Musk To Launch America Party, Trump Blasts "Ridiculous" Plan

Welcome back!

Here’s your must-read news for this morning:

• U.S. tariffs deadline

• AI music mystery 

• Musk launches America Party

I’ve got all the details for you, so let’s dive in.

— Josh

MARKETS

💰 Lutnick: Tariffs Take Effect on August 1

The Scoop: The Trump administration will begin sending letters to U.S. trade partners on Monday, outlining new tariff rates, with Commerce Secretary Howard Lutnick affirming that the tariffs will take effect August 1.

The Details:

• Trump plans to issue 12 to 15 letters, alongside deals already secured with some countries.

• A 90-day tariff pause, announced in April, ends July 9, with rates now set to apply August 1.

• The base tariff rate is 10% for most countries, with additional duties up to 50% for select partners.

• EU leaders are scrambling to finalize trade deals before the looming deadline.

What’s Next: The letters will formalize tariff rates and deals by July 9, with implementation on August 1. President Donald Trump also declared that any country aligning with BRICS’ “anti-American policies” will face an additional 10% tariff, with no exceptions, following the group’s recent meeting in Brazil.

Markets Roundup

🏦 Economy & Policy

• ⭐ Editor’s Pick: The U.S. dollar lingered near its lowest level since 2021 against the euro and its weakest since 2015 against the Swiss franc. (RTS)

• Thailand plans to offer the U.S. significant trade concessions to avoid a 36% tariff, targeting a 70% reduction in its $46 billion trade surplus within five years and achieving bilateral trade balance in seven to eight years. (BBG)

• Indonesia has proposed slashing duties on major U.S. imports to near zero and committing to purchase $500 million in U.S. wheat to secure favorable terms in tariff negotiations with Washington. (RTS)

• Housing inventory in nearly half of the U.S.’s 50 largest metropolitan areas has surpassed pre-COVID-19 levels, with cities like Austin, Seattle, and Dallas seeing double-digit increases, signaling a robust recovery in buyer-friendly markets. (NYP)

• Euro zone investor sentiment surged to a three-year high of 4.5 in July, up from 0.2 in June, signaling a broadening economic recovery, according to a survey. (YF)

📈 Stock Market

• ⭐ Editor’s Pick: U.S. stock index futures declined Monday, with Dow Jones Futures down 115 points (0.3%), S&P 500 Futures off 32 points (0.5%), and Nasdaq 100 Futures falling 145 points (0.6%). (INV)

• Tesla shares fell 7% in premarket trading after CEO Elon Musk announced plans to launch The America Party. (CNBC)

• Foxconn reported a record-breaking second-quarter revenue of T$1.797 trillion ($61.8 billion), up 15.82% year-over-year, fueled by robust demand for artificial intelligence products. (INV)

• Global equity funds saw a robust $43.15 billion in net inflows last week, the largest since November 2024, as investors poured money into U.S. stocks at record highs. (RTS)

• Samsung shares dropped over 2% on Monday, ahead of its second-quarter earnings report, with analysts forecasting a 39% decline in operating profit to 6.3 trillion won ($4.6 billion), the lowest in six quarters. (YF)

🏢 Industry

• ⭐ Editor’s Pick: Apple has launched a legal challenge against EU regulators, contesting a 500 million euro ($587 million) fine for alleged violations of the Digital Markets Act, escalating tensions over Big Tech compliance. (INV)

• TikTok is set to launch a new U.S.-specific app on September 5, preempting the September 17 deadline for ByteDance to divest its U.S. operations or face a nationwide ban. (TI)

• Skydance Media’s $8 billion takeover of Paramount Global, spearheaded by CEO David Ellison, is poised to fundamentally transform CBS News, likely reshaping its editorial focus. (NYP)

• Nvidia plans to significantly expand its presence in Israel with a massive technology campus in the northern region, slated to be one of the largest tech campuses in the country. (TOI)

• Oracle has slashed prices on its database software and cloud-computing services for the federal government, offering a 75% discount on license-based products. (WSJ)

• Rainmaker CEO Augustus Doricko debunked claims that his cloud seeding startup triggered the deadly floods in Texas. (X)

💵 Energy & Commodities

• ⭐ Editor’s Pick: As China’s mine acquisitions in Africa surge to a decade-high, some military regimes are seizing Western mining assets to transfer them to Chinese firms willing to accept less profitable terms. (FT)

