Happy Thursday. We’re so close to Friday I can almost taste it!
In today’s issue:
- Cardinals elect new pope
- Trump announces U.K. trade deal
- GOP stuck in Trump agenda negotiations
- Bill Gates plans to give away “virtually” all of his money
🚨️ BREAKING
New pope just dropped:
White smoke is billowing from the Sistine Chapel’s chimney — and the bells are tolling.
The 133 cardinals have elected a new pope.
The crowd in St. Peter’s Square has been incredibly loud. Thousands of people are gathering to see the new leader of the Catholic Church appear on the balcony.
💻 Livestream of the ‘chimney cam’ — ahh, it feels like I’m in Vatican City.
It is unclear when the pontiff’s identity will be revealed, but it is expected within an hour or so.
☕ IN THE WHITE HOUSE
A spot of tea to celebrate:
President Trump just announced a trade agreement with the United Kingdom — the first trade deal made during his ongoing trade war.
What’s the deal?: It will still be finalized in the coming weeks, but here’s what Trump has said about it:
- Trump says it includes billions of dollars of increased market access for American exports, particularly U.S. beef, ethanol and other farming products.
- Trump says the U.K. will reduce non-tariff barriers that discriminate against U.S. products.
- The U.K. will fast-track American goods through customs.
Read Alex Gangitano and Brett Samuels’s reporting on the deal
Lol, this quote: “What a beautiful accent, I’d like to have that accent,” Trump said of U.K Prime Minister Keir Starmer’s British accent during the announcement. 📹 Watch the clip
Read BBC’s reporting on the trade agreement: ‘US removes tariffs on UK steel and aluminum, and cuts car rate to 10%, as Trump unveils trade deal’
📹 Watch Trump make the announcement
The stock market responded well to that news: Stocks rose this morning.
Trump teased the announcement last night, touting a “MAJOR” trade deal with a “BIG, AND HIGHLY RESPECTED, COUNTRY.”
➤ SPEAKING OF TARIFFS:
Ford Motor Company is raising prices on three models that are manufactured in Mexico amid pressures from Trump’s tariffs.
Which models?: Ford’s Bronco Sport, Maverick pickup and Mustang Mach-E electric SUV
➤ INTEREST RATES ARE NOT CHANGING, BTW:
Federal Reserve Chair Jerome Powell decided yesterday to keep interest rates steady. Trump slammed Powell for the decision. “‘Too Late’ Jerome Powell is a FOOL, who doesn’t have a clue,” Trump posted on Truth Social. “Other than that, I like him very much!”
⏱️ON CAPITOL HILL
The big, beautiful headache:
With two weeks until Republicans’ self-imposed deadline to pass President Trump’s legislative agenda — dubbed the “one big, beautiful bill” — and my colleagues on Capitol Hill report that House Republicans are falling even further apart from a deal.
The sticking points: Republicans still disagree about how to cut Medicaid. That’s the major issue. Plus, there are discussions about raising the state and local tax (SALT) deduction cap.
Read more on where negotiations stand: ‘Republicans fall further apart on Trump’s “big, beautiful bill”’
One GOP senator called it a ‘train wreck’: “Sooner or later we have to pass the same thing, and I’m worried that this is potentially a train wreck. We can’t really get on the same page,” a GOP lawmaker told The Hill’s Alexander Bolton of the House negotiations.
But Senate Majority Leader John Thune (R-S.D.) downplayed the tensions, arguing that Republican senators made progress during their Wednesday retreat at the Library of Congress. Read Bolton’s reporting: ‘GOP senators hope to avoid Trump agenda becoming a ‘train wreck’’
➤ ANOTHER STEP IN FORMALIZING THE GULF OF AMERICA:
House Republicans passed a bill this morning to rename the Gulf of Mexico to the Gulf of America.
Now, what?: It will head to the Senate where, as The Hill’s Mychael Schnell points out, its future looks … dim. At least seven Senate Democrats would need to agree to it.
➤ WHO’S TESTIFYING ON CAPITOL HILL TODAY?:
FBI Director Kash Patel is testifying before the Senate Appropriations Committee on his agency’s budget for next year. 💻 Watch
Homeland Security Secretary Kristi Noem is also testifying before the Senate Appropriations Committee on the budget request for fiscal 2026. 💻 Watch
💸️ NEWS THIS MORNING
Bill Gates is giving away ‘virtually all’ of his money:
Billionaire and Microsoft founder Bill Gates announced this morning that he is planning to give away “virtually all” of his wealth — more than $200 billion — within the next 20 years. He will then close his foundation at the end of 2045.
Why?: To accelerate the foundation’s work to help global health. He argues there’s urgency in addressing global health and public needs.
From Gates: “People will say a lot of things about me when I die, but I am determined that ‘he died rich’ will not be one of them. There are too many urgent problems to solve for me to hold onto resources that could be used to help people.”
Timing: President Trump’s administration has been slashing health and foreign aid programs.
Wow, Gates bashed Elon Musk: Gates told The Financial Times, “The picture of the world’s richest man killing the world’s poorest children is not a pretty one.” He also said he would “love for him [Musk] to go in and meet the children that have now been infected with HIV because he cut” aid. Read more of the quote, per Mediaite
Plus: The New York Times’s David Wallace-Wells spoke with Gates to discuss his decision. Read: ‘The $200 Billion Gamble: Bill Gates’s Plan to Wind Down His Foundation’
COMING UP
The House and Senate are in. President Trump is in Washington. (All times EST)
Noon: Trump and first lady Melania Trump participate in a celebration of military mothers. 💻 Livestream
1:30 p.m.: Transportation Secretary Sean Duffy announces a new air traffic control system. 💻Livestream
1:45 p.m.: A Senate vote. 📆Today’s agenda
2 p.m.: State Department spokesperson Tammy Bruce briefs reporters. 💻Livestream
🐝 INTERNET BUZZ
🥥 Celebrate: Today is National Coconut Cream Pie Day.
🦝 This headline sounds like a Mad Lib: “Pet raccoon with meth pipe in its mouth found in driver’s seat during Ohio traffic stop, police say,” per CBS News. No, really.
🦞 Del’s Lemonade, stuffies and lobster rolls: The “Real Housewives” franchise is expanding to Rhode Island.
👋 AND FINALLY…
Great, I wish I hadn’t seen this video. Now, I want a baby elephant…
They stay that size forever, right…?
