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Here is your morning brief for Monday, July 7th. I'm Luke Vargas for the Wall Street Journal.

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, BRICS members gathered at an annual summit had signed a declaration voicing concern

with tariffs and their effect on global trade and economic development. Trump's threats

and Asian stock markets and U.S. futures lower ahead of what 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.

Officials in central Texas are continuing to search for survivors after flash floods on Friday

killed at least 82 people, the majority of them along the Guadalupe River, which have been

crowded with families and campers ready to enjoy the

July 4th holiday. Among the missing are nearly a dozen girls from a summer camp located upstream

from the town of Kerrville, where the river rose almost 35 feet in just over an hour on Friday

morning. And Tesla shares have dropped in pre-market trading after Elon Musk over the weekend announced

he's creating a new political party called the America Party, reigniting a feud between the Tesla

CEO and President Trump.

In response, a number of Trump's allies are questioning whether starting a new party is

compatible with Musk's full-time obligations to Tesla as CEO,

with businessman James Fishback saying he sent a letter to Tesla chair Robin Denholm and is postponing an investment into the company.

...