Good morning. Donald Trump’s copper tariff threats reverberate. Russian imitators are filling the void left by McDonald’s & Co. And Christian Horner is out at Red Bull Racing. Listen to the day’s top stories.

Heavy metal. The global turmoil in metal markets deepened as Donald Trump’s plans for a 50% tariff on copper imports sent the metal dropping about 2% in London. It may sink back below $9,000 there as the levy stems major inflows into the US, Citi warned. Watch out for more reaction across markets as further details on tariffs are expected later today. For now, stock futures edged up, oil rose and gold declined.

Miles for deals. Trade negotiators are working hard for those agreements. Those from Asia have racked up more than 350,000 air miles—equivalent to 14 times around the globe—traveling to Washington to strike a deal with Trump. (Yes, we counted.) And with higher duties now delayed, they look set to log even more flying hours in the coming weeks.

Trump ramped up his drumbeat of personal attacks on Federal Reserve Chair Jerome Powell, calling the central bank boss “terrible.” The president’s top economic adviser Kevin Hassett is emerging as a favorite to replace Powell if he does go, according to the Wall Street Journal. Can’t Trump just fire Powell? Here’s our explainer.

The Education Department will soon begin to charge interest on student debt for an estimated 7.7 million borrowers who’ve been in legal limbo since a Biden-era repayment plan was blocked in court. The interest charges for people enrolled in the SAVE program will begin on Aug. 1, although, for now, the borrowers don’t have to resume making loan payments.

Ray-Ban Meta smart glasses. Photographer: Joan Cro/NurPhoto/Getty Images

A glimpse of the future. Meta is said to have taken a $3.5 billion stake in EssilorLuxottica, the world’s biggest eyewear company. Small change for the Facebook parent but a big bet on the fast-growing smart glasses industry nonetheless. The companies already worked closely on the Meta’s Ray-Ban glasses with built-in cameras and an AI assistant.

Bloomberg Green Seattle: Join us July 14-16 for two days of compelling conversations where we’ll explore the urgent environmental challenges of today and the innovative ideas shaping tomorrow. Featured speakers include Ryan Gellert, CEO of Patagonia, Academy Award-winning actor Jane Fonda and many more. Click here for details.

Deep Dive: Spot the Difference

Stars Coffee in Moscow in 2022.  Photographer: Natalia Kolesnikova/AFP

The Russian imitators that filled the void left by McDonald’s, Starbucks and Zara after after they exited the Russian market have had a taste of success—and they’re not likely to hand back their new turf without a fight.

• With no end to the war in sight, the conditions for big consumer companies to return to Russia—and its 140 million consumers—are still too risky. That gives more time for local rivals to prepare.
• Vladimir Putin in April ordered his government to draw up a new legal framework for companies seeking to invest in the country. But, as one Kremlin official put it, “nobody is knocking on the door yet.”
• Three years of sanctions aimed at punishing Russia for its invasion of Ukraine have failed to force Putin to negotiate for peace. Read our explainer on why that’s the case.

The Big Take

Yiwu Advanced Computing Cluster. Photographer: James Mayger/Bloomberg

A secret construction boom on the edge of the Gobi desert conceals China’s ambitions to lead the world in AI. Bloomberg analysis found that local companies plan to buy more than 115,000 high-tech Nvidia chips to operate these futuristic data centers, which—if they can pull it off—could be used to train large-language models like DeepSeek’s. But it’s technology the US government doesn’t want China to obtain.

Opinion

President Trump signs his $3.4 trillion budget bill into law on July 4. Photographer: Bonnie Cash/UPI

The One Big Beautiful Bill Act will add more than $5 trillion to deficits over the next 10 years, moving the track of public debt from unsustainable to all but unhinged, Bloomberg’s editors write. As Congress turns to its budget for next year, it must grapple realistically with this looming crisis.

Before You Go

Christian Horner. Photographer: Mark Thompson/Getty Images

Christian Horner is out at Red Bull Racing. The longest-serving team principal in Formula 1—himself a former racing driver and a crucial figure in engineering Red Bull’s F1 dominance over the past years—has been ousted following struggles on and off the track. 

Enjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too:

• Markets Daily for what’s moving in stocks, bonds, FX and commodities
• Breaking News Alerts for the biggest stories from around the world, delivered to your inbox as they happen
• Supply Lines for daily insights into supply chains and global trade
• FOIA Files for Jason Leopold’s weekly newsletter uncovering government documents never seen before

Explore all newsletters at Bloomberg.com.