Hello from the FT newsroom. Yesterday was the initial deadline set by President Donald Trump three months ago for countries to ink trade deals with the US or face higher tariff rates. Despite his administration promising “90 deals in 90 days”, just three have been agreed, prompting Washington to grant another reprieve until August 1.

Days after the US president sent tariff letters to 14 nations, including key US trading partners Japan and South Korea, Trump posted missives yesterday on social media to eight countries threatening new levies. Among this week’s targets, Brazil received the most aggressive threat — a 50 per cent tariff on imports to the US — in a letter accusing the country of a “witch-hunt” against former leader Jair Bolsonaro. The moves came as Trump confirmed that a 50 per cent tariff on copper would also go into effect on August 1.

As chief economics commentator Martin Wolf argues, Trump may have achieved what he wanted. But his assault on core institutions and values has severely weakened America. “Only the Maga base, Vladimir Putin and Xi Jinping should feel happy,” he concludes.

1. The Tony Blair Institute participated in a project with Boston Consulting Group (BCG) to develop a postwar Gaza plan that envisaged kick-starting the enclave’s economy with a “Trump Riviera” and an “Elon Musk Smart Manufacturing Zone”. The FT revealed the staggering proposals, which included paying half a million Palestinians to leave.

2. As Russia this week unleashed its heaviest aerial assault on Ukraine yet, Europe’s largest port has readied itself for potential conflict with Moscow. This bracing read shows how Rotterdam is shifting to a war footing by reserving space for Nato supply ships and preparing military exercises.

3. Rishi Sunak will join Goldman Sachs as a senior adviser, marking a return to the bank where the former UK prime minister started his career two decades ago. He won’t be pocketing his pay though — and there’s a personal twist to where it will be going. (Free to read)

4. It’s a bad time to be a graduate. Even those with a Harvard MBA are struggling to find work. The FT’s editorial board examines the many pressures facing today’s university leavers — and what must change to avoid a generation of underemployed talent.

5. Linda Yaccarino announced yesterday she is quitting as chief executive of Elon Musk’s X, after a turbulent two years focused on repairing the platform’s relationship with advertisers. It came a day after Grok, the artificial intelligence chatbot integrated into X, repeatedly praised Adolf Hitler and shared antisemitic rhetoric.

6. Sometimes, progress means turning back. Carmakers once championed touchscreen dashboards as the sleek future of driving. But now they are reinstating physical buttons, for usability reasons expertly explained by June Yoon. And judging by the article’s comments, many of you cheer for their return. (Free to read)

Thanks for reading,

Patrick

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