Axios

Treasury Secretary Scott Bessent warned Speaker Mike Johnson on Friday to raise the debt ceiling by mid-July, in case the government's extraordinary measures run out while Congress is on its August vacation.

Why it matters: The new so-called X-date is slightly more urgent than the messaging of just a few days ago, when the head of the Congressional Budget Office reportedly projected the government's cash and extraordinary measures might last until early September.

DraftKings CEO Jason Robins told investors on an earnings call today that live betting — wagers placed on a game while it's happening — represented more than 50% of the amount bet on the sportsbook in the first quarter.

• It's the first time it's been a majority. Added Robins, "We think there's even more upside from there."

The big picture: Live betting is generally believed to drive deeper viewer engagement, and many broadcasts have jumped in by catering to the demographic with in-game graphics on betting lines.

Nutella is debuting its first new flavor in six decades, CNBC reports.

Between the lines: The brand, owned by European confectioner Ferrero Group, will introduce Nutella Peanut in the U.S. in spring 2026.

• "The spread mixes the taste of classic Nutella's cocoa and hazelnut with roasted peanuts," according to CNBC.

💭 Nathan's thought bubble: I don't love the hazelnut flavor of Nutella, so the move in a peanut direction sounds more enticing.

The U.S. and China have been trading jabs and flexing ahead of this weekend’s trade talks.

• But with the fates of businesses, consumer products, and jobs hanging in the balance, the two global superpowers are locked in the world’s most expensive game of chicken.

Why it matters: The pain that has already reverberated from the sky-high tariff rates between the world’s two largest economies won’t fade quickly — even if they broker a deal this weekend.

The United States Postal Service Board of Governors announced Friday that it selected David Steiner to be the nation's 76th postmaster general.

Why it matters: USPS has been the focus of intense scrutiny with Elon Musk's Department of Government Efficiency. Members of the Trump administration have publicly contemplated privatizing or overhauling the service.

The United States is ripping up longstanding trade arrangements, developing more hostile relationships with allies, and undermining independent institutions, all while rapidly running up more debt.

The big picture: That's a recipe for the role of the U.S. dollar as global reserve currency — unquestioned since the end of World War II and at a high-water mark just a decade ago — to fade.

President Trump on Friday suggested possibly cutting tariffs on China to 80%, ahead of trade talks in Switzerland scheduled for Saturday.

Why it matters: Reducing the 145% levy to 80% would still be higher than Trump's original reciprocal tariff on China, and also significantly more than early reports suggested was possible.

The number of people with full-time equivalent jobs as digital creators in the U.S. jumped from 200,000 in 2020 to 1.5 million in 2024, according to a new report.

Why it matters: Creators are now the largest and fastest-growing segment of the 28.4 million internet-dependent jobs in the U.S.

Markets cheered the new trade pact between the U.S. and U.K. on Thursday.

• But the details show that trade war relief will only go so far, even as the de-escalation road map becomes clearer.

The big picture: The first significant trade accord of this Trump term affirms that the president is in dealmaking mode and wants to steer around the kinds of economic risks generated by his original announcement of large-scale reciprocal tariffs.

The UK has a tip for allies angling for a trade deal with President Trump: turn on the charm offensive and say "no" nicely.

Why it matters: The UK is the first to de-escalate trade tensions and win relief for its domestic industries in the Trump tariff era.

The U.S. and Britain this morning unveiled the framework for a sweeping new trade pact, which sparked investor optimism that more may be on the way.

• Stocks rose, bond prices fell, and bitcoin jumped back over $100,000 as investors pivoted back into a risk-on trade. But some specific winners emerged from today's agreement.

What's inside: The universal 10% tariff on U.K. imports will remain. However, tariffs on U.K. autos will be lowered from 27.5% to 10%, with a quota of 100,000 vehicles.

• The U.S. will get new access to U.K. markets for exports of beef, ethanol and machinery.

The impact: Aston Martin jumped on the news, with shares of the U.K. luxury automaker surging 16% in London. Just last week it said it was scaling back U.S. imports due to President Trump's tariffs.

Krispy Kreme said it is "reassessing the deployment" of its doughnut partnership with McDonald's and will pause the nationwide rollout.

Why it matters: The doughnut chain's shares were down 24.7% Thursday after the news was announced in its quarterly earnings.

