US Vice President Vance said Canada has been the worst country on trade policy, accusing it of imposing absurd tariffs on states including Maine and warning the US will retaliate against unfair trade measures.

The U.S. Securities and Exchange Commission is investigating AI hedge fund Situational Awareness after a near-collapse and has issued subpoenas to major Wall Street banks that provided leverage to the fund. The SEC requested trade timestamps, communications between the banks and lenders about borrowed funds, and ordered preservation of all materials related to the fund. Situational Awareness, founded by former OpenAI researcher Leopold Aschenbrunner, peaked at over $30bn AUM and had borrowed tens of billions of dollars to lever positions. Late last month, declines in popular AI stocks and rallies in legacy tech names it had shorted produced rapid losses that forced a "sell-off liquidation"; the fund sold most of its equity portfolio to Citadel at a discount. The SEC said the probe is in its early stages and does not imply enforcement; the fund is not accused of wrongdoing and says it will "fully cooperate with any regulatory request."

China's National Medical Products Administration held an expanded bureau meeting and announced regulatory steps to speed commercialization and tighten safety oversight. The NMPA ordered a shift to a prevention‑oriented regulatory model with deeper risk consultations and expanded social co‑governance to curb safety risks in key areas. It will establish a service-plus-review-and-approval mechanism to accelerate R&D translation, explicitly supporting high‑quality generics and strengthening drug access for special populations while expanding high‑level external openness. The agency also directed upgrades to regulatory capacity — implementing plans, enhancing technical supervision, accelerating talent development and smart regulation — and launched a Clean Drug Regulation rectification to strengthen oversight and accountability.