US politicians are advocating for steep tariffs, echoing the protectionist Fordney-McCumber Tariff of 1922. Despite potential international retaliation, risks to global economic rules and a shift from post-World War II principles, US politicians have promised to increase trade barriers against China, causing concerns for the sustainability of global economic harmony. A century ago, the Republican Congress passed the Fordney-McCumber Tariff of 1922. This post-World War-I effort to protect the US from German competition and rescue America's own businesses from falling prices sparked a global wave of tariff hikes. While long forgotten, echoes of Fordney-McCumber now reverberate across the US political landscape. Once again, politicians are grasping the tariff as a magic talisman against its own economic ills and to contain the rise of China. The Democratic Party of the 1920s opposed tariffs, because duties are harmful to consumers and farmers, but today both President Joe Biden and former President Donald Trump favor national delivery through protectionism. Trump promised that his second term, if elected, would impose 60-percent tariffs on everything arriving from China and 10-percent tariffs on imports from the rest of the world, apparently including the imports covered by 14 free trade agreements with America's 20 partners. He initially promised 100-percent tariffs on electric vehicles (EVs), but when Biden declared that he was hiking tariffs on EVs from China to 100-percent, Trump raised the ante to 200-percent. On May 14, 2024, the White House imposed tariffs ranging from 25 percent (on items such as steel, aluminum and lithium batteries) to 50 percent (semiconductors, solar cells, syringes and needles) and 100 percent (electric vehicles) on Chinese imports. US government officials offer "national security" and "supply chain vulnerability" as the justification for levying high tariffs. To deflect worries about inflation, US Trade Representative Katherine Tai declared, "first of all, I think that that link, in terms of tariffs to prices, has been largely debunked." Contrary findings by the United States International Trade Commission and a number of distinguished economists, as well as Biden's own 2019 statement criticizing Trump's tariffs - "Trump doesn't get the basics. He thinks tariffs are being paid by China… [but] the American people are paying his tariffs" - forced Tai's office to wind back her declaration. The fact that prohibitive barriers to imports of solar cells, batteries and EVs will delay the green economy carries zero political weight with Trump and little with Biden. Nor does either of them worry about the prospects of Chinese retaliation and damage to the fabric of global economic rules. Historical lessons - unanticipated consequences of the foolish Fordney-McCumber Tariff of 1922 and the Smoot-Hawley Tariff of 1930 - are seen as irrelevant by the candidates and their advisers. The US' lurch from its post-World War II free trade principles offers China a golden opportunity. On the world stage, China will espouse open free trade and investment. China will encourage EV and battery firms to establish plants in Europe, Brazil, Mexico and elsewhere, essentially daring the US to damage its own alliances by restricting third country imports containing Chinese components. Whether the fabric of global economic rules that has delivered astounding prosperity to the world will survive through the 21st century remains to be seen. Much will depend on the decisions of other large economic powers, not only China but also the European Union and Japan, as well as middle powers, such as Australia, Brazil, Chile, ASEAN and South Korea. Their actions and reactions will reshape the rules of the 21st century. If others follow America down this costly path, the world will become less prosperous and vastly more unpredictable. If they resist, the US risks being diminished and more isolated. The author is a non-resident Senior Fellow at the Peterson Institute of International Economics. bizopinion@globaltimes.com.cn

A children's hospital in the Ukrainian capital was hit by a Russian missile on Monday as part of a wave of airstrikes across Ukraine that has killed at least 31 people and injured 154 others. "Russian terrorists have once again launched a massive missile attack on Ukrainian cities - Kiev, Dnipro, Kryvyi Rih, Slaviansk, Kramatorsk," said Ukrainian President Volodymyr Zelenskyy. Zelensky said Russia fired more than 40 missiles of different types at the five cities in daytime attacks, hitting residential buildings and public infrastructure. The Ukrainian air force said it intercepted 30 missiles. Authorities said the attack on Kiev killed seven people, while the attack on Kryvyi Rih, Zelensky's birthplace in central Ukraine, killed 10 and injured 47. United Nations Secretary-General António Guterres condemned the attacks, calling the assault on the Kiev hospital and another medical facility in the capital's Dniprovsky district "particularly egregious," said his spokesman, Stephane Dujarric. "Direct attacks on civilians and civilian objects are prohibited under international humanitarian law. Any such attacks are unacceptable and must cease immediately," Dujarric said. The U.N. Security Council will meet Tuesday to discuss the Russian strikes, diplomats said. The Russian Defense Ministry said the strikes targeted Ukrainian defense factories and a military aviation base and were successful. It denied striking any civilian facilities and claimed, without evidence, that photos from Kiev showed the damage was caused by a Ukrainian anti-aircraft missile. Ukrainian Air Force Colonel Yurii Ignat said Russia has been improving the effectiveness of its air strikes by