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   Tuesday Briefing: Trump’s tariff leverage
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   Also, a hit musical at The Edinburgh Festival Fringe.
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             August 5, 2025
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              By
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               Justin Porter
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         <span style="font-weight:700">
          Good morning.
         </span>
         <span>
          We’re covering Trump’s deal-making on trade and a migrant boat disaster off the coast of Yemen.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Plus,
         </span>
         <span>
          a hit musical at the Edinburgh Festival Fringe.
         </span>
        </p>
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              Tierney L. Cross/The New York Times
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        <h2 style="color:#000;font:700 24px/31px nyt-cheltenham,georgia,serif;margin:0 0 10px">
         <span>
          Trump’s trade deals aren’t just about tariffs
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As dozens of countries race to reach trade deals with the U.S. ahead of a Thursday deadline, President Trump has embraced a strategy that goes beyond the usual focus on markets and deficits: He’s demanding multibillion-dollar investments in the U.S.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The president’s tactics echo his “Art of the Deal” approach. He is using economic leverage to essentially force trading partners to show him the money or face astronomical tariffs, my colleague
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Alan Rappeport writes
         </a>
         <span>
          from Washington.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          To trade experts, the commitments raise the question of whether Trump is negotiating with trading partners or trade hostages. Here are a few examples.
         </span>
        </p>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                To secure a lower tariff rate in its deal, South Korea agreed to make $350 billion in investments in the U.S. and buy $100 billion of liquefied natural gas.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The E.U indicated that it would buy $750 billion of American energy and that its companies were poised to invest at least $600 billion.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Japan said it would establish a $550 billion fund for investments in the U.S.
               </span>
              </li>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trade experts cautioned that focusing on the eye-popping investment figures might be premature. Tariffs are easier to enforce than investment and purchase commitments, and their vague nature suggests that countries might be looking for creative ways to escape Trump’s tariffs. Some of the pledges appear too big to be true, and many of them lack specifics.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          More tariff news:
         </span>
        </p>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                India:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The foreign ministry said Trump’s threat of additional tariffs was “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                unjustified and unreasonable”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and vowed to “take all necessary measures” to safeguard India’s interests.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                Malaysia:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The country’s solar panel industry, which was decimated by tariffs under the Biden administration,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                provides a warning
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for the region.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                Switzerland:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The country said it was surprised to be hit with a 39 percent tariff and announced it would present Trump with a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                “more attractive offer”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to reduce the levy.
               </span>
              </li>
             </ul>
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             <img alt="Elon Musk standing in a hallway beside a group of people." class="css-xsf469" height="624" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F08%252F04%252Fmultimedia%252F05ambriefing-europe-nl-elon%252F05ambriefing-asia-nl-elon-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTQzNjgyNTAuOTU4ODA4fQ:1uj9K6:LzNuuMhIFpo8isMxhCx3_mhtVco0ACXO6uugAC5zrKs" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Maansi Srivastava for The New York Times
             </span>
            </span>
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        <h2 style="color:#000;font:700 24px/31px nyt-cheltenham,georgia,serif;margin:0 0 10px">
         <span>
          A huge pay package for Musk
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Tesla said yesterday that it had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          granted Elon Musk
         </a>
         <span>
          roughly $29 billion worth of stock to help retain the billionaire chief executive after a judge struck down his previous multibillion-dollar pay package.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The compensation deal amounts to an extraordinary raise for Musk as Tesla sales and profits fall. The company is losing market share, in part because of Musk’s involvement in right-wing politics, which has alienated many of the liberal car buyers who are likely to buy electric vehicles.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Details:
         </span>
         <span>
          Musk could tap the new shares after two years at Tesla. With them, he would own nearly 16 percent of Tesla, a stake that would be worth over $150 billion based on yesterday’s stock price.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          In other tech news:
         </span>
         <span>
          Artificial intelligence has ushered in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a new era of “hard tech” in Silicon Valley.
         </a>
        </p>
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              Africans travel through Yemen for work in Saudi Arabia.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Hamza Abdullah Mohammed/iStock, via Getty Images
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          More than 140 migrants feared dead in boat disaster
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          At least 74 African migrants were still missing yesterday after their boat capsized off the coast of Yemen, the U.N. migration agency said. Search-and-rescue operations were continuing, but worries grew that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the disaster might have left more than 140 dead
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The vessel capsized along a heavily traveled but treacherous route for Africans traveling to find work in the Gulf states to the north. Overcrowding and a lack of safety equipment most likely played a part in the disaster.
         </span>
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              After an Iranian missile strike in Bat Yam, Israel, in June.
