as the biggest in history.

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“Prices are already high, but they are not reflecting the severity of the problem — I agree there is a disconnect,” Birol said. “But I think soon we will see they will converge, which is an extremely sensitive issue for the global economy.”

Hungary's Next Chapter

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Orbán Era Ends: European Leaders Hope Hungary's New Leader Peter Magyar Can Make the EU Great Again (Washington Post)
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From the jubilant crowds along the Danube in Budapest to executive offices in Brussels, praise and even glee abounded for Hungary’s next leader after he won Sunday’s election in a landslide.

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But the outpouring after his victory focused mainly on the prospect of no longer having to deal with Orbán, who many saw as a threat to Europe’s peace and prosperity.

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From Madrid to Helsinki, many hope that Magyar’s win will help unshackle the 27-nation European Union as it faces hybrid warfare attacks from Moscow, an antagonistic Washington and Beijing’s economic pressure. EU leaders had been increasingly frustrated with Orbán over his takeover of democratic institutions and vetoing of strategic action like a 90-billion-euro ($105 billion) loan for Ukraine.

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It remains to be seen whether those hopes will be fulfilled. Magyar avoided talking about Ukraine or divisive issues like LGTBQ rights on the campaign trail, and was previously a longtime conservative insider in Orbán’s party.

Russia Fallout: Putin's ‘Mouse’ Is Gone. That's Terrible News for the MAGA World (Bloomberg Opinion - Lionel Laurent)

Hungary’s Viktor Orbán pulled almost every lever available to extend his 16 years in power. In the end, neither an in-person endorsement from US Vice President JD Vance nor a captive media machine was enough to save the man who admits playing “mouse” to Vladimir Putin’s “lion,” Lionel Laurent writes. 

While more of a tilt back westward for the country rather than a radical new path, this election result is a warning for the European Union’s MAGA fan club. Ideally, it will help the bloc become more credible and competitive.

Orbán’s defeat shows the rise of “illiberal democracy” is not inevitable. The crowded celebrations along the Danube, and the record voter turnout, speak to a disconnection between the Hungary he claimed to defend and people’s lived experience.

Election Playbook: Orbán’s Defeat Shows What Trump’s Opponents Keep Doing Wrong (Politico)

The Hungarian election was a setback for MAGA. But the winner’s campaign should be a wake-up call for Trump’s opponents. The sharpest message from Budapest should be for the Democrats, strange as that may sound, Politico reports.

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That is because Orbán’s ouster represents a new triumph for a particular brand of disruptive politics: one defined by reformist candidates who launch new parties and blow up old ones, winning elections by rendering traditional political structures obsolete. 

And it is one that Democrats have resisted for a decade since Trump became the dominant figure in American politics, killing off the traditional Republican Party along the way.

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What I'm Reading

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Church vs. Trump: American Bishops ‘Disheartened’ by Trump’s Criticism of Pope Leo (Politico)

The US Conference of Catholic Bishops is defending Pope Leo XIV against President Donald Trump’s recent attacks, saying they’re “disheartened” by his criticism and that the pontiff isn’t the president’s rival.
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Bishop Robert Barron, a member of Trump’s Religious Liberty Commission, also expressed disappointment over the comments.
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“The statements made by President Trump on Truth Social regarding the Pope were entirely inappropriate and disrespectful,” Barron said. He added that while no other president has shown as much dedication to protecting freedom of religion, “the President owes the Pope an apology.”

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Holy Walk-Back: Trump Deletes Social Media Post Seemingly Depicting Him as Jesus (Bloomberg)

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President Trump deleted a social media post that seemingly depicted him as a Jesus Christ-like figure, after the image incited criticism, including from the president’s supporters.
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The post, which depicted Trump in robes touching a sick patient in front of an American flag, was published Sunday after the president criticized Pope Leo XIV for his condemnations of the US-Israeli war on Iran.
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Trump acknowledged that he posted the picture, saying on Monday that he thought the image showed him as a physician.
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“I did post it, and I thought it was me as a doctor, and had to do with Red Cross,” Trump said. “It’s supposed to be me as a doctor making people better, and I do make people better.”

