US businesses and consumers paid nearly 90 percent of the cost of Donald Trump’s tariffs last year, according to new Federal Reserve research that undercuts the president’s claim that foreign companies would bear the burden.

The study by the New York Fed found that the majority of tariff costs were passed through to Americans in the first 11 months of 2025, although exporters shouldered an increasing amount as the year progressed.

“Our results show that the bulk of the tariff incidence continues to fall on US firms and consumers,” the study’s authors wrote in a blog post on Thursday.

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Alphabet has lined up banks to sell a rare 100-year bond, stepping up a borrowing spree by Big Tech companies racing to fund their vast investments in AI this year.

The so-called century bond will form part of a debut sterling issuance this week by Google’s parent company, said people familiar with the matter.

Alphabet was also selling $20 billion of dollar bonds on Monday and lining up a Swiss franc bond sale, the people said. The dollar portion of the deal was upsized from $15 billion because of strong demand, they added.

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Brussels has warned TikTok that its endlessly scrolling feeds may breach Europe’s new content rules, as regulators press ahead with efforts to rein in the social effects of big online platforms.

In preliminary findings issued on Friday, the European Commission said it believed the group had failed to adequately assess and mitigate the risks posed by addictive design features that could harm users’ physical and mental wellbeing, particularly children and other vulnerable groups.

The warning marks one of the most advanced tests yet of the EU’s Digital Services Act, which requires large online platforms to identify and curb systemic risks linked to their products.

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European security officials believe two Russian space vehicles have intercepted the communications of at least a dozen key satellites over the continent.

Officials believe that the likely interceptions, which have not previously been reported, risk not only compromising sensitive information transmitted by the satellites but could also allow Moscow to manipulate their trajectories or even crash them.

Russian space vehicles have shadowed European satellites more intensively over the past three years, at a time of high tension between the Kremlin and the West following Moscow’s full-scale invasion of Ukraine.

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OpenAI is prioritizing the advancement of ChatGPT over more long-term research, prompting the departure of senior staff as the $500 billion company adapts to stiff competition from rivals such as Google and Anthropic.

The San Francisco-based start-up has reallocated resources for experimental work in favor of advances to the large language models that power its flagship chatbot, according to 10 current and former employees.

Among those to leave OpenAI in recent months over the strategic shift are vice-president of research Jerry Tworek, model policy researcher Andrea Vallone, and economist Tom Cunningham.

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