1. China says U.S. 'opening fire' with tariffs
China on Thursday accused the Trump administration of "opening fire" with its proposed tariffs, warning that China would respond immediately if the U.S. goes through on Friday with new levies on $34 billion of Chinese imports, as planned. Trump has threatened to escalate the conflict with tariffs on up to $450 billion worth of Chinese goods if China imposes retaliatory tariffs. The tensions have roiled stock, currency, and commodity markets. China Commerce Ministry spokesman Gao Feng warned that the proposed U.S. tariffs would hurt everyone. "U.S. measures are essentially attacking global supply and value chains. To put it simply, the U.S. is opening fire on the entire world, including itself," he said. The Trump administration has said the U.S. only wants to be treated fairly.
2. Gas prices rise to 4-year high
Gas prices hit a four-year high over the Fourth of July travel window, with the average price of a gallon at $2.86 on Tuesday, according to AAA. For those making long trips over the weekend, prices will fluctuate from state to state. Arizona posted an average price of $3.06 per gallon, while in neighboring California, gas averaged $3.73 per gallon, according to GasBuddy. Gas in Texas was $2.66 on Tuesday, while next door in New Mexico it was $2.91 per gallon. On the other side of the Lone Star state, in Louisiana, it was $2.59. Gas has shot higher as oil prices steadily climb. On Tuesday, U.S. crude oil futures hit more than $75 per barrel, the highest level since November 2014.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. U.S. stocks buoyed by hopes of auto tariffs deal
U.S. stock futures gained early Thursday, led by automaker shares, after a Trump administration official said there might be a "zero solution" to avoiding threatened auto tariffs. A U.S. official reportedly told German car manufacturing executives that the Trump administration was willing to stop threatening stiff auto tariffs if the European Union gets rid of its tariff on U.S. cars. Futures for the Dow Jones Industrial Average, the S&P 500, and the Nasdaq-100 were all up by about 0.6 percent. Fiat Chrysler Automobiles shares rose by 4 percent in pre-market trading. Ford Motor Co. was up by 1 percent, while Daimler and BMW were up by 3 percent and 4 percent, respectively. Trade tensions continued to threaten markets, however, with new U.S. tariffs on some Chinese goods due to take effect on Friday.
4. Netflix tests new 'Ultra' streaming plan
Netflix is trying out a new high-end streaming plan offering customers four Ultra HD streams and content in HDR format. Netflix is testing the new "Ultra" plan in two versions priced at $16.99 per month. One includes four Ultra HD streams, bumping the Premium plan from four UHD streams to two. The other option gives both Premium and Ultra customers four concurrent Ultra HD streams, with only Ultra customers also getting high dynamic range (HDR) content, with brighter colors and higher contrast. The experiment follows a late-2017 price hike that raised the two-stream HD plan to $10.99 per month from $9.99, and the Premium plan to $13.99 per month, from $11.99.
5. Chinese executive dies in accident in France
Wang Jian, a co-founder and co-chairman of Chinese conglomerate HNA Group, was killed in a fall from a wall during a business trip to France, his company said Wednesday. Wang reportedly was on top of the high wall taking photos of Bonnieux in a region famous for its panoramic views, when he plunged more than 30 feet, suffering "severe injuries," HNA Group said in a statement. The company was started in 1993 on the southern island of Hainan, and now operates China's fourth-largest airline, as well as finance, logistics, and other businesses around the world. HNA last year agreed to buy a hedge fund run by Anthony Scaramucci, a former aide to President Trump, but the two sides dropped the deal in April after it failed to win regulatory approval.
-
5 museum-grade cartoons about Trump's Smithsonian purgeCartoons Artists take on institutional rebranding, exhibit interpretation, and more
-
Settling the West Bank: a death knell for a Palestine state?In the Spotlight The reality on the ground is that the annexation of the West Bank is all but a done deal
-
Codeword: August 23, 2025The Week's daily codeword puzzle
-
How China uses 'dark fleets' to circumvent trade sanctionsThe Explainer The fleets are used to smuggle goods like oil and fish
-
One year after mass protests, why are Kenyans taking to the streets again?today's big question More than 60 protesters died during demonstrations in 2024
-
What happens if tensions between India and Pakistan boil over?TODAY'S BIG QUESTION As the two nuclear-armed neighbors rattle their sabers in the wake of a terrorist attack on the contested Kashmir region, experts worry that the worst might be yet to come
-
Why Russia removed the Taliban's terrorist designationThe Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
-
Inside the Israel-Turkey geopolitical dance across SyriaTHE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
-
'Like a sound from hell': Serbia and sonic weaponsThe Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
-
The arrest of the Philippines' former president leaves the country's drug war in disarrayIn the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
-
Ukrainian election: who could replace Zelenskyy?The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
