Top stories today:

1. Trump pauses “reciprocal” tariffs for most countries
2. Grok 3’s API launched nearly 2 months after its release
3. Google’s Gemini 2.5 Flash “reasoning” model announced
4. Samsung ties up with Google to launch long-awaited Ballie robot
5. DOGE’s job cuts hit self-drive experts amid growing complaints

0. Data and calendar

Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):

1. Trump pauses “reciprocal” tariffs for 90-days at 10% for most countries, hits China with 125%

S&P 500 soared +9.5% following Trump’s announcement, the wildest swing since the global financial crisis in 2008:

• China’s tariff is “effective immediately” due to “lack of respect that China has shown to the World’s Markets,” Trump said.

• Treasury Secretary Bessent, Jamie Dimon’s interview on Fox Business, and other business leaders changed Trump’s.

• “[W]e can approach China as a group [with our allies],” Treasury Secretary Bessent said.

• 75+ countries contacted for negotiations, Trump claimed.

• Fed officials worried over stagflation due to the tariffs.

• Quinnipiac poll: Tariffs viewed as short-term drag on the U.S. economy.

• EU chief welcomed the tariff pause but quiet on its own retaliatory plan.

• EU approved first retaliatory tariffs on U.S. imports before the pause.

Billionaires added a record $304B to their combined net worth as stocks soared on the tariff pause

Trump urged buying Trump Media stock 3 hours before the tariff pivot

3. Elon’s xAI launches Grok 3’s API nearly 2 months after its release