Good morning. US tariffs come into force. Donald Trump looks set to meet with Vladimir Putin. And United resumes flights after a tech issue. Listen to the day’s top stories.

Donald Trump’s new tariffs officially took hold, with higher rates for almost all US trading partners starting just after midnight. Switzerland, hit with the highest levies among developed countries, may hit back by cancelling a big order for fighter jets. Trump also announced plans to impose a 100% tariff on semiconductor imports, though he would exempt companies moving production into the country.

More on trade: The US imposed higher tariffs than Japan expected amid confusion over what exactly had been agreed between the two countries. Trump also floated possible additional levies on China for buying Russian oil, similar to those slapped on India. Lost track? Consult our tariff tracker. 

Despite the tariff turmoil, China’s exports unexpectedly rose last month as demand from rest of the world offset a slump in US shipments. Chinese stocks got a small boost from the data and pared earlier losses.

Photographer: Bonnie Cash/UPI

Trump said there’s a “very good chance” he’ll meet with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy soon, in another bid to broker peace between the two countries. The Kremlin said a meeting between Trump and Putin will happen in the next few days. 

Taking off again. United Airlines resumed flights after fixing a tech issue that grounded planes and delayed hundreds of flights across the country on yesterday evening. The issue comes just two weeks after Alaska Air temporarily grounded its entire fleet due to a data center equipment failure.

Deep Dive: The American Diet

Photographer: Dan Kitwood/Getty Images Europe

Americans get more than half of their caloric intake from ultra-processed foods, and the numbers are even higher for children, a government study showed.

• More than 60% of US kids’ diets come from highly processed foods like burgers, pastries, snacks and pizza, according to a nutrition survey by the Centers for Disease Control and Prevention.
• Health Secretary Robert F. Kennedy Jr. has blamed the use of products such as seed oils, artificial colorings and high-fructose corn syrup for the overall poor health of Americans and the rise of chronic diseases. 
• The food industry is girding for a shift away from the ingredients that made American diets among the cheapest and most unhealthy in the world.
• Coca-Cola is among the latest companies to announce a Trump-approved alternative option to its offerings. It’s switching to cane sugar instead of high fructose corn syrup after a push from the President.

Bloomberg Power Players New York: Set against the backdrop of the US Open Tennis Championships, we'll bring together influential voices from the business of sports to identify the next wave of disruption that could hit this multitrillion-dollar global industry. Join us on Sept. 4. Learn more

The Big Take

Palestinians collect food from a charity kitchen in Gaza City, on Aug. 4. Photographer: Ahmad Salem/Bloomberg

Emboldened by military successes and Trump's backing, Israeli Prime Minister Benjamin Netanyahu shows no signs of letting up in the face of increased international pressure. Read the story.

Opinion

Photographer: David McNew/Getty Images North America

Crude prices are set to fall further before any rebound, Javier Blas writes, noting that a return to $100 a barrel is unlikely over the next two years. Waiting for a recovery will require a ton of forbearance and incur significant opportunity costs.

Before You Go

The gaming heist. Crews of young Chilean criminals—known to police as burglary tourists—have found a favorite way to see the US: They travel far and wide to plunder the homes of star athletes as they play.