Trump laid out a plan: chips taxed 200-300% if U.S. fabs aren’t built. Nvidia and AMD would pay a 15% revenue fee for licenses. A stake in Intel was floated. Steel penalties are possible.

Inflation data show service prices rising, making Fed cuts harder in a tight labor market.

Crimea is off the table. Ukraine won’t join NATO. Zelensky arrives in Washington to meet the President and European leaders.

Kyiv seeks security guarantees. Talks touch on a NATO-style pledge outside NATO and possible front-line freezes. Kyiv resists further territorial concessions.

Hundreds of FRC staff get cash to ease a six-minute longer commute after Moorgate moved to Canary Wharf. The aid is temporary and given on a case-by-case basis. Staff must attend twice weekly. The move points to a wider turn toward in-person work.

The Digest, 8/18/2025 @100AM, CDT

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