Record Run: JPMorgan Traders Blow Past Expectations With Biggest-Ever Haul (Bloomberg)
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JPMorgan’s traders posted their highest-ever quarterly revenue in the first three months of the year, with record stock-trading results boosting the total past the firm’s previous record by almost $2 billion.

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The biggest US bank pulled in $11.6 billion in trading revenue in the first quarter, according to a statement Tuesday. That’s up 20% from a year earlier, with both stock traders and their counterparts in fixed income, currencies and commodities beating analysts’ expectations.

Ally Reset: ‘I’m Fed Up.’ Frustrated With Trump, UK's Keir Starmer Embraces Other Allies (New York Times)

As President Trump turns the United States into an increasingly grumpy and unreliable partner for Britain, Prime Minister Keir Starmer is looking to diversify his friend group.

Starmer’s new approach, which follows almost a year in which he repeatedly tried to cozy up to Trump, is part of a broader strategy to move Britain closer to partners in Europe, the Middle East and elsewhere as the relationship with the United States sours.

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Defamation Denied: Trump Suit Over Wall Street Journal Epstein Story Dismissed (Bloomberg)
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A judge threw out Donald Trump’s $10 billion libel suit against the Wall Street Journal and parent company News Corp., dealing a blow to the president’s ongoing campaign of litigation against the media.

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The decision Monday in federal court in Miami largely vindicates a 2025 story that suggested Trump sent a lewd birthday note to Jeffrey Epstein more than two decades ago. The judge said the complaint failed to meet the legal standard for a defamation suit but gave Trump until April 27 to file a new complaint.

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Zuck 2.0: Meta Builds AI Version of Mark Zuckerberg to Interact with Staff (Financial Times)

Meta is building an artificial intelligence version of Mark Zuckerberg that can engage with employees in his stead, as part of a broader push to remake the Big Tech company around AI.

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The $1.6tn group has been working on developing photorealistic, AI-powered 3D characters that users can interact with in real time. The Meta chief is personally involved in training and testing his animated AI, which could offer conversation and feedback to employees.

They added that the character was being trained on the billionaire’s mannerisms, tone and publicly available statements, as well as his own recent thinking on company strategies, so that employees might feel more connected to the founder through interactions with it.

The effort, which is at an early stage, is separate from Zuckerberg’s project to build a “CEO agent” to support him in his role, for example by retrieving information quickly.

Blockbuster Pushback: Hollywood Stars Unite to Oppose Paramount-Warner Deal (Bloomberg)

More than 1,000 Hollywood actors, directors and screenwriters have penned a letter opposing the $110 billion takeover of Warner Bros by Paramount Skydance, citing concerns about job losses and higher costs with fewer choices for consumers.

Today's Book Drop: Hamburger America, a State-by-State Guide to 220 of the Greatest Burger Joints Across the Country (WNYC)

The classic guide to America's greatest hamburger eateries, from burger scholar and restauranteur George Motz, returns in a completely updated fourth edition—featuring 220 establishments where you can find the perfect regional burger and reclaim a precious slice of Americana.

Check out the book here. 

In Photos: Cherry Blossoms Begin to Bloom Across Central Park (West Side Rag)
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Cherry blossom season in New York City lasts from around late March into early May, meaning we are coming into the peak viewing weeks of the flower.
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The Central Park Conservancy has a “Cherry Blossom Tracker” that you can use to find the best places in the park to find the pink flowers.

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Best of Late Night

On the first lady, Melania Trump, summoning reporters at the White House for a surprise, nearly six-minute statement denying any relationship with Jeffrey Epstein:

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“She emerged from the rubble of the East Wing and brushed the drywall off her business suit and delivered a doozy of a prepared statement demanding that we stop talking about something no one was talking about.” 
--Jimmy Kimmel

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“And why is this happening today? He’s spent the past six weeks trying to bomb this Epstein story out of the headlines. Two days after the cease-fire, she puts it right back on top. She must really hate him.
--Jimmy Kimmel

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“You know somewhere in the White House, Trump, he saw this happening; he spit out a whole gallon of Diet Coke. This is already better than her movie.”
--Jimmy Kimmel

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And from Saturday Night Live: A group of astronauts (Colman Domingo, Mikey Day, Marcello Hernández, Sarah Sherman) give updates on their moon mission. Click the photo below to watch. 

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