Good afternoon,

Today’s news: Globally, Trump changes his reciprocal tariff policy (again), US envoy to inspect Gaza aid, and flooding in China. Locally, US oil heads to Pakistan as tariffs hit exports, petrol prices drop, and glacier floods wreak havoc in GB.

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Around The World

Tariff of the day. US President Donald Trump signed an executive order re-imposing “reciprocal tariffs” ranging from 10% to 41% on US imports from dozens of countries and foreign locations. Most of the announced tariffs will not be implemented until August 7, except for the 35% tariffs on Canada, which take effect today. A tariff of 10% will remain for countries with which the US has a trade surplus. About 40 nations with which the US has a trade deficit face a 15% floor. Deals with China and Mexico are still pending. Live updates, here.

Updates from Gaza. US envoy Steve Witkoff is in Gaza to inspect aid delivery sites today. He also met yesterday with Prime Minister Benjamin Netanyahu, who is facing growing global pressure to allow more food and medical supplies into Gaza.

Meanwhile, airdrops of supplies into Gaza have continued since Israel allowed them last week, with the efforts coordinated in part by the UAE, Egypt, Jordan, and Canada. At least nine aid seekers have been killed and more than 70 injured while waiting for food supplies. Two more babies and one young man have died of hunger, bringing the total hunger-related deaths there since the start of the war to 154.

Flooding in China. Torrential rains and flooding across northern China have killed dozens of people, including more than 30 elderly residents who were trapped at a care facility in a suburb of the capital Beijing. Torrential rains began a week ago and peaked around Beijing and its surrounding provinces on Monday. In the space of a few days, the hilly Miyun district in the northeast of the capital saw rainfall of up to 573.5mm while the Miyun Reservoir, the largest in northern China, saw record-breaking water levels during the rains.

Pakistan

Pump it. Pakistan’s largest oil refiner, Cnergyico, will import 1 million barrels of US crude from Vitol in October under a new trade agreement, marking the country’s first-ever purchase of American oil. The West Texas Intermediate cargo will be shipped from Houston this month and arrive in Karachi in late October as a test spot purchase, with potential for monthly imports if commercially viable. 

Meanwhile, Trump has imposed a 19% tariff on Pakistani goods, revised from an earlier proposed 29%, a day after the two countries finalized a trade agreement. The new tariffs will take effect seven days after the August 1 deadline.

Markdowns. The government has reduced petrol prices by Rs. 7.5 per liter and slightly increased high-speed diesel (HSD) by Rs. 1.5 per liter, effective August 1, following global oil market trends and OGRA's recommendations. Petrol now costs Rs. 264.61/liter, while HSD is priced at Rs. 285.83/liter. This marks the first relief after consecutive hikes in June and July, which significantly impacted inflation due to heavy reliance on imported fuel.

Havoc in Gilgit. A glacier burst in Gilgit-Baltistan’s Bagrot Valley on Friday resulted in the death of one person and injured another in Barchi village. Cloudburst-induced floods also struck Gilgit-Baltistan’s Ghizer and Hunza districts on Tuesday, damaging infrastructure, homes, and agricultural land, and blocking key roads like the Ghizer-Shandur route. The Gilgit-Baltistan government declared 37 villages calamity-hit and estimated damages at Rs. 20 billion, with 10 confirmed deaths, four injuries, and up to 15 people still missing.

What Else Is Happening?

🦏Scientists in South Africa have launched an anti-poaching campaign by injecting rhino horns with radioactive isotopes that are harmless for the animals but can be detected by customs agents.

💰Microsoft is now the second company ever to surpass $4 trillion in market valuation, following AI giant Nvidia. The surge comes due to heavy investments in AI after the company laid off thousands of workers earlier this month.