U.S. President Donald Trump is betting tariffs will boost domestic companies and beat back foreign competitors. The trick is figuring out which one is which. If the trade war has you feeling down, you're not alone. The news has Americans so stressed they're trying camping trips, nature documentaries and Mr. Rogers to find solace.
Here are today's top stories
Decades of ever-freer trade and cross-border mergers have blurred the line between domestic and international operations. So when it comes to tariffs, what's a U.S. company and what isn't?
U.S. Treasury Secretary Steven Mnuchin pushed back on a news report that Trump is discussing a withdrawal from the World Trade Organization, calling it "an exaggeration."
General Motors issued a stern warning to the Trump administration that the company could shrink U.S. operations and cut jobs if tariffs are broadly applied to imported vehicles and auto parts.
Goldman Sachs is known for corporate mergers and managing money for billionaires. Recently, the firm started lending money to regular people. Hundreds have since filed for bankruptcy.
What's Luke Kawa thinking? The Bloomberg markets reporter thinks it's starting to look a lot like 2016, with market volatility, a strong dollar, a weakening yuan, and concern about China's economy. Back then, this combination meant the Federal Reserve only hiked rates once—at the tail end of the year. This time around, markets don't think it'll rattle the U.S. central bank at all, and see two more hikes this year as the most likely outcome. For now, it's hard to fret about trade when inflation's on target, unemployment is low, and GDP growth is tracking above 4 percent for the second quarter.
What you'll need to know tomorrow
- The U.S. formally ended 70 years of military presence in South Korea's capital.
- Despite Trump, American support for legal immigration is growing.
- The East Coast is preparing for a dank wave of legal weed.
- Man, it's gonna be a hot one.
- Minneapolis Federal Reserve President Neel Kashkari taught us how to grill steaks.
- Americans are so stressed by the news that they're watching Mr. Rogers and going camping.
- Not a fan of beer? Here are eight American sparkling wines for a festive fourth of July.
What you'll want to read tonight
The man accused of masterminding the Pappy Van Winkle bourbon heist says he's not some bootlegging kingpin, just a long-time employee who got drunk on the job and stole bottles like the rest of them. "I ain't totally innocent on a lot of this stuff, but I ain't the only one what's guilty," Toby Curtsinger told Bloomberg Businessweek.
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