One big point amid all the headlines: I was texting with press secretary Karoline Leavitt during the event and she confirms that the 34 percent tariff on China is ON TOP of the previous 20 percent. So that means the rate on China will be *54* percent when these tariffs take

Mysteriously, the sophisticated investigations into currency manipulation and non-trade barriers resulted in US tariff rates calculated using elementary-school math (and economics): goods trade deficit divided by imports. 👀 wsj.com/livecoverage/t… Anthony DeBarros

Trump’s tariff on two small islands sent officials there on a quest to figure out what they sold the U.S. wsj.com/economy/trade/… via Max Colchester and Mike Cherney

Trump calls his latest tariffs reciprocal measures. Yet the upshot is that, in most cases, Washington is now charging other countries more than what they charge the U.S. wsj.com/economy/trade/… via The Wall Street Journal

10-year yields are now *above* where they were going into Liberation Day!

New polling of Canada: As a Canadian, which of the following would you prefer? Rejoin the 🇬🇧 British Empire: 82% Become the 51st state of the 🇺🇸 USA: 18% Source: J.L. Partners 🇺🇸 Daily Mail, 1,000 Canadian adults

Talks to end the war in Ukraine are stalled, leaving President Trump frustrated and blaming Ukrainian President Volodymyr Zelensky. wsj.com/world/europe/t…

Trump and Zelenskyy face-to-face today in the Vatican.

Starmer was watching the Arsenal v PSG match when Trump called him to announce that there was going to be a deal on US tariffs. Clearly this came together very quickly…

Europe's center right faces an existential threat from populist upstart parties and it has no idea what to do. One of the biggest political realignments since WWII is underway. With B. Benoit wsj.com/world/europe/e…

A statement from British Embassy, Washington:

It was diplomatic. It was subtle. But King Charles III delivered a very clear message to Trump: Canada already has a king, and he wants to protect Canada's sovereignty. wsj.com/world/americas… via The Wall Street Journal

U.S. and China Agree to Get Geneva Pact Back on Track—Move marks the latest twist in countries’ winding trade war Max Colchester Caitlin McCabe Lingling Wei 魏玲灵 wsj.com/economy/trade/… wsj.com/economy/trade/…

The Pentagon is reviewing a defense pact with the U.K. and Australia, throwing into doubt a strategic partnership that aims to give Australia nuclear-powered submarines and deter China in the region. Max Colchester Rhiannon Hoyle wsj.com/world/pentagon… wsj.com/world/pentagon…

Gilts plunging, cost of govt borrowing up steeply. On Richter scale of alarm, this one day move is roughly two-thirds of a Kwarteng on the day of his mini budget

The London Underground is getting hotter and hotter. Across all lines, average temperatures increased by 1 to 3 degrees over 10 years, according to TFL. Part of the problem: undersoil clay acts like an oven. And fans make it hotter. Please carry water... wsj.com/world/the-lond…

Great reporting by Matthew Luxmoore on the story of a middle-class Russian from St. Petersburg who enlisted in the military, was sent into the meat grinder in Voshank, and was ultimately wounded and captured by Ukrainian forces. wsj.com/world/europe/r…

Trump tees off at his new course in Scotland. “We'll play it very quickly, and then I go back to DC and we put out fires all over the world.” YMCA then starts to play.

Trump in Scotland mixes family business with US diplomacy in a way never seen during his first term in office. wsj.com/politics/polic…

This is what Putin proposed to Witkoff in what European leaders say is a bid to avert punitive sanctions/tariffs that would badly hurt his war economy: 1. Ukraine to hand over Dontesk region to Russia; 2.Freezing of the battleline in other parts of the front; 3. Ceasefire; 4.