Today is Thursday, June 12, 2025.
It is the 163rd day of the year.
202 days remain.
WHAT’S ON TAP
NOTABLE & NOTEWORTHY: ELON MUSK bends the knee.
Things are rocky for ORLANDO BLOOM and KATY PERRY, while BRITNEY SPEARS blasts her exes. More in SHOWBIZ.
DIDDY’s prison costume sells at auction. Details in CASTING CALL.
A gala to celebrate MEGHAN SUSSEX gets hit with a delay. Details in ROYALS.
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TARIFF TALK
PRESIDENT TRUMP says terms for a new trade deal have been hashed out with China, pending final approval from him and XI XINPING.
For now, American tariffs on Chinese products will cap out at 55%, while American goods entering China will be subject to a 10% tariff. China will also maintain market access to its abundant rare earth minerals used in technology manufacturing.
Perhaps as a gesture of goodwill, Trump also said in a Truth Social post that he will not proceed with revoking visas of some Chinese students attending college in the United States. [via NPR]
MEANWHILE: Treasury Secretary SCOTT BESSENT said during a Congressional hearing on Wednesday that he expects Trump to once again push back the next trade deal deadline for other nations, currently set for July 8.
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ELON MUSK called PRESIDENT TRUMP late Monday night to apologize for his insulting social media posts last week.
The New York Times reports that Musk first talked to Vice President JD VANCE and Chief of Staff SUSIE WILES last Friday after the situation got out of hand.
No word yet on the outcome of the call, though Musk posted on X yesterday, “I regret some of my posts about President @realdonaldtrump last week. They went too far.” [via NYT]
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DISNEY and UNIVERSAL have filed a joint lawsuit against artificial intelligence company MIDJOURNEY, whose technology to create realistic video content without the need for cameras threatens to upend the whole movie industry.
The suit alleges that Midjourney infringed on studio copyrights to properties like “Star Wars” and “The Simpsons” by using that film data to develop its A.I. model despite formal requests to stop the practice. The studios also claim that Midjourney specifically ripped off characters from “Cars,” “Toy Story,” and “Shrek,” among other well-recognized franchises.
In blistering news releases accompanying the lawsuit announcement, execs for the studios called Midjourney a “bottomless pit of plagiarism” and that their practice is akin to any other kind of digital piracy. [via NBC News]
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Online auto dealer EDMUNDS reports that the average price of a used car has surpassed $30,000 for the first time ever.
The average sales price of $30,522 in the first quarter is a 2.3% increase year over year. Analysts cite tariffs on new vehicles for tightening the supply of used cars as one factor. Dealers are also holding on to inventory longer than expected, with the typical used car taking nearly 40 days to find a new owner. [via Washington Post]
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A life-size Labubu figure sold for over $170,000 in Beijing this week, setting a new record for the toothy monster toys.
A five-foot-tall Labubu received the second-highest bid, selling for more than $130,000, while a series called “Three Wise Labubu,” including one doll crossing its arms, one making a peekaboo gesture, and one covering its mouth, sold for more than $80,000.
Labubu is one of “The Monsters” featured in Hong Kong author Kasing Lung’s children’s book series. With pointed ears and serrated teeth, the creatures were inspired by Nordic mythology. [via NBC]
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