Good morning. Canada elects Mark Carney’s Liberals, just. Donald Trump offers automakers a reprieve. And Amazon’s satellite internet ambitions finally lift off. Listen to the day’s top stories.

Canada’s Liberal Party won a fourth straight election, handing Mark Carney a mandate to govern but with only a narrow margin of victory. His party led with 168 seats, ahead of the rival Conservatives but short of the 172 required for a majority. The Liberals were helped to victory by holding crucial ground in the country’s two biggest cities, while Conservative leader Pierre Poilievre’s bad night got worse as he was projected to lose his own seat.

Donald Trump is set to ease the impact of his auto tariffs, with changes sought by the industry that would lift some levies on foreign parts made inside the US. He’ll also give imported vehicles a reprieve from separate levies on aluminum and steel as he faces voters in Detroit. 

He may be able to score more favor at home. Treasury Secretary Scott Bessent set a July 4 goal to pass the president’s multi-trillion dollar tax cut package. One man who is in line for a capital gains tax break is Commerce Secretary Howard Lutnick. Pity it’s because of losses from the turmoil in financial markets.

The Trump administration broadened its campaign against Harvard, opening investigations into alleged race-based discrimination at the prestigious Harvard Law Review. It’s the latest salvo in Trump’s battle against America’s old and richest university amid accusations that it tolerates antisemitism, and controversy over its funding and tax-exempt status.

Executive orders. Trade wars. Elon Musk and DOGE. Donald Trump’s second term has been nothing short of eventful. Bloomberg reporters recap Trump’s first 100 days in a Live Q&A on May 1 at 11 a.m. EDT. Tune in here.

The power came back in Spain and Portugal after yesterday’s crippling blackout, but authorities still have few clear answers about what caused one of Europe’s worst outages in years. Spaniards are reeling from their taste of life off the grid. Here’s why it took so long to get back up and running.

Deep Dive: The Price of DOGE

Musk with President Trump in a Tesla Model S vehicle on the South Lawn of the White House, on March 11. Photographer: Samuel Corum/Sipa

As Elon Musk nears the end of his 130-day stint slashing federal bureaucracy at DOGE, his personal wealth is down $113 billion.

• Tesla in particular has paid the price for its CEO’s unprecedented side gig under Trump. His only publicly traded company—and a big source of his wealth—has seen its stock drop 33% since Inauguration Day and its sales plummet.
• Is it worth it? Musk initially promised to cut $2 trillion in wasteful government spending, but by DOGE's own accounting the initiative has saved only $160 billion so far. And public sentiment is low.
• It’s not all been bad for Musk’s interests. His private companies–SpaceX, brain implant venture Neuralink and AI startup XAI–have benefited from new funding, while the value of debt taken on when he converted Twitter into privately owned X soared.

The Big Take

Xi and Trump shake hands during dinner at Mar-a-Lago on April 6, 2017.  Photographer: Jim Watson/AFP

Xi Jinping has faced growing skepticism and discontent within China due to strict Covid lockdowns, a slowing economy and attacks on entrepreneurs. Now Trump’s attacks have handed him a gift to rally support at home: an external enemy.

Opinion

Cobalt ore collected in Luilu, Kolwezi, in the Democratic Republic of the Congo. Photographer: Hugh Kinsella Cunningham/Redux

Access to critical minerals is a headache for the US, but not a crisis, Javier Blas writes. Trust the market. The costs involved in addressing mineral shortages are tiny, and US companies have consistently reengineered their products to adapt to supply constraints.

Before You Go

A United Launch Alliance Atlas V rocket carrying Amazon Project Kuiper lifts off. Photographer: Miguel J. Rodriguez Carrillo/Getty

The new space race is Jeff Bezos vs Musk. Amazon launched its first 27 Kuiper satellites to take on SpaceX’s Starlink space-based internet system. The liftoff from Cape Canaveral Space Force Station in Florida is the biggest step to date in the online giant’s planned 3,236-satellite network.

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