equipping its missiles with enhanced features, including so-called heat decoys that can throw air defense systems off target. In comments sent to The Associated Press, he said the cruise missiles flew low in Monday's attack -- just 50 meters off the ground -- making them harder to hit. Western countries, led by the United States, have provided Ukraine with billions of dollars in arms support. They will hold a three-day NATO summit in Washington starting Tuesday to work out how to reassure Kiev of NATO's strong support and give Ukrainians hope that their country can survive the largest conflict in Europe since World War II. "Today's Russian missile strike that killed dozens of Ukrainian civilians and caused damage and loss of life to Kyiv's largest children's hospital is a horrifying reminder of Russia's brutality," U.S. President Joe Biden said in a statement Monday. "It is critical that the world continues to stand with Ukraine at this important moment and that we do not ignore Russian aggression." Biden said in the statement that he will meet with President Zelensky during the NATO summit in Washington this week "to make clear our unwavering support for Ukraine." Biden continued: "We will join our allies in announcing new measures to strengthen Ukraine's air defenses and help protect their cities and civilians from Russian attacks. The United States stands with the Ukrainian people." Czech President Petr Pavel said the hospital attack was "inexcusable" and he hoped the NATO summit would reach a consensus that Russia is "the greatest threat and we must be fully prepared to deal with it." Zelensky said during a visit to Poland that he hoped the NATO summit would provide Ukraine with more air defense systems. The Ukrainian leader said rescuers were digging through the rubble of the Ohmatdit Children's Hospital in Kyiv and that the number of casualties was not yet known. Kyiv Mayor Vitali Klitschko said at least 16 people were injured, including seven children, and the attack caused a two-story wing of the hospital to partially collapse. Doors and windows were blown off the hospital's 10-story main building, and the walls were charred. The floor of one room was splattered with blood. Hospital officials said the intensive care unit, operating room and oncology department were damaged.

Apple could be on track to reach a $4 trillion market capitalization with the artificial intelligence (AI) iPhone 16 upgrade cycle coming, Wedbush analysts said. The analysts said the iPhone 16 supercharged with AI could bring a "golden upgrade cycle" for Apple. Apple's recently announced iOS 18 with Apple Intelligence and OpenAI partnership are also expected to create monetization opportunities and increase share value. Apple (AAPL) could be on the path to a $4 trillion market capitalization as an iPhone upgrade cycle approaches, driven by the iPhone 16 supercharged with artificial intelligence (AI) capabilities, according to Wedbush analysts. 1 Apple's recently announced iOS 18 with Apple Intelligence and OpenAI partnership are also expected to create monetization opportunities and increase share value. AI iPhone 16 Upgrade Cycle Coming Soon Wedbush analyst said that an AI iPhone 16 could bring "a golden upgrade cycle for Cupertino looking ahead with pent-up demand building globally." "The Street is now starting to slowly recognize that with Apple Intelligence on the doorstep in essence Cupertino will be the gatekeepers of the consumer AI Revolution," they said, with 2.2 billion iOS devices globally and 1.5 billion iPhones. Wedbush suggested a "consumer AI tidal wave" could start with the iPhone 16 in mid-September, adding that estimates indicate 270 million iPhones users have not upgraded in over four years. Recovery in China To Support Upgrade Cycle The analysts indicated that iPhone supply stabilization in Asia is also "a very good sign heading into a monumental iPhone 16 upgrade cycle." Wedbush's projections come amid ongoing concerns for the iPhone maker in the China region amid increased competition, though there have been recent signs of improving shipments. They projected that June "will be the last negative growth quarter for China with a growth turnaround beginning in the September quarter," when the iPhone 16 is expected to be released. AI and iOS 18 Could Also Boost Share Value Apple unveiled iOS 18 supercharged by Apple Intelligence and an AI partnership with OpenAI at its developers' conference in June. Wedbush analysts said the partnership with the Chat-GPT maker "creates the highway for developers around the globe to focus on iOS 18 and this in turn will create a myriad of monetization opportunities for Cook & Co. over the coming years." The analysts estimated that "this could result in incremental Services high margin growth annually of $10 billion for Apple" driven by hardware and software. They added they believe "AI technology being introduced into the Apple ecosystem will bring monetization opportunities on both the services as well as iPhone/hardware front and adds $30 to $40 per share." Apple shares were little changed in early trading Monday, though they have gained more than 17% since the start of the year. Do you have a news tip for Investopedia reporters? Please email us at tips@investopedia.com SPONSORED Trade on the Go. Anywhere, Anytime One of the world's largest crypto-asset exchanges is ready for you. Enjoy competitive fees and dedicated customer support while trading securely. You'll also have access to Binance tools that make it easier than ever to view your trade history, manage auto-investments, view price charts, and make conversions with zero fees. Make an account for free and join millions of traders and investors on the global crypto market.

