Scott Bessent. Magnus Lejhall/Getty Images
Scott Bessent will not be the next Fed chair. That is according to President Trump, who ruled out nominating the US Treasury secretary to be the next central bank leader because “he wants to stay where he is.” Bessent, who’s taken an active role in defending Trump’s trade policies, had been widely floated as a potential replacement for current Fed Chair Jerome Powell, whose term ends next year (and whom Trump has repeatedly threatened to fire for not lowering interest rates). Other contenders for the job reportedly include Trump-appointed Fed Governor Christopher Waller, National Economic Council Director Kevin Hassett, and former Fed official Kevin Harsh. “Both Kevins are very good,” Trump told CNBC.
Trump says pharma tariffs could be as high as 250%. The president revealed that he plans to formally announce tariffs on the pharmaceutical industry “within the next week or so” in an attempt to force drug manufacturing to the US, he told CNBC yesterday. It would start with a “small” tariff, Trump said, before rising to 150% in a year to a year and a half, and eventually to 250%. Pharma companies have argued that tariffs could drive up costs and threaten their ability to fund research for new medicines. Trump also said he will soon unveil tariffs on semiconductors, most of which are made in Taiwan.
Google’s new AI model can generate 3D worlds in real time. According to the tech giant, its Genie 3 model can create interactive virtual worlds at 24 frames per second for up to a few minutes—significantly longer than previous versions. Google says the model is a key step toward achieving AGI (artificial general intelligence, aka humanlike intelligence) because it will allow the company to train AI agents in its simulated environments. For instance, AI-powered robots could be taught how to navigate a warehouse using its 3D replica, which uses realistic physics. However, Google cautioned that Genie 3 is still being researched and is not yet available to the public.—AE
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