Good morning. Donald Trump’s tariff blitz unleashes delayed shock on the global economy. Amazon trails while Apple surprises. And who says sports and politics don’t mix? Listen to the day’s top stories.

Donald Trump set a 10% global minimum tariff, with rates of 15% and higher for countries with significant trade surpluses with the US. Canada is among the hardest hit with levies increased to 35%, but USMCA goods remain exempt. Switzerland got slammed with 39%. Don’t worry if you’ve lost track: get up to speed with this guide to every tariff, and its economic effect.

Trump’s return to the White House has upended global markets, and not just because of tariffs. A global stock selloff extended to a sixth day, the longest losing streak in almost two years. Shares of Watches of Switzerland slid in London trading as a public holiday in the country spared locally-listed Richemont and Swatch from an immediate onslaught. Two other pillars of Swiss industry, Novartis and Roche, are also staring down a rollercoaster.

The two drugmakers face a double squeeze as Trump escalated his campaign to pressure pharmaceutical companies to lower prices. While the industry has by and large resisted the president’s prodding, there are some signs of bending. AstraZeneca’s CEO Pascal Soriot recently broke ranks to acknowledge things are unsustainable as they stand.

Slumping Amazon shares dragged down Nasdaq futures after the tech giant forecast weak operating income, and sales growth lagged that of cloud rivals — adding to doubts about its AI investments. On the upside, Apple reported its first sales growth in China in two years, and Target is making headway in fixing a persistent issue: empty shelves.

Sound familiar? China accused the US of exploiting a flaw in Microsoft’s email servers to steal military data and attack its defense sector. That’s what Microsoft accused China of doing just last month, when the company said Chinese state-backed hackers targeted vulnerabilities in its SharePoint platform. Everybody’s doing it, says Jon Clay, vice president of threat intelligence at Trend Micro.

Deep Dive: Keep Swinging

World No. 1, Nelly Korda. Photographer: Michael Reaves/Getty Images

TaylorMade Golf has built a name crafting drivers, irons and putters used by stars from Scottie Scheffler to Nelly Korda. Now it’s at the center of an ownership dispute that has become a matter of national pride in South Korea, where the sport is booming.

• The high-stakes battle highlights the allure of a business that has grown to an $83 billion industry, in which South Korea’s Centroid Investment Partners has quietly become a major player.
• TaylorMade rival Topgolf Callaway is also at a crossroads, as it proceeds with plans to split in two, although that may take another while after the head of its golf unit quit on Thursday.
• And US star Michelle Wie West is trying to break the glass ceiling for women’s golf. Last month, she told Bloomberg’s Jason Kelly why she’s promoting the new simulator golf league TGL.
• The sport’s growing popularity has sparked something of an arms race in Scotland, where it was created, and where Donald Trump owns two championship courses.
• The US president opened a second 18-hole links course in Aberdeenshire last week during a not-so-private visit to the country, where his mother is from. Who says sport and politics don’t mix?

Bloomberg Power Players New York: Set against the backdrop of the US Open Tennis Championships, we'll bring together influential voices from the business of sports to identify the next wave of disruption that could hit this multitrillion-dollar global industry. Join us on Sept. 4. Learn more.

The Big Take

American Textile Company, on the site of a former US Steel plant in Duquesne Photographer: Justin Merriman/Justin Merriman/Bloomberg

After all Trump’s tough talk on tariffs, his administration has quietly let over $1 trillion in imports off the hook—no formal process, no explanations, just sweeping carve-outs that have saved companies billions. The rules of engagement are ad hoc, bordering on a free-for-all.

Opinion

Did tariffs help Apple to a blowout quarter? That was one theory that emerged as the company disclosed a surprising surge in iPhone sales in the April-June quarter, and it makes some sense, writes Dave Lee. Talk of CEO succession will surely now quiet down: It’s time to let Tim cook.

Before You Go

Tom Sosnoff trades options live during an event in Milan Photographer: Davide Brenna

10% in 17 minutes. Winning small but often was Tom Sosnoff’s bread and butter strategy for years. Now, with a show that blends performance art with proof of concept, the former open-outcry trader is teaching how complex options trading might enrich the retail crowd, not just Wall Street pros. For a small fee, of course.