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NY appeals court throws out $500 million fraud penalty against Trump. President Trump will no longer have to pay the half-billion-dollar judgment from his civil business fraud trial after a New York court tossed the massive fine. “While harm certainly occurred, it was not the cataclysmic harm that can justify a nearly half billion-dollar award to the State,” Justice Peter Moulton wrote in a decision that sharply divided the court. Trump immediately took to social media to declare “TOTAL VICTORY.” Though it threw out the huge financial penalty, the court upheld the fraud ruling, which found last year that the president had inflated his net worth in order to secure better loan terms.
The US and EU reveal some details of their trade agreement. A month after announcing a preliminary trade deal that was devoid of specifics, the US and EU laid out the framework of their arrangement. Under the deal, which is still only a verbal agreement and not yet a legally binding contract, the US will put a 15% tariff on most goods coming from European Union member countries. The exception is cars, which will be slapped with a much higher 27.5% tariff until the EU introduces legislation to lower levies on American products—at which point the auto tariff will drop to 15%, too. A White House official told the New York Times that this could be addressed “in a matter of weeks.”
Meta reportedly freezes its AI hiring. According to the Wall Street Journal, the Facebook and Instagram parent company is ending its AI spending spree (for now) and putting a hold on hiring for its artificial intelligence division. Meta has invested untold billions in waging a talent war over the industry’s top AI minds as part of CEO Mark Zuckerberg’s quest to develop “superintelligence,” or smarter-than-human intelligence. Earlier this year, Meta spent $14 billion for a stake in Scale AI to secure the services of its co-founder, Alexandr Wang. But analysts and investors are beginning to worry about the sky-high spending. Meta downplayed the hiring freeze as “basic organizational planning.”—AE
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