New-model proxy wars: After a relative lull following the end of the Cold War, violent conflicts have proliferated around the world since the turn of the century, and they generally proven to be more protracted than in the past. Among the biggest factors behind this disturbing trend is the rise of interventionist "middle powers." Comfort Ero + Richard Atwood
Trump weighs options, and risks, for attacks on Venezuela: President Trump has yet to make a decision, but his advisers are pressing a range of objectives — from attacking drug cartels to seizing oil fields — to try to justify ousting Nicolás Maduro. NYT
How the US is preparing a military staging ground near Venezuela Reuters
Miami Herald: China backs Venezuela, Trump hints Maduro’s end is near as tensions escalate
Russia open to sending hypersonic missiles to Venezuela: Telegraph reports weapon capable of carrying a nuclear warhead among those that could be dispatched to tackle Trump’s drugs offensive.
One Caribbean leader is going all-out for Trump against Venezuela: Trinidad and Tobago’s prime minister is hosting US warships and cheering strikes on alleged drug boats in a high-risk gamble. WSJ
Reuters: Mexican president dismisses report of possible US military mission inside Mexico
A mayor’s assassination reignites Mexico’s debate over confronting cartels: WSJ reports President Claudia Sheinbaum says the country won’t return to violent war on drug traffickers that some opponents say is necessary.
A narrow Pacific waterway is at the heart of US plans to choke China’s vast navy: The US has deployed troops and anti-ship missiles into the northern Philippines as part of almost continuous, joint war drills throughout the country. One goal is to block the Bashi Channel and deny Chinese warships access to the Pacific Ocean if Beijing launches an attack on Taiwan. As a former Philippine military chief told Reuters: You can’t invade Taiwan if you don’t control the northern Philippines. Reuters
China’s security state sells an AI dream: China’s new national drive to embrace artificial intelligence is also giving the authorities new ways to monitor and control its citizens. NYT
The trade war couldn’t change China’s economy: American hopes for political reform in China faded years ago, and now hopes for economic liberalization are fading too. WSJ
Xi masters the art of the deal over Trump: Their trade truce was welcomed but the Chinese leader is set to wrest the Pacific from the US. Roger Boyes
What Chinese leaders really think of Trump: According to Chinese academics, economists, and retired military officers, the country's leaders are not losing any sleep over Donald Trump's America First agenda. In fact, as they see it, the US president is ushering in a world that Chinese strategists have long been preparing for. Mark Leonard
Trump's 'G2' revival sparks anxiety in Washington and Asia: The president's words hint at coexisting spheres of influence with China. Nikkei
China against China: Xi Jinping confronts the downsides of success. Jonathan A. Czin
China’s Belt and Road Initiative is booming: In a Trump-troubled world, China’s leader still sees opportunities in poor countries. Economist
Japan needs foreign workers. Its far right is turning against them: In the city of Toyota, immigrants help power the economy while facing political backlash. Bloomberg
What will it cost to make Vladimir Putin stop? Europe must offer Ukraine a big enough financial package to deter the Kremlin. Economist
Zelenskyy faces criticism over energy supply as Putin bids to cripple Ukraine’s power grid: Politico reports a former energy boss accuses Kyiv’s leadership of a politically motivated vendetta against him — and acting too late on a plan to guard the sector against Russian attacks.
Ukraine's Zelenskyy visits troops near threatened Pokrovsk: DW reports Russian and Ukrainian troops continue fighting in the ruins of Pokrovsk for control of the strategically valuable logistics hub in Donetsk. Moscow has been trying to capture the settlement for more than a year.
Reuters: EU's frozen-asset funding for Ukraine may need bridging solution, Dombrovskis says
Bloomberg: Poland wants its own drone wall to counter Russian threat
Republicans torch Pentagon over lack of information on European troop drawdown: Politico reports: “The situation needs to improve if we are to craft the best defense policy,” Senate Armed Services Chair Roger Wicker (R-MS) told Pentagon nominees.
Reuters: Republican lawmakers lash out at Pentagon for keeping them in the dark
Kimberly Guilfoyle has officially started as the first woman to serve as US ambassador to Greece.
What can Europe offer a fragmenting world? As the rivalry between the United States and China intensifies, many countries are seeking partners they can trust. The European Union could fill that role by offering economic opportunity, a secure investment environment, and legal systems that are predictable and fair. Ngaire Woods
An EU-Mercosur trade deal looks close to ratification: In a hostile world, Europe and Latin America draw closer. Economist
The Maldives bans smoking for everyone born after 2006: WP reports the country where about a fifth of the population uses tobacco is the first to institute a generational smoking ban.
Nigeria, in Trump’s cross hairs, rejects Christian genocide claims: NYT reports officials have accused the United States of foreign interference and called on Washington to support the country’s democracy instead of fomenting division.
Nigeria rejects US military threat over alleged Christian killings: Politico reports the African nation denied that Christians are being persecuted.
Sudan civil war spiralling out of control, UN secretary general says: Guardian reports António Guterres calls for the violence to end but there appears little appetite for ceasefire proposed by US.
Bloomberg: Sudan army weighs US truce plan as UN condemns violence
As criticism grows, is UAE ready to walk away from Sudan’s RSF militia? Guardian reports after mass killings in El Fasher and four years on from a coup, UAE now admits its Sudan policy has gone wrong.
Sudan: The UAE's shady role and Western nations' 'culpable indifference': Le Monde reports allied with General Hemedti's Rapid Support Forces, the UAE has provided crucial logistical support to the paramilitary fighters who conducted the deadly assault on el-Fasher.
Tanzania's instability could harm trade in southern Africa: DW reports the political unrest in Tanzania could potentially disrupt key trade routes and the landlocked economies in southern Africa that rely heavily on the East African country's ports for essential imports.
Canadian economy struggles amid Trump's trade war: Le Monde reports Canada faces the fallout from the US president's protectionist offensive. To reduce its reliance on its powerful neighbor, Ottawa is banking on a major infrastructure and investment plan.
Carney earmarks billions in new spending to counter US protectionism: G+M reports federal budget projects $78.3-billion deficit and sets out tax incentives, public service cuts.
Canada signals it plans to scrap oil and gas emissions cap: Bloomberg reports the Canadian government has signaled it plans to eventually lift the controversial cap on emissions from the oil and gas sector, doubling down instead on its industrial carbon pricing system to rein in pollution.
Trump and the presidency that wouldn’t shut up: His posts and rants are omnipresent, ugly, and unhinged. Don’t look to history to make it make sense. Jill Lepore
How the US economy has defied doomsday predictions on Tariffs: Inflation is lower than expected after President Trump’s steep levies. WSJ
Majority of Americans say tariffs hurt their family's financial situation, are spending more on groceries and utilities: Poll: ABC News reports that about 7 in 10 Americans are spending more on groceries compared to last year.
From groceries to gas, Americans say they’re spending more under Trump: WP reports the Post-ABC News-Ipsos survey found two-thirds of independents and 92 percent of Democrats blame the president, but only 20 percent of Republicans do.
She voted for Trump three times. Now she is leading a fight against his tariffs. The Liberty Justice Center led by Sara Albrecht is better known for backing right-leaning causes, but it filed the tariff case that will be heard by the Supreme Court this week. NYT
Mystery conservative donors bankroll opposition to Trump’s tariffs: The Supreme Court test of Trump’s power is backed by a group funded without disclosure by wealthy conservatives, highlighting a deep split over import taxes. WP
An Obama-appointed judge's 'roadmap' could help Trump win Supreme Court tariffs case Reuters
What’s at stake as Trump’s tariffs go before the Supreme Court: Refunds, trade deals, and presidential power are all in play. WSJ
Small businesses gear up for tariff fight at Supreme Court: Companies that sell diamonds, plant sensors, and wine all have one thing in common: They are weighing in against tariffs in a consequential case. NYT
Trump vs the toy maker: Tariffs on trial at US Supreme Court: Wednesday hearing looks into whether levies exceed legal authority. Nikkei
How Donald Trump can dodge a Supreme Court tariff block: No matter its ruling, the president has back-up powers. Economist
Lawmakers see hope for ending record-tying shutdown: WSJ reports a frustrated President Trump again demanded that Republicans end the Senate filibuster to bypass Democrats and reopen the government.
