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Trade Breakthrough? Trump Expected to Unveil US-UK Trade Pact After Tariff Talks (Bloomberg)

Trump teased a trade agreement with the UK in a social media post on Wednesday night, saying he would hold an Oval Office news conference today to discuss "a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY."

While the details weren’t immediately clear, American and British officials were in talks this week about plans to reduce tariffs on cars and steel, among many levies imposed by the US president on allies and rivals alike in recent weeks. 

Optimism that a deal will be positive for the UK economy lifted stocks and the pound. Sterling gained against the euro and outperformed all Group-of-10 peers except the dollar, while the FTSE rose 0.2%.

Any agreement would come with significant caveats, though. Full-scale trade pacts typically take years to negotiate, and talks with several nations have centered around, at best, a top-line deal on commitments and intentions that may leave many details traditionally included in comprehensive trade agreements to be negotiated later.

Latest in Tech.

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Apple Eyes Move to AI Search in Browser, Ending Era Defined by Google (Bloomberg)

Apple is "actively looking at" reshaping the Safari web browser on its devices to focus on AI-powered search engines in light of the potential collapse of its Google deal and broader industry shifts.

Eddy Cue, Apple’s senior vice president of services, made the disclosure Wednesday during his testimony in the US Justice Department’s lawsuit against Alphabet. The heart of the dispute is Apple and Google’s estimated $20 billion-a-year deal that makes Google the default offering for queries in Apple’s included browser. 

He also noted that searches on Safari dipped for the first time last month, which he attributed to people using AI. Cue said he believes that AI search providers, including OpenAI, Perplexity and Anthropic, will eventually replace standard search engines like Google. He said he believes Apple will add those players as options in Safari in the future.

Update on Chip War: Trump to Rescind Global Chip Curbs, Prep New AI Restrictions (Bloomberg)

The repeal of the so-called AI diffusion rule, which is not yet final, seeks to refashion a policy launched under President Joe Biden that created three broad tiers of countries for regulating the export of chips from Nvidia Corp. and others. The Trump administration will not enforce that framework when it takes effect on May 15, according to people familiar with the matter, and is instead drafting its own version of the rules that’s likely to focus on direct negotiations with nations like the United Arab Emirates or Saudi Arabia.

What I'm Reading.

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Check out the Daily Read podcast: Click here to listen to today's AI-generated audio companion to this newsletter. And 'Follow' the Sheekey Daily Read podcast on Spotify and Apple Podcasts to listen and be notified when the latest are available.

Global Economy: Xi Fortifies China’s Economy Before First Talks on Trade With US (Bloomberg)

At a snap briefing in Beijing on Wednesday, central bank Governor Pan Gongsheng announced across-the-board rate cuts alongside other steps that could pump 2.1 trillion yuan ($291 billion) into the economy. That marked the most significant dose of easing by China since Donald Trump’s “reciprocal” tariffs unleashed a trade war that’s upending the global economic order and disrupting markets.

White Smoke Watch: 133 Red-Robed Cardinals Make Solemn Procession Into Sistine Chapel for Papal Conclave (New York Times)

Black smoke puffed from a chimney above the Sistine Chapel on Wednesday night, signaling that cardinals sequestered inside had not reached a decision in a first round of voting for a new pope. The conclave will continue today with as many as four rounds of voting.

Latest from Manhattan: NYPD Arrests Over 70 After Protesters Seize Columbia Library (Bloomberg)

Anniversary of Victory in Europe: Europe Marks 80 Years Since End of WWII as Continent Faces New Security Realities (New York Times)

Far-Right in South America: Former President Jair Bolsonaro, On Trial for Coup Charges, Leads Rally At Site of 2023 Brasilia Insurrection (France24)

Financial News: HSBC Grapples With Shortage of 7,700 Desks at New London HQ (Bloomberg)

New Addition to the House of Mouse: Disney Announces Its First Middle East Theme Park in Abu Dhabi (Bloomberg)

The company’s 13th park, Disneyland Abu Dhabi, will be constructed on Yas Island, a major tourism hub in the United Arab Emirates that includes the Miral-built Ferrari World, Warner Bros. World and SeaWorld parks.

Basketball Stunner (Part II): New York Knicks Take 2-0 Lead Over Celtics After Coming From 20 Down Again (Associated Press)

For the second straight game, the New York Knicks found themselves in a hole the Boston Celtics have rarely let teams out of this season. The Knicks again found a way - almost the same way, in fact - to pull off the improbable. And now they are two wins away from knocking the defending champions out of the playoffs.

Click here to watch highlights from the game, including Jalen Brunson's two free throws with 12.7 seconds left pushing the Knicks up 91-90 that wouldn't be surrendered. And now, the Knicks and Celtics head back to Madison Square Garden to continue the series on Saturday.

'Table for 8 Million:' A Look Back at The Past 25 Years of Dining in NYC (New York Times)

Explore the latest photo essay from the New York Times about dining in New York City, with the broad spectrum of experiences and trends over the years described by long-time Times restaurant critic Pete Wells by saying, "Most of what chefs create is destroyed a few minutes later. There’s no way to experience a meal that was cooked 20 years ago. But if you were there, you can tell somebody what it was like."

And, as one of the scrolling headlines of the photo essay says (shown below), more than 20 years of that dining history has now been smoke-free thanks to the Bloomberg administration's public health efforts in the early 2000s:

Best of Late Night.

On Canadian Prime Minister Mark Carney visiting President Trump at the White House this week:

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"President Trump hosted the new Canadian Prime Minister at the White House. Trump said if Canada became the 51st state, it would be a wonderful marriage. And people are like, 'How would he know?'"

-- Jimmy Fallon

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"Prime Minister Mark Carney of Canada visited the White House on Tuesday, where he said that Canada was not and would never be for sale. Then Trump went back to browsing a world map like it's Zillow."

-- Jimmy Fallon

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"Poor Mark Carney had a hell of a job today. It was like an Ewok going to the meeting on the Death Star."

-- Jimmy Kimmel