Axios

Europe is bracing for another "China shock," with a flood of cheap exports threatening to hollow out the continent's most important industries.

Why it matters: Global imbalances — the growing gap between countries that produce more than they consume and those that consume more than they produce — are high on the G7 agenda this week.

Paramount Skydance executives believe that antisemitism is playing a role in opposition to the company's proposed $111 billion takeover of Warner Bros. Discovery, which still faces possible challenges from state AGs and European regulators.

• DOJ signed off on the deal last week, reportedly before career antitrust staffers had an opportunity to object.

The big picture: Debate over this merger has become more about personalities than policies, which is unusual.

The White House move to restrict access to Anthropic's latest AI model — using what is known as export controls — could harm the long-term financial prospects of the entire U.S. AI industry.

Why it matters: Anthropic and OpenAI's valuations depend on the global adoption of their most advanced models, and government restrictions could limit that growth.

With large-scale oil shipments potentially resuming soon, let's take stock of how the energy shock has bucked conventional wisdom.

Why it matters: What market watchers and participants got wrong could help inform responses to geopolitical upheaval in the future.

The U.S. oil stockpile is at its lowest level since July 1983, when the country was still just building up its energy supply.

Why it matters: The stockpile, called the U.S. Strategic Petroleum Reserve, played a critical role in keeping a lid on oil and gasoline prices in the Iran war, but it's running low.

The U.K. plans to ban children under 16 from major social media platforms starting in 2027, joining a growing international effort to restrict minors' access.

Why it matters: Governments worldwide are increasingly pursuing social media restrictions for minors amid concerns about young people's health, wellbeing and online safety.

Prominent cybersecurity leaders — including chief information security officers, security researchers and executives at Adobe, Zoom and Sophos — are urging the Trump administration to reverse restrictions on Anthropic's most advanced AI models, arguing the move hurts cyber defenders more than attackers.

Why it matters: Pulling back access to Anthropic's first publicly available Mythos-class model could kneecap cyber defenders just as they're bracing for a wave of AI-powered hacking threats, the leaders argue.

The U.S. and Iran agreed to a framework extending their ceasefire for 60 days, with a formal signing ceremony expected Friday and nuclear talks to follow.

Why it matters: The agreement could reopen the Strait of Hormuz, ease pressure on global energy markets and create a window for negotiations over Iran's nuclear program.

Crude oil prices fell over 4% to their lowest levels in over three months Sunday after the U.S. and Iran agreed to a ceasefire extension that could lead to the reopening of the Strait of Hormuz.

Why it matters: Severe restrictions on oil traffic through the strait since the conflict began in late February have created an unprecedented energy shock that's a drag on the global economy.

President Trump is demanding Congress attach his sweeping voting overhaul to legislation renewing a key U.S. surveillance authority.

Why it matters: Section 702 of the Foreign Intelligence Surveillance Act is among the government's most contested surveillance authorities, long opposed by privacy advocates and supported by security hawks. Its fate now hinges on Trump's unrelated demands for a voting bill.