Good morning. Donald Trump says Vietnam agrees to a trade deal. Tesla sales tumble but some investors think the worst is over. And Sean “Diddy” Combs is acquitted of top charges after a seven-week trial. Listen to the day’s top stories.
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The US and Vietnam clinched a trade deal that’ll slap a 20% tariff on the Southeast Asian nation’s exports to America and a 40% levy on goods deemed to be transshipped, Donald Trump claimed. In return for lower levies, Vietnam agreed to drop all tariffs on US imports, he said. The framework, which Hanoi hasn’t confirmed, would be the third reached before the US president’s July 9 deadline. Nike shares jumped 4.1%, while Lululemon and other apparel makers edged higher.
Tesla shares advanced after its quarterly vehicle sales were less dire than some investors feared. The EV maker delivered 384,122 vehicles during the three months ended June, down 13% from a year earlier. The decline leaves Elon Musk’s company in a deep hole, but some observers at least think this is as deep as it’ll get. Meanwhile, Tesla’s China arch-rival BYD indefinitely delayed plans to build a major plant in Mexico amid geopolitical tensions and trade uncertainty.
Apple’s India expansion hit a roadblock. Foxconn Technology Group is said to have asked hundreds of Chinese engineers and technicians to return home from its iPhone factories there. The reason for the move wasn’t immediately clear, but it will probably impact assembly line efficiency. Elsewhere in the corporate sphere, Microsoft began its second major wave of layoffs this year.
Trump’s “Big, Beautiful Bill” faces resistance in the House over its $3.4 trillion price tag. The president was set to meet with a faction of conservative hardliners at the White House who have threatened to sink his signature legislation. House leaders planned to hold a procedural vote to advance the Senate-approved bill on Wednesday, with the goal of full passage by Friday.
Deep Dive: Foldable Faceoff
Honor’s Magic V5. Photographer: Scott Semler for Bloomberg; prop styling by Maggie DiMarco
One of the slimmest foldable devicesever to hit the market has been unveiled by Chinese hardware brand Honor, marking the latest experimentation with a design that’s yet to really win over mainstream consumers.
The Magic V5phone measures as thin as 8.8 millimeters when folded shut, almost as slim as conventional smartphones even while offering a tablet-sized inner display. The device will first roll out in China—priced at 8,999 yuan ($1,256)—and some other non-US markets.
Honor’s bid to out-designrivals comes just days before Samsung launches its own new foldable—the Galaxy Z Fold 7—on July 9. The Korean electronics giant will probably tout engineering improvements that may offer a user experience that’s more akin to a regular phone when the device is closed.
Foldables have been a hard sell, but manufacturers are betting consumers will open up as designs are refined. Honor said it expects Apple’s eventual entry—potentially as early as 2026—will help drive market growth and accelerate the category’s development.
Chinese growth data look encouraging—but GDP may not reveal much about the economy’s dynamism and direction of travel, Daniel Moss writes. It might be time to dial back the worship of this particular metric, and how the objective is framed.
