Situational awareness: "A suspected Russian spy was employed for more than a decade at the US Embassy in Moscow before being fired last year," CNN's Elise Labott reports.
Nearly half of America's annual imports from China could soon come with a 25% tax, the end result of tariffs affecting everything from individual consumer buying decisions to long-term corporate investments.
Why it matters: President Trump, like his Chinese counterpart Xi Jinping, hopes to win at the bargaining table. But U.S. trade wars on three continents risk unleashing inflation that hits consumers, along with business uncertainty that could hamper corporate investment.
How it's playing:
Be smart: Trump is gambling he can break someone who is an autocrat and doesn't have to worry about domestic politics. Not surprisingly, it's not working.
Our deep dive: A new era of global trade wars
P.S. One surprise winner of the trade war is Hong Kong, which benefits from American exporters desperate to offload tariff-free fruit, the South China Morning Post reports.
Photo: Sergei Bobylev\TASS via Getty Images
"Russian soldiers during the Open Water contest between pontoon bridge units at the 2018 International Army Games on the Oka River."
Photo illustration: Axios visuals
I think PMers will enjoy this ... "Copycats and Contrarians: Why We Follow Others ... and When We Don't," by Michelle Baddeley, an Australian researcher in behavioral economics (Yale):
Happy weekend. Love any thoughts: Just reply to this email, or I'm firstname.lastname@example.org.