The NATO summit is underway. So far, it's going pretty much as expected. You can find all the latest news from the prickly conclave here. —Josh Petri

Here are today's top stories

Not content with pressuring allies to raise their defense spending to 2 percent of economic output, U.S. President Donald Trump proposed doubling the target.

U.S. stocks fell as crude plunged the most in two years and the dollar spiked higher amid renewed tensions over trade and geopolitics. The S&P 500 dropped the most in two weeks.

Trump is pushing his trade warwith China to a point where neither side can back down. The latest volley of tariffs risks fueling a deeper struggle for geopolitical dominance.

Fueled by cheap money, investors have gone on a decade-long, $11 trillion corporate borrowing frenzy. But the era of easy money is coming to an end, and it may spell disaster for some.

Paul Manafort has been treated like a “VIP" in jail, with a private bathroom and shower, a personal laptop and phone, Special Counsel Robert Mueller told a judge.

The rise and fallof a single banker encapsulates the new realities in an industry that's long celebrated big egos and chest-thumping bravado. Now, one incident can end a career.

What's Joe Weisenthal thinking about? The Bloomberg news director is watching as industrial metals get bludgeoned by trade anxiety.

What you'll need to know tomorrow

• Fiat workers called for a strike after their owner spent $130 million on Ronaldo.
• Twitter's crackdown on fake accounts will make you look less popular.
• Papa John's John Schnatter is facing another controversy after allegedly using a racial slur.
• Ben & Jerry's ice cream may come with a swirl of pesticides.
• The Ford Fusion is dead. Long live the Ford Fusion.
• There's a nap store coming to Manhattan. 
• Pat LaFrieda already sells you expensive meat. Now he'd like to sell you an expensive grill.

What you'll want to read tonight

Flying Trains Could Be Coming Your Way

It sounds like something James Bond's armorer Q would dream up: A plane that lands on a runway, shrugs its wings off, turns into a train and rolls on to rails to drop you off at your local station. That’s what a French entrepreneur, who’s made millions by connecting engineers with industrial groups, is pitching to Boeing and others.

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