Axios

President Trump spoke for more than an hour on Friday at a U.S. Steel facility in Pennsylvania, but never explicitly said if he's approved a deal whereby Japan's Nippon Steel would acquire U.S. Steel for $14.9 billion.

Why it matters: This prolongs a 16-month saga that included lawsuits, intra-union dissension, conflict between geopolitical allies, and literal shouting.

For those of a certain age, from a certain part of the country, there is no stronger opinion than this: All ice cream pales in comparison to a cone from Thrifty.

Why it matters: The bankruptcy of Rite Aid earlier this month caused something of a panic over the fate of Thrifty, a drug store chain whose ice cream counters were the stuff of legend.

• Rite Aid bought Thrifty in the 1990s but kept some of the counters open, serving ice cream in a unique cylindrical shape.

Driving the news: As USA Today reported today, a looming bankruptcy sale of Rite Aid's assets has created doubts over the future of the Thrifty Ice Cream brand.

American officials shouldn't assume China will buckle in the face of incessant trade pressure, JPMorgan Chase CEO Jamie Dimon said Friday.

Why it matters: It's a blunt warning from the head of the nation's largest bank to a government that assumes China has no choice but to come to the negotiating table.

House Ways and Means chair Rep. Jason Smith (R-Mo.) said a measure in President Trump's proposed tax bill that takes aim at foreign investors is a way to keep other nations "in check."

Why it matters: Wall Street is worried that a tax on foreign investment contained in the "One Big Beautiful Bill" could make overseas investors reluctant to buy U.S. assets — at a time they are already wary of U.S. policies.

An upbeat inflation report on Friday was overshadowed by President Trump's warning about escalating U.S.-China trade tensions.

Why it matters: Little captures the rattled state of the American economy like the morning's sequence of events.

Mary Meeker, the famed internet analyst turned venture capitalist, on Friday published her first Trends report since 2019 — focused on the AI revolution.

• Silicon Valley execs and investors are sure to pour over all 340 pages, but Axios chatted with Meeker this morning to distill some top takeaways.

President Trump on Friday blasted China and accused it of violating the trade truce the two countries signed earlier this month.

Why it matters: Just as courts hollow out Trump's tariff campaign, he's re-escalating on other fronts.

The Federal Reserve's favored inflation indicator cooled in April, though consumers pulled back sharply on their spending, the Commerce Department said on Friday.

Why it matters: Price pressures were mild, but consumers were notably cautious as President Trump implemented some of the steepest tariffs to date.

At any moment, a Truth Social post — and now a court ruling — can upend the global trade system.

Why it matters: The world economy has never seen anything like this. The tariff legal fight injects new uncertainty into what was already a historically unpredictable situation.

Businesses are racing to replace people with AI, and they're not waiting to first find out whether AI is up to the job.

Why it matters: CEOs are gambling that Silicon Valley will improve AI fast enough that they can rush cutbacks today without getting caught shorthanded tomorrow.

President Trump and Chinese leader Xi Jinping may need to hold a phone call to overcome stumbling blocks in trade negotiations, Treasury Secretary Scott Bessent said Thursday.

The big picture: Bessent helped the U.S. strike a deal with China following a summit in Switzerland earlier this month that saw the world's two largest economies agree to slash tariffs for 90 days.

A federal appellate court on Thursday temporarily stayed a ruling that effectively wiped out most of President Trump's tariffs.

Why it matters: The intervention will deepen the chaos around the Court of International Trade's Wednesday order, which threatens to upend global commerce.