Trump said any country that imposes a digital services tax on American companies would face an immediate 100% tariff on all goods sent to the United States. The warning comes amid trade talks with the European Union and continuing tensions over taxes aimed largely at U.S. tech firms.
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California Gov. Gavin Newsom is proposing a federal minimum tax on billionaires and a national AI equity fund while opposing a billionaire tax on California’s November ballot. He says wealth taxes should be handled nationally and that AI gains should help support workers and public programs.
Billionaire Leon Black is set to testify behind closed doors before House investigators examining Jeffrey Epstein’s network. Lawmakers are expected to question him about roughly $170 million in payments he made to Epstein between 2012 and 2017.
King Charles III and Queen Camilla will remain at Clarence House after Buckingham Palace’s £369 million renovation, while the palace stays the monarchy’s operational and ceremonial hub. Royal accounts also showed Charles paid £12.9 million in taxes in 2024-25.
Apple raised prices on several MacBook, iPad and other devices, blaming surging memory and storage costs linked to AI data center demand. Microsoft’s Xbox division also announced console price increases as chip costs climb.
The Fed’s preferred inflation measure rose at a 4.1% annual pace in May, the fastest since April 2023, as energy prices climbed. Consumer spending and incomes still increased after adjusting for inflation.
Oil tankers used a U.N.-recommended route near Oman to leave the Persian Gulf despite Iran’s warning that unauthorized crossings of the Strait of Hormuz are prohibited. The crossings come amid U.S.-Iran disputes over control, fees and traffic rules under a temporary reopening agreement.
Brent crude has fallen to levels last seen before the Iran war as shipping through the Strait of Hormuz gradually resumes. The rebound in traffic follows a U.S.-Iran memorandum setting up 60 days of negotiations, though disputes over fees and vessel authorization remain.