There was the press conference by Robert Mueller and his reiteration that President Donald Trump wasn’t cleared of obstruction, lighting a fire under Democrats seeking impeachment. There were revelations about possible motives behind the White House effort to add a citizenship question to the Census. And then there was the U.S.S. John McCain, a Navy ship someone decided should be hidden from Trump’s view on Memorial Day. It was a tumultuous week for the president, but on Friday, it all became old news after he threatened to impose tariffs on Mexico. —David E. Rovella

Here are today’s top stories

China, far from backing down, is stockpiling economic weapons it can use to retaliate in the intensifying U.S. trade war.

U.S. stocks fell, capping the worst month of the year as Wall Street prepared for a summer of bad news thanks to trade hostilities. 

Trump’s trade policies are risking “a sudden collapse in confidence that could roil financial markets and bring on an outright recession,” Michael R. Bloomberg writes in Bloomberg Opinion. He says Congress must step in.

Flying has become deadlier than it has been for years, and it’s hard to pin it solely on Boeing’s infamous 737 Max, which has crashed twice, killing 346 people.

Remember when Eddie Lampert promised to give severance to Sears employees who lost their jobs after the retailer went bankrupt? 

Angela Merkel just delivered a forensic takedown of Trump’s presidency without mentioning his name. The German chancellor did it before Harvard University’s class of 2019. 

What’s Luke Kawa thinking about? The Bloomberg cross-asset reporter said the strength of the global sovereign bond rally has some searching for reasons why it’s due to come to an end.

What you’ll need to know tomorrow

• North Korea reportedly executed an envoy tied to the Trump summit.
• Denim could be a big loser in a U.S. trade war with Mexico.
• Crude had its worst May in seven years, thanks to the trade war.
• The only Missouri clinic that performs abortions won a reprieve.
• Illinois just became the 11th state to legalize recreational pot.
• Massachusetts is the best place to start you career. 
• Someone bought a $400,000 diamond ring at Costco.

What you’ll want to read tonight in Businessweek

Why Burning Man Is Its Own Worst Enemy

Metamorphosis is an apt theme for the 2019 edition of Burning Man, the annual arts festival held in Nevada’s Black Rock Desert. As organizers prepare for the weeklong gathering that kicks off Aug. 25, they’re also grappling with the possibility of radical changes that they say could ultimately force them to discontinue the 33-year-old event.

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