Good morning. It's Wednesday, Aug. 6, and we're covering a narrowing US trade gap, new details in the 2023 OceanGate sub disaster, and much more. First time reading? Join over 4.5 million intellectually curious readers. Sign up here.
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The US trade deficit hit a nearly two-year low of $60.2B in June, largely driven by a decline in imports and a narrowing trade shortfall with China. Read the full federal analysis published yesterday here.
The nation's trade deficit—the monetary value by which its imports exceed its exports—shrank 16% from May to June, with imports tumbling by $12.8B. The drop in imports marks a reversal from earlier this year, when Americans front-loaded purchases ahead of the Trump administration’s proposed tariffs, initially set for April. Many of those country-specific tariffs are now expected to take effect Thursday, with average rates on imports projected at 18.3%—the highest since 1934.
The trade gap with China closed roughly one-third in June to $9.4B—its lowest level in over 21 years and down about 70% since January. Beijing and Washington appeared poised to stave off triple-digit tariffs threatened earlier this year for another 90 days, though China’s dependence on Russian oil has reportedly complicated negotiations. Their current truce expires Aug. 12. |
OceanGate Implosion Findings |
The US Coast Guard released its report yesterday on the 2023 OceanGate submersible implosion, concluding the disaster was preventable and directly caused by the company’s disregard for safety protocols. The Titan submersible imploded in the Atlantic Ocean during a paid trip to explore the Titanic wreck, killing all five passengers on board.
The 335-page report identifies eight primary engineering failures and four contributing factors, finding that OceanGate’s leadership dismissed safety concerns, failed to properly test and certify the vessel, and intimidated employees who raised alarms—including by filing a SLAPP lawsuit against a whistleblower. The company operated Titan outside accepted deep-sea safety standards and exploited regulatory loopholes, neglecting independent certification and adequate life-cycle safety checks. Cost-cutting measures also likely compromised safety, such as storing Titan outdoors in the Canadian winter and using only four bolts to secure the forward dome instead of the required 18. See design choices here.
The report is separate from the National Transportation Safety Board investigation, which is expected to release its findings later this year. |
80th Anniversary of Hiroshima |
Today marks 80 years since the US dropped an atomic bomb on Hiroshima. The attack—the first military use of a nuclear bomb—precipitated the end of the US war with Japan and killed an estimated 140,000 people over several months (see photos).
On Aug. 6, 1945, US Col. Paul Tibbets flew a B-29 bomber from the island of Tinian to Hiroshima carrying a 9,700-pound uranium bomb nicknamed “Little Boy.” At about 8:15 am, the bomb detonated roughly 1,900 feet over the city center, sending surface temperatures above 7,000 degrees Fahrenheit. Then-President Harry Truman had agreed to bomb Hiroshima, which had a civilian population of 300,000 and about 43,000 soldiers, to convince Japan to surrender. See Tibbets’ reflections here (w/video). See survivors’ reflections here.
The US followed the Hiroshima bombing with an atomic bomb targeting Nagasaki three days later. Japan surrendered on Aug. 15, 1945. Learn more about the Manhattan Project via 1440 Topics here. |
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Sports, Entertainment, & Culture |
> Department of Homeland Security revises eligibility rules for specific visa categories, which would ban transgender women from traveling to the US to compete in women's sports (More) | ESPN to acquire NFL Network and other NFL-owned assets in exchange for giving the NFL a 10% stake in ESPN (More) |
> Legendary rocker Ozzy Osbourne's cause of death revealed as a heart attack; death certificate also notes Osbourne suffered from coronary artery disease and Parkinson’s disease (More) |
> Roku launches ad-free streaming service for $2.99 per month, will include 10,000 hours of movie and TV content from Lionsgate and Warner Bros. Discovery (More) | Fox One to launch Aug. 21 at $19.99 per month, will stream all sports and news programming across Fox's broadcast and cable channels (More) |
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In partnership with Motley Fool Money |
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> NASA acting administrator Sean Duffy announces fast-track plans to build a nuclear reactor on the moon by 2030; part of larger effort to build a permanent lunar base (More) | A brief history of the original space race (1440 Topics) |
> Google DeepMind unveils Genie 3, an AI-powered model that creates interactive 3D worlds in real time (More, w/video) |
> Pregnant roaches require additional sleep, similar to humans, new study shows; sleep deprivation impacted development of offspring (More) |
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> US stock markets close down (S&P 500 -0.5%, Dow -0.1%, Nasdaq -0.7%) as investors process weaker-than-expected jobs data and President Donald Trump floats new tariffs on semiconductors and pharmaceuticals (More) |
> Former X CEO Linda Yaccarino named chief executive of telehealth startup eMed, which is designing a population health management platform for GLP-1 weight-loss and diabetes drugs (More) | Chemical giants Chemours, DuPont, and Corteva to pay New Jersey $875M over 25 years in forever chemicals settlement (More) |
> US credit card debt rises $27B in Q2, totaling $1.2T, per new report from the Federal Reserve Bank of New York; total is in line with last year's all-time high (More) | An overview of credit cards and how they work (1440 Topics) |
Exchange-traded funds: Tomorrow's Business & Finance newsletter explores the pooled investment vehicles popular with everyday investors. Sign up here to receive! |
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> House Oversight Committee issues subpoena for records from the Justice Department over its probe into late sex offender Jeffrey Epstein; former President Bill Clinton, Hillary Clinton, and eight former law enforcement officials subpoenaed for depositions (More) |
> Hong Kong witnesses flooding, heaviest daily rainfall since the city began collecting records in 1884 (More) | Japan records hottest temperature on record yesterday, reaching over 107 degrees Fahrenheit (More) |
> FBI data finds crime in the US went down in every category last year, including murder, violent crime, and theft; violent crime decreased 4.5%, with murder and manslaughter down 15% (More) |
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