Good morning. President Trump ordered a new national security review of Nippon Steel’s plan to acquire U.S. Steel, offering a new life for a $14 billion deal that was blocked by former President Joe Biden.

• The review: The White House on Monday said a fresh look conducted by the Committee on Foreign Investment in the U.S. would help the president determine whether further action would be appropriate. The review gives the administration the flexibility to craft an agreement that could allow the companies to complete a deal.
   
• Nippon Steel’s response: Nippon Steel said that “an objective, fact-based review of our proposed partnership with U.S. Steel will show that it strengthens American economic and national security so that U.S. Steel remains a proud American company.”
   
• Background: The blockbuster deal, which would shift the storied U.S. steelmaker to a much-larger Japanese steel company, has been in limbo since President Trump took office earlier this year. Biden blocked the merger in January, citing national security concerns after an earlier Cfius review. Nippon Steel and U.S. Steel are challenging the decision in federal appeals court, arguing that the deal wasn’t given fair consideration by the Biden administration.

Concerns raised U.K. foreign lobbying law doesn’t mention China.

The U.K. government’s plan to monitor lobbyists for foreign powers, modeled on the U.S. Foreign Agents Registration Act, comes into force on July 1, the Home Office said last week, with the nation’s interior ministry heralding the scheme as an essential component of its national security strategy.

Enactment of the law doesn’t come without risk, say legal experts, warning it could provoke “unintended consequences” for activities including joint ventures with sovereign-wealth funds and state-owned entities. Although the law has Iranian and Russian threats in its sights, some are also concerned it doesn’t go far enough to protect against undue influence from China.

China hits back, blacklists 27 U.S. firms and imposes export controls.

China blacklisted 27 American companies and announced sweeping export controls on rare earth elements amid an escalating technology and trade war with the U.S.

Why? The moves follow President Trump’s recent decision to increase tariffs on most Chinese products to 54%. Unlike the company-specific restrictions, the rare earth export controls will apply to all countries, not just the U.S., potentially disrupting global supply chains.

• Billionaire Russian businessman Dmitry Alexandrovich Pumpyanskiy and his spouse Galina Evgenyevna Pumpyanskaya gained a major victory in their multiyear challenge to EU sanctions, after the European Union’s General Court annulled their listings in separate judgments.
   
• The U.K.’s Office of Financial Sanctions Implementation has published guidance highlighting crucial compliance lessons from its recent penalty against Herbert Smith Freehills Moscow.

Trump, unbowed, is enacting change on scale rarely seen before.

And it’s only been 78 days: No American president has disrupted so many aspects of the nation’s daily life as President Trump has in less than three months in office. His no-apologies agenda has made him the focal point of crucial decisions now being made in America’s C-suites, on factory floors, in faculty lounges, elementary-school libraries and capitals around the world—as well as around kitchen tables across the U.S.

Trump’s tariffs—an effort to reshape the global trading system—have put many Americans in a defensive pose as they decide how to handle the likelihood of higher prices and a rout in the market that wiped out $6.6 trillion in market value last week. America’s allies and adversaries are reviewing their military spending as they consider a world in which Trump uses America’s military and economic muscle to squeeze every advantage from other countries at the expense of U.S. alliances.

• Trump Turns Screws on China, Leaves Door Open to Deals With Other Countries
• The False Tariff Headline That Sent Stocks on a $2 Trillion Ride
• Wall Street Starts to Speak Out Against Trump’s Tariffs

Apple plans to source more iPhones from India as potential tariff fix.

Apple plans to send more iPhones to the U.S. from India to offset the high cost of China tariffs, people familiar with the matter said.

The adjustments are a short-term stopgap while Apple attempts to win an exemption from President Trump’s tariffs—which Chief Executive Tim Cook obtained during the first Trump administration. The company sees the situation as too uncertain to upend long-term investments in its supply chain, the people said.

• Canada’s economy was already stumbling a few months ago. Now, it is on the brink of recession because of President Trump’s tariffs.
   
• China is moving fast to dominate biotechnology, and the U.S. risks falling behind permanently unless it takes action over the next three years, a congressional commission said.
   
• Washington and Beijing may be headed toward decoupling. But U.S. companies’ ties with China are proving hard to break.
   
• Russia’s killing of nine children in a missile strike has shaken even Ukrainians who are hardened to such attacks after three years of war and brought into focus the failure of President Trump to fulfill his campaign pledge of a swift end to the war.
   
• President Trump said the U.S. will hold direct talks with Iran “at almost the highest level.”

• House Republicans’ moves to advance President Trump’s “one big, beautiful bill” this week have been cast into doubt by defections from GOP lawmakers worried that spending cuts are being pushed aside in a rush to enact tax reductions.
   
• A 5-4 Supreme Court on Monday lifted a judge’s order that had blocked the deportation of suspected Venezuelan gang members to a Salvadoran prison, granting the Trump administration’s request to expedite the removals under an 18th century law known as the Alien Enemies Act.
   
• Billionaire businessman Elon Musk, one of President Trump’s most visible and influential advisers, is leveling veiled critiques at the White House’s trade agenda, exposing tensions within the administration over the president’s far-reaching tariffs.

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