Good morning. President Trump reignited his global trade war Monday, renewing his threat to hit partners with punishing tariffs even as he announced a three-week extension to negotiate deals.

New executive order: Trump signed an executive order extending the date when his so-called reciprocal tariffs would take effect, with a pause previously scheduled to expire at 12:01 a.m. Wednesday. Additionally, Trump sent letters to a handful of nations outlining tariff rates they would pay if they didn’t strike trade deals with the U.S. by Aug. 1.

The letters: Trump, on his Truth Social platform, posted letters to the leaders of Japan, South Korea, Malaysia and others by Monday afternoon, informing them of the Aug. 1 date. White House press secretary Karoline Leavitt suggested that just more than a dozen nations would get letters but didn’t specify how the countries were chosen. More than 80 countries were subject to the “Liberation Day” tariffs that were first announced April 2.

Tariff rates: Letters to other nations were nearly identical to one sent to Japan, though the rate varied from 25% to 40%, depending on the country. The rates were generally closely tied to the original reciprocal rates set in April, though some were slightly different (Japan’s new 25% rate is 1 percentage point higher than the 24% rate set in April).

Reaction from business: Interests that represent U.S. trade-reliant businesses have welcomed the Trump team’s stated desire to lower other nations’ trade barriers, but decried his continued use of high tariffs as leverage.

• Trump Threatens Extra 10% Tariff on Nations Siding With Brics
• U.S.’s Biggest Asian Allies Ready Last-Ditch Trade Appeal to Trump

Old-school floor traders finally get their day in court against CME

Thousands of jostling traders once packed the floors of Chicago’s futures exchanges, before the advent of high-speed computerized trading turned them into relics of a bygone era. Now, some of them will finally have their day in court.

On Monday, a trial began in a long-running class-action lawsuit filed by traders who say that exchange giant CME Group duped them out of the privileges they held as members of the city’s once-elite community of floor traders.

The charges: The plaintiffs, who estimate that they are owed about $2 billion in damages plus interest, say the company broke its promises to them when it opened a data center for electronic trading that effectively doomed the old trading floors. CME has called the lawsuit baseless.

• Linqto, the once-highflying private stock investment platform, has filed for bankruptcy protection, citing investigations into its business and questions about what its customers even own.
   
• British law enforcement and financial regulators issued a red alert warning financial institutions about a sophisticated Russian oil sanctions evasion network that generated billions of dollars in revenue while circumventing Western restrictions through a dual-sided corporate structure.
   
• A group of independent music companies and trade associations called on the European Union to launch an in-depth investigation into Universal Music Group’s acquisition of Downtown Music Holdings, saying the deal threatens competition if antitrust officials let it go ahead.
   
• Hundreds of millions of dollars of FTX customer claims are at risk of being held up or potentially not being paid because the account holders live in China, Afghanistan or 47 other areas that restrict cryptocurrency activity, according to WSJ Pro Bankruptcy (subscription required). 
   
• Ukrainian President Volodymyr Zelensky announced new sanctions targeting Russian cryptocurrency schemes used to finance Moscow’s military-industrial complex.
   
• Trump appointees leading the Justice Department are backtracking on a promise to open up the Federal Bureau of Investigation’s files on convicted sex offender Jeffrey Epstein, attempting to shut down long-simmering questions and conspiracies they once promoted.

Houthis attack ship in Red Sea for first time since Trump announced a truce.

A crew in the Red Sea was forced to abandon ship after it was hit by Yemen’s Houthi rebels on Sunday, the first attack of its kind since President Trump announced a truce in May after he said the group promised to stop attacking Middle Eastern waterways.

Background: In May, Trump announced the U.S. would halt its military campaign against the Houthis in return for the militants halting their missile and drone attacks on shipping, which snarled international shipping lanes.

• New May data show a dramatic shift in tech device imports away from China, as the structure of the 2025 tariffs make assembly in other countries more attractive, according to Barron's.
   
• As Elon Musk confronts deepening business and political challenges in the U.S., he’s also facing trouble in his other most important market: China.

• President Trump said Monday the U.S. would resume providing Ukraine with arms to help it withstand Russian attacks after months of trying without success to draw Moscow into negotiations on ending the war.
   
• Russia’s former transport minister was found dead Monday in what authorities called a suspected suicide, hours after he was dismissed from his post by President Vladimir Putin.
   
• Rescue workers patrolled by foot and by airboat in the search for those still missing from flash floods that struck Texas over the July Fourth weekend, leaving more than 100 confirmed dead.
   
• A man who began firing at the entrance to a McAllen, Texas, Border Patrol building early Monday morning was killed by law enforcement, authorities said.|
   
• Molina Healthcare became the latest health insurer to warn that higher medical costs will hit earnings this year.
   
• If you think free time is overrated, this is the job market for you. Corporate job listings this summer stress long hours, a competitive business environment and the importance of hustle.

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