Good morning. Donald Trump prepares to set the price of trading with the US. Avoid New Jersey Transit today. And Live Nation faces the music on its Covid concert cancellation policies. Listen to the day’s top stories.

Donald Trump said he’d set tariff rates for trading partners over the next two to three weeks, saying his administration would be sending letters telling people what “they’ll be paying to do business in the United States.” His levies on China may stay at 30% through late 2025, a Bloomberg survey showed. Here’s a guide to what’s at stake if the trade war does drag on.

Trump said he’d meet Vladimir Putin “as soon as we can set it up,” as Russia-Ukraine talks today in Istanbul kicked off with little hope of progress. The president is heading back from his Middle East trip having secured $200 billion in deals in the United Arab Emirates.

How’s your commute going? All New Jersey Transit services are suspended as engineers went on strike—their first walkout in more than 40 years—after failing to reach a deal on pay. The union is pushing for rail workers’ first raise since 2019.

ByteDance is snapping at the heels of the OG social media giant. The Chinese owner of TikTok is said to be aiming to match Meta’s revenue this year in a dizzying ascent that even a possible US ban has failed to slow. It’s just another worry for Meta, which saw its shares drop yesterday on a report that it’s delaying a flagship AI model, as well as a fresh push from European countries for mandatory user age restrictions. 

Elon Musk’s AI chatbot Grok blamed rogue tampering to its system for responses this week that included controversial theories about “white genocide” in South Africa. xAI said it has reversed the “unauthorized modification” to its technology that made the bot want to talk about little else for a brief period. 

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Deep Dive: Live Investigation

A shuttered concert venue in Los Angeles on April 8, 2020. Photographer: Frazer Harrison/Getty Images

Remember when everything got cancelled at the start of the pandemic? The US Justice Department does, and now it’s said to be conducting a criminal antitrust probe into how companies responded to mass concert cancellations.

• The investigation is focused on whether promoters Live Nation and AEG Presents illegally colluded on refund policies for canceled gigs and dealt with artists to limit losses. Prosecutors may even bring charges.
• It’s not Live Nation’s first brush with the law. The Taylor Swift ticketing fiasco of 2022—when frustrated fans were unable to buy tickets to her Eras Tour through its Ticketmaster arm—led to an outcry over high concert prices and a lawsuit seeking to break up the company on charges that it’s monopolized its industry.
• Trump’s got in on the action too, making a crackdown on ticket scalping and fees that drive up the costs of attending live events for consumers a policy priority.
• Don’t feel too sorry for them. It’s shaping up to be a spectacular year for live entertainment and the industry is thriving.

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The Big Take

Microsoft’s Satya Nadella.  Photographer: Stephen Brashear/Getty Images

AI is changing everything—even for the world’s most valuable company. Microsoft CEO Satya Nadella tells Bloomberg Businessweek about calming customer nerves, dealing with competition and navigating a very rocky partnership with OpenAI.

Opinion

US Speaker Mike Johnson. Photographer: Kevin Dietsch/Getty Images

There’s nothing conservative about the budget reconciliation bill emerging from the House, Michael Bloomberg writes. Even by Washington’s ever-declining standards of fiscal responsibility, this budget stands out as a dereliction of duty.

Before You Go

The interior of a soundproof Livlan apartment in Kawagoe, northwest of Tokyo. Source: Livlan

Embracing silence is all the rage in Tokyo. Soundproof apartments developed by Livlan have a waiting list of more than 6,000, up from just 200 in 2020. It’s all part of a global trend: The world is getting louder and people are seeking out quiet. For some, it means being able to scream freely in the confines of their own home.