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Trump drops bid to slash foreign aid after Congress objects The White House will not move forward with plans to cut billions of dollars in foreign aid, U.S. officials said on Thursday, after an outcry from Congress about what was seen as an attempt to sidestep lawmakers’ authority over government spending. -Reuters

To Gain Leverage in China Trade Talks, Trump Shows Solidarity With Hong Kong -NYT

China blames Canada for difficulties in relationship, demands Huawei executive be freed Relations have been icy since Meng was detained in Vancouver last December on a U.S. warrant. China has since charged two Canadians with spying and halted imports of canola seed and meat products from Canada. -Reuters

Imported repression: How Cuba taught Venezuela to quash military dissent -Reuters

GLOBAL BUSINESS

Trump thinks tariffs will add U.S. manufacturing jobs. Economic reality says they won’t. Even companies interested in bringing jobs to the U.S. say duties on imported parts are hurting those efforts. -Politico

One Week Left Before Nearly All 'Made In China' Is Tariffed But as 10% tariffs on roughly $300 billion worth of goods goes into effect on Sept 1., there are other issues percolating that are still hard to grasp. The tech war with Huawei at the center continues apace. It is unclear how long this latest reprieve, allowing for some U.S. companies to sell microprocessors to the Chinese telecom giant, will last but it remains a reliable front in the trade war. -Forbes

YouTube Closes 210 Accounts Tied to Hong Kong Influence Campaign Google said it disabled 210 YouTube channels involved in “coordinate influence operations” around the Hong Kong protests, following similar measures earlier this week by social media companies Facebook Inc. and Twitter Inc. -Bloomberg

The US government’s battle with Chinese telecom giant Huawei, explained The US has long expressed concerns about Huawei and its ties to the Chinese government. -Recode

SEC fines Deutsche Bank $16 million to settle foreign corruption charges -Reuters

Overstock.com CEO Resigns after Disclosing Relationship with Russian Agent Maria Butina -National Review

GLOBAL MACRO

Fed’s Regional Presidents Lining Up Against Additional Rate Cuts Three Federal Reserve policy makers voiced their resistance to the notion that the U.S. economy needs lower interest rates, and fourth said he wanted to avoid taking further action “unless we have to,” foreshadowing a sharp debate with officials who want to cut again. -Bloomberg

$960B deficit expected this year, more than $1 trillion next The return to trillion-dollar deficits has been moved up by two years from the previous forecast in May -Roll Call

Emerging Markets Have Lost Faith in the Fed Once a beacon of stability, the U.S. has become a source of tumult. Markets now give global central bankers a clearer read on the economy. -Bloomberg

IMF embraces new central bank digital currencies -Roll Call