Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) US President Donald Trump said that his administration will start sending out letters to trading partners on Friday setting unilateral tariff rates, which he said countries would have to begin paying on Aug. 1.

(2) The Chinese government intends to cancel part of a two-day summit with European Union leaders planned for later this month, in the latest sign of the tensions between Brussels and Beijing.

(3) Treasury Secretary Scott Bessent dismissed the idea that the dollar’s recent declines raise concerns about its status as the world’s key currency.

(4) The smiling faces of Rory McIlroy, Scottie Scheffler and other millionaire champions beam out from the marketing material for next week’s Scottish Open. “This is Golf Country,” goes the tagline. But away from the sport’s royalty and the glitz of venues such as US President Donald Trump’s two resorts, the home of golf has little to smile about.

(5) President Donald Trump secured a sweeping shift in US domestic policy as the House passed a $3.4 trillion fiscal package that cuts taxes, curtails spending on safety-net programs and reverses much of Joe Biden’s efforts to move the country toward a clean-energy economy.

(6) Chancellor of the Exchequer Rachel Reeves stressed her commitment to fiscal discipline in her management of the UK’s public finances after reassurances about her position from Prime Minister Keir Starmer led jittery markets to rebound on Thursday.

(7) Tributes from the footballing world have continued for Liverpool's Diogo Jota, who died in a car crash alongside his brother in Spain yesterday.

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