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| Cohen testified that “at the direction of” the president, he arranged six-figure hush payments ahead of the 2016 presidential election to adult-film actress Stormy Daniels and former Playboy model Karen McDougal. Read our piece explaining the protections from criminal prosecution that are afforded a U.S. president and how impeachment could be used to remove Trump from office.
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| The Manafort-Cohen judicial bombshells will scramble political calculations not just in the United States, but in cities around the world, writes David Eckels Wade, a former chief of staff at the U.S. State Department. “The ripples will be felt anywhere Trump engages in high-stakes negotiations, but especially in five capitals: Washington, Moscow, Kiev, Beijing and Pyongyang.” | | |
| As markets speculated about Trump’s position following the legal rulings, world stocks came under pressure after new tariffs took effect in the U.S./China trade war. U.S. economic growth will slow steadily over the coming quarters after touching a four-year high in April-June, according to a Reuters poll of economists who expect Trump’s trade war to inflict damage. | | |
| Meanwhile, the arrest of a man who U.S. authorities have said is an illegal immigrant on charges of murdering an Iowa college student has thrust the case into the debate on immigration policy, with Trump blaming Mollie Tibbetts’ death on weak laws. | | |
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| | | | Business |
| Saudi Arabia has called off plans for the domestic and international listing of state oil giant Aramco, billed as the biggest stock flotation in history, four senior industry sources said yesterday. 4 min read | | |
| Europe’s new data privacy law has put a small army of tech firms that track people online in jeopardy and is strengthening the hand of giants such as Google and Facebook in the $200 billion global digital advertising industry. 10 min read | | |
| Personal data has become widely available in China and can be scooped up for pennies by insurance companies, banks, loan sharks, and scammers alike, according to sellers and financiers interviewed by Reuters.
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| Annualized growth rates for robot production in China dropped from 35.1 percent in May to just 6.3 percent in July. Analysts say there is an obvious link to direct tariffs on industrial machinery and robot parts, as well as domestic manufacturers’ putting off production during trade talks. 4 min read | | |
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