Greetings! Happy National Leadership Day to those celebrating.

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🇸🇦 Saudi uranium talks raise enrichment fears. Presidents Donald Trump and Joe Biden have both chased a nuclear pact with Saudi Arabia. The proposal would share civilian reactor technology, but it could also permit uranium enrichment. Arms control experts warn enrichment can shorten the distance between energy and weapons. A congressional document says the Trump administration wants 20 nuclear business deals worldwide, and the Saudi one could be worth $B-level sums. The draft calls for safeguards with the United Nations nuclear watchdog, the International Atomic Energy Agency (IAEA). Those safeguards would cover enrichment, fuel fabrication, and reprocessing. Kelsey Davenport of the Arms Control Association said the structure could still open a path to enrichment know-how. Crown Prince Mohammed bin Salman has said Saudi Arabia would seek a bomb if Iran gets one. Experts cite the United Arab Emirates’ 123 agreement, which renounced enrichment as the gold standard. The worry is not today’s reactor, but tomorrow’s centrifuge.

🇮🇷 Trump weighs limited Iran strikes as deal draft nears. President Donald Trump said he is considering limited strikes if nuclear talks with Iran stall. Asked by a reporter, he said he was considering that, then warned Iran to negotiate a fair deal. Iranian Foreign Minister Abbas Araghchi said Iran would finalize a draft in the next two to three days. He said Washington could see it quickly, and talks could conclude within a week. Araghchi floated that timeline on the Morning Joe show. The administration has built the largest American military presence in the Middle East in decades. The United States Ship (USS) Gerald R Ford carrier strike group entered the Mediterranean after crossing the Strait of Gibraltar. Araghchi said Iran is prepared for diplomacy and negotiation, and prepared for war if talks fail. A White House official said Iran cannot enrich uranium or keep breakout capacity. Some lawmakers said any strike should go to Congress first.

📜 Court says emergency law cannot justify Trump’s tariffs. The ruling hinged on the International Emergency Economic Powers Act (IEEPA). Trump argued trade deficits qualified as an emergency under IEEPA. Chief Justice John Roberts said the law does not grant that tariff power. Roberts wrote that no president had ever found such authority in IEEPA. He also invoked the major questions doctrine, demanding clear congressional authorization. Roberts was joined by Justices Neil Gorsuch and Amy Coney Barrett on that reasoning. The majority stressed the Constitution gives Congress the taxing power, tariffs included. Justices Brett Kavanaugh, Samuel Alito, and Clarence Thomas dissented. Kavanaugh said the tariffs were lawful as text and history, and wrote a 63-page dissent. Trump praised the dissent as genius, even as the tariffs vanished.

🏷️ Trump vows 10% global tariff after court blocks levies. The Supreme Court struck down President Donald Trump’s sweeping tariffs in a 6-3 ruling. Trump said he was absolutely ashamed of the justices who voted against him and called the decision deeply disappointing. He said other countries were dancing in the streets, but promised the music would stop. Within hours, he said he will sign an executive order imposing a 10% global tariff. Trump said he would use a statute he called Section 122 to do it. He also said he is exploring other legal avenues for higher duties. Vice President JD Vance called the ruling lawlessness on X. Trade partners asked for clarity on what comes next. Small businesses and retailers cheered, calling stability a victory. Trump’s message was blunt: if courts close one door, he will shop for another.

🏘️ HUD plan could push mixed-status families out of housing. The Department of Housing and Urban Development (HUD) proposed a rule to limit public housing mostly to citizens. It would still allow eligible noncitizens, but demand proof from every resident. The proposal would newly require documentation even from residents 62 and older. HUD said the rule becomes official once published in the Federal Register. Advocates warned it would effectively bar mixed-status families from assistance. The Center on Budget and Policy Priorities estimated up to 20K families could lose help. That could mean as many as 80K people pushed out of subsidized homes. Senior policy analyst Sonya Acosta said families would face an agonizing choice between rent aid and separation. The rule could also hit citizens who cannot easily prove status, not just immigrants. The report cites 3.8M adults lacking proof of citizenship and 17.5M who struggle to get documents.

📊 Stocks tick up as tariff ruling lands with a shrug. Markets barely flinched after the Supreme Court struck down Trump’s tariffs. The Standard and Poor’s 500 index (S&P 500) rose 0.7%. It gained 47.62 points to 6,909.51. The Dow Jones Industrial Average added 230.81 to 49,625.97. The Nasdaq composite climbed 203.34 to 22,886.07. Brian Jacobsen, chief economic strategist at Annex Wealth Management, said investors were expecting this outcome. Comfort Systems USA ($FIX) jumped 6.5% after stronger profit, and chief executive officer (CEO) Brian Lane said demand was unprecedented. Ralph Lauren Corporation ($RL) swung on the news but ended up 2.2%. Bond traders stayed calm too, with the 10-year Treasury at 4.08% and the two-year at 3.48%. Wall Street treated the ruling as a headline, not a heart attack.

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That’s all for today!

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