Good morning. Donald Trump threatens more tariffs. Pope Leo’s childhood home sells at a premium. And fanciful prints are all the rage at luxury resorts this summer. Listen to the day’s top stories.

Donald Trump showed no signs of retreat from his flagship tariff policy with a new broadside on Canada barely a week after restarting trade talks. He threatened a 35% levy on some Canadian goods, deepening Prime Minister Mark Carney’s dilemma over how to respond. Trump didn’t stop there, also threatening to double blanket tariffs globally to 20%. Traders are becoming desensitized, stoking fears a reckoning is coming.

A possible prelude? Marco Rubio met his Chinese counterpart in Malaysia today and said a summit between Trump and Xi Jinping may finally happen. Meanwhile, Vietnam was caught off guard by Trump’s announcement that it had agreed to a 20% tariff, with officials thinking a better deal was on the table. Here’s how Hanoi became a target in Trump’s trade war.

Trump teased a “major statement” on Russia on Monday, in an interview with NBC News, as the US prepares to send more American weapons to Ukraine. He also said he expects the Senate to pass a tougher Russia sanctions bill and reiterated his recent criticism of Vladimir Putin. Ukraine’s President Volodymyr Zelenskiy is hopeful more military aid is on the way as Russia steps up assaults.

New York City Mayor Eric Adams pulled in more than $1 million from a real estate crowd fundraiser for his reelection effort on Wednesday night, marking a stark turnaround for the incumbent. Billionaire Bill Ackman again urged Andrew Cuomo to bow out and give Adams a stronger chance against Democrat upstart Zohran Mamdani, who he claimed is gaining because he’s “a superb politician” and not because of his actual policies.

The childhood home of Pope Leo XIV in Dolton, Illinois. Photographer: Jim Vondruska/Getty Images North America

Divine intervention. Pope Leo XIV’s childhood home sold at a 70% premium to the initial asking price this week to the Chicago suburb of Dolton. The $375,000 price wasn’t perhaps as much as the seller, a local property flipper, might have hoped for, had its plans for a luxury auction taken off. Now, Dolton will work with the Archdiocese of Chicago to turn it into a landmark.

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Deep Dive: Fresh Start

Apple’s iPad Air is due to get refreshed in the first half of 2026. Photographer: Samsul Said/Bloomberg

Apple is planning a pipeline of new products for release during the first half of 2026, including a new low-end iPhone, multiple iPads and upgraded Macs.

•  A first upgrade to the $3,499 Vision Pro headset may come as early as this year, aiming to improve the performance and comfort of a device that has been slow to catch on with consumers.
• It’s a tumultuous time for Apple, whose Chief Operating Officer Jeff Williams is stepping down this month, marking a major changing of the guard.
• The company should consider replacing longtime CEO Tim Cook as its struggles with AI raise significant risks, analysts at LightShed Partners said.
• John Ternus, the head of hardware engineering, is emerging as a potential successor. Read our take on the Apple insiders in the running to take the top job.

The Big Take

Matthew Tuttle working in his home office with Parker the havapoo. Photographer: Rebecca Smeyne/Bloomberg

From his home—and with his dog—Matthew Tuttle is turning online hype into billions in leveraged single-stock exchange-traded funds, serving a new generation of YOLO-chanting retail investors. He’s a leading architect of a boom that’s testing the limits of a $11.7 trillion market. His secret: Discord.

Opinion

The Rolex Daytona. Photographer: Patrick T. Fallon

After a dramatic boom-and-bust over the past five years, the secondary market for luxury watches is past its nadir, Andrea Felsted writes. But with persistent uncertainty about tariffs and a broader slump in the luxury sector, there’s still time to get a decent deal on a Rolex.

Before You Go

Missoni print at Cali Mykonos’s infinity pool. Source: Fampiano Kraniotis

Even deep economic uncertainty can’t stop the parade of high-fashion resort pop-ups stealing the show in almost every major summer destination, especially in Europe. From Dolce & Gabbana lounge liners to Dior-branded buoys, the symbiotic strategy is luxury writ (very) loud, and tailor-made for social media.

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