• Japan is preparing to develop next-generation nuclear power plants as it moves to restart its idled reactors, marking a significant step in its energy strategy 14 years after the Fukushima disaster. (CHN)

• OPEC+ is poised to fully unwind its voluntary oil production cuts in September, boosting output by approximately 550,000 barrels per day, sources say. (RTS)

• Rebuilding global coffee stocks will require at least two strong harvests to reverse persistent supply-demand deficits, as prices hit record highs earlier this year due to supply constraints and steady demand, industry leaders warned. (INV)

• Italian authorities dismantled a smuggling ring trafficking 600 kilos of gold and silver into Switzerland, targeting a Ferrara-based businessman and his accomplices for illegal precious metals trading and money laundering. (SWI)

🌕 Crypto

• ⭐ Editor’s Pick: Bitcoin's implied volatility has plummeted to its lowest level since October 2023, while U.S. spot Bitcoin ETFs are approaching a record $50 billion in cumulative net inflows. (TB)

• LetsBONK, a newly launched memecoin platform, has surpassed Pump.fun to become the first Solana-based launchpad to lead in daily token launches, graduations, and trading volume. (TB)

• Ondo Finance acquired Oasis Pro, enabling the firm to offer tokenized securities to U.S. investors. (CR)

• Elon Musk said his newly formed America Party will back Bitcoin, declaring "Fiat is hopeless." (X)

• UAE denied claims that staking $100,000 in Toncoin could secure a 10-year Golden Visa. (CD)
  

TECH

💻 Is Spotify’s Rising Star Velvet Sundown Just an AI Creation?

The Scoop: On Spotify, Velvet Sundown boasts over 850,000 monthly listeners with its psychedelic-rock sound, yet the band—its music, lyrics, and album art—appears to be an AI creation, reflecting the growing dominance of algorithm-crafted tunes that favor ambiance over depth.

The Details:

• The band released two albums last month, with a third forthcoming, surpassing the streaming reach of artists like Martika.

• Social-media posts from Velvet Sundown’s account dodge questions about its authenticity.

• AI tools like Suno can produce songs, lyrics, and visuals, enabling the creation of bands like Velvet Sundown.

• The band’s music, a bland mix of psychedelic, folk, and indie, feels like a playlist, not an album, with inconsistent vocals and vague lyrics.

• Streaming culture, shaped by Napster, Spotify, and algorithmic playlists, has made such innocuous music a backdrop for mundane tasks.

What’s Next: As AI-generated music gains traction, bands like Velvet Sundown signal a shift toward ambient, soulless soundtracks for modern life, raising questions about authenticity and the future of art in an algorithm-dominated era.

Tech Roundup

🧠 AI

• ⭐ Editor’s Pick: The Velvet Sundown, an AI-generated band with nearly 850,000 monthly Spotify listeners and two recent albums, underscores the growing appeal of bland, algorithm-driven music among streaming audiences. (TA)

• Google DeepMind is developing a system that equips AI agents with an "inner monologue," enabling more efficient task learning by linking internal narration to actions. (IE)

• Sakana AI, a Japanese research lab, has unveiled a novel technique enabling multiple large language models to collaborate on a single task, forming a highly effective “dream team” of AI agents. (VB)

• The Independent Publishers Alliance has lodged an EU antitrust complaint against Google, alleging that its AI Overviews causes significant traffic and revenue losses for news outlets. (TC)

🤖 Hardware & Robotics

• ⭐ Editor’s Pick: Hotels worldwide are increasingly deploying humanoid robots at check-in desks, lobby information points, and for room service, signaling a shift toward automated hospitality. (HTN)

• European militaries, guided by Ukrainian expertise, conducted their first drone-to-robot war game near Rome. (EP)

• A hospital in Delhi performed the world’s first robot-assisted cementless medial pivot knee replacement on a 54-year-old man. (ANI)

• BurgerBots, a Los Gatos, California, restaurant, employs ABB Robotics systems to craft custom burgers in just 27 seconds. (IE)

• Shenzhen Dobot's humanoid robot, remotely operated via VR headset from 1,800km away, cooked a steak and sprinkled salt with its fingers. (SCMP)

🚀 Defense & Space

• ⭐ Editor’s Pick: A former Mossad official revealed how Israel leveraged advanced technology and sophisticated guidance systems to eliminate Iran's military elite during its 12-day conflict. (BBC)

• Nestled within Utah’s dramatic desert canyons, roughly seven miles from the nearest town, a modest research facility is paving the way for human life on Mars by simulating extraterrestrial conditions. (CNBC)