ABC News: Department of Transportation might be forced to shut down some airspace next week: Duffy
Duffy warns of air travel ‘mass chaos’ by next week: Politico reports the Transportation secretary said air traffic controllers can’t afford to miss another paycheck.
Trump negotiating with Ozempic maker to sell some weight-loss drugs for $149: WSJ reports the deals would sell some of Novo Nordisk and Eli Lilly’s obesity drugs via TrumpRx and make them eligible for Medicare and Medicaid coverage.
Trump revives billionaire Isaacman’s nomination to top NASA job: Bloomberg reports Trump renominated Elon Musk ally Jared Isaacman to lead NASA on Tuesday, a major about-face just five months after the White House ended his candidacy as relations between Trump and Musk soured.
No politics is local: State and city elections are now heavily intertwined with what happens in Washington. David A. Graham
A ‘perpetual gerrymandering extravaganza’: What was once a once-a-decade occurrence has morphed into a standing political arms race. Politico
CNN: Democrats sweep the first major elections of Trump’s second term
WP: Mamdani wins in NYC; Democrats take NJ, VA governor races
+ Mamdani takes New York’s mayoral race; Sherrill, Spanberger prevail in contests for governor
+ @NBCNews: exit polling on young men (18-29) in VA, NJ, and NYC
VA: Spanberger +14
NJ: Sherrill: +10
NYC: Mamdani +40
NYT: Mamdai seals victory in improbable run
NYP: On your Marx, get set, Zo!
+ Dem socialist Mamdani wins NYC mayoral election as city braces for leftist policies
+ The Uganda-born Mamdani will be the Big Apple’s first Muslim and first socialist mayor, as well as one of the youngest.
NBC News: Zohran Mamdani wins the New York mayoral race
+ Mamdani will be the youngest New York mayor in a century, NBC News projects, after a rapid rise past Andrew Cuomo and other opponents.
NYT: New York mayor’s race draws highest turnout since 2001
FT: Mamdani wins NYC as Democrats sweep key races in blow to Trump
WSJ: Zohran Mamdani takes NYC as Democrats win key races
The meaning of Zohran Mamdani: Will the New York mayoral favourite be a boon to the Democratic party, or a millstone around its neck? FT
Wall Street couldn’t prevent Mayor Mamdani. Now it has to work with him. WSJ reports some leading figures of financial world spent millions to elevate other candidates in New York City mayoral race.
Mamdani is a gift, which Trump should unwrap carefully: You couldn’t design a better far-left foil. But his voters’ frustrations are real and serious. Gerard Baker
NYT: Democrat wins NJ governor’s race over Trump-backed opponent
WP: Abigail Spanberger to be Virginia’s first female governor
+ @DefenseBaron: Wow —> “No woman has led Virginia since its colonial government was formed 406 years ago and since Patrick Henry became the first governor of the independent state in 1776.”
The Hill: Hashmi wins Virginia lieutenant governor’s race, will be first Muslim woman in statewide office
+ @FrankLuntz: Every single county in Virginia shifted blueward tonight:
AP: California voters approve new US House map designed to boost Democrats in 2026, aiming to blunt GOP changes elsewhere
DETROIT-MAYOR: Mary Sheffield wins Detroit mayoral election.
+ @freep: BREAKING: Detroit City Council President Mary Sheffield made history Tuesday night, Nov. 4, becoming the city's first woman mayor in an election she led from start to finish.
WLWT: Afrab Pureval reelected Cincinnati mayor, defeating half-brother of JD Vance
+ @AP: BREAKING: Democrat Aftab Pureval wins Cincinnati mayoral election over Cory Bowman, half-brother of Vice President JD Vance.
In the US, young Democrats' rebellion spreads across many states: Le Monde reports New York, Maine, Missouri, Florida, Texas… In opposition to candidates backed by the party leadership, progressive youth are striving to bring forward a new generation of elected officials, focusing on economic and social issues.
LAT: Sen. Alex Padilla (D) says he won’t run for California governor
The secretive donor circle that lifted JD Vance is now rewriting MAGA’s future: Chris Buskirk put tech elites at the center of power in Trump’s Washington. His efforts are grounded in a controversial theory: An “aristocracy” is needed to move the country forward. WP
It’s been a year since Trump was elected. Democrats still don’t get the internet: “I can’t, for the life of me, figure out why we are still so rigid and moderating everything when we have nothing to lose for the first time,” a Democratic digital strategist tells Wired. Wired
The rise and fall of Stacey Abrams’s political machine: The New Georgia Project, her get-out-the-vote group, has folded. Economist
Waiting, impatiently, for 2028: An extremely early, surely premature analysis of who might win the Democratic presidential primary. Ben Terris
Dick Cheney, powerful vice president during war on terrorism, dies at 84: After 9/11, he used his role as President George W. Bush’s chief strategist to approve the use of torture and steer US occupations of Afghanistan and Iraq. WP
Dick Cheney, powerful former vice president who served four Republican presidents, sies at 84: National-security hawk was an architect of the post-9/11 US war on terror. WSJ
Dick Cheney, former US vice-president, 1941-2025: Influential politician was an apostle of unilateralism and among the strongest voices urging the US invasion of Iraq. FT
There was one Dick Cheney all along: The end of the former vice president’s career reflected its beginnings. David Frum
A decade of dramatic GOP change since Paul Ryan became speaker: Ten years after Ryan’s ascension, there’s little of the former speaker’s traditional conservatism remaining in today’s House Republican caucus. WP
Laura Loomer is now credentialed to cover the Pentagon.
MS … NOW? As MSNBC rebrands, a $20 million effort to avoid confusion. NYT reports that after three decades, the MSNBC brand will be retired on Nov. 15. The network has called in Rachel Maddow to help viewers make the transition.
Bloomberg: US utility lobbying jumps 14% amid AI boom, clean energy turmoil
NRA furloughs staff as it prepares to rebuild ahead of 2026: WP reports the once-mighty gun rights group is trying to balance its books after years of misspending.
Britain’s quantum software start-ups might be giants: Companies such as Phasecraft and Riverlane will need to be brave to remain independent. John Gapper
Bloomberg: Apple prepares to enter low-cost laptop market for first time
AI is the bubble to burst them all: I talked to the scholars who literally wrote the book on tech bubbles—and applied their test. Wired
AI stocks waver as ‘Big Short’ investor bets against Palantir, Nvidia: WP reports Michael Burry drew the ire of Palantir CEO Alex Karp after disclosing his bets against the artificial intelligence giants.
