The trade agreement between the US and Vietnam, Diddy’s split verdict, Tesla’s Q2 report, and more.

🚗 Auto

Tesla Q2 deliveries slump amid stiff competition
Tesla shipped just 384,122 vehicles in Q2, marking a 13.5% year‑over‑year decline, its second straight quarterly dip. While slightly better than Q1, this slump underscores Tesla's challenge—unless it achieves over one million sales in H2, it risks posting its first full-year decline in its history. No major factory upgrades marked the quarter, though brief pauses occurred on Model Y and Cybertruck lines in May. Intensifying competition from China’s BYD, Stellantis, Renault, and a tight EV market are squeezing Tesla further. The company has responded with price cuts, promotions, and a Robotaxi pilot in Austin, but more budget-friendly models remain unlaunched.


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🌐 Economy & Trade

Landmark US–Vietnam trade deal just before tariff deadline
On July 2, President Trump announced a new trade pact with Vietnam: Vietnamese exports to the US will now have a 20% tariff (down from a proposed 46%), US imports enter Vietnam will be tariff-free, and 40% duties will apply to transshipped goods—primarily aimed at curbing Chinese rerouting. The deal, struck days before a July 9 tariff escalation, seeks to deepen Vietnam–US economic ties, divert US firms’ attention from China, and prompt global supply chain shifts. Analysts note that enforcement specifics will determine its real-world impact.


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📉 Labour Market

US private sector sheds 33,000 jobs in June
ADP’s June report revealed a surprise 33,000‑job decline in private payrolls—the first contraction since March 2023 and far below forecasts of +99,000. Losses hit professional/business services (–56k) and education/healthcare (–52k), partially offset by a +32k gain in manufacturing. Small businesses bore the brunt (–29k jobs), while large employers added +30k roles. All eyes now turn to the Bureau of Labour Statistics’ official June jobs report due Thursday.


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⚖️ Legal

Diddy cleared of trafficking, convicted on lesser charges
Sean “Diddy” Combs was acquitted of racketeering and sex trafficking but found guilty on two counts of transporting women for prostitution. He remains in custody ahead of sentencing, scheduled for October 3, facing up to 20 years in prison. His attorney hailed the mixed verdict as a “win,” pledging to appeal.


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🏛 Politics

Trump tax-and-spend “mega‑bill” hits House roadblock
The House GOP hit a snag on President Trump’s proposed tax-and-spending legislation yesterday. Five Republicans joined Democrats to block a procedural vote, citing concerns over deficits, Medicaid cuts, and weak spending reductions. Speaker Johnson kept the vote open late into the night. With Trump pressing for passage before July 4 and the Senate having passed it, GOP unity is now critical—or the measure may collapse entirely.


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🏭 Business

Del Monte files for Chapter 11, secures financing
Del Monte Foods — steward of brands like Contadina and Joyba — filed for Chapter 11 bankruptcy to restructure over $1.2 billion in debt. The firm has arranged $912.5 million in debtor-in-possession financing and plans to sell assets as part of its recovery plan. CEO Greg Longstreet emphasised that shelves will remain stocked and jobs preserved during the restructuring.


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💻 Tech

Microsoft cuts another 9,000 jobs amid AI pivot
Microsoft has laid off ~9,000 employees in its latest round — a continuation of a 15,000‑job cut in two months. These reductions, spread across Xbox, sales, and global teams, align with Microsoft’s major investment in AI-driven infrastructure and cloud services. Xbox CEO Phil Spencer noted the effort is about refocusing on core strengths. Microsoft is also cancelling some game projects to streamline for the AI era.


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📰 In Brief

Bryan Kohberger, accused Idaho student killer, pleaded guilty to four first-degree murder counts; sentencing set for July 23.

TikTok Shop US faces its third round of layoffs since April amid poor performance.

Clayton Kershaw (LAD) claimed his 3,000th career strikeout, joining an elite MLB club.

Anticipated Fourth of July thunderstorms spell potential disruption in Florida, DC, and Baltimore; FAA forecasts busiest holiday week in 15 years, with 300,000+