While U.S. President Donald Trump swings away with tariffs and tech-firm blacklisting, China President Xi Jinping is promising retaliation. But amid all the chest-thumping, who is actually winning the trade war? We have the numbers, and you might find them surprising. —David E. Rovella

Here are today’s top stories

Hope still springs eternal that it’s all posturing. China’s ambassador to the U.S. said Beijing remains committed to striking a deal.

As expected, embattled Tory Prime Minister Theresa May resigned, a victim of her failed Brexit strategy. But the U.K.’s seemingly intractable dilemma will likely continue without her.

The Securities and Exchange Commission is investigating Boeing and whether it properly disclosed problems with the now-grounded 737 Max, two of which crashed in the Java Sea and Ethiopia, killing 346 people.

United is seeking to oust Avianca’s chairman just six months after the two airlines agreed to form a joint venture. Avianca stock jumped on the news.

Russia has a dirty oil problem. Contamination halted its shipments, but the Kremlin pledged to resolve the issue right away. That was a month ago: The flow of oil into Europe is still little more than a trickle. 

There are a lot of reasons House Speaker Nancy Pelosi is avoiding seeking the impeachment of Trump. A big one, her colleagues say, is that the Republicans who control the Senate would probably never convict.

What’s Tracy Alloway thinking about? The Bloomberg executive editor is wondering just how big China really is. Will its massive domestic market eventually make America a sideshow, or will Beijing hit a wall built of demographic realities and income ceilings?

What you’ll need to know tomorrow

• Kushner just got an $800 million loan backed by the government.
• Canada’s pipeline expansion received a boost from a court ruling.
• Are Tesla’s troubles a speed bump or an off-ramp?
• Manhattan home prices have fallen off a cliff.
• New Englanders and Midwesterners are headed south and west.
• Trump is sending 1,500 more soldiers to the Middle East.
• These are the secret museums hiding some of the world’s best art.

What you’ll want to read tonight in Pursuits

Five Backdoor Hacks to Win Elite Status

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