🤝 U.S. & U.K. Trade Deal

☀️ Good morning. It's Tuesday, Jun. 17, Again and we're covering, U.S. And U.K. Strike Trade Deal, Steel Still A Sticking Point, TikTok Faces Blackout On June 19 Unless Trump Extends Deadline Again, Trump Cuts G7 Visit Short As Israel Bombs Tehran, Iran Threatens “Major Blow”, and much more. First time reading? Sign up to get this newsletter: Sign up here.

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $3.32 Trillion, a 0.20% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $132.81B, which makes a 41.63% increase.

• The total volume in Defi is currently $34.11B, 25.68% of the total crypto market 24-hours.

• The volume of all stablecoins is now $126.26B, which is 95.07% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 63.90%, an increase of 0.24% over the day.

XRP Rallies As Fed Decision And Middle East Tensions Rattle Markets

XRP surged to $2.24, leading major crypto gains, while Bitcoin swung between $106K and $108K amid shaky sentiment. Markets are bracing for the U.S. Federal Reserve’s rate decision this week, with no policy change expected—but all eyes on Jerome Powell’s tone. Gold and oil jumped after President Trump issued a surprise call to evacuate Tehran, fueling concerns of further escalation between Israel and Iran. Bitcoin ETFs attracted $1.4B in net inflows, helping stabilize prices after a weekend of heavy liquidations. (Read Deeper)

BUSINESS & FINANCE

U.S. And U.K. Strike Trade Deal, Steel Still A Sticking Point

President Trump and U.K. Prime Minister Keir Starmer announced a new trade agreement on the sidelines of the G7 Summit in Canada, lowering tariffs on U.K. car and aerospace exports to the U.S. But a final resolution on steel and aluminum imports remains elusive. U.K. carmakers secured a quota of 100,000 vehicles annually subject to a 10% tariff—lower than the 25% rate faced by other countries. The U.S. may exempt British steel from 25% tariffs, but only if the U.K. meets new security and supply chain conditions.

Why It Matters: While not a full free trade agreement, this deal reflects both countries’ urgency to deepen economic ties post-Brexit and amid global trade realignments. But unresolved steel issues and future tariffs remain potential flashpoints. (Read Deeper)

SoftBank Sells $4.8B T-Mobile Stake To Fuel AI Ambitions

SoftBank has sold $4.8 billion worth of T-Mobile US shares as it ramps up efforts to dominate the AI space. The Japanese tech conglomerate offloaded 21.5 million shares in an overnight block sale priced at $224 each, a 3% discount from Monday’s close. The move gives SoftBank fresh capital for an aggressive push into AI, including plans to invest up to $30 billion in OpenAI and develop global data center infrastructure worth hundreds of billions.

Why It Matters: SoftBank originally acquired the T-Mobile stake through Sprint’s $26.5 billion merger in 2020 and has been gradually cashing out since, leveraging past wins like its early Alibaba bet to fund new ventures. The sale shows SoftBank is reshaping its portfolio from telecoms to transformative tech, betting big on AI's future dominance—and possibly trying to regain its Vision Fund swagger. (Read Deeper)

TECHNOLOGY & SCIENCE

TikTok Faces Blackout On June 19 Unless Trump Extends Deadline Again

TikTok could be banned in the U.S. by June 19 unless its Chinese parent company, ByteDance, sells the app. President Trump has extended the deadline twice already—first to April, then to June, but it's unclear if he'll grant a third extension. If not, the app’s 170 million U.S. users could see it go dark. While Trump once pushed to ban TikTok, he softened his stance during the 2024 campaign, citing the platform’s role in countering Meta’s influence and boosting his support among younger voters. He even invited TikTok CEO Shou Zi Chew to his inauguration.