The AI revolution will bring prosperity: The growth of industry disrupted old economic patterns but produced undreamed-of wealth. Phil Gramm + Michael Solon
AI and the coming white-collar political upheaval: Manufacturing job losses in the 2000s affected politics. Disruptions to desk jobs will too. William A. Galston
Will AI kill the firm? For centuries, the firm has organized economic life, translating human labor into value through hierarchy and routine. But as agentic AI begins to perform the managerial work of coordinating and decision-making, the institutions that once defined modern capitalism are starting to give way. Sami Mahroum
US races to train tech workers for manufacturing, but will AI get the jobs first? Immigration issues and China competition further complicate Trump's vision of an industrial revival. Nikkei
Is it man or machine? The rise of AI-generated reviews is making it harder to spot the online fakes: Analysis of Canadian industries by an AI-detection firm finds that machine-made reviews are suspected in up to 35% of marketing posts, and experts says it’s increasingly difficult to filter out the phoneys. Toronto Star
Tesla is obsessed with Musk’s pay package. Musk is obsessed with AI. Focus on winning tech arms race leads to long hours at xAI; employees turned over biometric data to develop controversial avatars. WSJ
Right-wing chatbots turbocharge America’s political and cultural wars: Once pitched as dispassionate tools to answer your questions, AI chatbots are now programmed to reflect the biases of their creators. NYT
China is building the future: The United States can learn from its technological success. Eric Schmidt + Selina Xu
Reuters: China's Xi pushes for global AI body at APEC in counter to US
Bloomberg: Amazon demands Perplexity stop AI tool from making purchases
Everyone hates ‘Friend,’ the AI necklace. But the AI isn’t the problem. A wearable companion is a brilliant idea — in theory. NYT Mag
Bloomberg: Australia widens under-16 social media ban to include Reddit
Portugal has plenty of tourists. Now it wants data centers: Investment around the town of Sines totals almost 5% of GDP as the country seeks to retool its economy for the 21st century. Bloomberg
What happened when small-town America became Data Center, USA: Residents, politicians, and local agencies are making the most of the tech boom, but prosperity comes with costs; ‘What’s going to happen once they stop building?’ WSJ
Nippon Steel to mass-produce high-grade steel for US data centers: Nikkei reports investment made in new plant facilities to meet rising demand from tech giants.
US Steel details plans to invest $11 billion by 2028 across all business segments: AP reports the announcement comes just five months after Nippon Steel finalized a “historic partnership“ with the Pittsburgh steelmaker in a deal worth nearly $15 billion. That deal included a “golden share” provision that gave the federal government the power to appoint a board member and a say in some company decisions.
New lawsuit alleges Spotify allows streaming fraud: AFP reports a new lawsuit alleges streaming giant Spotify turns a blind eye to vast networks of bots that inflate streaming figures to benefit megastars such as Drake at the expense of lesser-known artists.
Bank of America 3.0? Moynihan set to pitch strategy refresh to investors: Sprawling lender’s longtime chief will convene the first investor day in 14 years. FT
The Amazonification of Whole Foods is finally here—bring on the Doritos: WSJ reports Amazon is shaking up the natural-foods grocer with robots in the backroom and Pepsi outside the exit in its push for a bigger slice of the supermarket business.
How New York became a nightmare for Airbnb: For the past two years, short-term tourist rentals have effectively been banned in the American metropolis as the result of a massively complex regulatory overhaul. The platform is now hoping, without much optimism, to see the rules eased after the municipal elections on Tuesday. Le Monde
Has Airbnb reached its peak? Brian Chesky, its boss, wants to offer more than just a bed to sleep on. Economist
New York City restaurateur Danny Meyer coming to Hudson's Detroit: Detroit News reports that one of New York City's top chefs and restaurateurs, Danny Meyer and his Union Square Hospitality Group, announced on Thursday that they will be joining Hudson's Detroit in 2026.
The great friendship flattening: Relationships are getting lost in the sauce of everything else on your phone. Julie Beck
Louis CK doesn’t need everyone to like him: The comedian, who this month releases a coming-of-age debut novel, on rebuilding his career, why he doesn’t believe in comedy as therapy and what it’s like to be ‘a secret superstar.’ WSJ
ESPN: Tom Brady says his dog is a clone of family's previous pet
Toronto Star: Jays vs. Dodgers World Series finale was largest international broadcast operation in the history of the sport, MLB says
Padres ace Darvish to miss 2026 MLB season after surgery: AFP reports San Diego Padres pitcher Yu Darvish said Tuesday he will miss the entire 2026 Major League Baseball season after undergoing surgery to repair injured tendons in his elbow.
Arise, Sir David! Beckham receives knighthood at Windsor Castle: The Times reports the former England captain was recognised for his services to sport in the King’s birthday honours.
AFP: LIV Golf switching to 72-hole format in 2026: official
Enjoy the ride + plan accordingly.
-Marc
Marc A. Ross | Chief Communications Strategist @ Caracal
Caracal Daily | November 4
Supreme Court confronts Trump and his tariffs in test of presidential power: The justices face a so-called legitimacy dilemma as they deal with a tricky legal dispute and a president who has made clear he would view defeat as a personal insult. NYT
Businesses press Supreme Court to strike down Donald Trump’s emergency tariff power: About 40 briefs have been filed challenging signature policy ahead of showpiece hearing. FT
Reuters: Supreme Court cannot stop all of Trump's tariffs. Deal with it, officials say
CNN: Big business sits out the Supreme Court fight over Donald Trump’s tariffs
Presidential power and the Supreme Court’s own stature ride on this case: The momentous tariffs case will undermine or buttress the Constitution’s separation of powers. George Will
Lessons from Trump’s China trade war: Beijing fought back, and it’s hard to see what tariffs achieved for the US. WSJ-Editorial
Trump’s China trade policy is a hot mess Thomas Friedman
The US had the spotlight, China stole the show Karishma Vaswani
US-China escalation is here to stay: The latest Trump-Xi deal won’t easily mend the faultlines that have opened between Washington and Beijing. Sarah Beran
American farmers want fair trade, not handouts: Relief payments and Chinese promises won’t make up for Trump’s tariff damage to agriculture. Mark Heckman
Tariffs on pasta from Italy could soon soar to more than 100%: WP reports a routine Commerce Department probe into alleged “dumping” has resulted in threats of crushing tariffs on Italian pasta that have left exporters shouting “Basta!”
Toronto Star: Doug Ford says he rejected two Mark Carney requests to pull anti-tariff ad
Philippines and UAE apply to join CPTPP to counter Trump tariffs: Nikkei reports Trans-Pacific trade bloc set to grow as global economy faces fragmentation risk.
Japan's defense forces hold live-fire anti-drone training in US: Nikkei reports Tokyo looks to high-power lasers and microwaves as countermeasures.
Reuters: Hegseth visits DMZ ahead of talks on US troops in South Korea
Vietnam is building islands to challenge China’s hold on a vital waterway: WSJ reports the contested South China Sea boasts rich oil and gas reserves and could play a key role in a conflict over Taiwan.
China to extend visa-free policy for Japan until end of 2026: NHK reports China's government says it will extend its visa-free entry policy for Japanese visitors until the end of next year.
China started separating its economy from the West years ago: Two decades of sustained effort to build national self-reliance and minimize imports have antagonized trade partners but fortified what a senior adviser called Beijing’s “bulwark” against conflicts. NYT
How a little Chinese island rose to global chemical dominance: A parable of China’s industrial supremacy. Economist
The state of AI: Is China about to win the race? The world is focused on America’s lead, but Beijing has the means, motive, and opportunity to pull ahead. FT
Trump officials torpedoed Nvidia’s push to export AI chips to China: WSJ reports president decided not to discuss matter with Xi after aides opposed company’s request.
US allows Microsoft to ship Nvidia AI chips to use in UAE for first time: FT reports the commerce department approval paves way for huge new investment in AI and cloud infrastructure in Middle East.
Trump threat of military action in Nigeria prompts confusion and alarm: WP reports Trump also warned of aid cuts over alleged attacks on Christians, though an adviser to Nigeria’s president dismissed the remarks as a negotiating tactic.
