QtrendsTrump walks back on Hormuz tolls amid Iran tensions
President Trump appeared to reverse course on imposing tolls on vessels passing through the Strait of Hormuz, a proposal that had drawn sharp criticism. The reversal comes as the IRGC threatens to close the strait until the end of what it calls America's evil deeds. The NYT reports the flip-flop raises new risks, while CNBC notes the move was floated on what Trump called 'TACO Tuesday.' Business Today carries the IRGC's defiant statement that Hormuz will remain closed.
The United States has reinstated a naval blockade of Iranian ports following attacks on ships in the Strait of Hormuz, prompting a rise in oil prices. CNN reports that Iran appears to be preparing a major test of America's blockade. CNBC confirms the US continues to strike Iran while blockading its ports. Nikkei Asia covers the resumption of the blockade after the Hormuz ship attacks.
China's economy expanded 4.7% year-on-year in the first half of 2026, reaching 69.57 trillion yuan, according to the National Bureau of Statistics. The figure meets market expectations and reflects a steady recovery amid global headwinds. Multiple reports from China Daily confirm the data and highlight the resilience of the world's second-largest economy.
IBM's stock plunged 25% in its worst trading day ever after the company surprised markets with an early release of a major earnings miss. CNN and Forbes report the historic selloff, while MarketWatch notes that hardware is 'eating everyone's lunch' and warns of broader implications. The shockwaves spread to Indian IT firms, with Infosys and Wipro ADRs also tumbling.
Warren Buffett has omitted the Bill & Melinda Gates Foundation from his annual charitable donations for the first time in 20 years, in a significant shift. CNN and the BBC report the change, while AP News links it to newly disclosed ties between Bill Gates and Jeffrey Epstein. Forbes notes the nearly $6 billion in donations now exclude the foundation. The NYT describes the omission as a notable change in Buffett's philanthropic pattern.