⚠️ The IMF Isn't Pleased About THIS...

Good morning. US stock futures traded mixed in Friday morning trading as market indexes soared to record highs.

📊 IMF chides US on China tariffs

📝 Our report: The International Monetary Fund just threw some shade at the Biden administration's tariff-raising spree on certain Chinese goods, underscoring its warning that tensions between the world’s top two economies risk hurting global trade and growth. “Our view is that the US would be better served by maintaining open trade policies that have been vital to its economic performance,” IMF spokeswoman Julie Kozack said.

 🔑 Key points:

• IMF Managing Director Kristalina Georgieva last month said “all eyes are on the US” as the fund has grown increasingly vocal in criticizing its biggest and most influential shareholder for the global impact of its policies.

• President Joe Biden recently unveiled sweeping tariff hikes on a range of Chinese imports, including electric vehicles, in an election-year bid to bolster domestic manufacturing in critical industries.

• The president’s top economic advisor, Lael Brainard, defended the new tariffs as necessary to protect recent manufacturing and job gains in the US from “unfairly under-priced exports from China.”

💡 So what: The IMF is concerned about the US' tariffs on China because they risk escalating tensions between the two largest economies in the world. This trade friction not only impacts bilateral relations but also has broader implications for global trade and economic growth. The IMF fears that an aggressive escalation of tariffs could lead to retaliatory measures from China, further disrupting trade flows and potentially dampening economic activity worldwide.

Friday - US Leading Economic Indicators

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💨 Marijuana to be reclassified in the US

WHAT: The Justice Department just hit the rewind button on decades of U.S. drug policy by officially downgrading marijuana to a less dangerous drug. A proposed rule sent to the federal register recognizes the medical uses of cannabis and acknowledges it has less potential for abuse than some of the nation’s most dangerous drugs.

WHY: The move comes after a recommendation from the federal Health and Human Services Department, which launched a review of the drug’s status at the urging of President Joe Biden in 2022. The U.S. Cannabis Council, a trade group, applauded the proposed change, saying it would “signal a tectonic shift away from the failed policies of the last 50 years.”

👟 Venu Sports coming in fall

WHAT: Walt Disney Co, Warner Bros Discovery, and Fox Corp are teaming up to launch their sports-streaming service this fall, and they're calling it... wait for it...Venu Sports! Announced back in February, the service will try to woo younger viewers who are not tuned in to cable TV with a bundled offering of the companies' broad portfolio of professional and collegiate sports rights, including the National Football League, the National Basketball Association and FIFA World Cup.

WHY: Fox CEO Lachlan Murdoch said in March that the venture was expected to have 5 million subscribers in its first five years. The addressable market for the venture is expected to be between 50 million and 60 million, Murdoch had said, adding he did not have any concerns about regulatory hurdles about the venture.

🎵 Music company warns tech companies over unsanctioned use of content

WHAT: Sony Music Group just fired off some musical warning letters to over 700 tech companies and music streaming services, warning them not to use its music to train AI without explicit permission. Sony Music said that while it recognizes the “significant potential” of AI, “unauthorized use of SMG Content in the training, development or commercialization of AI systems” deprives it and its artists of control and “appropriate compensation.”

WHY: The move comes as copyright infringement is becoming a significant issue with the rise of generative AI, as streaming services like Spotify are flooded with AI-generated music.

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