Reuters: Nigeria says US help against Islamist insurgents must respect its sovereignty
Bloomberg: Trump’s Military Threat Doesn’t Reflect Reality of Violence in Nigeria
WP: A kidnapping in Niger tests Trump promise to bring all Americans home
Sudan: ICC warns el-Fasher atrocities could be 'war crimes': DW reports the Red Cross said that history is repeating itself in Sudan's Darfur region following reports of mass killings in the city of el-Fasher. The ICC said it was collecting evidence as part of its investigation into the war.
BBC: Israeli military's ex-top lawyer arrested over leak of video allegedly showing Palestinian detainee abuse
Reuters: Ukraine to set up arms export offices in Berlin, Copenhagen, Zelenskiy says
Argentina is on a path to economic success: While many commentators have criticized Argentine President Javier Milei's draconian approach to economic reform, the results of the October legislative election show that the Argentine people would prefer short-term economic pain over a return to Peronist policies. Milei now has a clear path to finish what he started. Nouriel Roubini
Milei plans Miami trip for global summit with Trump, Messi: President Javier Milei will make his 14th trip to the United States since taking office midweek; He will attend America Business Forum, where he will meet Trump, Messi, and other global figures. BAT
Trump administration is planning new mission in Mexico against cartels, current and former US officials say: NBC News reports the new operation would include US troops on the ground in Mexico striking drug labs and cartel leaders, according to current and former US officials, though a deployment is not imminent.
The big lie behind Trump’s boat strikes: The Trump administration is training the press and the American people to associate the military strikes on small boats in international waters with stopping the flow of fentanyl and other drugs. This mendacity is a prime example of the falsehoods that imperialists tell before launching doomed wars of aggression. Timothy Snyder
Trump’s violent new Monroe Doctrine: US airstrikes in the Caribbean reflect President Donald Trump’s view of intra-American relations as hierarchical. Whereas previous US presidents tried to reconcile Woodrow Wilson’s idealism with Theodore Roosevelt’s realism, Trump merges both impulses into a single, volatile creed: exceptionalism without responsibility or restraint. Ana Palacio
Trump’s new world order: If you think he’s an isolationist, you’re wrong. He aims to reshape the globe. Walter Russell Mean
The imperial aesthetic at the heart of Trump’s presidency: In addition to his accumulation of political power, President Donald Trump has embraced visual cues designed to project personal command and grandeur. WP
WP: Report: Donors to White House ballroom have $279B in federal contracts
Reuters: US economy at risk of wobble as lower-income consumers get squeezed
AP: Government shutdown could become longest ever as Trump says he ‘won’t be extorted’ by Democrats
+ Speaker Mike Johnson said Monday that GOP leaders are discussing ways to deal with the rapidly approaching Nov. 21 expiration date of the continuing resolution that passed the House last month and is now stalled in the Senate.
Trump admin will partially fund November SNAP benefits: Politico reports the move comes after a federal court ordered USDA to use emergency money for the nation’s largest food aid program during the government shutdown.
Trump administration says it is paying out half of November’s SNAP benefits: WP reports the administration said it will release funds to pay for a half-month’s worth of food assistance benefits in November, days after two courts ordered the US Department of Agriculture to release the money to avoid driving nearly 42 million Americans into food insecurity.
Trump admin quietly funds some nutrition aid for low-income moms and babies: Politico reports officials moved $450 million in emergency funds for the Special Supplemental Nutrition Program for Women, Infants and Children on Friday.
AP: Some Head Start preschools shutter as government shutdown continues
Reuters: US government shutdown worsens financial woes for court-appointed defense lawyers
How the shutdown is laying the groundwork for Democrats in 2026: MSNBC reports Democrats have positioned the one issue where they have an advantage at the forefront of the midterms.
The new right’s new antisemites: Kevin Roberts of the Heritage Foundation flounders in the Tucker Carlson-Nick Fuentes fever swamps. WSJ-Editorial
Elections this week will show how unpopular Donald Trump really is: New York will make headlines. But keep an eye on New Jersey and Virginia, too. Economist
Trump’s gains with Latinos face a test Tuesday in this key New Jersey county: WP reports Trump flipped Passaic County in New Jersey last year. Now Democrats hope to capitalize on backlash to his administration in Tuesday’s gubernatorial election.
US Democrats, defeated by Trump a year ago, grapple with a grassroots rebellion: As Tuesday's special elections approach, the party is fractured, with no clear leader or unified message, as activists push for new priorities and a shake-up of its entrenched establishment. Le Monde
Mamdani is benefitting from New York City’s changing workforce Allison Schrager
Zohran Mamdani’s success is a warning: How did a socialist with almost no governing experience become New York’s mayoral frontrunner? WP-Editorial
NYC-MAYOR: In a record-setting early-voting period, more than 735,000 New Yorkers cast ballots in the race for the city’s next mayor, braving long, meandering lines outside polling stations.
Your summer weekend in Nantucket is on this year’s ballot: Residents of the beloved tourist destination are split over just how long visitors can stay. WSJ
The 25 young(ish) new Democrats to watch: We talked with dozens of party operatives to identify the most promising politicians of the next generation. NY Mag
WSJ: Jon Stewart to stay at ‘The Daily Show’ through 2026
Netflix is in talks to license video podcasts from iHeartMedia: The streaming service is looking to beef up its video podcast offerings and already signed a deal with Spotify. Bloomberg
Can’t Look Away: A film on the dangers of social media: Directed by Matthew O’Neill and Perri Peltz and based on Bloomberg News’ investigative reporting by Olivia Carville, Can’t Look Away exposes the real-world consequences of tech companies’ digital practices and widespread concerns over harmful algorithms. Bloomberg
Bloomberg: Starbucks sells 60% stake in China unit to Boyu for $4 billion
Bloomberg: Hooters founders start ‘re-hooterization’ with original garb
Sex dolls, boycotts, protests: Furor in France as Shein opens Paris store: Tensions escalated after French regulators discovered the Chinese-founded retailer was selling child-like sex dolls on its platform. WSJ
France threatens to block Shein over 'childlike' sex dolls: DW reports Shein has removed listings for sex dolls after French authorities flagged the presence of "childlike" sex dolls on the online store. France's economy minister said "boundaries have been crossed."
Kimberly-Clark strikes $40 billion deal for Tylenol maker Kenvue: WSJ reports the deal, one of the biggest so far this year, marks a short, rocky term of independence for Kenvue. Its shares soared, while Kimberly-Clark’s slumped.
Bloomberg: Ex-cybersecurity staffers charged with moonlighting as hackers
Bloomberg: Palantir hikes sales forecasts after record stock run-up
Nvidia targets factories as next step for corporate AI: Corporate adoption of AI technology has faced challenges, but demand is picking up, according to a top Nvidia enterprise AI executive. WSJ
Bloomberg: Nvidia can hit $8.5 trillion on ‘golden wave’ of AI, loop says
Bloomberg: Amazon inks $38 billion deal with OpenAI for Nvidia chips
OpenAI strikes $38bn computing deal with Amazon: FT reports lossmaking start-up commits to spending close to $1.5tn as it gobbles up processing power.
Is OpenAI becoming too big to fail? Sam Altman’s ability to intertwine the startup throughout major tech players puts it at the nexus of a vital part of the US economy. Tim Higgins
+ @MorningBrew: OpenAI deals this year (@KobeissiLetter):
• Stargate - $500 billion
• Nvidia - $100 billion
• AMD - $100 billion
• AWS - $38 billion
• Intel - $25 billion
• TSMC - $20 billion
• Microsoft - $13 billion
• Broadcom - $10 billion
• Oracle - $10 billion
Total Value: $816 billion
Bloomberg: Microsoft vows to spend $8 billion in UAE through 2029 on cloud, chips
Bloomberg: Microsoft signs $9.7 billion deal with data center firm IREN
Apple Watch data teamed with AI reveals heart damage: FT reports researchers say advance could make early screening for structural heart disease possible on a large scale.
