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Here's your morning brief for Friday, August 1st. I'm Asha Sukri for the Wall Street Journal.

Global stock markets and US futures dropped after President Trump signed an executive order

that significantly raises tariffs on virtually every US trading partner, although he delayed

their implementation until August the 7th. The president hiked levies on Canadian goods

that don't comply with a North American trade agreement to 35%, though he gave Mexico 90 days to set a trade

deal and avoid higher tariffs. Other nations where the US has small trade deficits will largely

get 15% duties, while countries with which the US has small trade deficits will largely get 15% duties,

while countries with which the US runs a surplus will have 10% tariffs.

US Middle East envoy Steve Whitkoff is set to visit Gaza today to develop a new aid distribution plan,

accompanied by US ambassador to Israel Mike Huckabee. The visit follows

Whitkoff's meeting yesterday with Israeli Prime Minister Benjamin Netanyahu in Jerusalem, where,

according to an Israeli official, Israel is now considering negotiating a single comprehensive deal

to end the war in the Gaza Strip. And we are exclusively reporting that Ray Dalio, the founder

of hedge fund giant Bridgewater Associates, has sold his remaining stake in the firm he founded.

In a letter to clients last week, Bridgewater said the billionaire has also stepped off its board,

...