Good morning. In this edition:

• 📝 Trump unveils plan to lower prescription drug prices
• 🤝 China and the US press pause
• 📺 The town that changed its name for free TV

Ready, Set, Go: Today’s news should be a ~4.44-minute read (1,182 words).

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"I've always tried to go a step past wherever people expected me to end up."

–Beverly Sills (1929-2007)

President Trump yesterday signed an executive order aimed at lowering the cost of prescription drugs in the US. To do so, Trump aims to align what the US government pays for certain medications to significantly lower prices paid by other developed nations.

Trump's executive order specifically directs the US Trade Representative and Commerce Department to take any appropriate action against “unreasonable and discriminatory policies in foreign countries” that suppress drug prices.

• It also orders Health Secretary RFK Jr. to work with pharmaceutical companies on how to sell their drugs directly to US patients at "the most-favored-nation price"—meaning rates for Americans would be set at the lowest available international price.
• If US drug prices aren’t lowered within 180 days, RFK Jr. is authorized to “propose a rulemaking plan” to implement most-favored-nation pricing.

The order carries bipartisan support. Several Democratic lawmakers expressed approval for Trump’s plan to lower drug prices. Rep. Ro Khanna (D-CA) said he would introduce the executive order to become legislation, while Sen. Bernie Sanders (I-VT) proposed a similar legislative effort.

But…Some Wall Street analysts and legal experts say Trump’s plan faces a challenging path to becoming a reality. In a note on Monday, JPMorgan analysts called the policy “challenging to practically implement” because it would likely require congressional approval and could run into legal hurdles.

• Monday’s executive order also resembles an effort by Trump to lower prescription drug prices during his first term, which was blocked by a federal judge who ruled his administration had skipped steps in the policymaking process.

Big picture: US prescription drug prices are currently two to three times higher on average than those in other developed nations. Many experts attribute this to other developed countries having single-payer healthcare systems with leverage to negotiate better deals, while the US has a patchwork of public and private insurance and partly relies on middlemen to set prices.

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The bell has dinged, and both heavyweights are headed back to their corners.

In a surprise breakthrough, the US and China yesterday agreed to drastically roll back tariffs on each other’s goods for an initial three-month period, marking a de-escalation in the budding trade war between both nations.

The duty deets

Under terms of the deal, the US will lower its base level of tariffs on most Chinese goods from 145% to 30%, while China will cut its duties on American-made products from 125% to 10%. 

• Both countries agreed to keep the lower tariff levels in place for 90 days, with the goal of working toward a broader trade deal in further talks. President Donald Trump expected to speak with Chinese leader Xi Jinping this week.
• China also said it would cancel or suspend some retaliatory nontariff trade measures it had imposed on the US, which could potentially include easing export restrictions on critical minerals used in batteries and high-tech products.

Markets react: US stocks closed higher on the news (S&P: +3.3%; Dow: + 2.8%; Nasdaq: +4.4%). The Nasdaq officially entered a new bull market (up 20+% from a recent low), while the Dow exited correction territory (down 10+% from a recent high).

Zoom out: The US government collected a record-high $16.3 billion in customs duties in April—$7.6 billion more than it did in March—as revenue from tariffs ramped up sharply, the Treasury Department revealed yesterday.

Vinnie Chase, Ari Gold, and Billy Walsh walk into a theater: Hollywood’s who’s-who and up-and-comers alike are converging in France as the country’s fanciest film festival, Cannes, kicks off today.

Off the screen: The festival issued an updated red carpet dress code that effectively bans full nudity and “voluminous” ensembles, in response to a series of nipple-baring ensembles worn in recent years (or in the case of Bianca Censori, a little more).

On the screen: Nouvelle Vague (Richard Linklater) and Wes Anderson’s newest movie, the star-studded Phoenician Scheme, will be up for the festival’s top prize, the Palme d’Or. Spike Lee will be showing his Highest 2 Lowest, while Tom Cruise will also be promoting the upcoming and hopefully-not-prescient Mission: Impossible–The Final Reckoning.

Cannes you hear it? Fun fact: The minimum length of applause for any film at the festival is about four to five minutes, according to Vulture’s Nate Jones. Meaning if the audience hates a film, they will still rise from their seats and applaud for 240+ seconds.

Big picture(s): What happens in France doesn’t stay in France—the Cannes → Oscar pipeline in recent years has been stronger than a Jager-induced hangover. Four of the last five Palme d’Or winners, including last year’s winner, Anora, have landed an Academy nomination for best picture.

Vernon Arias transformed from nature-loving student to dedicated conservationist, rescuing scarlet macaws from extinction in Costa Rica's Nicoya Peninsula.

• 🦜 Through the non-profit ASOPROLAPA, Vernon's released 200 scarlet macaws into habitats threatened by development and poaching, while educating local children to become future environmental heroes
• 🌱 Dubbed as “The gardeners of the forests”, scarlet macaws help the ecosystem by dispersing seeds from their diet of over 45 plants
• 📈 The beloved bird’s increased presence has boosted tourism, thus aiding the local economy

It’s that time of year when music fans across the world turn into Simon Cowell for a week.