Coca-Cola injects ‘Holidays Are Coming’ ads with an upgraded dose of AI: WSJ reports ‘Holidays Are Coming’ faster and cheaper for the soda giant, which caught heat last year for its AI-generated ads.
Google’s first AI ad avoids the uncanny valley by casting a turkey: WSJ reports the search giant becomes the biggest name yet to generate an ad entirely with its Veo 3 and other artificial-intelligence tools.
AI is co-writing financial reports. Here’s why that matters. The technology’s use in producing annual and quarterly filings—even with the requisite human oversight—raises questions of transparency and trust. WSJ
You don’t need to swipe right. AI is transforming dating apps. Meet your artificial intelligence matchmakers. These AI tools are changing dating apps, so users don’t have to swipe through an endless scroll of profiles. NYT
Will AI make dating apps better—or even worse? Tinder, Hinge, and Bumble are betting big on the technology. Economist
The human cost of Xiaomi’s rapid pivot from smartphones to EVs: China’s tech companies are pushing staff to work longer hours as they seek to dominate new markets and compete with US firms. Bloomberg
The microchip era is about to end: The future is in wafers. Data centers will be the size of a box, not vast energy-hogging structures. George Gilder
$615,000 a day: Order to keep coal plant open ignites debate in Michigan: Some consider the lakeside power station a dinosaur, while others hope to attract a data center. WSJ
Russia sees Southeast Asia as next destination for small nuclear reactors: Nikkei reports Moscow aims to capture 20% of growing market by 2030.
Rare-earth magnet startups seal $1.4 billion deal with Trump administration: WSJ reports the agreement with Vulcan Elements and ReElement Technologies is a strong sign the Pentagon is intent on building a supply chain to reduce China’s control.
How a 1975 storm reached its peak fury on Lake Superior, dooming the Edmund Fitzgerald Detroit Free Press
I trained for the marathon with artificial intelligence. But the suffering was real. Four months ago, a WSJ reporter turned to ChatGPT to coach her for the New York City Marathon. Here’s how her race day unfolded. WSJ
Bloomberg: About 45% of Canada watched Toronto’s dramatic World Series loss
Did the Blue Jays blunder a World Series with a bunt? Thoughts after a riveting Game 7: The bunt police swarm after Toronto, an epic from Yoshinobu Yamamoto, the end of home field advantage, and are the Richie Rich Dodgers sort of…likeable? Jason Gay
The NFL’s new Brady-Manning debate: With five wins apiece from 10 career meetings, Josh Allen and Patrick Mahomes have become a modern answer to the quarterback question that shaped the league for a decade. But when it comes to the playoffs, their rivalry is more of a walkover. WSJ
Woke football stickers are going viral in Britain: The sport is becoming a battleground in Britain’s culture war. Economist
Enjoy the ride + plan accordingly.
-Marc
Marc A. Ross | Chief Communications Strategist @ Caracal
Caracal Daily | October 31
*** Ross Rant ***
I predicted the Trump-Xi meeting would look like this. Now watch what happens next.
Markets don't lie. They don't care about Team Trump's narrative.
While Trump rated his meeting with Xi Jinping "12 on a scale of 1 to 10," markets delivered their own verdict: US stock futures barely moved. China's CSI 300 Index closed down 0.8%. That muted response tells you everything you need to know about what actually happened in those 90 minutes in Busan, South Korea.
The most telling aspect of the Trump-Xi meeting is the one-year timeframe. Both leaders are explicitly acknowledging that this truce is temporary. And markets, having seen this movie before, aren't buying the happy ending.
Ninety minutes to manage a superpower rivalry
Let's start with a number that should shock everyone: 90 minutes.
That's how long Trump and Xi met to address the world's most consequential economic relationship. Factor in translation, pleasantries, and opening remarks (Xi's comment that China's development goes "hand in hand with your vision to make America great again"), and you're looking at perhaps 45 minutes of substantive discussion.
Forty-five minutes to manage technology competition, rare-earth dependencies, trade imbalances, the future of the global economy, and China's "no limits" relationship with Russia.
The brevity isn't a talking point—it's the whole story.
This meeting wasn't a negotiation to resolve fundamental tensions. It was a carefully choreographed exercise in conflict management, with both sides achieving exactly what they needed while avoiding anything that might require actual structural change.
What China achieved
Here's where conventional analysis gets it wrong. Yes, China agreed to resume soybean purchases and suspend the draconian rare-earth export restrictions announced on October 9th. Team Trump's messaging and global news headlines framed these as concessions.
But look at what China extracted in return: US tariffs dropped from 57% to 47%. Technology export restrictions that were under consideration got postponed, not eliminated. Port fees on the Chinese maritime and logistics industries are suspended for a year. And most importantly, Beijing maintained the April licensing regime for rare earths—the opaque system that frustrates American manufacturers and keeps control firmly in Chinese hands.
Xi didn't surrender strategic advantages. He made tactical retreats while extracting meaningful US concessions on issues that matter more to China's long-term positioning.
The rare-earth gambit earlier this year—cutting off magnet exports, forcing US auto plant shutdowns, triggering bond market turbulence—was never just about leverage in one negotiation. It was a demonstration. Beijing has demonstrated a willingness to weaponize supply chains more aggressively than during Trump's first term. They watched Washington's reaction, gauged America's tolerance for pain, and concluded they could press harder.
The message was unmistakable: China has demonstrated its capacity to retaliate. Washington would do well to remember it.
TACO = Trump Always Chickens Out
Taiwan wasn't discussed. Neither were trade imbalances. Or Chinese industrial subsidies. Or intellectual property theft. Or the structural competition for technological supremacy that defines this rivalry.
I've worked on trade negotiations and global politics for two decades, and here's a pro-tip: what's excluded often matters more than what's included. These omissions weren't failures of diplomacy—they were conscious choices acknowledging that core conflicts remain unresolvable.
China hawks in Washington can be relieved that Trump didn't grant China access to Nvidia's flagship AI chips or soften the US commitment to Taiwan. But let's not pretend that avoiding disastrous outcomes is the same as achieving positive ones.
As Jonathan Czin, a fellow at the Brookings Institution who previously analyzed Chinese politics at the CIA, noted in a New York Times article: "I think it's an approach that can safely be described as tactics without a strategy." China, by contrast, has a clear long-term strategy—namely, its recently announced five-year plan, which focuses on state-directed manufacturing and technology investments.
What markets already know
The lack of market enthusiasm tells you sophisticated investors understand something the headlines miss: "We've heard this playbook before—optimistic tone, little follow-through."
Markets wanted a concrete joint statement. They wanted structural commitments. Instead, they got a handshake, diplomatic pleasantries, and a one-year timeframe that explicitly acknowledges the temporary nature of this truce.
Even after the 10-point tariff reduction, the effective US rate on Chinese goods remains above 40%—vastly higher than the roughly 3% historical norm. Calling this "normalization" requires selective amnesia about what normal actually looked like.
The CSI 300's 0.8% decline in closing is particularly revealing. Chinese investors, despite their government securing meaningful concessions, recognized that this doesn't change the fundamental trajectory. Strategic decoupling continues—just at a more managed pace.
Strategic decoupling
Let me be precise about terminology, because the distinction matters enormously.
We're not seeing full decoupling—the complete separation of the world's two largest economies. That would be economically catastrophic and politically unsustainable for both sides.
We're seeing strategic decoupling: the deliberate reduction of dependencies in areas deemed critical to national security and technological competitiveness. Semiconductors. Rare earths. AI. Quantum computing. Advanced manufacturing.
