Good morning. The US and China have finally reached an understanding on trade. The personnel carousel continues at Tesla. And a mystery $33 billion fortune collapses. Listen to the day’s top stories.

At last, kinda. The on-off-on-again US-China trade deal was signed two days ago, Commerce Secretary Howard Lutnick said. Beijing confirmed some aspects of a framework accord, which includes a pledge to deliver rare earths but doesn’t address thorny issues like fentanyl trafficking. There was no detailed readout. Deals with 10 other countries are imminent, including a “very big” one with India, President Trump said. Meanwhile, the EU may prove a harder nut to crack.

Europe’s leaders are pushing hard for governments to buy local when they start spending their vastly increased military budgets because they’re wary of deepening their dependence on a US whose president has embraced their main adversary, Russia. Still, they may have no choice but to buy American. Carlyle sees the €14 trillion ($16 trillion) defense tab as a huge opportunity for private capital.

The personnel carousel continues at Tesla, with Elon Musk confidant Omead Afshar the latest high-level executive to leave, people familiar said. It adds to a turbulent stretch for the EV maker—while rivals charge ahead. China’s Xiaomi took the wraps off its new $35,360 YU7 SUV on Thursday, drawing almost 300,000 orders in the first hour. Automobility CEO Bill Russo shares his thoughts on that.

House Republicans are fast-tracking the Senate’s bipartisan Genius Act — a major stablecoin bill — aiming for Trump’s signature by mid-July. Paired with the Clarity Act on crypto markets, the plan would bundle both in a single vote, setting the stage for the biggest crypto policy push yet. Will Trump get his "LIGHTNING FAST" win?

Photographer: Adam Gray/Bloomberg

Staying the course. Andrew Cuomo has no plans to drop out of the NYC mayor’s race by today’s deadline, a source said. Donors and advisers are trying to convince him to quit after his shock defeat in the first round of the Democratic primary to Zohran Mamdani. Cuomo’s loss gives Mayor Eric Adams a shot at a comeback.

Bloomberg Green Seattle: Join us July 14-16 for two days of compelling conversations where we’ll explore the urgent environmental challenges of today and the innovative ideas shaping tomorrow. Featured speakers include Ryan Gellert, CEO of Patagonia, Academy Award-winning actor Jane Fonda and many more. Click here for details .

Deep Dive: Gaming the US Work Visa Lottery

A federal agent outside of immigration court rooms at the Jacob K. Javitz Federal Building in New York. Photographer: Adam Gray/Bloomberg

For decades, foreign staffing and outsourcing firms have taken advantage of loopholes in a US visa program meant to bring in high-skilled workers to make up for a lack of domestic tech talent. Here’s how middlemen keep gaming the visa system at the expense of US workers and many others.

• Trump’s immigration crackdown will remove more than 1 million workers from the construction and housing industry and nearly 7 million from labor force overall, according to a new report.
• Deportations alone can’t fix America’s immigration problems, Bloomberg’s editors write. A comprehensive deal is needed, involving a path to legal status for unauthorized workers, stepped-up enforcement on employers, and a more expansive and orderly system of legal immigration.

The Big Take: The Downfall of a Leader in Finance 

Jes Staley Photographer: Jaimi Joy/Bloomberg

Ex-Barclays CEO Jes Staley’s doomed bid to rescue his reputation has laid bare the damning details of his decade-long friendship with Jeffrey Epstein. What began as a secretive alliance unraveled into a scandal of power, deception, and downfall—laid bare in a courtroom he chose to enter.

Opinion

The debate surrounding operation Midnight Hammer isn’t—and shouldn’t be—about whether the mission was militarily impressive, Andreas Kluth writes. It should focus on only one thing: Did it achieve its strategic objective?

Before You Go

Regencell’s office in Hong Kong. Photographer: Pui Gwen Yeung/Bloomberg

A mystery $33 billion fortune collapses. The CEO of a Nasdaq-listed, Cayman Islands-incorporated traditional Chinese medicine company saw his net worth plunge from $33 billion to $10.1 billion in a week. US regulators might have some questions.