Good morning. The Trump administration is taking a big swing at toppling a landmark scientific finding on greenhouse-gas emissions that the government has used to regulate emissions from power plants, aircraft, cars and more.

• What’s targeted: The Environmental Protection Agency said Tuesday that it was seeking to rescind what’s known as the government’s endangerment finding. The 2009 declaration states that greenhouse gases threaten public health and welfare by raising global temperatures, increasing the likelihood of heat waves, more intense hurricanes and storms with heavy rainfall.
   
• One estimate: The EPA said the endangerment finding has been used to justify $1 trillion in regulations, though it didn’t provide details behind the figure. By rescinding the finding, the agency would “end 16 years of uncertainty for automakers and American consumers,” EPA Administrator Lee Zeldin said.
   
• Contradictions: The administration argues that the original 2009 finding was “unduly pessimistic” regarding increases in greenhouse gas emissions and global temperatures, which it said peaked in the 1930s and have remained relatively stable since then. Data collected by the National Oceanic and Atmospheric Administration—and the EPA itself—contradict that claim, finding that average global atmospheric temperatures are at their highest level since record-keeping began in the 1850s.

U.S. allows NatWest to end compliance monitor early.

The Justice Department has allowed the investment banking arm of U.K. bank NatWest Group to drop an independent monitor four months earlier than anticipated under a 2021 criminal settlement.

In a securities filing on Tuesday, NatWest Markets said the department found the company sufficiently improved its compliance program in the wake of its $35 million criminal guilty plea for “spoofing” trades, making the monitor no longer necessary. The monitorship has been paused since May, the company said. It is at least the fourth monitorship the department has ended early under the Trump administration.

• The Spanish competition regulator expanded its investigation over Apple’s business terms for developers, saying it wants to scrutinize price points the iPhone maker sets for apps and in-app purchases.
   
• The U.S. declined to ease restrictions on the sale of high-end microchips and the equipment used to make them to China, U.S. Trade Representative Jamieson Greer said, despite requests from Chinese officials that he described as routine.

U.S. warns China against buying sanctioned oil.

U.S. officials warned Chinese authorities that they could face higher tariffs if they continue purchasing oil from Iran and Russia, Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer told reporters after two days of meetings in Stockholm. “It’s no secret the Chinese are buying 90% of the Iranian oil,” Bessent told reporters.

The U.S. officials also informed the Chinese of a bill moving through Congress that would authorize the president to impose tariffs of up to 500% on nations that import Russian oil, saying that they believed other nations would follow suit. “We explained the nature of the bill to them and told them that we thought that if it passed in the Senate, that the rest of the G7 or the entire EU would likely join us in the secondary tariffs,” Bessent said.

• Boeing is back to churning out 38 of its bestselling 737 MAX jets a month—as many as U.S. regulators will allow—a rate that executives have said it must maintain to stanch years of cash losses.
   
• U.S. officials said they confirmed that Beijing would continue to allow for the export of rare earth magnets, one of the provisions of a deal they brokered with the Chinese in June in London.
   
• Nayara Energy filed a petition in Delhi High Court against Microsoft after the U.S. technology giant suspended services to the Indian refiner. Following the EU’s sanctioning of Nayara over ties to Russian oil giant Rosneft, Microsoft appears to have restricted the company’s access to its products and tools.
   
• A powerful earthquake off the coast of Russia’s far east triggered tsunami warnings in Hawaii and California and sent people fleeing to higher ground across the Pacific, but initial fears subsided as the tsunami waves reached U.S. territory.

• British Prime Minister Keir Starmer said Tuesday the U.K. would recognize a Palestinian state by September unless Israel takes “substantive steps” to end the war in Gaza, halt annexations in the West Bank and commit to the long-term sustainable peace in the Middle East.
   
• U.S. exporters—particularly capital-intensive manufacturers of aircraft, defense equipment, consumer products and semiconductors—scored significant tax cuts in President Trump’s new megalaw.
   
• Palo Alto Networks is in talks to acquire the Israeli cybersecurity provider CyberArk Software in what would mark one of the biggest technology takeovers so far this year, according to people familiar with the matter.
   
• Ghislaine Maxwell won’t answer lawmakers’ questions about her dealings with convicted sex offender Jeffrey Epstein unless Congress meets several conditions or President Trump grants her clemency, her lawyer said Tuesday.
   
• The gunman who killed four people in a Midtown Manhattan skyscraper accused the National Football League in a suicide note of concealing the dangers of the sport on players’ brains, according to a New York Police Department official.

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