As Stephen Jen of Eurizon SLJ Capital wrote in a note to clients: "Make no mistake, the two countries are drifting apart and are frantically building their own autonomous economic ecosystems."
The outcome from this meeting doesn't reverse that drift. It acknowledges it while establishing guardrails to prevent the drift from becoming a crash.
What this means for your business
If you're a CEO, supply chain executive, or board member, here's my direct advice: the tariff reductions and supply chain normalization are real and welcome. Use them. But don't mistake a one-year truce for a strategic realignment.
Three specific actions
First, accelerate supply chain diversification. China demonstrated in April that it will use economic weapons more aggressively. The rare-earth licensing regime remains in place. American companies are already continuing to seek non-Chinese sources despite this deal. Follow their lead.
Second, the price of volatility returns within 12 months. The one-year timeframe isn't arbitrary—it's both sides buying time to reduce strategic dependencies. When this expires in late 2026, the landscape will be different because both sides will have used the time strategically. Trump's mercurial nature and America's 2026 midterm elections add additional unpredictability.
Third, watch actions over words. Does China actually place large-scale soybean orders, or is this another promise that fades? Do rare-earth exports genuinely normalize, or does the licensing regime continue creating bottlenecks? Does the US truly pause new technology restrictions? The implementation phase will reveal whether this has substance.
The 90-day test
Here are the specific signals I'm watching:
Within 90 days, will China follow through on its agricultural purchases and the US genuinely pause its planned tech restrictions, which suggests that both sides are committed to making this work—at least temporarily?
In April 2026, Trump is scheduled to visit Beijing. If this actually happens (and if Xi's reciprocal visit to Washington occurs), it creates diplomatic momentum harder to reverse than ad-hoc summits. State visits require comprehensive preparation, meticulous protocol, and significant political capital. Additionally, the American business community will have an extensive list of issues and pressure points to address to secure more Chinese market access.
The immediate aftermath saw Trump jet back to Washington for a Halloween party. Xi stayed in South Korea for the full APEC summit, engaging regional leaders. The optics matter: China positioning itself as the stable, reliable partner versus American transactional unpredictability. If Asian economies hedge away from US alignment, that's a strategic victory no tariff rollback can offset.
The reality check
Both leaders got what they needed, and they are both political athletes.
Trump secured visible wins to sell domestically—such as tariff reductions, soybean purchases, and cooperation on fentanyl. His "12 on a scale of 1 to 10" assessment reflects genuine satisfaction with the optics.
Xi achieved something more valuable: time and strategic positioning. Time to pursue semiconductor self-sufficiency. Space to focus on domestic economic challenges without external pressure. Control of critical supply chains despite tactical easing. And a framework for formal state visits that signals great power parity.
But for global businesses caught between these superpowers, the ugly reality persists: underlying conflicts remain unaddressed. Commerce will be rocky for years to come.
The fundamentals haven't changed. This remains the world's most complex, competitive relationship. What changed in Busan isn't the destination—it's the agreement to make the journey less chaotic for the next twelve months.
Markets understood this immediately. The sophisticated response wasn't pessimism—it was realism about what a 90-minute meeting can and cannot accomplish.
Bottom line
The Trump-Xi meeting in Busan succeeded at precisely what it was designed to do: establish guardrails for managed rivalry while avoiding mutually assured economic destruction. That's valuable in a relationship where the global economy, regional security, and technological leadership are serious issues.
But let's not confuse conflict management with conflict resolution. The technology competition continues. The trade imbalance persists. Taiwan remains unaddressed. China's support of Russia continues unchecked. Strategic decoupling accelerates.
The smart money is positioning for a world where these economies remain locked in long-term competition with just enough dialogue to prevent a crisis. That's the world we're navigating.
Markets called it correctly on day one. Everything else is just narrative, spin, and messaging.
-Marc
*** Caracal Daily ***
Trump wants to restart nuclear testing: Trump made his comments after Russia conducted tests of nuclear-capable weapons, including its new Burevestnik cruise missile and Poseidon super torpedo.
Trump directs Pentagon to test nuclear weapons for first time since 1992: WP reports the president said he wanted testing to occur “on an equal basis” with Russia and China. The Kremlin condemned the US move, and there was no indication of when tests might take place.
Donald Trump orders immediate resumption of nuclear weapons testing: FT reports US president’s statement comes ahead of summit with China’s Xi Jinping.
Trump’s call to resume nuclear testing after decades revives a Cold War debate: NYT reports President Trump explained the order by saying other, unnamed nations were testing their own nuclear weapons, even though no country has tested since 2017.
New start and Trump’s nuclear test: The President is right that the US needs to modernize its deterrent to match China and Russia. Rebeccah L. Heinrichs
Why Trump’s talk about nuclear testing is dangerous WJ Hennigan
Trump hails ‘great success’ as Xi meeting eases fears of trade war: After talks that lasted 100 minutes in South Korea, Trump said he and Xi had reached ‘finalisation’ on several disputes and would work towards a new trade deal. The Times
Trump and Xi agree to a one-year trade truce — but key details remain unclear: Politico reports Beijing is pledging to buy soybeans, delay rare-earth export controls, and curb fentanyl — but questions remain over what the US gave up in return.
America and China have only holstered their trade weapons: Neither country wants decoupling or confrontation—at least, not yet. Economist
Bloomberg: Trump-Xi truce buys time in broader fight for dominance and leverage
US and China agree one-year trade truce after Donald Trump-Xi Jinping talks: FT reports leaders agree to postpone export restrictions on rare earths and semiconductors after South Korea summit.
Straits Times: ‘Amazing’ Trump-Xi talks produce a pause in US-China trade war
Straits Times: US, China seal deal on rare earths; Trump says Xi meeting was a 12 on scale of 1 to 10
Trump-Xi meeting brings temporary lull to escalation between US and China: Le Monde reports that, for the first time since 2019, the American and Chinese presidents met in South Korea, amid threats that the US might resume nuclear testing. The meeting resulted in agreements on tariffs, rare earths, soybeans, and fentanyl.
The US-China trade truce is not ‘truly great’ Robert Burgess
Trump cuts tariffs on China after ‘truly great’ meeting with Xi: WP reports China’s leader agreed to delay restrictions on rare earth minerals for a year and buy more soybeans, Trump said after a meeting designed to calm trade tensions.
Pragmatism wins out over bluster as Trump meets President Xi: After six months of brinkmanship, the US president’s meeting put trade relations with China back to where they were before all the theatrics. The Times
US-China truce brings little peace for businesses caught in superpower standoff: WSJ reports tariffs remain historically high and Beijing keeps a strict regimen for critical mineral exports.
With China truce, US national security controls now appear up for negotiation: Some analysts say Beijing won a major victory in its trade talks: Getting the US to withdraw a national security measure that previously was not under discussion. NYT
Trump and Xi flexed. Who won? The leaders share an affinity for great-power-style foreign policy. That’s working — for now. David Ignatius
Donald Trump’s learning that China is harder to crack: Although the US president described his meeting with Xi as amazing, it’s clear the nations are fighting a second Cold War. Gerard Baker
What Trump’s ‘12’ of a summit with Xi yielded: The trade war truce is welcome — and buys the US time. WP-Editorial
Profiles in weakness at the Trump-Xi meeting: While most people regard the Sino-American rivalry as a new cold war between two world-bestriding giants, the truth is that both countries are tightly constrained. Presidents Donald Trump and Xi Jinping each sense the other side's vulnerabilities, which means they cannot hide their own. Harold James
The art of letting Trump claim a win, while walking away stronger: NYT reports that by withholding soybean purchases and rare-earth exports, China extracted relief from US tariffs and delayed export controls, without conceding much in return.
