This morning's GDP figure showed that the U.S. economy grew at an annual rate of 3% in Q2 — a higher-than-expected rebound. But there's more than meets the eye. "The headline number is showing the volatility in trade and imports and exports, but the numbers underneath are showing very much a slow slowing of the U.S. economy," says economist Kathryn Anne Edwards. We'll discuss. And later: South African entrepreneurs are bringing power generation within reach to lower-income families and small businesses.
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So few deals, so little time left
Friday is the latest deadline for the U.S. to sign trade deals with other countries, or else they'll face higher tariffs. The administration had promised 90 deals in 90 days when setting the later Aug. 1 deadline. But as of today, it's not 90 — it's more like six. Plus, under-16s won't be allowed to have YouTube accounts in Australia, and small businesses may be equipped to weather hard times in Michigan's cannabis industry.
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YouTube added to Australia's youth social media ban
From the BBC World Service: The Australian government announced it will ban children under 16 from having YouTube accounts starting in December. The ban also limits young people's use of TikTok, Instagram, Facebook, X, and Snapchat. We'll learn more. Then, South Africa has long struggled with power cuts. Now, some companies are introducing pay-as-you-go backup power systems. And, a UN environmentalist warns that new Brazilian legislation aimed at streamlining major infrastructure developments will lead to more deforestation.
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How wind energy may fare under Trump
President Donald Trump remarked offhandedly over the weekend that “we will not allow a windmill to be built in the United States.” Recent policy changes in Washington could indeed make it harder to build new wind power projects in the U.S., but it’ll still likely continue to be an attractive source of power. And later in the program, a dispute between Mexico and Texas over water is threatening to turn ugly.
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On the midnight train to merger
Two behemoths of freight rail are joining forces: Union Pacific is acquiring Norfolk Southern for $85 billion. The deal creates the largest freight rail network in the country and will attract the attention of antitrust regulators. Also on the show: U.S.-China trade negotiators meet in Sweden for trade talks, and the U.S. sets a new deadline for Russia to end its war in Ukraine or face new economic sanctions.
In less than 10 minutes, we'll get you up to speed on all the news you missed overnight. Throughout the morning, Marketplace's David Brancaccio will bring you the latest business and economic stories you need to know to start your day. And before U.S. markets open, you'll get a global markets update from the BBC World Service in London.
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