Good morning. Harvard’s president emeritus decries Donald Trump’s latest move. Every penny counts—or does it? And Tom Cruise really did get that aircraft carrier. Listen to the day’s top stories.

The Harvard community is reeling after the US revoked its ability to enroll international students. Lawrence Summers, the university’s president emeritus and a former Treasury Secretary, called the Trump administration’s move “vicious” and “the stuff of tyranny.” It’s not just the potential financial pressure—Harvard has educated many who went on to become part of the political elite. See more in the Opinion section below on what it means for America’s soft power.

The US is pushing the EU to make unilateral tariff reductions or face “reciprocal” duties of 20%, the FT reported. Donald Trump is also talking with Japan on trade, while Treasury Secretary Scott Bessent appears to have made a good impression at the G-7 meeting this past week.

The US Supreme Court shielded the Federal Reserve from Trump’s push to fire top government officials. In a ruling Thursday that let Trump oust leaders at two other agencies, the court said its decision wouldn’t apply to the Fed, calling it a “uniquely structured, quasi-private entity.” Good news for Jerome Powell. 

Not quite fine dining. Top TRUMP coin holders were invited to dine at Trump’s Washington golf club last night, where they ate filet mignon and were greeted with protestors yelling, “Shame!” The president gave a speech and left, according to one slightly disappointed attendee. Those who were there included Chinese entrepreneur Justin Sun and one man who snagged his seat for a mere $1,200. 

A Chicago man accused of killing two Israeli embassy staffers in Washington, D.C., made his first court appearance and was charged with two counts of murder among other offenses. He didn’t enter a plea, and the judge set a preliminary hearing for June 18. Jeanine Pirro, the interim US attorney for DC (yes, the TV host), said prosecutors are weighing whether to seek the death penalty.
 

Deep Dive: Penny-wise

Photographer: Saul Loeb/AFP/Getty Images

The US government is ending the production of pennies, citing lower demand and immediate savings. 

• The production cost of the coin has risen to 3.69 cents over the past decade, giving new meaning to the characterization of a “pretty penny.”
• The Mint projects an immediate annual savings of $56 million in reduced material costs from stopping penny production. 
• But some say killing the penny might not actually save that much—one lobbyist has argued more people would use nickels, which cost nearly 14 cents to make.

The Big Take

A road in Yichun, known as China’s lithium mining capital, on March 19. Photographer: Gilles Sabrie/Bloomberg

China’s relentless push for self-reliance in battery materials comes at a hefty financial and ecological cost. Read the story.

Opinion

Trump’s move to ban Harvard from enrolling international students will damage America’s soft power, especially in Asia, where many still view the US as a land of opportunity, Karishma Vaswani writes. Barring international students risks alienating the next generation of talent.

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Before You Go

A McDonnell Douglas F/A-18 Hornet lands aboard the USS George H.W. Bush in August 2017. Photographer: Dan Kitwood/Getty Images Europe

“You gave him an aircraft carrier?” The answer, astoundingly, is yes. Ethan Hunt, aka Tom Cruise, really did get one for his latest mission. The Pentagon granted the actor-turned-stuntman and his crew access to the USS George H.W. Bush for The Final Reckoning, filmed while the vessel was on a scheduled training mission in the Adriatic. An example of its willingness to show off its hardware.

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