The fall out from Trump's trade war is just beginning for the real economy as ships, ports, trucks, and warehouses are all likely to see reduced volumes. Trump has blinked in the trade war but China seems intent on continuing it. Speaking of continuing it, the federal government seems intent on wasteful spending. Speaking of wasteful spending, it seems Amazon has joined Microsoft in slowly down their wasteful spending on AI capex. We also recap the events in Gaza and wonder why when sentiment turned against Israel that media coverage was abandoned.