Top Overnight News A handful of hard-line House conservatives are threatening to tank a Wednesday procedural vote for the party’s reconciliation bill, a revolt that would bring the lower chamber to a screeching halt and potentially derail GOP leadership’s plan of clearing the legislation by July 4. The Hill The Pentagon has halted shipments of some air defense missiles and other precision munitions to Ukraine due to worries that U.S. weapons stockpiles have fallen too low. Politico Israel has agreed to “conditions to finalize” a 60-day ceasefire with Hamas in Gaza according to Trump (Hamas said its ready for a ceasefire, but wants a complete end to the war). NYT Private employers in the US probably added 98,000 jobs in June, up from just 37,000 in the previous month, ADP data is expected to show. BBG Chinese artificial-intelligence companies are loosening the U.S.’s global stranglehold on AI, challenging American superiority and setting the stage for a global arms race in the technology. OpenAI’s ChatGPT remains the world’s predominant AI consumer chatbot, with 910 million global downloads compared with DeepSeek’s 125 million, but other Chinese companies have started to snatch customers by offering performance that is nearly as good at vastly lower prices. WSJ Xi Jinping addressed the price wars that plague many industries in China, saying that enterprises’ “disorderly low-price competition” needs to be regulated. SCMP Japan said it’s engaging in trade talks in good faith with the US after Trump reiterated his July 9 deadline. PM Shigeru Ishiba said Japan will work to reduce the deficit, but noted that the US needs to produce cars that meet the country’s safety standards. BBG China’s largest ports received almost 1.4 million barrels per day of Iranian crude from January to June, according to Kpler, highlighting a significant gap in US efforts to uphold existing sanctions. BBG Crude inventories at Cushing fell by 1.42 million barrels last week, the API is said to have reported. If confirmed, that would be the biggest decline since January and also cut holdings at the hub close to minimum operating levels of 20 million. BBG