Takeaways: The looming ban is not just about social media—it’s about U.S.-China tensions, Trump's tech policy, and youth voter influence. Investors from Microsoft to MrBeast have expressed interest in buying TikTok, but no deal has been finalized. With the Supreme Court siding against ByteDance, Trump now holds the future of one of America’s most-used apps in his hands. (Read Deeper)

OpenAI Lands $200M Defense Contract To Build AI For National Security

OpenAI has secured its first official U.S. Defense Department contract — a $200 million, one-year deal to develop advanced AI tools for national security and military operations. The contract, part of a broader new initiative called OpenAI for Government, will enable the Pentagon to explore how frontier AI can enhance operations like health care access for service members, acquisition data analysis, and cyber defense. All applications must comply with OpenAI's usage policies.

Why It Matters: This is a major shift for OpenAI — from commercial tools like ChatGPT to high-stakes national defense. It also signals rising government demand for frontier AI, especially amid growing geopolitical tech rivalries. (Read Deeper)

AROUND DE WORLD & POLITICS

Trump Cuts G7 Visit Short As Israel Bombs Tehran, Iran Threatens “Major Blow”

President Trump left the G7 Summit in Canada early, citing the spiraling conflict between Israel and Iran. His dramatic exit came hours after Israel launched fresh strikes on Tehran, hitting military targets and even Iran’s state TV HQ during a live broadcast. Over 200 killed in Iran and 24 in Israel as both sides exchange missile and drone strikes. Israel claims it has disabled key parts of Iran’s nuclear program. Iran vows “regret-inducing” retaliation. Trump insists America won’t join the war, but D.C. is bracing for regional fallout.

Why It Matters: This is the most direct Israel-Iran clash in decades—raising the specter of a wider regional war, nuclear escalation, and U.S. military involvement just months before a contentious election. French President Macron called Trump’s early departure a possible sign of back-channel diplomacy. ( Read Deeper )

Russian Missile And Drone Attack Kills 14 in Kyiv, Dozens Injured

A major overnight assault by Russian forces on Kyiv killed 14 people and injured 44, making it one of the most devastating attacks on the Ukrainian capital in months, officials say. Strikes hit 27 locations, damaging residential buildings, schools, and key infrastructure. A ballistic missile hit a nine-story apartment building in the Solomianskyi district, collapsing part of the structure.

Takeaways: Despite ongoing direct talks between Russia and Ukraine, the barrage underscores the fragile nature of any diplomatic progress. Meanwhile, Russia claims to have shot down 147 Ukrainian drones, including some near Moscow. (Read Deeper)

ENTERTAINMENT & SPORTS

Joe Rogan Now Rivals Traditional News: Young Americans Turn To Podcasts, Social Media For News

Traditional U.S. news outlets are losing ground to online creators like Joe Rogan, YouTube personalities, and even AI chatbots, according to the 2025 Reuters Institute Digital News Report. For the first time, more Americans said they got their news from social media and video platforms than from TV or traditional news sites—a tipping point in how Americans consume information. Among Americans under 35, over half rely primarily on social and video platforms for news. Chatbots like ChatGPT are also rising fast, 15% of people under 25 already use AI for weekly news updates. (Read Deeper)

Juror Removed From Diddy Trial Over Residency Discrepancies

A juror in the high-profile sex trafficking trial of Sean "Diddy" Combs has been dismissed after providing inconsistent information about his residence, raising questions about his honesty. Though the juror originally stated he lived in the Bronx, he later revealed he had moved to New Jersey with his girlfriend. Judge Arun Subramanian cited "several inconsistencies" that suggested a potential intent to mislead the court. The juror was replaced by a 57-year-old white male alternate from Westchester. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• The Shopify President: the categories that are printing right now. (Listen)

EXTRA BREVITI

• OpenAI May Accuse Microsoft of Antitrust Violations Amid Tense Talks. (Read More)

• Eleven years after Meta bought WhatsApp for $19 billion, the world’s most popular messaging app is getting ads. (Read More)

• Trump Launches $499 Smartphone & Mobile Plan Called “Trump Mobile” (Read More)

• Tron, the blockchain network founded by controversial crypto entrepreneur Justin Sun, is set to go public. (Read More)

• UK Pledges $340M to Green the Skies with Clean Aviation Tech. (Read More)