Trump Launches 2020 Bid With Florida Rally

“We have been under siege.” That’s how President Donald Trump described the resistance his administration has encountered as he launched his reelection campaign at an Orlando rally — one marked by complaints against his political opponents. Calling Democrats an “angry, left-wing mob,” he also touted the strong economy and the “obliteration” of ISIS as his key achievements, but stopped short of outlining any new policy proposals. Trump also unveiled a new slogan: “Keep America Great.”

How will his campaign shape up? Observers say the intense nature of the rally indicated Trump would only double down on his brand of populism as the competition gathers steam.

US, China Head for New Trade Talks

President Trump and his Chinese counterpart, Xi Jinping, are set to meet on the sidelines of the G-20 summit in Japan next week, the U.S. leader confirmed yesterday. Ahead of the sit-down, their respective trade teams are expected to resume mulling ways to avoid Trump’s threatened imposition of new tariffs on some $300 billion in Chinese imports.

How did markets react? Investors welcomed the news, with the S&P 500, Nasdaq and Dow Jones Industrial Average all gaining at least 1 percent yesterday — and closing at their highest levels in more than a month.

Read OZY’s feature on the rise of Chinese monopolies.

Rivals for British PM Clash Over Brexit

Britain’s imminent departure from the European Union dominated last night’s Conservative Party leadership debate, with the five remaining candidates split over whether the country should adhere to the Oct. 31 deadline to withdraw. Front-runner Boris Johnson, one of Brexit’s chief architects, called the date “eminently feasible,” but his position was challenged by Michael Gove and Jeremy Hunt, who suggested an extension may be necessary.

What’s next? Conservative MPs will vote to narrow the field to two finalists before 160,000 party members cast their ballots to pick the next prime minister.

Boeing Gets Crucial Boost From New Buyer

As it struggles with the global fallout over two recent deadly crashes of its 737 Max jet, the Chicago-based planemaker received a strong endorsement yesterday from International Airlines Group, owner of British Airways and other European carriers, which extended a $24 billion commitment to purchase 200 units of the single-aisle jet. “I would get on board a Max tomorrow,” said CEO Willie Walsh, a former 737 pilot, at the Paris Air Show.

Are the skies clear for Boeing? Not quite: Pilots, including those expected at a House aviation panel today, continue expressing concerns over whether the recent Max safety updates pass muster.

Also Important...

Acting U.S. Defense Secretary Patrick Shanahan has withdrawn his candidacy for the post, citing a desire to avoid further public scrutiny over family troubles. The Dutch-led investigative team probing the 2014 downing of Malaysian Airlines Flight 17 over war-torn Ukraine is expected to name four suspects today. And Australia’s second-most populous state has legalized voluntary euthanasia.

#OZYfact: One in six email subject lines for Sen. Bernie Sanders’ 2020 presidential campaign messages were longer than 20 words. Read more on OZY.

OZY Fest is back! Join OZY in New York’s Central Park July 20-21, where some of the biggest names and boldest thinkers — from John Legend and Trevor Noah to Stacey Abrams and Malcolm Gladwell — will help make this year’s OZY Fest the most memorable yet. Click here for tickets.

Facebook Is Betting on Blockchain With New Cryptocurrency

Yesterday the social media giant introduced its own virtual currency, Libra, with the goal of equipping 1.7 billion “unbanked” individuals — many of the world’s poorest people — with digital tokens. But Facebook also hopes to score big with this push into blockchain: Competitors have millions of followers, but Facebook boasts 2.7 billion monthly active users, giving it a massive advantage.

How does Libra differ from bitcoin? Unlike some fluctuating cryptocurrencies, it’s a so-called stablecoin that’s pegged to dependable assets like global currencies. But it’s already under pressure from European officials who warned it must face “the highest standards of regulations.”

Report: Redefining Poverty Risks Millions of Americans' Benefits

The Center for Budget and Policy Priorities, a progressive think tank, has released its analysis of a government proposal for updating the inflation rate that determines the federal poverty line. The study suggests that if authorities adopt a “chained Consumer Price Index” — which calculates the cost of living at a slower pace than the current method — millions of low-income Americans will lose health and food benefits within 10 years.

Who would suffer most? The technical change would disqualify 300,000 kids and pregnant women from receiving health coverage under the Children’s Health Insurance Program.

Check out OZY’s profile of the professor mastering the politics of poverty.

Smugglers Target Endangered Fish's Swim Bladders

The totoaba is a severely endangered species that exists only in Mexican waters. But China’s infatuation with the fish’s swim bladder, believed to hold revitalizing qualities, has fueled a multimillion dollar transnational smuggling business. Watchdog group Earth League International alleged in 2018 that three Mexican criminals spearhead the trade, funding poachers and then selling the organs to a clique of Chinese businessmen.

How much is the trade worth? In a single raid last year, Chinese authorities seized half a ton of totoaba swim bladders valued at $26 million — prices on par with cocaine or gold.

Can Dayton Keep Its Funk Legacy Alive?

The opening of the Funk Music Hall of Fame & Exhibition Center in 2017 celebrated the Ohio city’s central role in the genre’s roots. But with rising rent prices, it’s now searching for a new home, OZY reports — and it isn’t alone, as other iconic venues that hosted funk legends are also shuttering. Funk lovers from across the country are no longer embarking on Dayton pilgrimages because there’s less to see and, in turn, more locations are closing down from lack of interest.

Will Dayton get its groove back? The city’s funk gatekeepers are open to expanding the genre in a bid to keep the music going.

Caster Semenya to Run 800-Meter at Prefontaine Classic

The South African Olympic gold-medalist has been cleared to compete in the 800-meter race next week in California. Semenya was originally scheduled for the 3,000-meter race after she was barred from shorter distances by the International Association of Athletics Federations, the sport’s governing body. Her request to switch to her favorite distance was granted after a Swiss court suspended the IAAF’s ruling that required Semenya to take testosterone-suppressing medication.

Is this just a delay in the standoff? Semenya says the sport’s authorities are treating her like a “guinea pig” and that she “will not allow the IAAF to use me and my body again.”

Read this OZY Newsmaker profile of Semenya.