Good morning. Donald Trump plans to unveil a trade pact with our friends across the Atlantic. AI adds to the planet’s water pressures. And one miner makes a gem of a find in Russia. Listen to the day’s top stories.

Donald Trump said there’s a trade deal with the UK, following an overnight social media post teasing the announcement. Stay tuned for details at 10 a.m. Eastern. The UK hasn’t said much yet but it had been looking to negotiate a narrow agreement focused on tech and AI.

South of the border, Mexican business leaders lauded statements from Apollo CEO Marc Rowan emphasizing the need for a trade partnership between the US and Mexico. And when it comes to talks with China, Trump said he’ll raise the case of former media mogul Jimmy Lai. (That’ll probably antagonize Beijing, though...) 

Trump is tapping Casey Means to be the next US surgeon general. The influencer—she has a medical degree but not an active medical license—would be responsible for providing Americans with scientific information about about health-care options and reducing the risk of illness. Elsewhere in DC, a federal judge said he may order the US to seek the return of more than 100 Venezuelans deported in March.

A protester is escorted from the library. Photographer: Spencer Platt/Getty Images North America

The NYPD arrested more than 70 people after pro-Palestinian protesters occupied Columbia University’s Butler Library. Secretary of State Marco Rubio said the status of their visas is under review. Separately, Republican donor and investor Ken Griffin said the US should hand out visas to foreign students graduating from the country’s universities.

Checking in on Big Tech: Apple said it’s “actively looking at” revamping the Safari web browser on its devices to focus on AI-powered search engines. It also asked a court to delay an order that requires the company to let App Store developers steer users to the web to purchase in-app items without paying a commission.

Bloomberg Tech: Join top tech decisionmakers and influencers  June 4-5 in San Francisco. Decode technology’s evolving role across business, culture and healthcare as we discuss the advances transforming industries and how they impact society. Learn more.

Deep Dive: AI’s Drain

Sources: Planet Lab, DC Byte

AI is draining water from the areas that need it most. 

• The data centers that power AI consume immense amounts of water to cool hot servers, and indirectly, from the electricity needed to run these facilities. 
• About two-thirds of those built or in development since 2022 are in places already gripped by high levels of water stress. 
• This adds to concerns that communities facing water shortages will have to compete with data center operators to access clean water.

The Big Take

Photographer: Zeloot

A stampede of restructuring companies is creating a class system that's costing creditors billions. It’s a new blow for debt investors just as the economy needs them most. Read the story.

Opinion

The Fed just pronounced that the risks of stagflation are rising, and nobody much seemed to care, John Authers writes. Tariffs are all anyone wants to know about until the 90-day pause expires.

Before You Go

Photographer: Alrosa 

A gem of a find. Alrosa said it mined Russia’s largest-ever diamond of jewelry quality. The company extracted the 468.30-carat, amber-colored gem in Yakutia in the country’s Far East.

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