Bloomberg News Now: Trump Tariffs, Critical Minerals, Iran Nuclear Talks, and SpaceX/xAI Merger

International Trade and Diplomacy

• 🤝 President Trump announced a reduction in tariffs on Indian goods from 25% to 18% following an agreement with Prime Minister Narendra Modi.
• 🛢️ In exchange, India will cease purchasing Russian crude oil and increase purchases of U.S. energy, technology, and agricultural products by over $500 billion.
• ⚛️ Iran's president has reportedly ordered a resumption of nuclear talks with the U.S., amidst warnings of regional conflict from Supreme Leader Ayatollah Ali Khamenei.

U.S. Economic and Political Landscape

• ⛏️ The U.S. is launching "Project Vault", a strategic critical minerals stockpile with $12 billion in seed money, to reduce reliance on China and support manufacturers.
• 🏛️ A partial government shutdown looms due to political disputes in the House over immigration rates, potentially delaying economic reports and services.
• 💰 President Trump has amassed an unprecedented $483 million war chest for the November midterms, funded by large donors and small contributors.

Market Performance and Corporate News

• 📈 Manufacturing showed a rebound, with the Institute for Supply Management reporting the most significant expansion since 2022.
• 📉 Disney shares fell over 4% following a tepid outlook, despite first-quarter earnings and sales exceeding expectations.
• ☁️ Oracle plans a massive capital raise of $45 billion to $50 billion to expand its cloud infrastructure capacity.

Technology and Space Exploration

• 🚀 Elon Musk is reportedly in advanced talks to merge SpaceX with his AI company xAI, valuing SpaceX at $800 billion and xAI at $200 billion.
• 🛰️ This potential merger aims to bolster xAI's position against competitors like OpenAI and Anthropic, leveraging SpaceX's financial stability.
• 🌕 NASA is preparing for the Artemis II mission's wet dress rehearsal, a crucial test involving loading the rocket with fuel before its lunar journey.