Good morning. A Boeing airplane crashes in India. Donald Trump’s getting ready to lay out his latest tariffs. And space proves it’s not the final frontier when it comes to cost cuts. Listen to the day’s top stories.

A Boeing 787 Dreamliner operated by Air India bound for London from Ahmedabad crashed shortly after takeoff and exploded into a huge fireball, in what’s set to be the worst accident involving the US planemaker’s most advanced widebody airliner. The flight was carrying 242 passengers and crew. Boeing shares slumped premarket as the crash highlighted other accidents involving its planes.

Donald Trump plans to send letters to trading partners in the next one to two weeks setting unilateral tariff rates, ahead of his July 9 deadline to reimpose higher duties on dozens of economies. Commerce Secretary Howard Lutnick said the EU may be at the back of the line for any deal, while Japan’s leadership said it won’t rush into an agreement that would hurt the nation’s interests.

Millions of acres of federal land may be sold to provide billions of dollars to help pay for Trump’s massive package of tax cuts and spending in the Senate’s version of the bill released last night. Texas Senator Ted Cruz pitched the idea of ending the Federal Reserve’s authority to pay interest to banks, arguing it would save $1.1 trillion over a decade.

Israel's government survived an attempt by opposition parties to dissolve parliament, as tensions spiked over Iran’s nuclear program and the US ordered some staff to leave the region. Adding to worries, Iran said it would build a new uranium-enrichment center in response to censure by the UN atomic watchdog. 

A smartphone screen displays a news report featuring Kim Jong Un. Photographer: Kentaro Takahashi/Bloomberg

Call me maybe? Trump is open to communications with North Korean leader Kim Jong Un, the White House said—despite little signal Kim is keen to renew their once warm relationship and a report he rebuffed a letter from Trump. North Korea recently appears to have added to its nuclear complex. Here’s your guide to the forever conflict between North and South Korea.

Deep Dive: No More Moonshots?

A SpaceX Falcon 9 rocket and Dragon spacecraft launches from NASA’s Kennedy Space Center.  Photographer: Eva Marie Uzcategui/Bloomberg

Trump’s plan to kill off dozens of NASA missions is threatening US space supremacy.

• The White House is calling for a roughly 50% cut to NASA’s science spending to $3.9 billion, part of a pullback that would deliver the lowest funding level in its history and halt more more than 40 NASA science missions and projects.
• Such cuts risk accelerating the space agency’s evolution toward becoming an incubator for private industry. It’s already grown increasingly reliant on Elon Musk’s Starlink.
• It’s also been left leaderless after Trump withdrew Jared Isaacman's nomination to run NASA. Isaacman has suggested his ouster—which came amid Musk’s falling out with Washington—may have been due to his close ties to the SpaceX boss.

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The Big Take

The UK’s decision to end special tax privileges for rich residents hailing from overseas was supposed to bring in billions, but it has triggered an exodus of billionaires and entrepreneurs. 

Opinion

Surfriders State Beach Park in Malibu, California, long before the recent rate cutting cycle. Photographer: Jonathan Blair/Corbis Historical

The Federal Reserve might as well take the rest of the summer off and head for the beach, John Authers writes. Latest US inflation data showed that if sweeping new tariffs are going to shift inflation upward, they haven’t done it yet. There’s little point in trying to get out too far in front.

Before You Go

Photographer: Michael Reaves/Getty Images

Want to own the Chicago Bears? The team is said to be exploring a sale of the minority stake owned by the late McDonald’s Chairman Andrew McKenna. You probably won’t get much of a say—descendants of founder George Halas still own about 80% of the team—and you may need nerves of steel after last season’s 10-game losing streak.

AI should mean we all get to work less, but tell that to the exhausted engineers at Alibaba. They canceled vacations, slept in the office and worked through the holidays to play catch up after rival DeepSeek shocked the global tech industry with its low-cost, powerful AI model earlier this year.

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 and Academy Award-winning actor Jane Fonda. Click here for details.

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