The European Union is gearing up for a trade fight with Washington.
Plus, how the US Treasury Secretary has been steering Trump away from firing the Fed chair.
And the perils of raising taxes on the super rich, as the UK seems to learn a bitter lesson.
A lot of billionaires, a lot of millionaires say they're leaving,
they're going to Dubai, they're going to Italy, they're going to Switzerland.
So that's always been the fear, that it's actually going to end up costing the government money.
It's Monday, July the 21st, I'm Azhar Sukri.
for The Wall Street Journal.
Here is the 8am edition of what's news,
the top headlines and business stories moving your world today.
The European Union thought it was on the brink of a trade deal that would help the bloc avoid higher US tariffs and protect the world's biggest trading relationship.
Now we are exclusively reporting that EU member states are pressing the bloc's executive body to prepare new targeted measures to hit back against US companies
if a deal can't be reached by the August 1st deadline set by Trump.
The EU had been working towards an agreement that would have kept baseline tariffs at 10% until US officials said President Trump was demanding further concessions.
Still, speaking to CBS's Face the Nation yesterday,
Commerce Secretary Howard Lutnik doubled down on the August 1st deadline for the EU to reach a deal.
These are the two biggest trading partners in the world talking to each other.
We'll get a deal done.
I am confident we'll get a deal done.
OK. And it will be great for America because the president has the back of America.