Good morning. Donald Trump weaponizes trade policy. Manhattan rents are going through the roof. And Elon Musk is on version four of Grok. Listen to the day’s top stories.

Donald Trump’s threat to impose 50% tariffs on Brazilian goods sent the country’s currency and assets plunging. Not content with sending copper markets into a spiral, Trump used trade policy to take issue with Brazil’s treatment of former President Jair Bolsonaro, who has long seen Trump as his ticket out of legal limbo. Brazil’s current leader, Luiz Inacio Lula da Silva, fired back, saying his nation will not be “tutored” and had told the US president earlier this week to mind his own business.

Bitcoin’s broken through $112,000 for the first time—now derivatives suggest the next stop may be $120,000, according to Bloomberg’s MLIV. Meanwhile, Trump’s trade policies gave traders pause for thought on US equities as they await a fresh catalyst for the next leg up. 

Fed up with your paycheck? How does $200 million-plus sound? That’s what Meta is apparently paying Ruoming Pang, who used to run Apple’s AI models team. And it’s in line with the compensation of other members of Meta’s new “superintelligence” group. (It’s the big thing right now—check out our explainer.) As the AI competition heats up, OpenAI’s Sam Altman admitted he still hasn’t spoken to Mark Zuckerberg since his rival poached some of his top engineers.

Don’t be fooled by the searing temperatures recently, winter is coming. And so too may be a sale of luxury parka-maker Canada Goose, whose main shareholder Bain is said to be weighing an exit. Understandably, given the stock’s rally this year. One selling point: Its Canada-based supply chain means US tariffs have barely made a dent.

Manhattan rents hit another record high—and there’s no relief in sight for apartment hunters in the market’s busiest season. Especially as it seems landlords are finding ways to get around a new law that eliminated some upfront moving fees.

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.

Deep Dive: Grok, Take Four

The chat window for chatbot Grok. Photographer: Andrey Rudakov/Bloomberg

If at first, you don’t suceed… Elon Musk’s artificial intelligence startup xAI is rolling out Grok 4 just months after releasing its previous iteration, underscoring the frenetic pace of AI development.

• The new model’s release comes just a day after xAI was forced to remove inappropriate Grok posts from X that included antisemitic comments.
• That’s not the only setback for Musk this week. X CEO Linda Yaccarino stepped down after two years on the job and less than three months after the social-media platform was absorbed by xAI.
• Every advance in AI comes with a confusing plethora of arcane terminology. Here’s a guide to distinguish your AGIs from your GPTs.

The Big Take

Thailand’s newly elected Prime Minister Paetongtarn Shinawatra with her father and former Prime Minister Thaksin Shinawatra. Photographer: SOPA Images/LightRocket via Getty Images

Thaksin Shinawatra’s return to power in Thailand after 15 years in exile, only to align with the royal establishment that once tried to crush him, serves as a warning to Trump-era populists. Here’s why his billionaire dynasty is on the brink of losing power once again.

Opinion

Nothing says talent war like a $100 million job offer, Parmy Olson writes. But AI is so ideologically charged that its most revered scientists are as motivated by the glory of being published in Nature or having a hand in the biggest new model, as they are by yachts and mansions.

Before You Go

A Puma SE Deviate Nitro 3 running shoe on display in a shop in London. Photographer: Chris Ratcliffe/Bloomberg

Just not On. German sneaker makers Adidas and Puma are looking to turn around their fortunes. Right now, neither’s shoes make the top 10 at Fleet Feet. Reviving demand is critical as they try to make up lost ground to new upstarts like Switzerland’s On before US tariffs start to bite.

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