Trump Scrapped Iran Strikes Because They Weren’t ‘Proportionate’ (Bloomberg)
President Trump said Friday he called off retaliatory strikes on three Iranian sites following the downing of a U.S. Navy drone because the action would not have been “proportionate.” “We were cocked & loaded to retaliate last night on 3 different sights when I asked, how many will die. 150 people, sir, was the answer from a General,” Trump tweeted. “10 minutes before the strike I stopped it.”

Did Trump Blink or Bluff in Iran Standoff? (Bloomberg Politics)
Was it all a bluff? After news leaked that President Donald Trump approved and then called off U.S. airstrikes on Iran last night, it emerged he’d warned Tehran about an imminent attack while insisting he was against a war. (Hat tip: Bloomberg Balance of Power)

Airlines Avoid Strait of Hormuz as Iran-U.S. Tensions Escalate (Bloomberg)
The FAA barred U.S. flights over the region and warned of mis-identification risk. United, KLM are among carriers shunning area in Persian Gulf as tensions escalate, with United suspending its Newark-Mumbai service.

UK Today:
-Bank of England Will Stress-Test UK Financial System for Climate-Related Risks (Business Green)
-Mark Carney’s Optimism on Fintech Gives Facebook a Possible Path to Bank of England (Bloomberg)
-EU Plots Response to Boris Johnson Becoming U.K. Prime Minister (Bloomberg)
-Mark Carney Disputes Boris Johnson’s Stance on Tariffs (Bloomberg)
The Bank of England Governor said the U.K. can’t avoid tariffs with the European Union if it leaves the bloc without an agreement.

Justin Trudeau’s White House Visit: Trump Says New Nafta Ends Competition With Canada and Mexico (Bloomberg)

Friends or Frenemies? Trump’s tweet on Thursday: “It was my great honor to host Canadian Prime Minister @JustinTrudeau at the @WhiteHouse today!”

And remember Trump’s tweets one year ago (June 9, 2018), starting with this tweet: “PM Justin Trudeau of Canada acted so meek and mild during our @G7 meetings only to give a news conference after I left saying that, “US Tariffs were kind of insulting” and he “will not be pushed around.” Very dishonest & weak. Our Tariffs are in response to his of 270% on dairy!”

Climate Watch: Overnight Delivery’s Environmental Footprint (Axios)
Consumers have gotten hooked on speed — and the efficiencies that e-commerce injected into retail are getting erased because now there are more deliveries of smaller numbers of packages. With this trend, emissions have grown. What’s more: The packing material that goes into delivery boxes is a major driver of the global plastics crisis. (Hat tip: Mike Allen)

Climate of Hope: Clean Energy Becomes Dominant Power Source in U.K. for First Time (Bloomberg)

Supporting Bloomberg Journalists and a Free Press: Reporters Sans Frontieres (RSF) Alarmed by the Business Reporters Being Prosecuted in Turkey (RSF)
On Thursday, RSF added support for two Bloomberg journalists who have been indicted in Turkey for their reporting during the August 2018 Turkish financial crisis. “Turkey has nothing to gain by burying its head in the sand,” RSF Turkey representative Erol Önderoğlu said. “On the contrary, reliable information, transparency and restoration of the rule of law are the surest way to inspire confidence in investors. The general interest would be best served by ending these prosecutions and respecting the work of journalists.”

CPJ also weighed in with this: Banking Regulator Complaint Leads to Charges Against Bloomberg Journalists (Committee

Sports section: US Beats Sweden and Sets Another Women’s World Cup Record (CNN)

FIRST LOOK – London Pride Walk: At the Bloomberg Arcade in London today, Bloomberg employees and local volunteers are painting a giant Pride flag that runs through the center of the Arcade to mark London Pride which culminates with the Pride parade through central London on July 6. The ‘London Pride Walk’ installation will be completed tomorrow.

Click here for the sneak peek via Instagram.

Best of late night.

On U.S. tensions with Iran and conflicting statements on whether the U.S. drone that Iran shot down was flying over Iranian airspace or international airspace:

“Who are you going to believe, Iran or the U.S. government? That is a question that used to be really easy to answer.”
— Stephen Colbert

“I don’t think America should launch a full-out war with Iran to avenge a flying Roomba, all right?”
— Trevor Noah

“It’s getting serious, though. An Iranian general named Hossein Salami said they’re ready for war. Trump’s already got troops in Turkey ready for action, but Putin’s warning the White House against the conflict. So if you’re keeping track, we’ve got Salami and Turkey on white, hold the Russian.”
— Jimmy Fallon

On a recent United Airlines from from Venice to New York that became infested with ants:

“A United flight from Italy to Newark was infested with ants after a bunch of them spilled out of a passenger’s carry-on. Other passengers were like: ‘We had to throw out our shampoo, but that guy got to bring ants?’”
— Jimmy Fallon

“It explains the new logo for Spirit Airlines. Spirit: Somehow We’re Not The Ones Infested With Ants!”
— Jimmy Fallon