Good morning. Google should sell two of its ad businesses to address antitrust issues, the U.S. Justice Department said in a court filing after a federal judge ruled last month that the tech giant had created a monopoly in advertising, a move that could upend one of the company’s core businesses.

• What the court said: Citing a court opinion issued April 17, a court filing dated May 5 said Google unlawfully acquired and maintained monopoly power in the ad-exchange market, which has harmed competition.
   
• What Justice wants: The DOJ proposed that Alphabet-owned Google sell its AdX business as soon as possible under the oversight of a court-appointed divestiture trustee, who would solicit potential buyers. AdX is a marketplace where advertisers and publishers can sell and buy ad inventory.
   
• More to sell: The filing said Google should also look to offload its DFP ad platform for publishers, claiming that it too had substantial anticompetitive effect and was an instrument of the tech company’s monopoly power in the market.
   
• Google’s response: In a court filing dated May 5, the company said divestiture isn’t warranted in this case, and wouldn’t be technically feasible. Google instead laid out what it said were appropriate remedies for the issues raised, saying it respectfully disagrees with the court’s liability decision and intends to appeal. “Divestiture is not as simple as selling either the AdX or DFP source code to a willing buyer,” it said.

EU plans to end Russia oil and gas imports.

The European Union has set out what it calls a “road map” for a gradual end to its dependency on Russian energy, Tom Blass reports for Risk Journal, stopping the import of Russian oil and gas and “phasing out” use of Russian nuclear energy.

Brussels says the plan builds on previous packages of sanctions, as well as the REPowerEU Plan, which was launched three years ago as an EU strategy to end reliance on Russian fossil fuel imports. The EU said that while those had been successful, they failed to prevent a bounce back of Russian gas imports in 2024.

Trump’s pick for Washington’s top prosecutor faces long confirmation odds.

Ed Martin, President Trump’s nominee to be the top prosecutor in Washington, is teetering toward failure after Republican senators signaled they couldn’t support him, citing concerns over his advocacy for the pro-Trump mob that stormed the U.S. Capitol.

The GOP opposition. Sen. Thom Tillis (R., N.C.) told the White House he would oppose Martin, saying the nominee’s defense of the Jan. 6, 2021, rioters made him a poor fit to lead the U.S. attorney’s office in D.C. His opposition stalls Martin’s nomination in the Senate weeks before his temporary appointment to the post expires.

• UBS Group agreed to pay $511 million to settle a yearslong U.S. probe into violations by Credit Suisse of an earlier agreement with the Justice Department over American clients who evaded taxes.
   
• Austria’s Raiffeisen Bank International is actively working on selling its Russian subsidiary and “talking to several interested parties” while continuing to reduce its Russian business ahead of the schedule agreed with the European Central Bank, Chief Executive Johann Strobl said.
   
• Ukrainian President Volodymyr Zelensky called for tougher sanctions on Russia targeting its banking and energy sectors, in a meeting with the Czech Republic’s head of the senate Miloš Vystrčil and his deputies.
   
• The U.S. Treasury Department’s Office of Foreign Assets Control has designated the Karen National Army, a Burmese militia group, as a transnational criminal organization along with its leader and his two sons for facilitating cyber scams targeting Americans, human trafficking, and cross-border smuggling operations.
   
• China said it remains open to trade negotiations with the U.S., but not under coercion or threats, responding to recent comments by President Trump.
   
• Starting next week, U.K. property agents will be subject to mandatory reporting obligations, following significant concerns at the Office of Financial Sanctions Implementation about compliance across the property sector.

As U.S. turns its back on free trade, other countries double down.

The U.S. is backing away from free trade under President Trump, but much of the rest of the world is not.

Since Trump’s election there has been a flurry of activity as countries across the globe attempt to deepen trade ties, hoping to offset some of the pain from U.S. tariffs by trading more with one another. The activity has accelerated since Trump was re-elected, and is based on the idea that even if the U.S. accounts for 26% of global economic output, it accounts for 13% of global imports, leaving plenty for the rest of the world to exchange.

• U.S. Could Collect More Than $100 Billion With Broader Tariffs, EU Trade Official Says
• U.S. Trade Deficit Hits Record as Companies Front-Load Pharmaceuticals
• Fed Confronts Lose-Lose Scenario Amid Haphazard Tariff Rollout
• Trump Still Has a Chance to Remake Rather Than Destroy Global Trade

Carney, meeting Trump, says Canada isn’t for sale.

Canadian Prime Minister Mark Carney told President Trump his country was “not for sale” after Trump reiterated his call for Canada to become the 51st state.

After signaling he would drive a hard bargain to resolve the trade war that has severely strained relations between the two countries, Trump on Tuesday opened the White House meeting by suggesting Canada become part of the U.S.

• Alberta Premier Says Vote on Separation From Canada Possible Next Year

• India said it conducted military strikes on nine sites in Pakistan in retaliation for a deadly militant attack on tourists in Kashmir, intensifying a confrontation between the nuclear-armed neighbors.
   
• From the beginning of Israel’s war against Hamas in Gaza, officials have said the military wouldn’t occupy the Gaza Strip. Eighteen months later, the government has approved plans to do exactly that.
   
• German politics used to be boring but stable. Now it’s neither.
   
• The U.S. military has completed successful test flights of a reusable hypersonic rocket-powered aircraft, its first such accomplishment in more than a half century. The win is a sign of the Pentagon’s progress in a wartime technology race in which China has a sizable lead.
   
• President Trump said Tuesday that the U.S. had reached a truce with the Houthis in Yemen and would suspend its airstrikes there, claiming that the militants would no longer target ships navigating Middle Eastern waters.
   
• Recent technology failures and near misses expose problems with the antiquated air traffic control system.
   
• China’s central bank said Wednesday that it would cut interest rates and inject more liquidity into the financial system, seeking to bolster the economy in response to trade tensions with Washington.

• A new Republican proposal aims to turn President Trump’s open-ended “no tax on overtime” slogan into a practical reality, denying the new deduction to some top earners and capping it at $10,000 for individuals and $20,000 for married couples.
   
• As Harvard University does battle with the Trump administration, its president, Alan Garber, speaks with The Wall Street Journal.
   
• The Supreme Court reinstated the Trump administration’s ban on transgender individuals serving in the military, setting aside a federal judge’s finding that the blanket exclusion violated the Constitution’s equal-protection guarantee.

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