Good morning. Elon Musk is on a mission to “kill” the president’s tax bill. Germany’s new chancellor is the latest leader to seek Donald Trump’s ear. And how long would you wait for a Switch 2? Listen to the day’s top stories.

Elon Musk is trying to block Donald Trump's tax bill after trying, and failing, to convince Republican lawmakers to preserve tax credits for electric vehicles. Meanwhile, Trump and Republican senators have discussed ways to scale back the $40,000 SALT deduction in the House version of the bill.

Trump’s “art of the deal” approach to negotiating with the world’s strongmen isn’t quite going to plan. In the last 48 hours, he’s been rebuffed by the leaders of Russia, China and Iran. And business executives are losing confidence in the economic outlook, a sharp reversal from their buoyant mood after the US president’s reelection.

German Chancellor Friedrich Merz Photographer: Krisztian Bocsi/Bloomberg

Perhaps one leader seeking some common ground is Germany’s newly installed Chancellor Friedrich Merz. He’s in Washington for his first face-to-face meeting with the president today. With 50% tariffs on all European goods looming, the timing is critical. But Germany’s problems may be even bigger than Trump. Here’s a reminder of how a high-profile meeting at the Oval Office can go horribly wrong.

Trump banned individuals from 12 countries from entering the US, reinstating one of the most controversial measures from his first term. It also partially limits entry by people from seven nations including Cuba and Laos. He also signed an executive action that prevents foreign nationals from entering the US to study at Harvard. That may let his administration sidestep a ruling that allowed the university to temporarily continue enrolling students.

In markets, Treasuries edger higher as traders got a boost from Japan, where a  government bond auction went better than feared. The European Central Bank looks all but certain to cut interest rates again today, but constantly changing US trade threats will cloud policymakers’ attempts to map out new economic projections.

Deep Dive: Chicago’s Dire Finances

Chicago’s financial district. Photographer: Christopher Dilts/Bloomberg

Surging property taxes, a stagnant population and high crime rates. Together, they spell big trouble for the Windy City.

• Chicago’s economic growth lags behind other major cities due to its strained finances, including $29 billion in debt and $37 billion in unfunded pension liabilities.
• Mayor Brandon Johnson faces challenges in addressing Chicago’s fiscal woes, with his proposals for revenue growth meeting resistance from the City Council and voters.

• But there are reasons for optimism. A new stadium for the Chicago Fire soccer team aims to breathe new life into America’s “second city.” Billionaire Joe Mansueto is using his fortune to build the $650 million arena south of downtown.
• And the city already boasts one of the world’s best hotels, after the Peninsula Chicago broke into the La Liste’s top 10 this year.

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The Big Take

Workers assemble a high voltage electricity transmission tower in Klockow, Germany. Photographer: Krisztian Bocsi/Bloomberg

Western economies need to electrify and fast, but where will they find all the skilled workers to install the heat pumps, solar panels and batteries needed? In the US, even if Trump’s tariff regime stabilizes and businesses start investing again, the future of its industry won’t hinge just on policy, but on finding more than 400,000 new engineers every year.

Opinion

The US economy is showing signs of strain as the latest round of data provides negative surprises, John Authers writes. But there are caveats as the numbers were produced under massive tariff uncertainty and the data may not be that trustworthy.

Before You Go

A customer celebrates their purchase of a Nintendo Switch 2 game console at a Game store in Madrid early today. Photographer: Claudia Paparelli/Bloomberg

Time to Switch up your console? Gamers lined up outside GameStop’s Union Square location for almost 20 hours, all for the sake of being among the first to get their hands on the new Nintendo Switch 2. Its higher $450 price tag may pose a challenge to its long-term sales potential, but not for the die-hards that camped out from Tokyo to Manhattan.

Bloomberg Green Seattle: Join us July 14-16 to explore the urgent environmental challenges of today and the innovative ideas shaping tomorrow. Featured speakers include Ryan Gellert, CEO of Patagonia and Academy Award-winning actor Jane Fonda. Click here for details.

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