It’s looking like G-6 versus 1. Donald Trump may cut a lonely figure at the Quebec G-7 summit. Emmanuel Macron won’t sign the traditional joint statement unless progress is made on tariffs and other issues, an official said. Angela Merkel will challenge Trump on the environment and all the EU leaders will find common cause with host Justin Trudeau in pushing back against protectionism. (Bloomberg Daybreak)
Most Shared on the Bloomberg Terminal (Last 24 Hours):
Mohamed El-Erian Warns Brazil May Be Next Emerging Market Domino to Fall (Bloomberg)
Read more: World Economy Troubles Run Deeper than Tariffs (Bloomberg)
Jamie Dimon and Warren Buffett: Short-Termism is Harming the Economy (Wall Street Journal oped)
In today’s Wall Street Journal, Dimon and Buffett argue public companies should reduce or eliminate the practice of estimating quarterly earnings. Anything America—and its public markets—can do to focus on the future and build long-term wealth and opportunity will make the country stronger, more resilient and more competitive.
From Mike Allen today: U.S. 2020 Elections Foretold: Women, health care and an urgent Medicare crisis (Axios)
Something big is happening beneath the noise of tweets and Trump rage: The contours of the 2020 Democratic message and approach are taking form.
From the Washington Post: “For every Michael Bloomberg — one of the only examples you can find of someone who successfully applied his business skills to government — there are a dozen nincompoop businessman-politicians.” Save Us from CEOs Who Think They Should Be President (Washington Post – Paul Waldman)
NASA Data Today: Every area of the globe has warmed since instrument records began in 1880. The planet isn’t warming equally, however — the fastest temperature increases are taking place at the poles. The Arctic, for example, is warming at more than twice the rate of the rest of the globe, melting sea ice, glaciers and permafrost. Mapped: Global Temperatures Since 1880 (Axios)
The Fallen Toys “R” Us: An Object Lesson in Financial Mismanagement and Miscalculation (Bloomberg Businessweek U.S. cover)
It Took Awhile, But: Paul Ryan Dismisses Trump “Spy” Charge as G.O.P. Shows Signs of Resistance (New York Times)
History Lesson: President Trump may have made a tense relationship with Justin Trudeau more strained. According to the Canadian Broadcasting Corporation, when the prime minister asked last month why the U.S. decided to impose trade tariffs for reasons of national security, Trump replied: “Didn’t you guys burn down the White House?” — an apparent reference to the sacking of Washington in the War of 1812. The thing is, Canada didn’t become a country until 1867. And the building was torched by the British. (Bloomberg Politics)
Headlines from around the world.
Bloomberg Japan: For Abe, Japanese abductees bigger issue than missiles in Trump-Kim summit
Washington Post: Giuliani: Trump forced North Korea’s Kim to beg for meeting
China Daily: Shenzhen launches air monitoring system
The National (UAE): Trump hosts first iftar dinner at White House
The Guardian (UK): Northern Ireland abortion law clashes with human rights, judges say
Bloomberg: Foreigners Are Snapping Up New Zealand Homes While They Can
Associated Press: Only 2 Philadelphia Eagles planned to visit White House – Source
Best of late night.
“You can now add ‘God Bless America’ to the list of things where Trump doesn’t know the words — right next to ‘United States Constitution’ and ‘wedding vows.’”
— James Corden, after showing a clip of President Trump apparently failing to sing along to “God Bless America” at a White House event
“Insiders say Trump’s become fixated on his ability to issue pardons because it’s the one area where he has almost unchecked power. And I’m actually O.K. with that. It’s like letting your toddler play with an electric razor: It’s going to look crazy when it’s over, but he’s having a good time.”
— Stephen Colbert
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