US Tariffs Take Effect as Trade Talks With China Continue

Despite hinting that a deal could still be reached and noting the “beautiful letter” he received from his Chinese counterpart, President Donald Trump increased tariffs on $200 billion worth of Chinese imports Friday morning. “I have no idea what’s going to happen,” Trump said Thursday at the White House, where high-level trade negotiations will continue today. In response, Beijing said it would take unspecified “countermeasures.”

What are the prospects for a deal? While some say the Trump administration is eager to avoid further market volatility, others believe the relationship is now so strained that a quick-fire deal would be difficult.

Hopes Fade for US-North Korea Relations

Hours after reports that Pyongyang launched two short-range missiles yesterday, the U.S. announced it had seized a North Korean cargo ship, claiming it violated sanctions by transporting coal. The spike in tensions has further dampened hopes that talks between the countries would continue, with South Korea’s president suggesting Kim Jong Un is “deeply discontented” after recent discussions with President Trump fell apart.

How will Washington respond? Analysts say each new missile test risks provoking a “furious” response from Trump, who’s loath to look weak in front of an increasingly belligerent Kim.

Uber Goes Public With $82 Billion Valuation

Having priced 180 million shares at $45 each — toward the lower end of its proposed range — the ride-hailing giant begins trading today on the New York Stock Exchange. Although Uber is now valued far lower than pre-IPO estimates of up to $120 billion, its U.S. public debut is still among the top 10 largest ever.

How will it perform? By selling as many shares as possible to institutional investors, who are known for long-term purchases, Uber’s hoping to avoid the volatility rival Lyft experienced after its IPO earlier this year.

Don’t miss OZY’s Special Briefing on this year’s tech IPOs.

Chelsea Manning Released From Jail

After spending 62 days in a Virginia detention center for refusing to testify before a grand jury about WikiLeaks founder Julian Assange, the former U.S. Army intelligence analyst walked free yesterday. But she’ll report before another grand jury next week — after which she’ll likely head back to jail, since her lawyers said Manning “will continue to refuse to answer questions.”

Will she ever open up? Although charges of civil contempt are meant to be coercive, Manning filed an affidavit this week saying that betraying her principles is “a much worse prison than the government can construct.”

Also Important...

The U.S. military says an airstrike in Somalia killed 13 ISIS militants this week. The Norwegian Refugee Council estimates that a record 41 million people have been internally displaced due to violence and conflict. And Facebook co-founder Chris Hughes has argued that federal regulators need to break up the social media giant.

Try This: Feeling presidential after a week of briefings? Prove it with the PDB Quiz.

We’re hiring! OZY is looking for a prolific sports reporter who’s comfortable creating profiles, trend stories, data-driven articles and thought-pieces. Could this be you? Check out the job description for more details … and find all our open jobs right here.

Jeff Bezos Unveils 'Blue Moon' Lunar Lander

“This is an incredible vehicle.” That’s how the Amazon founder described his private space firm’s new lander, presented yesterday and designed to deliver “multiple metric tons” of payload — and eventually humans — to Earth’s satellite. The Blue Moon, powered by a liquid hydrogen engine that will be refueled by water mined on the moon, is part of what Bezos calls a “multi-generation vision” of populating space.

When is lift-off? Bezos said the Blue Moon could be ready to help NASA reach its goal of landing the first woman on the moon by 2024.

Check out this OZY op-ed about going to the moon — and beyond.

Latin America's Legal Drug Trade Is Booming

With the global medical marijuana market expected to reach $146 billion by 2025, Latin American startups are challenging Canada and the U.K.’s current dominance of pot production, OZY reports. Companies across the region are cultivating crops en masse, hoping to out-compete Canadian greenhouses on cost and wrestle market share away from North America. Low overhead and 12 hours of daily sunlight year-round are major advantages.

How much are they earning? None of the startups have filed quarterly reports yet, but that hasn’t blunted investor enthusiasm.

Report: Europe Uses Natural Resources at Unsustainable Rate

According to a new study by the World Wide Fund for Nature and the Global Footprint Network, the European Union is burning through natural resources more quickly than they can be replaced. The report concludes that we’d need 2.8 more Earths if everyone consumed as much as Europeans. The EU’s “overshoot day,” when it reached its annual biocapacity, was May 5 — nearly two months after the U.S., but a month before China.

How can they boost sustainability? The WWF said that increasing funding for green industries, meeting emissions goals, reducing deforestation and halting overfishing are key.

Suspect Arrested in 1985 Killing of TV Director

Police in Los Angeles say 52-year-old Edwin Hiatt is in custody for the murder of Barry Crane, who was found bludgeoned to death in his North Hollywood home in July 1985. Hiatt, who was arrested by the FBI and local North Carolina authorities based on new DNA evidence, has been charged with one count of murder. Crane was known for directing hit shows including Mission Impossible, The Six Million Dollar Man, The Incredible Hulk and Wonder Woman.

Has Hiatt confessed? Asked by a local reporter whether he committed the crime, Hiatt said, “anything’s possible,” adding that he was “big into drugs” at the time.

Read this OZY Flashback about a painting, murderous clown.

English Teams Dominate European Soccer Leagues

No matter which team finishes first in the Europa and Champions Leagues this year, England has already won: For the first time ever, all four teams duking it out in the finals are British. In the Europa League, Chelsea defeated Eintracht Frankfurt 4-3 in a penalty shootout yesterday, while Arsenal topped Valencia 4-2. That’s in addition to Liverpool beating Barcelona and Tottenham defeating Ajax earlier this week to reach the Champions League final.

When will they face off? Arsenal and Chelsea will hit the pitch in Baku, Azerbaijan, May 29, while Liverpool and Tottenham will play in Madrid June 1.