Good morning. The Trump administration said it would slash red tape and take steps to boost exports for U.S. technology companies in a bid to accelerate the nation’s use of artificial intelligence.

In its “action plan” for AI issued Wednesday, the administration laid out moves that it said would make it easier for tech companies to build the data centers needed to train AI models and get the power they need for those centers.

• Deregulation: Under the proposals, federal agencies are directed to gut any regulations that block the deployment of AI and consider whether a state has unfavorable AI regulations when awarding federal funding. That proposal looks to address a patchwork of state AI laws that have worried the tech industry. A proposal in Congress to ban state AI laws for 10 years that was supported by many tech companies recently died.
   
• Industry push: Industry has been pushing Washington to take a lighter regulatory touch. Turning the plan’s general prescriptions into concrete rules and actions will take time, however, as well as the support of various federal agencies and state and local governments.
   
• The provisions: The plan includes directives that the Federal Trade Commission, Federal Communications Commission and other agencies identify and gut any regulations that block the development and use of AI. Trump’s team is also expected to take aim at what it describes as “woke” and biased AI, planning to ban such systems from getting government business.

Bondi fires newly appointed New Jersey prosecutor in clash with judges.

Attorney General Pam Bondi on Tuesday fired judges’ pick for New Jersey’s new top federal prosecutor, escalating a clash between the Trump administration and the judiciary.

The move comes after New Jersey’s federal judges appointed a new U.S. attorney, pushing out temporary top prosecutor Alina Habba following a tumultuous four months on the job. Bondi said she would remove the person the judges had installed, a career prosecutor who had served as Habba’s deputy.

Last week, federal judges in the Northern District of New York declined to appoint John Sarcone, the Northern District’s interim top prosecutor. In an unusual workaround, the attorney general appointed Sarcone as a “special attorney to the attorney general” and as first assistant U.S. attorney, an office spokesman said.  The 120-day terms of U.S. attorneys in Brooklyn and Manhattan expire next month.

Tom Hayes, Libor ‘ringleader,’ wins U.K. appeal to clear his name.

Tom Hayes, the former trader who became the face of the Libor scandal, won a last-ditch appeal to clear his name, undoing one of the most high-profile cases to emerge from the global financial crisis.

The U.K. Supreme Court on Wednesday quashed the landmark 2015 conviction, which saw Hayes, 45, spend more than five years in prison before he was released in 2021.

• Morgan Stanley is being probed by the Financial Industry Regulatory Authority over whether the Wall Street giant properly vetted its clients for money-laundering risks.
   
• The U.S. Senate on Wednesday confirmed John Hurley as the Treasury Department’s new undersecretary for terrorism and financial intelligence, making him responsible for overseeing the continuing expansion of U.S. sanctions efforts.
   
• U.S. lawmakers are demanding JPMorgan Chase and Bank of America produce documents related to their roles in a Chinese battery giant’s initial public offering.
   
• An internal probe at the World Economic Forum found that its founder Klaus Schwab engaged in a pattern of workplace misconduct over the past decade, including unauthorized spending by him and his wife, bullying behavior and inappropriate treatment of female staffers.
   
• The U.K.’s competition watchdog said it is proposing to impose guardrails around how tech giants Apple and Alphabet’s Google run their mobile ecosystems under a new law governing business conduct for Big Tech.
   
• Kentucky last week filed a lawsuit accusing Temu of sharing sensitive data from its online shoppers with the Chinese government, joining a handful of U.S. states that are going toe-to-toe with an alleged China-linked cybersecurity threat.
   
• The U.K. Treasury has launched its most comprehensive review of financial sanctions enforcement since 2016.

Trump’s new trade standard takes shape with 15% tariff deal.

President Trump’s push to introduce a new standard for global trade is coming into sharper focus as U.S. and European Union officials converge on a possible 15% tariff deal, which could come on the heels of a similar agreement with Japan.

Taken together, the two developments represent a turning point in months of global trade negotiations that have stoked uncertainty among investors and America’s biggest trading partners.

• Europe Approves $100 Billion-Plus Tariff Backup Plan
• U.S. and Japan Reach Trade Deal
• Global Economies Show Resilience Despite Tariff Fears, Surveys Show

• Across the Gaza Strip, families face a worsening daily struggle to find food. Child hunger, a key indicator of food shortages among the broader population, is spreading quickly. Palestinians and aid organizations say shortages of food, which for much of the war cycled through subregions of the enclave, are now hitting all parts of it at once. 
   
• Iran will host a delegation from the United Nations atomic agency in the next few weeks, a top Iranian official said Wednesday, the first indication from Tehran that it may allow international inspectors to resume monitoring nuclear work in the country.
   
• President Trump’s ultimatum for Russian President Vladimir Putin is showing no signs of bringing Russia and Ukraine any closer to peace.
   
• Indian refiner Nayara Energy condemned European Union sanctions imposed over the company’s links to Russian oil giant Rosneft, calling the restrictions “unjust and unilateral” and accusing the bloc of undermining India’s sovereignty and energy security.

• Individual investors are once again loading up on a group of unloved stocks and taking to social media to defend them from the haters and the short sellers. Department-store chain Kohl’s and real-estate platform Opendoor are headlining a new class of meme stocks. 
   
• When Justice Department officials reviewed what Attorney General Pam Bondi called a “truckload” of documents related to Jeffrey Epstein earlier this year, they discovered that Donald Trump’s name appeared multiple times, according to senior administration officials.

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