China on Friday aimed tariffs at the heart of U.S. President Donald Trump's political support—factories and farms across the Midwest and South. Trump lashed out on Twitter, promising new tariffs of his own, and "hereby ordered" American companies to "start looking for an alternative to China." (The president does not have the authority to order American companies to do so.) Stocks tanked. —Josh Petri

Here are today’s top stories

Fed Chair Jerome Powell on Friday said the U.S. economy is in a favorable place but faces “significant risks,” reinforcing bets for another interest-rate cut next month. The remarks failed to mollify President Trump, who immediately criticized Powell on Twitter.

G-7 leaders will have plenty to talk about this weekend as the global economy slows. But the allies are so divided that they may squander the chance to find a solution. 

Trump said his trade war would revive U.S. manufacturing. In reality, tariffs aren’t bringing back off-shored factory jobs. 

Alphabet is taking steps to rein in Google's famously open culture, posting internal rules that discourage employees from debating politics.

The Centers for Disease Control and Prevention is investigating 153 possible cases of severe lung illness linked to e-cigarette use in 16 states.

Mark Carney laid out a radical proposal for an overhaul of the global financial system that would eventually replace the dollar as a reserve currency with a Libra-like virtual one.

What’s Luke Kawa thinking? The Bloomberg cross-asset reporter has been listening as a host of regional Federal Reserve presidents express discontent with the way Jerome Powell has been telegraphing upcoming rate cuts. If we think of the Fed as a company, we can compare this grumbling to the way upper management may tamp down expectations ahead of a key earning report.

What you’ll need to know tomorrow

• David Koch, the industrialist and libertarian, has died. He was 79.
• U.S. Justice Ruth Bader Ginsburg treated for malignant tumor.
• Love the smell of gasoline? It's now at a museum in Stockholm.
• Love the smell of cannabis? You can wear it as a perfume.
• Tesla critic David Einhorn wants Elon Musk to resign.
• Hong Kong prepares for a 12th straight weekend of protests.
• Russia ships its first floating nuclear-power reactor.

What you’ll want to read tonight in Pursuits

The Hot New Celebrity Investment Is MLS

Major League Soccer teams are the new hot investment for celebrities. In the past two months alone, three MLS teams have added celebrities—film, music and sports stars—to their ownership groups. The latest, Austin FC in Texas, brought in actor Matthew McConaughey.

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