Trump’s first trade deal has Wall Street cheering. Not everyone is convinced.

Happy Friday! We’ve got a new pope and he’s an American! Cardinal Robert Prevost, who hails from Chicago, will be known as Pope Leo XIV. Here’s everything you need to know about him. To be fair, we probably should have seen this coming with Gen Z’s obsession with “Conclave.”

In today’s big story, a trade agreement with the UK has Wall Street excited, but not everyone is convinced things are heading in the right direction.

You still have time to sign up for Tech Memo. It’s our new weekly BI newsletter from Alistair Barr on what’s happening inside the world’s most powerful tech companies.

What’s on deck

Markets: At Milken, billionaire and CEO concerns about the economy didn’t stop the party.

Tech: Google pushes back on claims it’s losing search to AI.

Business: Panasonic is cutting 10,000 jobs in a bid to boost efficiency.

But first, wheeling and dealing.

If this was forwarded to you, sign up here.

The big story

The art of the trade deal

President Donald Trump seems to be entering the next stage of his wide-reaching trade war, and investors are loving it.

On Thursday, Trump announced a trade agreement with the UK that his administration said would bring opportunities worth $5 billion to US exporters.

The first deal made since Trump’s Liberation Day — when tariffs were widely implemented — was reason enough for investors to celebrate, sending major indexes rising.

But it wasn’t just the UK deal that had Wall Street excited. In announcing the agreement on Truth Social, Trump made clear he wasn’t done resolving trade disputes.

“This Deal shows that if you respect America, and bring serious proposals to the table, America is OPEN FOR BUSINESS. Many more to come — STAY TUNED!” Trump said on the social media platform.

Trump’s post seemed to confirm what many had long believed: The threat of tariffs was merely a Trump negotiation tactic to secure better trade terms.

(BI’s Alice Tecotzky previously read Trump’s “The Art of the Deal” to see how they compared to his approach to tariffs. There were plenty of takeaways.)

One trade agreement is still far from solving the whole trade war.

Investors have been eager to find any signs of reprieve from tariffs, with some even pricing in a win for the US ahead of the UK announcement.

Still, there’s no guarantee other countries will be as willing to come to the table. Relations with one of the biggest trade partners — China — are still strained. Discussions between the two sides are supposedly coming this weekend.

In the meantime, the risk of a recession is looming. Despite strong recent economic data, some experts warn the worst is yet to come thanks to the ongoing uncertainty, writes BI’s Catherine Boudreau.

The unknowns are also stressing anyone involved in global trade, which is already a pretty complex industry to begin with, writes BI’s Madeline Stone.

Even Fed Chair Jerome Powell acknowledged that the true impact of tariffs on the economy is still unclear while holding interest rates firm on Wednesday, much to Trump’s displeasure.

But for now, Wall Street is happy to take the win. A trade agreement with the UK is better than a trade agreement with no one.

3 things in markets

1. Bitcoin hit $100,000 for the first time in three months. The world’s largest crypto saw gains after the White House’s trade agreement with the UK. Bitcoin is moving in line with other risk assets as the markets settle down.

2. A benefactor from the Trump bump is going bust. The secondhand market had a record number of deals last year, and uncertainty around President Trump’s policies means demand for the once-niche market is expected to ratchet up again. Here’s what it’s like to work as a secondaries investor.

3. Hanging with the bigwigs and billionaires at Milken. Onstage at the Beverly Hills conference, concerns about the economy were almost as ubiquitous as the viral Saratoga water bottle. Recession woes didn’t stop the rich from partying it up in private, however.

3 things in tech

1. Things aren’t looking good for Google. Google disputed an Apple exec’s statement that AI is cutting into its search. It’s possible that both companies are right — but a recent filing reveals there’s another reason to worry about Google’s search dominance.

2. Tariffs sparked a wave of iPhone upgrades, not AI. Wall Street thought Apple’s generative AI would kick-start an upgrade cycle, but Consumer Intelligence Research Partners found concerns over higher prices actually did the trick.

3. Millennials had the mall; Gen Z has Pinterest. That’s according to Pinterest CEO Bill Ready, who said the platform is where “Gen Z goes to shop” during its Q1 earnings call. Pinterest’s stock jumped as much as 18% after-hours on Thursday.

3 things in business

1. Panasonic plans to cut 10,000 jobs. The Japanese company, which supplies batteries to Tesla through a subsidiary company, plans to cut 5,000 roles in Japan and 5,000 overseas by March 2026, which amounts to about 4% of its global workforce.

2. Bill Gates ramps up giving away his billions. The Microsoft cofounder told the New York Times he plans to shut down his foundation in 2045 — decades earlier than initially intended. He also criticized Elon Musk, saying he was “involved in the deaths of the world’s poorest children” by cutting USAID as part of his DOGE initiative.

3. Shopify wants to help sellers navigate tariffs. The company just launched new tools to help merchants calculate duties and consider other tariff impacts, including a new website that uses AI to give guidance. See how it’s assisting sellers.

In other news

• Here’s how much Trump’s policies could cost Wall Street in bonus money.
• Trump’s deal with Paul Weiss is throwing a wrench into his war on Big Law.
• Warren Buffett delivered a masterclass in succession planning — and a lesson in high drama.
• Temu sent my last shipment with no extra tariff fees. What happens the next time I want to place an order?
• The new face of professional networking isn’t human.
• Liam Payne died without a will. Here’s why his ex will manage his $32.2 million fortune, even though they weren’t married.

What’s happening today

• Hoover Institution Monetary Conference begins, with speakers including institution director Condoleezza Rice.

• Court hearing for Erik and Lyle Menendez as push to free them continues.

The Business Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York. Ella Hopkins, associate editor, in London. Elizabeth Casolo, fellow, in Chicago.

The post Trump’s first trade deal has Wall Street cheering. Not everyone is convinced. appeared first on Business Insider.