Good morning. The US and China finalize a trade truce. EU leaders weigh how to respond to Donald Trump. And Anna Wintour ends an era at Vogue. Listen to the day’s top stories.
The US and China finalized a trade truce reached last month, with Beijing agreeing to supply rare earths in exchange for the lifting of US countermeasures. Commerce Secretary Howard Lutnick said that the White House has imminent plans to reach agreements with 10 major trading partners. Countries from Japan to India have balked at signing deals without clarity on separate levies on exports. Listen to our Trumponomics podcast for more on the looming trade deadline.
In the EU, leaders are discussing their response to Trump’s latest trade proposal, according to people familiar. The big question for them is whether to accept an asymmetrical deal or risk escalation by striking back. Read more about Europe’s dilemma here.
Spain got some heat at NATO for refusing to commit to the alliance’s new spending targets. Prime Minister Pedro Sanchez is hunkering down and trying to ignore the shade coming his way. Here’s our Big Take on how much is at stake for the group should it be forced to face off Russia.
In the UK, Prime Minister Keir Starmer looks ready to water down another of his government’s key policies, offering concessions to stop Labour party colleagues derailing his reforms to Britain’s expensive welfare payments.
The US Treasury Department announced a deal with G-7 allies that will exclude American companies from some taxes imposed by other countries in exchange for removing the Section 899 “revenge tax” proposal from Trump’s tax bill. Read our explainer on how the provision came about.
Deep Dive: UK Escape
Demonstrators during a protest in support of international students at Harvard University in Cambridge, Massachusetts. Photographer: Sophie Park/Bloomberg
As the Trump administration clashes with elite colleges and targets foreign students, Britain is seen as a place to escape the polarizing politics on US campuses.
Interest in UK universities has surged as Trump’s administration started slashing funding, revoking the visas of foreign students and trying to block Harvard’s overseas students from entering the US, escalating a clash with the university that’s been playing out in court.
Studyportals, a platform widely used to research colleges, said that foreign students’ searches of British universities rose 10% in the year through May, with the number of those looking at American schools falling by a similar amount. Among Americans, the focus on UK schools was up 12%.
Short selling should have become easier in Europe since Wirecard’s collapse five years ago, Chris Hughes writes. But regulation continues to foster a bad environment and Europe should beware of letting the craft die.
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