FINANCIAL TIMES
-Donald Trump made two public announcements on the day he launched new tariffs and disrupted global trading. He announced that he was making many deals, including a new ballroom at the White House and sports. This seemed to taunt US trading partners like Canada, Taiwan, and India, who lobbied to avoid more Trump tariffs. However, officials could not confirm which new trade deals Trump was referring to. Many foreign capitals are now locked into higher tariff rates through their agreements with Washington, while others, like Canada, are redoubling efforts to reduce the extra tariffs.
-International cocoa prices have risen above $10,000 a tonne since early 2023 due to climate change and crop disease outbreaks. However, state price controls in Ivory Coast and Ghana, which produce about two-thirds of the world's cocoa, mean local farmers earn only a slice of the market value. Many farmers are now selling their beans to intermediaries who smuggle them into neighboring countries, where they are sold at market prices. Government data shows that in the 2023-24 season, about 150,000 tonnes of cocoa beans were smuggled out of Ghana, by some estimates as much as a quarter of output, with a further 200,000 tonnes from Ivory Coast. The real figure is likely higher, with nearby countries such as Burkina Faso, Togo, and Sierra Leone reporting surging exports despite producing almost no cocoa.
-Donald Trump has ordered the deployment of two nuclear submarines in response to Russia's provocative statements, citing Dmitry Medvedev, deputy chair of Russia's security council. The deployment comes ahead of a deadline for Putin to agree to a ceasefire in Ukraine or face tighter US sanctions. Medvedev, a former Russian president, criticized Trump's actions as a threat and a step towards war. Trump urged Medvedev to "watch his words" and warned him of dangerous territory.
-Hamas has released a propaganda video depicting a starved Israeli hostage and emaciated Palestinian babies, causing international condemnation of Israel's blockade of Gaza. The video was released late on Friday, shortly after US special envoy Steve Witkoff and US ambassador Mike Huckabee visited a food distribution site in Gaza, which is currently suffering from famine. The video shows Evyatar David, a young musician taken hostage by Hamas on October 7, 2023, wearing shirtless clothes.
-President Donald Trump has sacked the head of the US's labor statistics agency, Erika McEntarfer, following a gloomy jobs report. McEntarfer was appointed by his predecessor Joe Biden and was fired without evidence of manipulation for political purposes. Trump claimed that McEntarfer's appointment was fair and accurate. The firing follows the resignation of Federal Reserve governor Adriana Kugler, who announced her resignation before the end of her term in January. This move paves the way for Trump to name a successor to chair Jay Powell, who is set to step down in May 2026. Trump has criticized Powell for resigning, comparing it to the resignation of former Biden appointee Adriana Kugler.
-Switzerland's watch industry is facing a threat to sales due to Donald Trump's proposed 39% tariffs on the country, potentially raising prices for US consumers and impacting volumes at some brands. The US accounted for 16.8% of Swiss watch exports in 2024, worth roughly SB ($5.4B). Swiss manufacturers The Swatch Group and Richemont, as well as London-listed Watches of Switzerland, a major Rolex and Patek Philippe dealer, face "pain" if tariffs are imposed next week. The 39% tariff exceeds the 31% proposed by Trump on "liberation day" in April and far outstrips the 15% facing Switzerland's EU neighbors.
-Tesla has been found partly liable for a fatal car accident involving its autopilot system in Florida, where a pedestrian was killed and another injured. The federal jury found Tesla a third of the responsibility for the accident, which was caused by driver complacency due to Tesla exaggerating the capabilities of its assistance systems, failing to upgrade the technology after prior incidents, and allowing drivers to use autopilot on roads it was not designed for. Tesla argued that the driver was irresponsible and that its guidelines state that people must always be alert and in control when its systems are engaged. Tesla must pay $200M in punitive damages, $19.5M in compensatory damages to the deceased woman's family, and $23.1M to her injured boyfriend. This verdict is significant for Tesla as it is the first federal case to find it responsible for an accident involving its self-driving software.
-Taiwan's failure to secure a trade deal with Donald Trump before the deadline has raised concerns that Washington may reduce security support for Taiwan to maintain good relations with Beijing. Taiwan, the world's largest chip manufacturer and seventh-largest US trading partner, was one of the first countries to initiate talks with Washington after Trump introduced his "liberation day" tariffs in April. Trump imposed a 20% tariff on Taiwanese imports, which will take effect next week.
NEW YORK TIMES
-President Trump has displayed his volatile side when faced with unwelcome news on two of the biggest issues on his plate this week. The jobs report for July showed a substantial slowdown in hiring, and Trump lashed out, claiming the figures were rigged and firing the head of the government agency that produces them. Dmitri Medvedev, once Russia's president but now little more than the Kremlin’s favorite online troll, got under Trump’s skin with provocative posts about nuclear war. Trump ordered submarines into position to guard against any threat. Just days earlier, Trump had returned to the United States from a golf trip happily flexing his political and diplomatic power.