The OCC, a bureau of the Treasury Department charged with overseeing national banks, put out an interpretative letter Wednesday further clarifying that the banks it supervises are allowed to hold crypto for their customers.

Why it matters: The OCC is one of three big U.S. bank regulators that recently rolled back earlier guidance that had basically kept banks out of crypto — but some crypto supporters believe the message can still be more clear.

Arizona last night signed a law allowing the state to hold bitcoin and other cryptocurrencies, the second such law inked over the past week after New Hampshire on Tuesday became the first state to pass some kind of reserve legislation.

Why it matters: Reserves for bitcoin became a national issue after then presidential candidate Donald Trump made the idea of bitcoin strategic reserves into a topic.

• It has spread ever since the election, with half the country's state legislatures at least floating the idea.

Friction point: Arizona's passage was far from smooth sailing. The state's Democratic governor, Katie Hobbs, vetoed a separate bill on the measure last week after it cleared Arizona's second chamber.

The site we all look to when we want to predict the future of crypto prices, Deribit, is now owned by Coinbase, the largest exchange in the U.S., per the Wall Street Journal.

By the numbers: Coinbase will pay $2.9 billion to close the deal.

• Coinbase says Deribit did $1 trillion in volume last year.

💭 Our thought bubble: It's a power move for Coinbase, which is unlikely to become the biggest exchange in the world any time soon.

• But now it owns the biggest exchange for options.

President Trump called the slowdown at U.S. ports in the wake of his tariffs on China going into effect a "good thing."

Why it matters: West Coast ports warn of plunging cargo volume, with likely far-reaching economic effects in the weeks and months ahead.

The U.S. and Great Britain announced a deal that marks the first de-escalation of trade tensions in the Trump era.

Why it matters: President Trump imposed across-the-board tariffs that shocked global financial markets and major allies alike. This is the clearest evidence yet, though, that there exist off-ramps and potential for de-escalation.

The U.S. and Britain agreed on the framework for a sweeping new trade deal, the first major pact since President Trump began a campaign of global tariffs.

Why it matters: It may serve as a model for the dozens of other countries negotiating with his administration.

The Treasury Department on Thursday said it was imposing sanctions on a Chinese refinery and the operators of a Chinese port over shipments of Iranian crude oil.

Why it matters: The sanctions follow President Trump's threat last week to punish anyone that bought Iranian oil, which was seen as mostly affecting China and Chinese companies.

Biotech venture capital is risky business, inherently at the mercy of regulators and binary outcomes.

• Now it may face a new challenge in the form of Vinay Prasad, who this week was named to lead the FDA's Center for Biologics Evaluation and Research.

The European Commission on Thursday rolled out a list of more than $100 billion in imports from the U.S. that could eventually be tariffed if a trade deal can't be negotiated.

Why it matters: The significant threat of trade war escalation will increase the urgency of striking a deal, with higher tariffs looming on the U.S. side, too.

Bonuses are expected to drop for many on Wall Street this year, but market volatility has created a few winners, per a projection from compensation consulting firm Johnson Associates out Thursday morning.

Why it matters: Finance professionals were excited about the markets in a second Trump term, but so far investors have been on quite the rollercoaster.

Here's what's new on Netflix, Peacock, Hulu, Paramount+, Prime Video, Apple TV+ and Max.

What we're watching: A comedy based on a real restaurant staffed by grandmas, a new season of "Poker Face," and a series that reimagines one of Judy Blume's most notable novels.

Getting the old family car is a rite of passage for many teen drivers, but it could increase their odds of being in a fatal accident by nearly a third, a new study in JAMA Network Open found.

Why it matters: Newer vehicles and those with more driver assistance technologies reduce the risk of fatal crashes, but are likelier to belong to middle-aged and older drivers.

America's tech titans backed President Trump's promise of a new "Golden Age" with seven-figure checks, glowing public praise and front-row tickets to his inauguration.

• So far, those favors remain unreciprocated.

Why it matters: Big Tech has been in MAGA's crosshairs for years. Even as Trump revels in the industry's dramatic realignment and personal overtures, the core tensions in the relationship are far from resolved.

The University of Washington suspended 21 students who were arrested during pro-Palestinian protests at the Seattle campus this week, per a UW statement Wednesday.

The big picture: The suspended students have been banned from all college campuses. They were among some 30 demonstrators arrested Monday during a protest calling on the college to cut ties with Boeing due to the aircraft maker's relationship with Israel, according to the statement.