Good morning. Donald Trump’s administration vows his tariffs are here to stay, one way or another. Chinese students abandon their dreams of a US education. And consultants are stepping into the C-suite. Listen to the day’s top stories.

The Trump administration insisted it has multiple optinos to push through his import tariffs. For now though, a federal appeals court has temporarily paused a suspension of the levies. One idea being weighed by the White House is a stopgap plan to impose tariffs as high as 15% for 150 days, the WSJ reported. Stay on top of the latest with our Q&A.

Away from the legal wrangling, there was more bad news on trade as Treasury Secretary Scott Bessent told Fox News that US-China talks are “a bit stalled.” He thinks a call between Trump and Chinese leader Xi Jinping may be needed to seal a deal as their fragile relationship comes under growing strain. No wonder American companies can’t get enough of the word “uncertainty.”

US stocks are proving resilient though. The S&P 500 Index looks set for its strongest May since 1990, although June may not be so positive. Futures suggest today may be a bit less exuberant too. Catch up on the latest markets insight here.

Trump heads to US Steel’s Irvin Works in Pennsylvania later. He’s celebrating a planned deal with Japan’s Nippon Steel that’ll see it take over its American counterpart for $14 billion, but also give the US government a so-called golden share. Here’s why not everyone’s convinced.

Elsewhere in corporate news, Dell gave another upbeat outlook as orders for servers to run AI networks keep on growing. A letter from finance behemoth Goldman Sachs helped send one of its former bankers to jail. And Japanese bank Nomura is finding success—in convincing its staff to quit smoking.

Deep Dive: Students Look Beyond US

US embassy in Beijing. Photographer: Jade Gao/AFP

Chinese students are abandoning their dreams of a US education and choosing countries such as Finland, Norway, Australia, the UK, and Singapore instead.

• It’s hardly surprising. Secretary of State Marco Rubio said America plans to start “aggressively” revoking visas for some students from the country and has ordered to embassies worldwide to stop scheduling interviews for new ones.
• “A lot of Chinese parents have been very unsettled when it comes to their children’s visa application to the United States,” warned Huini Gu, founder of the ZoomIn Academy.
• It’s yet another challenge for US higher education. China has been a major source of foreign students at colleges such as Harvard, already reeling from Trump’s recent crackdown.
• Even while graduates were collecting their diplomas this week, the university’s lawyers were in court challenging one of the administration’s many attacks on its ability to enroll new students.

The Big Take

Traditional “CEO factories” like General Electric and IBM used to be the dominant force in churning out top executives, but those days are over. Now it’s consulting firms such as Accenture, Deloitte and PwC that are jumping to the fore as the demands on today’s corporate leaders—data fluency, statesmanship, social skills—come more naturally for this breed of manager.

Opinion

Photographer: Libby O’Neill/Getty Images North America

An Ivy League degree has long been central to the Asian Dream—a ticket to success and status, Karishma Vaswani writes. But Trump’s message to international students is clear: Far fewer of you are welcome. The growing chaos across the university sector has left families wondering if sending their children to America is still worth it. 

Before You Go

Women quench their thirst during a heatwave in Prayagraj, India. Photographer: Anil Shakya/AFP

Extreme heatwaves are getting longer and hitting the tropics hardest. Four billion people experienced at least 30 additional days of sizzling temperatures over the past year as a result of climate change, researchers found. Indonesia and Singapore recorded an additional 99 extreme heat days since last May, while the tally for Barbados and Haiti topped 120.

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. Click here for details.

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