A garment factory in Vietnam. Nhac Nguyen/Getty Images
President Trump announced trade deal with Vietnam. In the agreement, American goods entering Vietnam will not be subject to tariffs, while Vietnamese imports will be assessed a 20% tariff, down from 46% the president announced in April. Goods from other countries that transit through Vietnam en route to the US will be subject to a 40% tariff. The Wall Street Journal reported that the Vietnam deal is the second one Trump negotiated since he raised the issue of so-called reciprocal tariffs (the UK deal was the first). Stocks for shoe and apparel companies that have been diversifying manufacturing out of China, such as Nike, rose on the news.
The June private sector jobs report was a bummer. Payroll processing firm ADP, which releases the monthly update, found that 33,000 jobs were lost last month, when an addition of 100,000 was expected. It marks the first decrease since March 2023. A press release accompanying the report said that while layoffs remain rare, employers are choosing not to hire for new roles or to replace departing employees. The report is considered an important, but not superior, precursor to the monthly jobs report released by the Bureau of Labor Statistics at the Department of Labor. The government’s June report on jobs data is due out this morning.
Sean “Diddy” Combs found guilty on two charges, acquitted of racketeering. After three days of deliberation, the jury in the music mogul’s high-stakes trial in Manhattan federal court found him not guilty of the most serious charges related to sex trafficking and racketeering, which could have meant a sentence of life in prison. But the charges he was found guilty of—two counts of transportation to engage in prostitution—each carry a sentence of up to a decade behind bars and could end his career, according to the Associated Press. Following his conviction, Combs was denied bail. No date has been set yet for his sentencing.—HVL
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