Axios

Government bond yields around the world, including in the U.S., are hitting multi-decade highs as investors price in higher for longer inflation due to the Iran war.

Why it matters: The interest rates, or yields, that governments pay on their debt can drive the global economy — when rates are low, countries can spend more freely and drive economic growth.

Some close advisers to President Trump fear the biggest substantive result of the China summit is heightened danger that Chinese President Xi Jinping will invade Taiwan in the next five years, potentially choking off the chips used to power AI to U.S. companies.

What they're saying: Trump loved the pageantry and the special access Xi shrewdly rolled out during the Beijing visit. But the words didn't match the bonhomie. One Trump adviser told us Xi is "trying to move China to a new position where he's saying: 'We're not a rising power. We're your equal. And Taiwan is mine.'"

Motor oil could become the next supply-chain headache as major companies warn that Middle East turmoil is squeezing key ingredients used in synthetic lubricants.

Why it matters: Drivers, repair shops and auto suppliers could soon see higher prices, reduced selection and temporary out-of-stocks for some synthetic motor oils.

President Trump said Friday he's unsure whether he would greenlight a planned $14 billion weapons package for Taiwan after discussing arms sales in "great detail" with Chinese President Xi Jinping.

Why it matters: The trip began with a warning from Xi about the potential for "conflicts" over Taiwan, and Trump made clear during the visit that he did not want to provoke one.

A wave of voting rights battles and GOP redistricting fights is triggering a coordinated response across the South, with organizers preparing a "Summer of Action" campaign with marches that start this weekend.

Why it matters: Organizers say the fight over congressional maps, voting access and political representation is accelerating in real time as states redraw political power ahead of November's midterms and the 2028 general election.

Three major conflicts are shaping America's AI race against China in real time, with changing global dynamics shifting the terms week by week:

• The race with China on advancing AI models
• Conflicting federal vs. state laws in the U.S.
• European AI policy

Why it matters: All three factors are fraught with politics and delicate dynamics, and all will help determine whether the U.S. continues to lead the world in advanced AI.

A new political thriller is mulling what would happen if the United States had a 17-year-old as president.

The big picture: The premise is meant to challenge young Americans to run for office, taking control away from aging politicians and giving it to those who will live with the government's decisions for decades to come.

President Trump's summit with Xi Jinping was staged as a reunion between old friends, concluding Friday with a private tour of Zhongnanhai, the Chinese Communist Party's secretive leadership compound.

• Strolling the gardens, Trump declared the blooms around him "the most beautiful roses anyone has ever seen." Xi promised to send him seeds.

Why it matters: The warm public choreography of the past two days has masked a stubborn reality: Nearly every force shaping U.S.-China relations is pulling them apart.

The post-2024 narrative that Latino voters shifted right is facing its first real stress test — including in districts Republicans thought were safely red.

Why it matters: The biggest immediate test is in Texas, where Republicans drew new maps assuming continued Latino gains. But GOP House seats are also at risk in California, New York, Colorado and Nevada.

CIA Director John Ratcliffe visited Cuba on Thursday to meet with intelligence officials and Raúl Guillermo "Raulito" Rodríguez Castro, the grandson of former leader Raúl Castro.

The big picture: Cuba is facing a crippling fuel shortage and economic crisis due in part to U.S. sanctions. President Trump has repeatedly indicated he wants regime change, though a CIA official said Ratcliffe emphasized that cooperation is possible if the government makes "fundamental changes."