China retaliated with duties of its own following tariffs imposed by U.S. President Donald Trump, ignoring his warning not to hit back. Trump’s own advisers conceded that American consumers will pay the price for his global trade war, and that suffering farmers who supported him in 2016 will be punished even more. Markets, still smarting from last week’s beating, fell off a cliff.  —David E. Rovella

Here are today’s top stories

A net worth of $1 million in America doesn’t mean you’re wealthy anymore. You need a lot more. 

A year after Malaysia’s historic election, public euphoria surrounding the new government has evaporated. Investors are losing patience, too.

Germany opened an electric highway that will connect hybrid trucks to overhead wires, allowing them to recharge while driving.

Experts warn of an economic (and suicide) crisis triggered by $1.6 trillion in U.S. student debt. Democrats have proposed forgiveness programs; The Trump administration is going the other way, intensifying collection efforts by garnishing wages, claiming tax refunds and even seizing disability payments. 

A plan by California’s biggest utility to cut power on high-wind days during wildfire season could plunge millions of residents into darkness.  

A critical rail link between these two blue states faces a tougher standard when it comes to getting federal financial aid.

What's Joe Weisenthal thinking about? The Bloomberg news director is marveling at the irony of Republicans wanting a hearing on Modern Monetary Theory, given the exploding budget deficits on their watch. But he’s also impressed that a concept once limited to academics has gained so much mainstream attention.

What you’ll need to know tomorrow

• Trump’s trade war cost investors $1 trillion, and that was just today. 
• This is why the U.S. and Iran are edging closer to conflict.
• Turkey is trying to make nice with the U.S. at Russia’s expense.
• Estonia’s finance minister wants to purge his country of nonwhites.
• Bitcoin is showing a little bit of bubble again.
• Wall Street to Uber: We’re hailing a cab.
• These homes can survive climate change-driven extreme weather.

What you’ll want to read tonight in Businessweek

Are Knee Injections the Next Fountain of Youth?

To hear Nathaniel David tell it, the osteoarthritis drug his company began testing in human subjects is about more than just helping regrow cartilage. It’s the first step toward making us all feel young again. “Aging is not a rigid, inflexible phenomenon,” he told a room full of Wall Street analysts and financiers. “Nature has created control knobs that it uses and turns to change the life span of different organisms.” 

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