Your Evening Briefing

(Bloomberg) --

The U.S. agreed to lift steel and aluminum tariffs on Canada and Mexico, a move that will help clear the way for ratification of the new Nafta. As part of the deal, Canada said it would drop retaliatory tariffs against the U.S. and take part in a redoubled enforcement system. It aims to advantage primary steel and aluminum producers in the three-nation trading bloc to ensure that the metal is melted, poured or smelted regionally. 

Here are today’s top stories

Tesla sank to a two-year low after Elon Musk told employees he'd be scrutinizing every dollar spent in a “hardcore” focus on costs.

China’s state media signaled a lack of interest in resuming trade talks with the U.S. under the current threat of higher tariffs, while Beijing said stimulus will be stepped up to buttress the domestic economy.

President Donald Trumps multi-pronged attack against Huawei has left a wide range of American businesses reeling.

The meeting was tense, and at one point Theresa May was visibly upset. But in the end, May’s own party forced her to set a timeline to resign as U.K. prime minister.

When Gilead’s Truvada came to market, it was a public health triumph: the first drug ever approved to prevent HIV. Seven years later, efforts to prevent the virus have stalled. Critics blame the company’s $21,000 annual price for the treatment.

Michael R. Bloomberg’s advice to the class of 2019: Bring truth to light

What’s Luke Kawa thinking about? The Bloomberg cross-asset reporter is worried about debt. While other asset classes have telegraphed optimism, sovereign debt is signaling a degree of caution, if not abject fear, about what comes next.

What you’ll need to know tomorrow

What you’ll want to read tonight

Welcome to New Albany, Ohio, the American fantasyland of Les Wexner. The man behind Victoria’s Secret and its push-up-bra notions of female beauty has brought to life his singular vision of the heartland. Over the past 30 years, he’s built an affluent, suburban oasis as much of the region sank into post-industrial decline and the politics of grievance. In a time of gaping inequality, the juxtaposition is jarring. Each home is almost identical to the next, down to copper street lamps hand-made on Martha’s Vineyard. Prices run as high as $4.5 million. The median Ohio home costs $139,100.

Your Evening Briefing

©2019 Bloomberg L.P.