(Bloomberg Opinion) -- Welcome to Bloomberg Opinion Today, an afternoon roundup of our opinions on business, politics, markets, technology and more. New subscribers can sign up here.
The Top Five
- We should thank our lucky stars Trump canceled the Kim summit.
- Slapping tariffs on imported cars will only hurt Detroit automakers.
- Does Uber even need an IPO? What is this, the ‘90s?
- A new law letting patients try risky experimental drugs could do more harm than good.
- Best Buy, like a lot of brick-and-mortar retail, is not nearly as doomed as you think.
Stop Me Before I Deal Again
For the second time this week, President Donald Trump may have stumbled into the right move.
And it’s more evidence countering Trump’s claim that he alone can fix stuff, writes Jonathan Bernstein.
But it might also be a blessing. From that coin, to his basking in Nobel Prize talk, to the language of his breakup letter to Kim – “I felt a wonderful dialogue was building up between you and me” – Trump plainly wanted a deal. It might even have made him go easy on China, tossing a pillar of his 2016 campaign. Such thirst is not a great negotiating look.
We Have Always Been at War With Trade
Yesterday’s newsletter cheered Trump’s lowering of the trade-war heat. Almost immediately thereafter, he turned it back up again, ordering the Commerce Department to investigate whether foreign cars threaten national security. First of all, no? Second of all, this would seem to hint at tariffs of some kind. Third of all, if such tariffs are meant to create or protect U.S. jobs, then they will also crush the profits of U.S. automakers, writes Anjani Trivedi. That tends to be not so good for jobs.
An IPO? That’s So 2000
Uber's latest financial semi-disclosure reveals it's been gleefully setting fire to large piles of money – not quite what you'd expect from a company getting ready for an IPO, points out Shira Ovide. And really, she asks, why should Uber even bother going public? It's getting all the funding it needs as a private company, which is sort of the paradigm for Silicon Valley darlings these days.
Don’t Try This
The House has passed, and Trump will probably soon sign, a “right-to-try” law making it easier for desperate patients to take experimental drugs. This sounds like a great idea. But it’s actually not necessary, writes Max Nisen; and in fact the law as written could do more harm than good: “People may end up putting themselves or their families into financial jeopardy for treatments that are highly unlikely to help.”
Retailpocalypse Not Yet
Our nation’s dying brick-and-mortar retailers keep stubbornly not dying. Yesterday it was Target and Tiffany. Today’s it’s that poster child of Amazon.com Inc. victims, Best Buy Co. Inc., which took another step in its unexpected recovery, writes Sarah Halzack. Investors are still understandably skeptical – but that could make for a buying opportunity.
The alternative-investment branch is only being lowered to your level after the best fruit has been picked, writes Nir Kaissar.
Bitcoin’s bad actors need purging; until they’re gone, its price will continue to suffer, writes Lionel Laurent.
The court ruling that Trump can’t block people on Twitter sets a dangerous precedent. – Noah Feldman
The Supreme Court did workers a favor by taking away their right to class-action lawsuits. – Samuel Estreicher
Note: Please send CEOs, suggestions and kicker ideas to Mark Gongloff at email@example.com.
Corrections: I forgot to add a link to Brooke Sutherland’s column about how GE’s turnaround will be almost as slow and painful as reading to the end of this newsletter.
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