Good morning. Donald Trump sticks with his tariff deadline. The president’s “Big Beautiful” bill may be in hot water in the House of Representatives. And a startup unveils its “transparent” smartphone... Listen to the day’s top stories.

Donald Trump is sticking to his July 9 deadline for higher duties to kick in again, and deepened his criticism of Japan, saying “I’m not sure we’re going to make a deal.” Japan said it’s engaging in talks in good faith, but the threat fueled fears of a worst-case scenario and raised doubts over Tokyo’s tactics. One of the bigger sticking points is the auto sector. As a reminder, here’s our definitive guide to Trump-style trade talks.

The president’s “Big Beautiful” bill is in the spotlight again. The tax proposal may face Republican resistance in the House of Representatives after squeaking through the senate with a tie-breaking vote. Read here exactly what is in the multitrillion-dollar tax and spending package.

A setback for Apple. Foxconn asked hundreds of Chinese engineers and technicians to return home from its iPhone factories in India, a move set to add to jitters on Wall Street about an “irrational market exuberance.” So far today, US equities are holding firm (just about) and look set to maintain their rally.

Paramount reached a settlement with Trump over a lawsuit that alleged election interference by its CBS news network, when it showed different versions of a 60 Minutes interview with then-Vice President Kamala Harris. Paramount is also waiting for the Federal Communications Commission to approve its merger with Skydance Media.

Cars, cars, cars. Stellantis said yesterday its deliveries in the US fell 10% in the second quarter, even as sales of Jeep and Ram brands improved. Today, Tesla may report deliveries fell about 12% from a year earlier.

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: Wimbledon's Seat Market

Wimbledon's Centre Court. Photographer: Clive Brunskill/Getty Images

For two weeks every summer, the Centre Court at Wimbledon is where fans can watch the best tennis players in the sport’s most prestigious amphitheater. But for some of those holding the most expensive tickets, it’s not even worth attending.

• Owning debentures–a guaranteed seat on Centre Court or No. 1 Court for five years–has become so profitable that many are choosing to treat them as a tradeable asset, selling them on for a significant profit.
• Centre Court debenture seats for between 2026 and 2030 are changing hands at over $275,000, a profit of about 75% due to soaring demand from US buyers.
• Meanwhile, Wimbledon’s top champ Roger Federer isn’t doing that bad for himself in retirement, either. Bloomberg crunched the numbers and discovered the Swiss star is part of the elite group of athletes who reached billionaire status.
• And, in a reprise from last year, we have some travel tips from pros such as Casper Rudd on what to do and see during the tournament.

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The Big Take

Beneath layers of waste, landfills around the US have been reaching scorching temperatures, spewing toxic gases and geysers of trash juice. Read the story.

Opinion

A satellite image shows two large airstrike craters located directly over the underground centrifuge halls at the Natanz nuclear facility in Iran, on June 22. Source: Maxar

The US-Israeli attack on Iran was a net positive for Vladimir Putin as it sucked attention and resources away from Ukraine, Marc Champion writes. Looking ahead, the Pentagon may make even fewer air defenses available for Kyiv.

Before You Go

Nothing's Phone 3. Photographer: Carlotta Cardana/Bloomberg

When bold designs get even bolder. Hardware startup Nothing unveiled its $799 Phone 3 and $299 Headphone 1, both with transparent designs that show the circuitry inside. The CEO of the company said the phone has useful functions and “more stupid, fun features.”

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