Trump sued the Journal, owned by Murdoch, is U.S. District Court in southern Florida on July 18 for its story reporting on the Republican president’s ties to Jeffrey Epstein, the financier and allege...

Trump denies having anything to do with the letter, and on Monday continued to stress he doesn’t “do drawings.”

"We still believe the most likely outcome is slow growth and firm inflation: Not a recession, but a backdrop where the adverse effects of trade and immigration controls on growth outweigh the boost from deregulation and fiscal largesse," Morgan Stanley strategist Michael Zezas wrote.

This is the reality of the asymmetric trade deals touted by the White House, which show how far foreign leaders will go to safeguard access to the U.S. market.