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| Need To Know. |
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| US, China Escalate Tariffs (Again). |
President Trump signaled he would bump up recently announced tariffs on nearly all Chinese imports over the weekend, a move spurred by news that China was preparing tariffs on nearly $75B of US imports. The White House had previously set a 25% tariff on $250B of Chinese goods, and a 10% tariff on another $300B was set to go into effect September 1st. The former will now be increased to 30% starting October 1st, while the latter will be increased to 15%. China said its new tariffs range from 5-10% - some products, like soybeans, already have hefty tariffs applied - but included a 25% levy on US automobiles. The tit-for-tat is the latest escalation in an accelerating trade war between two major trade partners that began last March - one that came close to ending in May. US markets dropped between 2.5-3% on Friday and futures markets expect another 1% dip tomorrow when trading opens, while Chinese markets dropped by close to 2%.
In related news, the US and Japan tentatively agreed to a bilateral trade deal, with a formal signing expected next month. |
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| Andrew Luck Leaves Football. |
Indianapolis quarterback Andrew Luck abruptly announced his retirement from the NFL over the weekend, citing a run of injuries that he said had taken away his love for the game. The stunning move was likened to NBA star Michael Jordan leaving basketball in 1993 (he ultimately returned) - the 29-year-old Luck entered the NFL in 2012 as one of the most heralded prospects in recent memory, drafted by the Colts as the top pick to replace Hall of Fame QB Peyton Manning. Luck led the team to the playoffs in his first three seasons - notching Pro Bowl honors in each year - but suffered a lacerated kidney midway through the 2015 season and both a concussion and shoulder injury in 2016. The shoulder injury forced Luck out for the entire 2017 campaign, returning in 2018 to throw for 4,593 yards and 39 touchdowns while winning the league's Comeback Player of the Year Award. Colts owner Jim Irsay said he believes Luck is leaving as much as $500M on the table by retiring early.
See the emotional press conference here. |
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| David Koch Passes Away. |
| Billionaire industrialist, philanthropist, and influential political backer David Koch passed away over the weekend at the age of 79. No precise cause was given, though he had battled prostate cancer for more than two decades. Along with his brother Charles, David Koch helped lead Koch Industries - one of the nation's largest private companies, with $119B in revenues and over 120,000 employees - and acted as the guiding hand over a number of Koch-affiliated interest groups. Both brothers had been politically active for decades, including David's 1980 run as the Libertarian Party's vice presidential candidate, though they established themselves in 2008 with the launch of a number of political advocacy organizations. One of the most notable groups was Americans for Prosperity, which was widely credited with focusing the Tea Party into a political movement in 2009 and helping Republicans regain control of the House in 2010. Outside of politics, Koch's considerable philanthropic contributions ranged from supporting cancer research to the theater and arts. |
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| In The Know. |
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| Sports, Entertainment & Culture. |
| > Rory McIlroy wins 2019 Tour Championship and FedEx Cup along with $15M bonus, the largest payout in golf history; Xander Schauffele's 2nd place finish earned $5M (More) |
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| > Taylor Swift's new album, Lover, becomes 2019's top-selling album after just two days (More) |
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| > Louisiana tops Curaçao 8-0 to win 2019 Little League World Series; US team wins back-to-back titles for first time since 2009 (More) |
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| Science & Technology. |
| > Scientists make major advance in memory science, finding that strong memories are formed by teams of neurons firing in tandem (More) |
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| > Security researchers say China-linked hacker groups are targeting healthcare systems in attempt to steal medical research data and intellectual property (More) |
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| > Spike in salmonella "superbug" strain linked to 41% increase in antibiotic use in cows (More) |
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| Business & Markets. |
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> Fed Chairman Powell delivers address at annual symposium in Jackson Hole, WY – says there is no rulebook for trade wars and will “act as appropriate to sustain the expansion” (More)
> Google releases community guidelines discouraging workers from political discussion on internal mailings (More) |
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> Disney and Target partnership will open 25 Disney stores inside Targets, “shop-in-shops” will offer 450+ Disney items (More)
One asset on everyone’s radar is art — outperforming the S&P by 180% since 2000. Now, an exclusive members-only platform allows anyone to invest in this newly accessible asset class (More) #Ad |
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| Politics & World Affairs. |
| > Supreme Court Justice Ruth Bader Ginsburg underwent previously undisclosed three-week radiation treatment for pancreatic cancer; doctors say tumor was localized, the 86-year-old has had numerous bouts with cancer since 1999 (More) |
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| > Pro-democracy protests in Hong Kong held for 12th straight weekend, turn violent following massive peaceful march last week (More) |
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| > Election 2020: House Rep. Seth Moulton (MA-6) drops out of Democratic presidential primary after failing to gain traction ahead of September debates (More) | Former Illinois House Rep. Joe Walsh announces primary challenge to President Trump (More) |
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