Biden Increasing Tariffs

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BUSINESS & ECONOMY

🚀 Biden Increases Tariffs on Chinese Goods 

President Joe Biden imposed elevated tariffs on Chinese goods including electric vehicles, solar cells, steel, and aluminum, stating, "American workers can outwork and outcompete anyone as long as the competition is fair." Under Section 301, tariffs surged, with EVs facing a 102.5% increase. Additionally, tariffs on solar cells doubled to 50%, and certain steel and aluminum products faced a 25% hike. 

📉 Fed's Powell: High Interest Rates May Take Longer to Curb Inflation

Federal Reserve Chair Jerome Powell stated in Amsterdam that high interest rates might take longer than expected to lower inflation due to persistent economic pressures. He emphasized patience with restrictive policy and noted no immediate plans for rate cuts despite a slowing labor market. He stated, “It may be that (high interest rates) take longer than expected to do its work and bring inflation down.”

🏡 Record High Home Equity for Americans

American homeowners with mortgages reached a record $17 trillion in home equity in Q1 2024, with $11 trillion being tappable, allowing homeowners to access funds while maintaining 20% equity. On average, this equates to $206,000 per mortgage. Approximately 48 million homeowners can utilize this equity through home equity loans or lines of credit, potentially impacting household finances significantly. 

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WORLD

🚀 Biden admin to send $1B more in weapons, ammo to Israel

The Biden administration will send over $1 billion in additional arms and ammunition to Israel, including $700 million for tank ammunition, $500 million in tactical vehicles, and $60 million in mortar rounds. This is to support Israel's defense needs amid its conflict with Hamas. Biden affirmed, "Israel has all of the military means it needs to defend itself." 

🔥 Georgia Sparks Protests with Approval of Controversial 'Foreign Agent' Law

Georgia's parliament approved a "foreign agent" law requiring NGOs and media with over 20% foreign funding to register as foreign agents. Critics liken it to Russia's oppressive measures, sparking mass protests in Tbilisi. President Salome Zourabichvili plans to veto the law, but parliament can override it. Natia Seskuria stated, “Georgians will rally against this law as long as it takes.” 

🌟 Lawrence Wong poised to become Singapore's new prime minister 

Lawrence Wong succeeds Lee Hsien Loong as Singapore’s prime minister after a 20-year tenure. A People’s Action Party member, Wong faces challenges like COVID-19, economic slowdown, and political stability. Emphasizing public trust and global diplomacy, he aims to lead Singapore into a new era, stating, "He has a big task to quickly show that he is indeed the right person who can deliver." 

SCIENCE & TECH

📱 Android apps to integrate facial control for cursor 

Google plans Project Gameface, its hands-free gaming 'mouse' controlled by facial gestures, is now open-source for Android developers. This accessibility feature uses the device's camera and MediaPipe’s Face Landmarks Detection API to translate facial expressions into cursor movements. Users can open their mouths to move the cursor or raise their eyebrows to click and drag. 

📢 Google I/O 2024 Announcements

Google I/O introduces major updates centered around its Gemini AI models including "Ask Photos" for intuitive photo searches, video-based search with Google Lens, and Gemini 1.5 Flash for faster responses. Project Astra will act like a versatile AI assistant. Gemini Live will enhance voice interactions, while Gemini Nano helps Android phones detect scam calls.

SPORTS & ENTERTAINMENT

⚽️ Haaland's Double Puts Man City on Brink of Premier League Title

Manchester City is on the verge of a Premier League title as Erling Haaland scored twice in a 2-0 win over Tottenham. Haaland netted in the 51st minute, converting Kevin De Bruyne’s cross, and added a penalty in stoppage time after Pedro Porro fouled Jeremy Doku. City leads Arsenal by two points with one game remaining. City manager Pep Guardiola stated  "The tension is there," said City manager Pep Guardiola. 

🏀 Seven Stanford Athletes Join WNBA

Seven former Stanford players are on the WNBA's 28th season rosters. Nneka Ogwumike and Kiana Williams join the Seattle Storm. Cameron Brink debuts with the Los Angeles Sparks. Lexie Hull continues with the Indiana Fever. Haley Jones is in her second season with the Atlanta Dream. Alanna Smith joins the Minnesota Lynx, and Karlie Samuelson signs with the Washington Mystics. 

OTHER NEWS

📈 Federal student loan interest rate hits 12-year peak

The interest rate on new federal student loans for undergraduates will increase to 6.53% for the 2024-25 academic year, the highest since 2012-13. Graduate students will see an 8.08% rate, and plus loans will rise to 9.08%. These increases are due to the 10-year Treasury note auction, influenced by the Federal Reserve's high benchmark rates to combat inflation.

📊 Most Americans Don't Plan to Work into Their Mid-60s

According to new data from the New York Fed, The number of workers expecting to work past age 62 has dropped to 45.8%, down from 55.4% four years ago. Additionally, only 31.2% of workers expect to work beyond 67, down from 36.2% four years ago. This trend is consistent across various demographics, especially among women. 

THIS DAY THAT YEAR

On May 15th, 1940, in San Bernardino, California, Maurice (“Mac”) and Richard McDonald launched a drive-in eatery, birthing the iconic fast-food giant, McDonald's this modest venture evolved into the global phenomenon known as McDonald's, reshaping the landscape of fast food forever.

BRAIN TEASER

I have two hands, but I can not scratch myself. What am I?

Nailed it or stumped? Hit us with a reply and find the correct answer 🎯

Here’s what yesterday’s teaser was

My neighbor makes mistakes. I get rid of them. Who am I?

The answer is: Eraser

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