Bloomberg: China says it will work with the US on resolving TikTok issue
US-China dysfunction overshadows APEC summit: DW reports that for decades, APEC has helped integrate economies along the Pacific Rim. But on-again, off-again tariff escalation between the world's largest economies means more uncertainty and less room for cooperation.
Beef and thousand island dressing: Trump’s food tour of Asia: NYT reports the menus on the president’s tour of three countries in Asia reflected the culinary acrobatics the host nations performed to accommodate his palate and foreign policy goals.
Prince Andrew to be stripped of his royal title: NYT reports the extraordinary move caps his fall from grace over his ties to the convicted sexual predator Jeffrey Epstein.
Prince Andrew stripped of royal title by King Charles: WSJ reports Andrew’s friendship with Jeffrey Epstein, new revelations about longstanding abuse allegations force the king’s hand.
King Charles III strips brother Andrew of prince title over Epstein scandal: WP reports the move marks the latest setback for the embattled royal as the scandal over his ties to the convicted American sex offender Jeffrey Epstein continues to cast a long shadow.
Andrew stripped of ‘prince’ title and will leave Royal Lodge: The Times reports the disgraced former Duke of York will be known as Andrew Mountbatten-Windsor, Buckingham Palace has announced.
Zelensky is winning Trump voters over: Polling shows Ukraine re-emerging as a Republican priority. Steven Moore + Colby Barrett
Why funding Ukraine is a giant opportunity for Europe: The bill will be huge. It is also a historic bargain. Economist
Tunisia's government clamps down on civil society: Le Monde reports the authorities have suspended two of the country's most high-profile organizations. Dozens more are under investigation, accused of receiving foreign funding. President Kais Saied's increasingly repressive regime is unleashing an unprecedented crackdown against civil society.
Al Qaeda is on the brink of taking over a country: WSJ reports the US has warned American citizens to leave Mali immediately.
Sudan: In el-Fasher, 'we are witnessing mass atrocities through our screens': Le Monde reports massacres, which have been filmed and shared on social media, have taken place in the capital of North Darfur since the city was seized by the Rapid Support Forces, led by General Mohammed Hamdan Dagalo.
AFP: UN security council condemns El-Fasher 'atrocities' in Sudan as RSF advances
Tanzania seeks to restore calm after election unrest: DW reports the Tanzanian government deployed the military and ordered a curfew in its largest city after violence broke out on election day. Can the government reclaim Tanzania's image as a peaceful, stable nation?
Madagascar's new government faces scrutiny from Gen Z: Le Monde reports that President Michaël Randrianirina announced the 28 members of the government on Tuesday, October 28. Opposition leaders to the ousted regime, newcomers, and technocrats now have 60 days to deliver results.
A bloody police raid in Rio was the deadliest in Brazil’s history: Brazil’s conservatives are keener on such raids than its left-wing government. Economist
Cocaine worth $1.8 billion seized in Brazil risks angering Trump: Bloomberg reports drug trafficking on oil and soy vessels is surging as industrialization transforms the once-remote region.
Milei aims to speed up reform drive after election victory: BAT reports President Javier Milei is preparing to forge ahead with a second wave of reforms, targeting the labour market, taxation system, and pensions. But first, he will have to open dialogue with leaders in what he says will be the “most reformist Congress” in history.
Argentina backs US embargo on Cuba, breaking with decades of policy: BAT reports United Nations vote marks a diplomatic turn from historic position and distances Argentina from broad international consensus opposing Washington’s sanctions.
Carney to meet with Xi as he seeks to offset damage from US tariffs: G+M reports Friday’s meeting at the APEC summit could prove consequential for both countries.
'Non-interventionist' Trump flexes muscles in Latin America: BAT reports US president has intervened directly to weaken leftists in Colombia and Brazil, while supporting Argentina. He has also put Washington on a war footing in the Caribbean, raising speculation he will forcefully depose Venezuelan leader Nicolás Maduro.
Why the US is losing the battle for hearts and minds: As rivals flood the world with propaganda, Washington is dismantling its best tools to respond. Ilan Berman
Democrats condemn Trump administration for secrecy on boat strikes: NYT reports Senator Mark Warner (D-VA) said the administration’s decision to hold a Republicans-only briefing on the campaign was “corrosive to our democracy.”
Politico: Rubio says White House is ready to help fund Cuba’s hurricane recovery
Politico: Senate rejects Trump’s global tariffs, the final vote in a series of rebukes
+ Once again, four Republicans joined with Democrats to approve a resolution condemning a signature part of the president’s agenda.
Farm-state Republicans finally reach their breaking point: Politico reports President Donald Trump's plan to import beef from Argentina has unleashed a wave of protest from GOP loyalists.
On tariffs, the Supreme Court can’t do what Congress won’t: The forthcoming ruling on Trump’s import duties will not stop him resorting to other methods. Alan Beattie
Trump’s supporters should be careful what they wish for: If the US Supreme Court upholds President Donald Trump's use of the International Emergency Economic Powers Act to impose tariffs on US allies and adversaries alike, it will hand a loaded gun to future presidents. Why couldn't an administration use IEEPA tools to enforce a global minimum corporate tax or effectively ban crypto trading? Simon Johnson + Stan A. Veuger
Shutdown polling: More Americans blame President Trump and Republicans in Congress than Democrats for the nearly month-long government shutdown, 44% to 33%, according to a Washington Post-ABC News-Ipsos poll.
The shutdown pressure cooker: A month in to the federal government’s closure, temperatures are rising for both sides—and something may be about to give. Kimberley A. Strassel
CNN: ‘The stress is just always there,’ as thousands of FAA workers go without paycheck
I’m an air traffic controller. We’re struggling in the shutdown. Jack Criss writes: "There is zero margin for error in our jobs. Showing up to work every day, not knowing when or if you'll be paid, is deeply unsettling."
Judge skeptical over Trump administration decision to suspend food stamps: NYT reports the arguments at times appeared to frustrate the judge, who promised to rule soon on a suit filed by roughly two dozen states seeking to ensure people don’t go hungry as a result of a budgetary dispute.
Food banks brace as people face federal aid stoppage: ‘We cannot meet the gap’: WP reports already hit by federal funding cuts earlier in the year and a surge in demand from furloughed federal workers, food banks face a fresh wave of need as people are poised to lose SNAP benefits Saturday because of the shutdown.
Americans oppose Trump’s White House ballroom by 2-to-1 ratio, new poll finds: Politico reports fifty-six percent of Americans said they oppose the project, with just 28 percent expressing support for it, per the The Washington Post-ABC News-Ipsos poll.
Pentagon readying thousands of Guard ‘reaction forces’ as US mission widens: WP reports up to 23,500 service members are being readied and trained for civil unrest missions in US cities.
How Newsom has capitalized on anger with Trump in California ballot fight: The strategy has fueled a stark fundraising advantage and polling lead that Democrats hope will help deliver a concrete rebuttal to the president’s redistricting agenda. WP
Newsom turns a California election into a national platform: Gov. Gavin Newsom has attracted support for his redistricting ballot measure from voters outside of California. He could reap the benefits for a 2028 presidential run. NYT
Newsom’s redistricting campaign unlocks a new donor army ahead of 2028: Politico reports the ballot initiative has brought in far more donors from across the nation than the governor's statewide campaigns.
Bloomberg: Gretchen Whitmer won’t ‘rule out’ 2028 Democratic presidential bid
Rahm Emanuel … for president? He’d like you to keep an open mind. Ashley Parker
NYC-MAYOR: A new Marist Poll in New York City finds Zohran Mamdani leading the mayor’s race with 48%, followed by Andrew Cuomo at 32% and Curtis Sliwa at 16%.
