The Justice Department was preparing to wage a legal battle more than a decade in the making against the world's largest concert promoter when President Donald Trump intervened, urging officials to settle the case. The latest Risk Journal podcast delves into a new White House initiative allowing cybersecurity firms to help the government conduct offensive operations. Additionally, TikTok reached a $400 million settlement over children's privacy claims, paying $300 million immediately and $100 million after vacating a prior consent decree.

The European Union proposed relaxing its carbon-pricing system, while the United States appears poised to allow new oil production after previously banning exploratory drilling. Trade talks between the United States and Canada collapsed at the 11th hour, triggering 50% tariffs on $20 billion worth of Canadian goods. The comments by Iranian President Ebrahim Raisi and parliamentary speaker Mohammad Bagher Ghalibaf come as diplomatic tracks remain stalled and the Trump administration has shifted to a policy of ratcheting up economic pressure via sanctions and a naval blockade of Iranian ports.