The 69th annual Eurovision Song Contest kicks off today, with the global singing competition returning to its roots in Switzerland this year.

It’s a big deal: Eurovision is one of the world’s most watched non-sports events, typically drawing 160+ million viewers across three live shows. In fact, the viewing share of the 2024 Eurovision Grand Final was 46.7%—meaning nearly half of all people watching TV in the dozens of participating countries were tuned in.

• The annual event features original song performances by artists from 37 countries—all of which are European except Australia and Israel.
• It also features a heavy dose of fan participation from viewers at home to determine most of the outcomes.

Looking ahead…The two Eurovision semi-finals will be held today and Thursday, followed by the Grand Final on Saturday.

BUSINESS & MARKETS

• 🪙 Coinbase is joining the S&P 500, replacing Discover Financial, which is being acquired.
• 📝 McDonald's announced plans to hire up to 375,000 workers this summer. | Ticketmaster instituted up-front ticket pricing in response to the FTC’s "junk fee" ban taking effect.
• 🤖 Perplexity is in talks to raise ~$500 million at a ~$14 billion valuation; the AI startup was valued at $9 billion in a November funding round.

SPORTS, MEDIA & ENTERTAINMENT

in partnership with Autio

• 🏀 The Dallas Mavericks won last night’s NBA Draft Lottery, securing the 2025 #1 overall pick; the franchise had a 1.8% chance to capture the Flagg. | Basketball legend Michael Jordan was hired by NBC as an NBA contributor.
• 👨‍⚖️ Day one of Sean "Diddy" Combs' sex-trafficking trial wrapped up in New York.
• 🎤 A Madonna biopic miniseries is reportedly in early development at Netflix; the creative team includes Madonna herself and Stranger Things director Shawn Levy.

*From our partners: 📍🛣️ Celebrate AAPI Heritage Month on your next adventure…This month, let Autio guide you through the vibrant stories of Asian American and Pacific Islander communities that shaped America's landscape. With 23,000+ location-based audio stories narrated by famous voices, discover rich cultural histories wherever you travel. Get started with Autio free.

SCIENCE, SPACE & EMERGING TECH

• 🌌 Our universe is expected to decay in 10^78 years, according to new research—or much sooner than the 10^1100 years scientists previously thought.
• 🥁 Chimpanzees drum with rhythm when banging on tree trunks, with the drumming sharing some properties with human music, per a new study.
• 🪐 Mars may contain a hidden reservoir of water deep beneath its surface, per a new analysis of “marsquakes,” or seismic waves rippling through the red planet’s crust.

US, WORLD & POLITICS

in partnership with Upside

• 🏛️ House Republicans unveiled a plan to cut Medicaid spending as part of Trump’s “big, beautiful” tax and spending bill; the GOP plan would add work requirements and more frequent eligibility checks to Medicaid.
• 🌍 Hamas released American-Israeli hostage Edan Alexander, believed to the last living US hostage alive in Gaza.
• 🇿🇦 Dozens of South Africans belonging to the white minority Afrikaner ethnic group arrived in the US after receiving refugee status from the Trump admin.

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☝️ Klein Vision last week unveiled the world’s first mass-produced flying automobile prototype; the AirCar is expected to become publicly available in Q1 of next year for an easily affordable price of $800,000-$1 million.

🤔 Did You Know? In 2005, a rural town in northern Texas changed its name to DISH in exchange for 15 years of free satellite TV from Dish Network for all ~450 residents. The name still stands to this day.

📰 Worth a Read: The underground hunt for Mexico’s most wanted drug kingpin

🖱️ Clickbait: Liam and Olivia top the list of 2024 US baby names

Yesterday, we covered how India and Pakistan agreed to a full and immediate ceasefire to end recent fighting in the Kashmir region, which marked the most serious conflict between the two nuclear powers in decades.

❓ Our question to you: In your opinion, what’s the likelihood that the India-Pakistan conflict will escalate to a full war in the next six months?

• Very likely: 16%
• Somewhat likely: 28%
• Somewhat unlikely: 26%
• Very unlikely: 17%
• Unsure/other: 13%

Click here to read some of the most thoughtful longform responses.

+Note on sample size: We received 1,746 votes and 181 longform responses.

🏊‍♀️ 17-year-old American swimmer Maya Merhige braved rough waters and hundreds of jellyfish stings during her 27-mile swim through the Cook Straight in New Zealand to raise $33,000 for pediatric cancer research and patient care.

🐑 Authorities in Texas are searching for answers about a flock of mystery sheep found wandering near a Texas school.

👜🎈UK streetwear brand Rerun is capitalizing on the city’s world-renowned hot air ballooning scene by recycling and repurposing old balloons to make unique messenger bags. 

❓ Trivia: What's the name for the pivot point of a lever?

🎓 True or False? Baby rabbits are called kittens.

🤡 Riddle Me This: When it's alive we sing, when it's dead we clap our hands. What is it?

k

e

e

p

s

c

r

o

l

l

i

n

g

❓ Trivia: A fulcrum 

🎓 T/F: True

🤡 Riddle: A birthday candle