• China's "Bohai Sea Monster," a large jet-powered ekranoplan, has been fully seen for the first time, raising concerns about its potential for stealthy, high-speed military transport and logistics in the South China Sea. (NN)

• MightyFly, a California-based company, successfully demonstrated an autonomous cargo flight for the U.S. Air Force, showcasing its hybrid-electric eVTOL aircraft to streamline logistics with fully autonomous operations. (IE)

• Kuwait's navy has deployed the NeedleFish, the world's fastest surveillance Unmanned Surface Vehicle, bolstering maritime defense. (GCAP)

• The U.S. Army successfully conducted its first combat grenade drop from a Skydio X10 drone after years of development. (DE)

💰 Venture Capital & Deals

• ⭐ Editor’s Pick: In 2025, 36 venture-backed startups, mostly in AI, satellite tech, and blockchain, reached unicorn status with valuations over $1 billion. (TC)

• French IT services giant Capgemini will acquire U.S.-listed WNS for $3.3 billion in cash, aiming to enhance its agentic AI offerings and expand services for WNS’s over 600 clients. (BBG)

• Electroflow Technologies raised $8 million in seed funding to enhance its electrochemical lithium extraction process, which it claims can produce lithium from Utah brine at $1,500 per metric ton, well below the industry’s $3,500-$8,000 range. (WSJ)

• Israel’s quantum computing sector, where nine startups have raised a total of $650 million, including $300 million in 2025 led by Quantum Machines and Classiq, has emerged as a key player in the global quantum race. (CALT)

• German digital B2B used car marketplace CarOnSale secured €70 million ($82 million) in a Series C funding round led by Northzone. (EUS)

FREEDOM

🏛️ Musk To Launch America Party, Trump Slams Move as "Ridiculous"

The Scoop: Tesla and SpaceX CEO Elon Musk announced he will form the America Party on Saturday, aiming to disrupt what he calls a corrupt two-party system, following a viral poll showing 65.4% of 1.2 million respondents supporting a new political party.

The Details:

• Musk’s announcement came after Trump signed his “Big, Beautiful Bill” on Friday.

• The America Party seeks to capture key congressional seats to create a swing bloc, countering excessive spending by both parties.

• Critics warn the party could split the conservative vote, aiding Democrats.

• The X poll was informal, not restricted to U.S. voters, and potentially skewed by bots.

• Musk said the America Party filing with the Federal Election Commission is false.

• President Donald Trump called Musk’s move “ridiculous,” accusing it of causing “disruption & chaos” and labeling Musk a “train wreck.”

What’s Next: Musk’s America Party faces steep challenges in a system favoring two parties, with historical third-party efforts like Ross Perot’s 1992 campaign helping to secure President Bill Clinton’s victory. Trump’s public feud with Musk signals deepening tensions, while the new party’s impact on 2026 congressional races remains uncertain.

Freedom Roundup

🏛️ Economy & Education

• ⭐ Editor’s Pick: Columbia University's board of trustees convened to negotiate a potential agreement with the Trump administration to reinstate a portion of the university’s federal funding, following the revocation of $400 million over allegations of antisemitism on campus. (WSJ)

• DOGE reported that federal agencies canceled 54 contracts last week, with a ceiling value of $1.8 billion, yielding $804 million in taxpayer savings. (X)

💻 Business & Tech

• ⭐ Editor’s Pick: OpenAI CEO Sam Altman declared himself “politically homeless,” saying that the Democrat Party has drifted from fostering a culture of innovation and entrepreneurship. (CNBC)

• Labor Secretary Lori Chavez-DeRemer unveiled plans to eliminate 63 costly and burdensome regulations from the Obama and Biden administrations. (CG)

💬 Free Speech & Woke Overreach

• ⭐ Editor’s Pick: Over 200 S&P 500 companies removed terms like DEI from their 2025 annual reports, data shows. (YF)

• In Los Angeles, a burgeoning “anti-woke” literary scene, led by New Ritual Press and fueled by young creatives rejecting “millennial moral censorship,” is gaining traction. (RS)

• Trump has directed officials to review monuments, memorials, and statues to eliminate language that “inappropriately disparages Americans” as part of his anti-DEI push. (UT)

• Jack Dorsey unveiled a beta version of Bitchat, a decentralized peer-to-peer messaging service that operates solely via Bluetooth, which he claims is resilient to network outages and censorship. (CT)

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