After Meta CEO Mark Zuckerberg posted a video on his Facebook and Instagram accounts of his free time during the Independence Day holiday on the X platform, Musk said, "I prefer to work." Zuckerberg posted a video of himself surfing on a hydrofoil in a tuxedo, waving an American flag and drinking a beer, and wrote: "Happy birthday America." The video quickly went viral, and after greg shared it on the X platform, Musk replied: "I hope he continues to have fun on the yacht." I prefer to work." Musk, a workaholic, attended the 29th annual Barron Investment Conference in November 2022, where he said: "My workload went from 78 hours a week to 120 hours a week..." In 2018, he slept on the floor of the Gigafactory in Fremont in an effort to ramp up production of the Tesla Model 3.

The largest collection of stolen passwords ever has been leaked to a notorious crime marketplace, according to cybersecurity researchers at Cybernews. This leak, dubbed RockYou2024 by its original poster “ObamaCare,” holds a file containing nearly 10 billion unique plaintext passwords. Allegedly gathered from a series of data breaches and hacks accumulated over several years, the passwords were posted on July 4th and hailed as the most extensive collection of stolen and leaked credentials ever seen on the forum. “In its essence, the RockYou2024 leak is a compilation of real-world passwords used by individuals all over the world,” the researchers told Cybernews. “Revealing that many passwords for threat actors substantially heightens the risk of credential stuffing attacks.” Credential stuffing attacks are among the most common methods criminals, ransomware affiliates, and state-sponsored hackers use to access services and systems. Threat actors could exploit the RockYou2024 password collection to conduct brute-force attacks against any unprotected system and “gain unauthorized access to various online accounts used by individuals whose passwords are included in the dataset,” the research team said. This could affect online services, cameras and hardware This could affect various targets, from online services to internet-facing cameras and industrial hardware. “Moreover, combined with other leaked databases on hacker forums and marketplaces, which, for example, contain user email addresses and other credentials, RockYou2024 can contribute to a cascade of data breaches, financial frauds, and identity thefts,” the team concluded. However, despite the seriousness of the data leak, it is important to note that RockYou2024 is primarily a compilation of previous password leaks, estimated to contain entries from a total of 4,000 massive databases of stolen credentials, covering at least two decades. This new file notably includes an earlier credentials database known as RockYou2021, which featured 8.4 billion passwords. RockYou2024 added approximately 1.5 billion passwords to the collection, spanning from 2021 through 2024, which, though a massive figure, is only a fraction of the reported 9,948,575,739 passwords in the leak. Thus, users who have changed their passwords since 2021 may not have to panic about a potential breach of their information. That said, the research team at Cybernews stressed the importance of maintaining data security. In response to the leak, they recommend immediately changing the passwords for any accounts associated with the leaked credentials, ensuring each password is strong and unique and not reused across different platforms. Additionally, they advised enabling multi-factor authentication (MFA), which requires an extra form of verification beyond the password, wherever possible, to strengthen cyber security. Lastly, tech users should utilize password manager software, which securely generates and stores complex passwords, mitigating the risk of password reuse across multiple accounts.