Good morning. Donald Trump indicated he’ll be flexible about his latest tariff deadline. Apple’s AI efforts take another blow. And, finally, we might be able to leave our shoes on at the airport. Listen to the day’s top stories.

Donald Trump suggested he’s still open to tariff negotiations and that the Aug. 1 deadline for implementation of new levies was “not 100% firm.”  The stock market liked the signs of flexibility, with US equity futures mostly gaining. Less so the countries on the receiving end—Japan’s PM called Trump’s announcement of a 25% levy on his nation “truly regrettable.”

The confirmed death toll from the Texas floods exceeded 100, including the 27 children and counselors who had been missing from the Mystic girls’ summer camp. Trump said he’ll travel to the state on Friday to work with the Texas governor and lawmakers to assist with the recovery. 

The Apple executive in charge of its artificial intelligence models is leaving for Meta, people familiar said, in another setback for the iPhone maker’s AI efforts. Ruoming Pang was offered a package worth tens of millions of dollars per year to become the latest big hire for Meta’s new superintelligence group. Here’s how it all went wrong for Apple’s AI. 

Trump called for new rules that would restrict access to incentives for solar and wind projects, ordering the Treasury Department to curb the use of tax credits unless a substantial portion of the project has been built. Clean energy incentives had already been pared back in Trump's $3.4 trillion budget bill.

The US president said he’d ship more weapons to Ukraine, marking an apparent reversal after the Pentagon earlier halted deliveries of some air-defense missiles and artillery shells. Check out our explainer on how Ukraine’s drone arsenal has changed modern warfare.

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

Deep Dive: Amazon’s Prime Day and Tariffs

Photographer: Stephanie Keith/Bloomberg

Amazon’s Prime Day is slamming into Trump’s trade war, with ever-shifting tariffs prompting some brands to sit out the summer sale and some shoppers dropping hints they plan to pull back.

• The event, which started today and lasts four days, may provide a glimpse of how much consumers are spending and what they’re buying, amid mixed signals about the strength of the economy. Consumer spending declined in May by the most since the start of the year.
• In April, Amazon said it won’t display the cost of US tariffs on products after the White House blasted the reported move and Trump called Jeff Bezos to complain.
• Amazon rival Temu has already seen a steep decline in its US sales after the start of the tariff war—and has cut back on advertising targeting American consumers.
  

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The Big Take

Queen Elizabeth II opens the Schroders headquarters in London in 2018. Photographer: Heathcliff O'Malley/WPA Pool/Getty Images

After he sold his family’s investment bank to the barons of Wall Street in 2000, Bruno Schroder was always adamant he’d never do the same for its cherished asset manager. Now, a once-unimaginable sale or breakup seems more and more feasible.

Opinion

 A man looks at a damaged road after severe flash flooding that occurred in Hunt, Texas. Photographer: Ronaldo Schemidt/AFP/Getty Images

The latest episode of horrific flooding isn’t just about a natural disaster in one state, Michael Bloomberg writes. It’s also about a political failure that’s been happening across the country, and most of all in Washington. The refusal to recognize that climate change carries a death penalty is sending innocent people to early graves.

Before You Go

Travelers wait to go through security at San Francisco International Airport. Photographer: David Paul Morris/Bloomberg

You may soon be able to stop worrying about removing your shoes to go through standard airport security checkpoints. The TSA is said to be planning to update its policies to end what has been one of the most visible—and criticized— features of the post-9/11 heightened US airport security system.