             </span>
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              Avishag Shaar-Yashuv for The New York Times
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                Israel:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                group of former security chiefs joined a growing number of Israelis calling for an end to the war in Gaza. But Prime Minister Benjamin Netanyahu has squandered an opportunity to halt the fighting,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                our Jerusalem bureau chief writes
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                Arms:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Russia said it would stop abiding by a defunct treaty against
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                the use of intermediate-range missiles.
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The U.S. has long accused Russia of violating the pact.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                Lebanon:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                After its recent war with Israel,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Hezbollah
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                is balking at demands to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                surrender what is left of its weapons
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                Space:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The acting administrator of NASA has issued a directive to fast-track efforts to put
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                a nuclear reactor on the moon.
               </a>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                Russia:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Satellite photos showed that last week’s earthquake
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                damaged a Russian nuclear submarine base.
               </a>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                Autos:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Lyft is expected to
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                start using
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Chinese self-driving electric cars in Germany and Britain next year.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                Ukraine:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Steve Witkoff, Trump’s envoy for peace missions,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                may travel to Russia to push the Kremlin for a deal
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                El Salvador:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Lawmakers approved constitutional changes that will allow President Nayib Bukele to stay in power indefinitely.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Why now?
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                New Zealand:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A woman was arrested in connection with a toddler who
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                was found alive
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in a suitcase in a bus luggage compartment.
               </span>
              </li>
             </ul>
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             <img alt="Three cricket players, one of whom is wearing a helmet. " class="css-xsf469" height="500" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F08%252F05%252Fmultimedia%252F05ambriefing-europe-nl-cricket%252F05ambriefing-asia-nl-cricket-ltgh-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTQzNjgyNTAuOTU5OTQzNX0:1uj9K6:eoqdRQVQ9QrhCG7PzfGrYRcgmVP43UAu4yKVf3oMr_U" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Paul Childs/Reuters
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                Cricket:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The Athletic breaks down England vs. India, perhaps
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                the greatest Test series
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in 20 years.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                Soccer:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                American owners of Premier League clubs are facing
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                a unique set of challenges.
               </a>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700">
                Formula One:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Lewis Hamilton is struggling in his first half-season as a Ferrari driver.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Will there be a reset
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ?
               </span>
              </li>
             </ul>
            </td>
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            <span style="font-weight:700">
             MORNING READ
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            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             <img alt="Four images showing a table, giraffe hooks, sea horses in a display case and armor. " class="css-xsf469" height="666" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F08%252F05%252Fmultimedia%252F05ambriefing-europe-nl-chinoiserie%252F05ambriefing-asia-nl-chinoiserie-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTQzNjgyNTAuOTYwMTI0fQ:1uj9K6:2L2WaX0stl5UsVvXLCBqOc-8jmahsgb1n53wxuQkhQo" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Anson Smart
             </span>
            </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Over many years, Ray Malone, an Australian businessman, collected suits of armor, bonsai trees, preserved insects, antique chinoiserie cabinets and many other decorative objects.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          So he built a house, just east of Melbourne, where he could enjoy his fascinating finds every day.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:700">
          Explore it here
         </a>
         <span style="font-weight:700">
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Lives lived:
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Loni Anderson
         </a>
         <span>
          , who played the receptionist on the sitcom “WKRP in Cincinnati,” died at 79.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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                Times Cooking journalists weighed whether cola
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                with cane sugar.
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                head away from
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                the city center.
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                Letting go:
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                Is your wardrobe stuck in the past?
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                .
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                Only in N.Y.C.:
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                Robert De Niro’s new studio highlights his ambition to
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          Her break dancing flopped. Then came the musical.
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          Audiences at this year’s Edinburgh Festival Fringe are dancing along to “Breaking: The Musical,” by the Australian comedian Steph Broadbridge. The story is remarkably similar to that of Rachael Gunn, the Australian break dancer known as Raygun, whose unconventional routines at the Paris Olympics scored zero points and inspired mockery and memes.
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          Gunn tried to shut down the musical, saying that it would damage her brand. She and Broadbridge eventually reached a legal agreement, and the result was a protagonist
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          called Spraygun
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              Rachel Vanni for The New York Times
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          chickpea spinach salad
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          can be a meal, a side or a snack.
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          Read:
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          “
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          The Afghans
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          ” tells Afghanistan’s turbulent recent history through the lives of three people.
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          Spend
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          10 uninterrupted minutes
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          with Bosch’s “Garden of Earthly Delights.”
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          Care:
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          Orthopedists share their best tips for
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          keeping your joints healthy.
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                          Wordle →
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                          Strands →
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