-President Trump has fired Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, after claiming weak job numbers were "rigged." McEntarfer was confirmed on a bipartisan basis in 2024 and was fired without evidence of data rigging. The Senate-confirmed Department of Labor official responsible for pulling together monthly job numbers was fired. Emily Liddel, an associate commissioner for the bureau, confirmed McEntarfer's firing, and William Wiatrowski, the deputy commissioner, would serve as acting commissioner. This move comes amid concerns that the removal of McEntarfer could undermine confidence in government economic data.
-Consumer prices are beginning to feel the pinch of tariffs as companies struggle to keep them stable. Government data shows that prices rose in June on appliances, which are heavily exposed to tariffs. Many businesses initially absorbed the additional tax during the early days of President Trump's trade war. However, evidence is emerging that they are running out of options to keep prices stable in the face of deteriorating profit margins, suggesting that tariffs could have a more pronounced effect on prices in the months ahead.
-India officials have confirmed that they will continue purchasing cheap oil from Russia despite a threat of penalties from President Trump. This move reflects India's growing frustration with the relationship with Russia, which was once praised but has been souring rapidly. The defiance of Prime Minister Narendra Modi's government reflects increasing frustration with the volatile American policymaking that has shaped India's choices on vital energy supplies for its 1.4B people. Trump has threatened an unspecified penalty and a 25% tariff rate if India does not cut off its imports of Russian crude oil. India's Prime Minister, Narendra Modi, has acknowledged that India will no longer be buying oil from Russia, but is uncertain if this is the right decision.
-International condemnation of Israel for its Gaza war is growing, with calls from Israel's allies for a Palestinian state. Mike Huckabee, the first evangelical to serve as American ambassador to Israel, is a passionate defender of the country. Despite President Trump's break with Prime Minister Benjamin Netanyahu of Israel and acknowledging "real starvation" in Gaza, Huckabee has not. The U.N. secretary general has referred to the situation as a moral crisis that challenges the global conscience. Christian conservatives and the Netanyahu government are pleased with Huckabee's dedication to the country.
-Iran is holding at least four American citizens, including two men and two women, in Iranian custody, according to human rights groups, lawyers, and Hostage Aid Worldwide. Two were seized after Israel and the US attacked Iranian targets in June, and two others have been held since 2024. Iran has long practiced hostage diplomacy, detaining foreigners and dual nationals to leverage them for prisoner swaps and the release of frozen funds. The detentions are likely to increase the already tense political climate between Tehran and Washington after the US joined Israel's attack on Iran and damaged three of its nuclear sites in June. Nuclear negotiations with Washington have not resumed since the war in June, but Iran's foreign minister, Abbas Araghchi, said that he and the U.S. special envoy, Steve Witkoff, have been communicating directly through text messages.
-The aggressive push by President Trump and Republicans in Texas to redraw the map for the state's U.S. House districts has led to Democrats, including some longtime institutionalists, vowing to "fight fire with fire" and even embrace some of the gerrymandering tactics they have long decried as anti-democratic. The attempt to squeeze as many as five House Democrats out of office before a single vote is cast in the 2026 midterm elections has opened up a new chapter in an era of unconstrained partisan warfare. Democrats, including some longtime institutionalists, are taking the party on a race to the bottom, with Representative Jamie Raskin, a Maryland Democrat, lamenting that his party must reluctantly participate in "this rotten system."
NEW YORK POST
-The US Federal Government is investigating allegations of overtime abuse at the NYPD's elite Aviation unit under former NYPD Chief Winston Faison. Faison allegedly approved payments for rescue training for cop cronies who had nothing to do with rescues. Lt. Lakeisha Smith, Lt. Winston Wright, and Detective Tanesha Facey, Faison's driver, made up to 20 overtime hours per month, funded by a federal maritime safety training grant administered by FEMA. Police sources said they were doing nothing for the training whatsoever except putting in overtime slips.
-President Trump has called on the Federal Reserve Board to take control if Jerome Powell fails to lower interest rates soon. He urged the board to take action if Powell continues to refuse. Fed Governor Adriana Kugler announced her resignation next Friday, giving Trump another ally in his push to lower interest rates. The 12-member Fed board had voted to maintain rates in the target 4.25% to 4.5% range and downgraded its view of the economy due to Trump's tariffs. Powell, whose term ends next May, wouldn't commit to a cut when policymakers gather in September. Fed Governors Christopher Waller and Michelle Bowman voted against Powell's "wait and see" approach, marking the first time in three decades when more than one governor on the board has dissented on an interest-rate vote