And search teams scour Texas flood zone.

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Daily Briefing

Daily Briefing

By Kate Turton

Hello. Trump threatens extra 10% tariffs on BRICS, as the US tariff deadline is delayed. Elsewhere, Ukraine withdraws from mine ban treaty, and China's rare earth export controls are good for Beijing but bad for business.

Plus, how illegal loggers profit from Brazil’s carbon credit projects.

 

Today's Top News

 

A CH-47 helicopter surveys the area, following flash flooding, in Kerrville, Texas, U.S. July 6, 2025. REUTERS/Marco Bello

United States

  • Search teams plodded through mud-laden riverbanks and flew aircraft over the flood-stricken landscape of central Texas for a fourth day, looking for dozens of people still missing from a disaster that has claimed at least 78 lives. Some facts about Camp Mystic.
  • Donald Trump called Elon Musk's plans to form a new political party "ridiculous," launching new barbs and saying the Musk ally he once named to lead NASA would have presented a conflict of interest given Musk's business interests in space.
  • Trump said the US will impose an additional 10% tariff on any countries aligning themselves with the "anti-American policies" of the BRICS group of developing nations, whose leaders kicked off a summit in Brazil. Follow our live page for the latest.
  • Groups representing university professors seeking to protect international students and faculty who engage in pro-Palestinian advocacy from being deported are set to do what no other litigants challenging the Trump administration's hardline immigration agenda have done so far: Take it to trial.

In other news

  • Benjamin Netanyahu said he believed his discussions with Trump would help advance talks on a Gaza hostage release and ceasefire deal, as Trump predicted an agreement could be reached this week. Emily Rose joins the Reuters World News podcast to talk about the domestic pressure he faces to secure a deal - listen now. 
  • Facing challenges in securing new US supplies of artillery and munitions, or to recruit enough new soldiers to hold frontline positions, Kyiv announced its withdrawal from the Ottawa Convention on June 29. The treaty bans the use of anti-personnel landmines.
  • An Australian woman was convicted of murdering three elderly relatives of her estranged husband with a meal laced with poisonous mushrooms, and attempting to murder a fourth, in a case that gripped the country.
  • The UN Human Rights Council voted to renew the mandate of an LGBT rights expert, a move welcomed by advocates amid the absence of the United States, a former key supporter that is now rolling back such protections.
 

Business & Markets

 
  • China's export restrictions on rare earths brought parts of the global auto supply chain to a halt, and the US to the negotiating table. But at home, they're a big headache for companies already struggling with a slow economy.
  • Chinese government advisers are stepping up calls to make the household sector's contribution to broader economic growth a top priority at Beijing's upcoming five-year policy plan, as trade tensions and deflation threaten the outlook.
  • The US dollar drifted close to its lowest level since 2021 against the euro and the weakest since 2015 versus the Swiss franc, with traders alert for any trade-related headlines in the countdown to Trump's tariff deadline. For the latest, watch our daily market rundown.
  • Tesla shares fell nearly 7% in premarket trading, after Elon Musk's plans to launch a new US political party reignited investor concerns about his commitment to the electric-vehicle maker's future.
  • Oil prices slipped after OPEC+ surprised markets by hiking output more than expected in August, while uncertainty over US tariffs and their potential impact on global economic growth weighed on demand expectations.
  • Reuters NEXT Asia kicks off on Wednesday 9 July. Register for the live broadcast to see our expert correspondents ask policymakers and business leaders the big questions about our future.
 

Illegal loggers profit from Brazil's carbon credit projects

 

Tractors move tree trunks during an operation to combat deforestation by officials from Brazil’s environmental protection agency, Porto Velho, February 8, 2025. REUTERS/Ueslei Marcelino

Companies around the world have poured hundreds of millions of dollars into conservation projects in Brazil designed to protect the Amazon rainforest in return for carbon credits offsetting their emissions.

Reuters found that many of those projects are profiting people and businesses fined by Brazilian authorities for destroying the rainforest.

Read more
 

And Finally...

A visitor at the Ozzy Osbourne exhibition at Birmingham Museum and Art Gallery ahead of Black Sabbath's concert, Britain, July 2, 2025. REUTERS/Phil Noble

Nearly six decades after helping pioneer heavy metal, Ozzy Osbourne and Black Sabbath thrilled tens of thousands of fans in an emotional farewell gig in Birmingham.

Read more