Good morning. Donald Trump sets baseline tariffs. Heathrow needs £21 billion for a new runway. And the White House’s ballroom is getting a facelift. Listen to the day’s top stories.
Donald Trump announced a slew of new tariffs, including a 10% global minimum and 15% or higher duties for countries with trade surpluses with the US. His move to raise tariffs on Canadian goods to 35% threatens to inject fresh tensions into an already strained relationship. You can see a full list of the levies here, most of which will kick in on Aug. 7.
Switzerland was slapped with a 39% levy on imports, higher than the 31% rate initially floated. The US had a $38 billion trade deficit with Switzerland last year and the economy rests on large contributions from industry giants Novartis and Roche.
A notorious Russian hacking group is impersonating a prominent cybersecurity firm and using the country’s internet providers to spy on foreign embassies, according to a report from Microsoft. The attackers engaged in a “large scale” cyber-espionage campaign in which they used Russian ISPs to conduct their hacks.
Passenger aircraft at Heathrow Airport Terminal 4. Photographer: Jason Alden/Bloomberg
London Heathrow Airport has submitted a proposal to the UK government for a £49 billion expansion that includes construction of the controversial third runway.
The plan involves a £21 billion, 3,500-meter runway, as well as building a new terminal, upgrading current facilities, and rerouting the M25. The expansion project would allow 276,000 more flights a year and increase annual passengers from 82 million today to 150 million.
The push for a third runway has existed for decades as Heathrow, situated in the affluent southwest of London, reaches saturation point. Read our explainer on why the project is so contentious.
The Bank of England’s Andrew Bailey is annoyed that Rachel Reeves is trespassing on his turf in an effort to support fintech Revolut, Marcus Ashworth writes. Bailey’s insistence on the fine points of financial regulation are certainly admirable but a self-serving distraction that risks further damaging a struggling City of London.
A rendering of the new Ballroom to be added to the East Wing of the White House. Source: White House
Having a ball. The White House plans to build a new ballroom at an estimated cost of $200 million. The 90,000-square-foot space will have a seating capacity of 650 people. Trump said he’ll pay for the project, along with donors.
