Crypto News: Tariff turmoil

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Tech Across the Globe

TikTok and tariffs: President Donald Trump's decision to impose far-reaching tariffs scuttled a permanent deal to let TikTok remain available in the US. The Chinese government was ready to approve a US buyout until the tariffs, Bloomberg reported. Trump on Friday extended a deadline for a deal by another 75 days.

Nintendo and tariffs: Nintendo said it would delay US preorders for its hotly anticipated Switch 2 console, citing the tariffs. The gaming giant had days earlier unveiled the new device, priced at $450 in the US and on sale June 5.

EU and tariffs: France's finance minister said the EU's response to the tariffs may involve further regulating the use of data by big US tech groups. The bloc — the US's largest trading partner — has vowed to retaliate with countermeasures if needed.

Revalued

SandboxAQ closed its $450 million Series E funding round with the addition of Ray Dalio, Nvidia Corp. and Alphabet Inc.'s Google to its list of backers. Itself a spinoff from Alphabet, SandboxAQ has raised nearly $1 billion for its effort to apply quantum technology and techniques to AI development.

Today's must read

No one was spared from the Monday selloff that spread like wildfire across global markets. Not even Chinese tech companies making the bulk of their revenue from the domestic consumer. Vlad Savov looks at the contagion spreading from Donald Trump's proposed tariff regime and the impact particularly on China's fragile economic recovery.