— The Trump administration has counted the billions of dollars of gold that passes through Switzerland every year in its tariff calculation. On the face of it, the Swiss make a fortune from refining gold from Africa, Asia, Australia and South America. More than 2,000 tons of gold are imported annually, much of it from intermediary banks in London, New York and elsewhere, and later reexported. Despite being the world's largest gold refining hub, Switzerland's gold sector is tiny, with just five major refiners employing around 1,500 people.
— The 39% tariff, which took effect on Thursday, hits luxury and consumer goods hardest, with watches, skin care and cosmetics products, precision instruments and chocolate expected to face large price rises in the US. Around 18% of Swiss exports crossed the Atlantic to the U.S. last year. Swiss products will soon be uncompetitive for US consumers versus similar goods produced in the EU or Britain, which clinched a 10% tariff deal.The Swiss National Bank (SNB) has argued that gold should be excluded from Washington's tariff calculation since refiners earn just a small fee for processing the metal. But on Thursday, the Financial Times (FT) reported that the US has imposed tariffs on one-kilo gold bars, citing a letter from US customs authorities.
— Seven activists climbed onto the roof of the security building. The banners they unfurled read "Big oil pollutes indoors" and "The plastics treaty is not for sale".
— Trump made the post after Sen. Tom Cotton sent a letter to Intel Chairman Frank Yeary expressing concern over CEO Lip-Bu Tan’s investments and ties to semiconductor firms that are reportedly linked to the Chinese Communist Party and the People’s Liberation Army, and asked the board whether Tan had divested his interests in these companies to eliminate any conflicts of interest. Cotton specifically called out Tan's recent leadership of Cadence Design Systems in the letter. The tech company admitted in July to selling its products to China’s National University of Defense Technology in violation of U.S. export controls.
— Since Tuesday, the fire has burned an area 1.5 times larger than Paris. One person has died, and three are missing. Dry, windy conditions are fueling the wildfire. The French Prime Minister François Bayroucalled it an unprecedented disaster. The blaze began in the village of Ribaute, near the Spanish border. It spread across the rural area of Corbières, which is famous for its mediaeval villages and vineyards. Greece, Italy and Türkiye have suffered from wildfires so far this summer, alongside southern Cyprus and Balkan countries such as Albania, Croatia, Bosnia and Herzegovina, North Macedonia and Bulgaria.
— Currently, ICE applicants must be 21 years old and no older than 37 or 40, depending on what position they are applying for. In an interview with Fox & Friends, Homeland Security Secretary Kristi Noem said applicants could be as young as 18.
— Central Texas' 37th Congressional District, which is currently represented by Democrat Rep. Lloyd Doggett, will be consumed by four neighboring districts, three of which Republicans now hold. One of those portions stretches into rural Ector County, about 30 km away from the New Mexico border.
— Awaza, Turkmenistan, hosted a United Nations summit this week focused on the future of landlocked developing countries. Representing 32 nations and more than 570 million people, the conference addressed the persistent barriers these economies face in trade, logistics and investment. Landlocked economies today face transport costs 50% above the global average and wait twice as long for imports. Though home to over 7% of the world's population, these countries still account for just 1.2% of global trade — a figure unchanged for over a decade. Internet use in landlocked developing countries has more than doubled since 2014, with mobile broadband now reaching 86% of the population. The ASYCUDA customs modernization programme, used in 66% of landlocked developing countries, has transformed customs systems by digitizing procedures, reducing clearance times by up to 90% and significantly boosting revenues. In Malawi alone, customs income rose by 42% and over 600 logistics workers — 40% of them women — were trained in the system, creating long-term national capacity.
— U.S. delegates have objected to use of the word "gender" in U.N. documents during forums on topics as varied as women’s rights, science and technology, global health, toxic pollution and chemical waste.
— The contract stipulates that the Cybertrucks need only be towable, not functional, and their batteries must be removed.
— Geneva is the city where the 1st UN Conference on Trade and Development was held in 1964.
— A first-of-its-kind interactive exhibition, designed to immerse the public in future scenarios generated by AI using data from the GESDA Science Breakthrough Radar.
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