US-UK tariff truce cuts auto duties to 10%, Bitcoin hits 100K

Summary

The Trump administration cut US auto duties on UK imports from 27.5% to 10% in the first post-tariff deal. The US maintains a 10% blanket duty on all UK goods while the UK reduces its average duty on US goods to 1.8%. The agreement includes a 100,000-vehicle quota at the lower rate. Aston Martin expects to sell around 1,000 vehicles in 2029, leaving substantial room to grow into the allowance. The deal is diplomatically unusual because the US runs a trade surplus with the UK. Bitcoin hit all-time highs above $100K following the announcement.

China reported 8.1% year-over-year export growth against 2% expectations, though US shipments fell 21%. China has stopped reporting hundreds of regional economic metrics—land sales, local GDP—that it once disclosed regularly. The pattern suggests either a shift to board-only communication or an acquisition in progress.

Nvidia launched the H20 chip, adapting memory bandwidth further below US export caps as restrictions tighten. Pinterest reported Q1 revenue of $855 million and 570 million monthly active users, with Q2 guidance between $960 million and $980 million. AI ad tools drove the lift. Gen Z accounts for 40% of the user base, with fastest growth in Brazil and Indonesia. The platform has accumulated AI-generated content that makes it less useful for reference work unless users filter out post-2022 material.

Coinbase acquired Darbet, a crypto options house, for $3 billion in a combination of $700 million in cash and $11 million in Coinbase stock. Darbet clears roughly 90% of global crypto options open interest, representing around $20 billion in volume. The acquisition adds European and Asian client bases and regulated futures exposure to Coinbase's spot-heavy business. Derivatives account for over 50% of global crypto volume. Darbet was founded in 2016 and operates from Amsterdam and Panama.

Celsius founder Alex Mashinsky was sentenced to 12 years for fraud tied to the 2022 collapse. Celsius managed $20 billion in assets at its peak. Mashinsky personally gained $48 million through token manipulation. Prosecutors sought 20 years while the defense pleaded for under four years, citing cooperation. His post-bankruptcy merchandise line undermined that argument. Restitution is still being determined.

Google faces a $3 billion lawsuit in Italy alleging search bias against a merchant group from 2010 through 2017. The claim centers on Google Shopping showing favoritism that harmed the plaintiff. While Alphabet's $320 billion annual revenue makes the financial impact modest, the legal case represents ongoing regulatory pressure on big tech abroad.