Good morning. Donald Trump says details on new tariffs are coming today. The US House finally passes the GOP’s big tax bill. And get ready for the weekend: Oasis and Black Sabbath are performing. Listen to the day’s top stories.

Donald Trump said he’ll start sending letters to 10 to 12 trading partners today, setting unilateral tariffs ahead of his July 9 deadline for negotiations. He added that countries will start paying the levies on August 1. Many major partners including the European Union, Japan and South Korea are still working to finalize deals.

Trump secured final passage of his signature $3.4 trillion tax bill, following a bruising campaign to win over conservative Republicans. Here’s a guide to what’s in it.

Moscow launched one of its most intense drone attacks in weeks on Kyiv after Trump said he made no progress “at all” with Russian President Vladimir Putin in a phone call about Ukraine. Trump said he’ll speak Volodymyr Zelenskiy today.

UK Chancellor Rachel Reeves is expected to announce a review of British pensions on July 15, the FT reported. Changes may include the amount companies and staff set aside for retirement.

China will cancel part of an upcoming EU summit, people familiar said. Meanwhile, Trump aides are exploring a possible China trip this year and will gauge business interest in joining.

Deep Dive: Haves and Have-Nots

Golf is Scotland’s national game, but rich Americans are changing it.

• Currently there are effectively two golf markets in the nation: one for North Americans with deep pockets, and another for the rest.
• For dozens of the small clubs that don’t draw higher-spending tourists, rising costs are squeezing their viability.
• Increasingly, the economics of having 550 or so courses dotted around an area the size of South Carolina just don’t stack up.
  

The Big Take

Opinion

Rachel Reeves faces two unpalpable choices this Autumn: raise taxes or increase borrowing, Rosa Prince writes. So far, both she and PM Keir Starmer have struggled to do either.

Before You Go

Photographer: Christopher Furlong/Getty Images Europe

Today is gonna be the day. Oasis kicks off its reunion tour with two nights in Cardiff before heading to Manchester. Black Sabbath plays what it says will be its final gig ever tomorrow in Birmingham. The latter offers a pay-per-view streaming option for those unable to attend in person.

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