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President Trump opens a key week for trade deals by threatening new tariffs on emerging market countries.

Plus rescue efforts in central Texas face weather challenges following deadly flash floods.

This is tough work. It's hot. They're in the mud. They're removing debris. There's snakes. There's water moccasins.

This is God's work that they're doing.

And Tesla shares drop after Elon Musk announces the formation of a new political party.

It's Monday, July 7th.

I'm Luke Vargas for the Wall Street Journal.

And here is the AM edition of What's News, the top headlines and business stories moving your world today.

Thank you. News, the top headlines and business stories moving your world today. President Trump is threatening additional 10% tariffs on countries that align with the BRICS group of

emerging markets, which he accused of harboring anti-American policies. Hours earlier, Bricks members gathered at an annual

summit had signed a declaration voicing concern with tariffs and their effect on global trade

and economic development. Along with core members, Brazil, Russia, India, China, and South Africa,

Bricks recently grew to include Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia,

and the United Arab Emirates. Trump's threats sent Asian stock markets and U.S. futures lower

ahead of it was already shaping up to be a tense week featuring a Wednesday deadline for

dozens of countries to strike trade deals with Washington or face new tariffs.

...