Good morning. The Trump administration has launched a massive expansion of export restrictions, giving companies 60 days to prepare for broad changes that could impact businesses across the economy, Risk Journal reports.

• 50% rule: The Commerce Department’s Bureau of Industry and Security announced the change, known as the “50% rule,” on Monday, effectively expanding what is known as the entity list of businesses and people barred from receiving sensitive U.S. technology. Export restrictions will apply to any company at least 50% owned by one or more listed entities.
   
• A big deal: The expansion has potentially massive implications.“I don’t believe that most have a sense of how many thousands and thousands and thousands of new entities will be subject to export-control restrictions,” said Kit Conklin, a former U.S. Treasury Department official who is the global head of risk and compliance at Exiger, a supply-chain screening company.
   
• Closing a loophole: The U.S. has in recent years leaned into export controls to stop Russia from gaining technology it can use in its war in Ukraine, and to constrain China’s access to advanced chips and artificial intelligence. The new policy is meant to close what the Trump administration calls a loophole that it says allows foreign adversaries to get access to sensitive U.S. goods by diverting them to proscribed companies.
   
• A difficult pivot: Trade compliance professionals have known for months that some version of the rule could be coming, but they only had a rough idea of what the rule could look like. “Until the rule was actually drafted, it was difficult for companies to put concrete steps in place,” said former Commerce official Opher Shweiki, who is now a partner at law firm Akin Gump. 

Also: Trump Targets China’s Tech Sector by Expanding Trade Blacklist

U.S. Could Mount Exports Crackdown Even Without Anticipated 50% Rule

U.S. Continues Review of ‘50%’ Export Control Rule

U.S. Breaks Taboo on Trading Away Export Controls

YouTube to pay $24.5 Million to settle lawsuit brought by Trump.

YouTube has agreed to pay $24.5 million to settle a 2021 lawsuit that President Trump brought against the company and its chief executive over its suspension of Trump’s account after that year’s riot at the U.S. Capitol, according to court papers.

The settlement makes YouTube, which is owned by Alphabet’s Google, the final Big Tech company to settle a trio of lawsuits Trump brought against social-media platforms in the months after he left the White House. Meta Platforms agreed in January to pay $25 million, most of it to a fund for Trump’s presidential library, and X agreed to pay $10 million, much of it going directly to Trump, The Wall Street Journal previously reported.

• The Federal Trade Commission issued its final approval of the acquisition of advertising company Interpublic Group by rival Omnicom Group and ordered Omnicom to appoint a monitor to ensure compliance with the agreement, Risk Journal reports.
   
• OpenAI is planning to release a new version of its Sora video generator that creates videos featuring copyright material unless copyright holders opt out of having their work appear, according to people familiar with the matter.
   
• Charlie Javice was sentenced to more than seven years in prison for defrauding JPMorgan Chase when she sold her startup to the megabank for $175 million and provided bogus evidence that her company had millions of customers that didn’t actually exist.

Trump re-ups tariff plan for movies made outside of U.S.

President Trump said Monday he is slapping a 100% tariff on films made outside of the U.S., reiterating a threat he made earlier this year against the movie industry.

“Our movie making business has been stolen from the United States of America, by other Countries, just like stealing ‘candy from a baby,’” Trump said on social media.

Trump, who didn’t provide details on the tariffs, has argued that foreign countries have undermined the U.S. film industry by using tax incentives to get Hollywood productions to shoot overseas.

• Turkish Foreign Minister Hakan Fidan said Sunday that U.S. sanctions imposed under the Countering America’s Adversaries Through Sanctions Act are pushing Ankara to seek alternative defense partnerships, calling the restrictions between two NATO allies a major hurdle, Risk Journal reports. 
   
• CSX named Steve Angel as its chief executive, succeeding Joe Hinrichs. The appointment comes after activist investor Ancora Holdings last month told the railroad operator that it should pursue a deal with a rival in light of Union Pacific’s $71.5 billion buy of Norfolk Southern, or replace its top executive.
   
• Afghanistan’s ruling Taliban released a U.S. citizen from custody, a display of goodwill by Kabul that comes when the country is in broader economic and political talks with the Trump administration.

• For months, President Trump warned Hamas that it had to release all remaining hostages or face Israel’s wrath. On Monday, he issued a more dramatic message: Agree to a 20-point peace plan for Gaza within 72 hours, or suffer complete annihilation.
   
• New York City Mayor Eric Adams’s trademark swagger was missing Sunday when he announced he would halt his re-election campaign, a decision that narrows the field in a hotly contested race to run the nation’s largest city.
   
• Russia, not long ago a rising military force in Africa, is now struggling to maintain its footprint on the continent.

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