Trump Talks Deals

Good morning. Donald Trump says the US is close to a deal with Iran, and maybe also India? Lawmakers’ proposed tax cuts are going to come at a cost. And read on for a list of the best books of the summer. Listen to the day’s top stories.

Donald Trump’s still in the Middle East but trade is top of mind. He said India “offered us a deal where basically they are willing to literally charge us no tariff.” There was no further detail. He also said he told Apple CEO Tim Cook to stop building plants in India. (Reminder: That’s where Apple is upping production to shift away from China.)

The US may also be getting closer to an agreement with Iran. NBC earlier reported that Iran is willing to forgo nuclear weapons in exchange for immediate sanctions relief. Oil tanked on speculation that a deal would increase the odds of oversupply later this year.

A Ukraine-Russia breakthrough looks less certain, as Vladimir Putin opted to send only low-level officials to peace talks in Turkey today. Trump earlier downplayed the chances he’d attend as well but also said he’d travel if appropriate.

The chance of a recession in the US now stands at about 45%, according to Steve Cohen. The founder of Point72 Asset Management said there’s “significant slowing growth,” but he doesn’t expect the Federal Reserve to lower rates right away because of concern about tariff-induced inflation.

UnitedHealth is under criminal investigation for possible Medicare fraud, the Wall Street Journal reported. The company said the Department of Justice hadn’t notified it about the reported investigation. Regardless, it’s not a great look after the insurer unexpectedly replaced its CEO and suspended earnings guidance.

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Deep Dive: Tax Cut Costs

The cost of Republican lawmakers’ draft plan for sweeping tax cuts weighed in at $3.8 trillion over the next 10 years in one official estimate. The reality is probably much higher.

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The Big Take

South Korea has built up the best large-scale atomic-energy industry outside China and Russia. Now it stands to reap financial and diplomatic rewards.

Opinion

Trump’s big, beautiful bill is certainly big, but not very beautiful, John Authers writes. It may fall to the bond vigilantes to save Washington from fiscal profligacy—only this time, that would involve squelching what’s building into a remarkable rally in equities.

Before You Go

The summer’s most gripping books excavate and enliven history. No matter if it’s interrogating a century-old injustice or vivifying events so recent they feel current, the best books take the past and run with it. Read on for our top 10 new picks.

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