Good morning. We have the latest on the trade war. OpenAI eyes a massive share sale as the AI showdown heats up. And, you’ll be glad to know, Lindsay Lohan is back in peak form. Listen to the day’s top stories.

Ramping up. Donald Trump suggested he would impose higher tariffs on additional countries buying energy from Russia. It’s the president’s latest trade salvo after saying tariffs on imports of semiconductors and pharmaceuticals would be announced “within the next week or so.” Heading into the maelstrom today is Swiss President Karin Keller-Sutter, who’s in Washington to make a last-minute bid to lower the 39% tariff imposed on her country last week.

As the White House races to beat another self-imposed deadline (Aug. 8) to resolve Russia’s war in Ukraine, Trump’s special envoy Steve Witkoff arrived in Moscow for talks. While Vladimir Putin has said he won’t abandon his war in Ukraine, people familiar said the Kremlin might offer concessions like stopping airstrikes in the hope of avoiding yet more sanctions.

Turning to central bank watch: Trump said he would decide on a replacement for outgoing Federal Reserve Governor Adriana Kugler this week. Kugler’s exit comes amid a pressure campaign by Trump on the Fed and its chair, Jerome Powell, to lower interest rates — as well as growing speculation over who the president would appoint as the next Fed chair.

Big banks get tough on junior staff. Bank of America is pushing junior bankers to disclose if they’ve accepted future jobs elsewhere, and warning that those who do may face reassignment. Similar policies have been launched across Wall Street: JPMorgan says it will dismiss analysts who accept outside offers in their first 18 months at the bank, and Morgan Stanley requires junior bankers to disclose future external job offers — or risk being fired. It’s the latest attempt by big lenders to stem defections to private equity firms and other rivals.

Super Bowl LIX in New Orleans in February. Photographer: Gregory Shamus/Getty Images North America

The National Football League will sell most of its media businesses to Walt Disney Co. in exchange for a 10% stake in the ESPN sports networks, deepening ties between the league and one of its top broadcast partners. The deal will come just as ESPN prepares to launch a new streaming service. Adding to all the media excitement, the NFL is said to be looking to create a new bundle of games for streaming services.

Deep Dive: Unstoppable AI

OpenAI Chief Executive Officer Sam Altman. Photographer: Justin Sullivan/Getty Images

OpenAI is in early talks about a potential sale of stock for current and former employees at a valuation of about $500 billion, people familiar said.

• This means an enormous gain in value for the AI leader, raising its on-paper price tag by roughly two-thirds if the deal goes ahead. Its previous valuation stood at $300 billion.
• Only the US or China could win the battle to lead the world in the rapidly developing technology at present, with firms like DeepSeek, Alibaba and Moonshot releasing models that approach capabilities of American AI.
• China’s ascendance has set off alarm bells in Silicon Valley and Washington, spurring the Trump government to put out an AI Action Plan in July to stay ahead.
• The US has led the way with key breakthroughs that have defined the current AI era.
• Beijing has moved with breathtaking speed too, introducing AI classes in elementary schools and launching a venture fund to invest in the technology.
  
  
   

The Big Take

Oil extraction support vessels docked at Imbetiba port, Macae, northern Rio de Janeiro state, Brazil. Photographer: Dado Galdieri/Bloomberg

Brazil, set to host COP30, faces a dilemma as it frantically drills for oil off the Amazon coast while championing climate goals. President Luiz Inácio Lula da Silva argues oil proceeds will fund the energy transition, but environmentalists challenge this logic as global demand surges.

Opinion

Will the lawyer pay boom last? Pay of over $30 million a year risks leaving clients feeling shortchanged, writes Chris Bryant, and causing major divisions between colleagues. “Black-box” systems — where partners aren’t allowed to know what their peers are paid — won’t help.

Before You Go

A mishap with a rent-a-medium brings the Colemans back into a familiarly freaky scenario. Source: Glen Wilson/Disney Enterprises, Inc.

Freakier Friday defies the odds and is both charming and funny, our reviewer writes. Jamie Lee Curtis and Lindsay Lohan reprise their roles as mother and daughter in the body-swapping movie directed by Nisha Ganatra. And for Lohan watchers out there: She’s back on top form.