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• Canada feels tariff pain.
• AMD had lots to gain.
• Questioning Taylor Swift’s rein.
• Taking flight on a Breeze plane.

There were two ways Canadian Prime Minister Mark Carney’s meeting with US President Donald Trump was going to go. He’d either walk away with a trade deal to ease tariff pressure at home, or he wouldn’t. As of 4:37 p.m. ET, he’s empty-handed. But hope is not lost: Trump said they were “working on formulas” to come up with a solution. Let’s just hope those formulas are more robust than the “reciprocal” tariff math used on the White House’s Liberation Day poster boards.

Francis Wilkinson explains what’s at stake: “Canada’s future is less secure than perhaps at any time in postwar history,” he writes. Millions of steel, aluminum, lumber and auto jobs depend on Trump ending the tariff whiplash. The Great White North’s disdain for Trump’s policies have been well-documented by the press, he notes: “American liquor and wine swept from Canadian shelves. Trips to Florida and Arizona abruptly canceled. American consumer favorites supplanted by Canadian substitutes in a patriotic purge.”

During the election, Carney spoke to that pain. “The old relationship we had with the United States based on deepening integration of our economies and tight security and military cooperation is over,” he said at a campaign rally in March.

Yet March feels lightyears away. “The declaration was bold. Carney’s actions, and more recent eagerness to tout his solid relations with the White House, suggest it remains a long way from being realized,” Francis writes. This afternoon, Trump once again reiterated his desire to “merge” the US with Canada and all Carney did was awkwardly laugh it off:

What began as Trump’s schoolyard taunt of Justin Trudeau has morphed into an evergreen bash — “a throwaway comment that became something that wasn’t thrown away,” as one former senior Canadian official put it to Francis.

Until the rhetoric changes, Canadians will try and stick to their “elbows up” ethos. “If Trump accelerates his assault on the Canadian economy, forcing Canadian companies to choose between insolvency or moving production and jobs to the US, nationalist fervor may not last,” Francis writes. Read the whole feature for free.

During OpenAI’s developer day, the company announced a deal to buy tens of billions of dollars worth of chips from AMD. Although details of the deal were not publicly disclosed, Matt Levine imagines the negotiations went something like this:

That seems fair enough! Hype has always been a powerful thing — see: the internet, green energy, the blockchain — and AI is no different.

Of course, there are risks to such deals. The AI bubble could pop or ChatGPT’s suicide problem — which Catherine Thorbecke says should be a global priority — could catch up with CEO Sam Altman. And what happens then? OpenAI doesn’t have a grand fallback plan. AI is its bread and butter. “Its business is made up of machines that burn an unprecedented amount of cash,” writes Dave Lee, and unlike its competitors — Google, Meta and Amazon — it doesn’t have a legacy operation it can use as a financial cushion.

Maybe that’s why Altman is transitioning from chasing moonshots like “artificial general intelligence” to what Dave calls his “boring-is-beautiful” phase. Allowing third-parties to add OpenAI’s video generating capabilities to other apps might not be as flashy as a Jony Ive-designed phone, but dull improvements is what will pay the bills.

One of the loudest complaints about the lyrics of Taylor Swift’s new album, The Life of a Showgirl, is that they’re too internet-y. The amount of casual references she makes to memes — eldest daughter, ah-matized, girl-bossing, redwood tree, keep it 100 — feels overwhelming and outdated to some listeners, although maybe that’s the point. Not all of her songs need to be about suffering and torture! Regardless, Jason Bailey says it’s a major commercial success, despite mixed reviews about her artistry.

Elsewhere in quibbles with the terminally online, you have US politicians who are taking Gen Z’s jargon to a cringey extreme. David M. Drucker says both sides of the aisle are far too preoccupied with internet virality and meme-making. “Republicans revel in ‘owning the libs.’ Prominent Democrats, intent on proving to their activist base that they’re fighting to stop Trump, have dialed up profanity in their rhetoric. And yet, none of this is how most voters, left or right, are living their lives day-to-day,” he writes.

I don’t know what’s more fascinating about JetBlue founder David Neeleman: That he’s quietly launched a small airline called Breeze which experienced a 41% operating revenue boost in the first half of 2025, or that he’s the father-in-law of Hannah Neeleman, the insta-famous Mormon tradwife of “Ballerina Farm” fame. That’s a lot of lore for one man! Thomas Black says he has big dreams for his latest aviation project: “Breeze has 50 aircraft and Neeleman believes there are enough of these secondary markets to support a fleet of 400. He figures that 125 US cities have lost a quarter of their air service over the last decade as the large airlines drive passengers to their hubs,” Thomas writes. You can see the appeal of such a service — no one wants to have a five-hour layover at the Atlanta airport, but sometimes there’s no choice. Breeze is hoping to change that.

Eeek! Gold futures surpassed $4,000 for the first time today because it’s seen as a “safe haven” for investors during periods of instability. But what’s so safe about a chunk of metal? “A dollar can buy things. The stock market offers ownership in profitable companies. A bond promises a stream of payments,” writes Allison Schrager. But gold? Other than it being shiny and scarce, it doesn’t have much going for it, utility-wise (other than cat grills). Which is why Allison says you should resist the temptation to hoard it, even when trusted voices — looking at you, Ray Dalio! —are going bananas over the metal. “There is nothing safe about gold as an asset. Like any other commodity, its prices are extremely volatile. All it adds to a portfolio is risk,” she says.

China is quietly joining Russia’s shadow war on Europe. — Hal Brands

Greenhushing is — whisper it! — coming for carbon removal. — Lara Williams

Europe’s capital rules rely more on fantasy than reality. — Paul J. Davies

South Korea should use the public outcry against ICE to strike a trade deal. — Juliana Liu

This just in: Christianity cool again! In the UK, at least. — Adrian Wooldridge

France is the sick man of Europe who’s too big to fail. — John Authers

Companies should stop being obsessed with hiring repeat CEOs. — Beth Kowitt

Pam Bondi’s first oversight hearing.

Two years since the Oct. 7 attack.

Long live Saul Zabar, the smoked fish czar.

Jacob Elordi wants that Bon Iver clout.

Happy Supermoon to all those who celebrate.

The crypto torture townhouse is a hot rental.

Notes: Please send moon pics and feedback to Jessica Karl at jkarl9@bloomberg.net.

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