New York’s golden handcuffs: Why the city has a special hold on the rich: Don’t bet on a millionaire exodus if Mamdani wins the mayorship. Bloomberg
NJ-GOV: A new Quinnipiac poll in New Jersey finds Mikie Sherrill (D) leading Jack Ciattarelli (R) in the governor’s race, 51% to 43%.
NY-GOV: Rep. Elise Stefanik (R) has built out an extensive political team as she prepares to launch a 2026 campaign for New York governor in November, Axios reports.
‘The View’ sets Marjorie Taylor Greene as guest after co-hosts call for more Republicans on the show: The Wrap reports the Republican congresswoman will visit the ABC talk show on Tuesday.
The trouble with abundance: In a book released earlier this year, Ezra Klein and Derek Thompson argue essentially for “competent capacity”: a US that can effectively plan, approve, and execute projects. That is a worthy goal, but “abundance” is probably not the clearest way to convey it, let alone the most effective means of achieving it. Jeffrey Frankel
The risky movement to make America nuclear again: A Silicon Valley startup called Oklo is leading the charge to bring nuclear power back to the US with small reactors. Its backers have wealth and political connections that could undermine nuclear safety. Bloomberg
Google v Microsoft: The battle of AI business models: The search giant’s vertically integrated approach is beginning to pay off. Economist
AI spending is helping prop up the economy. Now it’s getting stronger. WP reports Google, Meta, and Microsoft will invest billions more on infrastructure, including data centers, expanding a boom that is driving US economic growth.
Saudi Arabia chases AI ambitions with homegrown firm pitched to global investors: AFP reports powered by its sovereign wealth fund of nearly $1 trillion, Saudi Arabia is backing its new AI firm Humain, entering a highly competitive sector some fear is a bubble ready to burst.
In the AI boom, not all capex is created equal: There are big differences in the level of risk and likely returns of Big Tech’s spending. Richard Waters
Detroit News: Massive OpenAI data center planned for farmland near Ann Arbor
+ Developer Related Companies has agreed to build a more than $7 billion data-center campus on farmland outside Detroit, one of the largest deals yet for this burgeoning real estate class that powers AI.
OpenAI’s chairman is thinking a lot about bubbles right now: Bret Taylor, who helped shape Google and Facebook and now runs a $10 billion AI customer service startup, thinks Silicon Valley will be just fine. Bloomberg
Delaware attorney-general warns of legal action if OpenAI fails to act in public interest: Sam Altman’s concessions to win approval from US officials expose his company to litigation and non-profit oversight. FT
It’s time to build the intention economy online: Tim Berners-Lee believes AI offers a chance to reset to a system that serves individuals’ needs and privacy. John Thornhill
Amazon’s profit is up 38% on strong performance: NYT reports after unexpectedly strong sales and profits across its consumer and cloud businesses, the tech giant said another strong quarter might be ahead.
Amazon shares surge as AI boom drives cloud growth: AFP reports Amazon's share price skyrocketed by more than ten percent on Thursday after the online retail behemoth reported better than expected earnings, powered by surging demand for its cloud computing services.
Amazon rebounds as AI demand powers bumper cloud unit sales: FT reports shares jump after ecommerce giant says web services division is growing at fastest pace in three years.
Apple’s iPhones fuel record sales and profit: NYT reports the company’s revenue rose to above $100 billion in the quarter for the first time, and profit soared 86 percent.
Apple predicts holiday boom in iPhone sales: FT reports the tech giant reports record annual profits as smartphone sales and services income pick up.
Airbnb has shaped the idea that everything can be monetized. It's a logic of constant optimization: In Paris, about one-third of the listings available on Airbnb have been removed from the 'permanent' housing market, which contributes to the housing crisis in the French capital. Le Monde
Porsche’s warning lights are flashing: The carmaker’s new CEO will confront three big challenges. Economist
Bloomberg: MTV pays ‘Ridiculousness’ star Rob Dyrdek at least $32 million a year
+ Rob Dyrdek's show Ridiculousness is set to air for 12 straight hours on Friday, with episodes spanning season seven to 45.
+ MTV pays Dyrdek at least $32.5 million a year for its typical 336-episode-per-year slate, according to court documents.
+ Dyrdek's pay includes bonuses, a $21,000-per-episode executive producer fee, and an escalating $61,000-per-episode on-camera fee, which could rise to as much as $101,000 near the end of the current agreement.
France arrests five new suspects in Louvre heist probe, says prosecutor: Le Monde reports the five detentions took place on Wednesday in and around Paris, particularly in Seine-Saint-Denis, a department just outside the French capital.
Delevingne sisters face wrath of champagne makers over prosecco ads: The Times reports all champagne is sparkling wine, but not all sparkling wine is champagne, as any connoisseur will tell you. The champagne industry body has sent a cease-and-desist letter to Della Vite Prosecco, founded by the celebrity sisters Cara, Poppy, and Chloe Delevingne, over their marketing campaign for their vegan prosecco, which it claims is “exploiting” the reputation of champagne.
Michigan's 10-cent beverage bottle and can deposit program is on the decline. Here's why. Detroit Free Press
Bloomberg: Shift in drinking habits wipes $830 billion off alcohol stocks
+ Shares of the world’s top listed beer, wine, and spirits makers have shed a combined $830 billion in a little more than four years as the industry grapples with monumental change.
+ Shifting drinking patterns and rising health concerns have hit earnings, compounded by US tariffs, the impact of buoyant interest rates on consumer spending, and even elevated commodity prices.
+ The result is a wave of pressure facing companies behind some of the world’s most popular drinks that has left them adrift from the record rally in global equities.
Alison Roman built the grocery store of her dreams. We went to see it. First Bloom has homemade broth, a wall of pasta, and Haribo gummies. You have to plan a Catskills road trip to get there. WP
Is VistaVision really worth the hassle? These ambitious filmmakers think so. Paul Thomas Anderson and Yorgos Lanthimos are among those reviving a lush, wide-screen format that died more than 60 years ago. WP
Beyond words: '67' crowned 'word of the year': AFP reports a double-digit combination set the social media sphere ablaze among teens in 2025, leaving parents and teachers befuddled -- and now it has officially been crowned Dictionary.com's "Word of the Year": 67.
Toronto Star: Blue Jays one win away from World Series title
The Dodgers pledged to ‘ruin’ the World Series. Now they’re one game from losing it. They have a $350 million payroll, the world’s best player, crazy depth, and are frequently condemned for “ruining” baseball. But if you can’t hit the baseball, you’re in trouble. Jason Gay
LSU needs a new football coach. The governor wants Trump to make the pick. WSJ reports in an address from the Louisiana state capitol, Gov. Jeff Landry asked for the president’s help in solving a statewide emergency: finding a new head coach for the Tigers.
Detroit Free Press: Kelvin Sheppard to LSU? Detroit Lions DC asked about interest in coaching at alma mater
It’s the best offense in the NFL—and nobody saw it coming: When the Indianapolis Colts signed Daniel Jones as quarterback, no one was expecting fireworks. But somehow they have combined to form the most efficient offense of the 21st century. WSJ
Detroit News: Aidan Hutchinson 'super grateful' for extension, ready to make Super Bowl push with Lions
How sports gambling took over prediction markets in the US: Open interest in Kalshi sports contracts has surged past any other category as lawsuits threaten operations. FT
Betting scandal involving referees rocks Turkish football: DW reports Turkish football has been hit by a major betting scandal. More than 150 referees are accused of betting on matches — including officials from the top-flight Super Lig.
Enjoy the ride + plan accordingly.
-Marc
Marc A. Ross | Chief Communications Strategist @ Caracal