Today's Agenda  Trade War? What Trade War? You have to hand it to President Donald Trump: He has a knack for keeping his trade war rolling and the stock market happy at the same time. Or maybe the stock market is just an easy mark. Today his administration announced an end to tariffs on Canadian and Mexican metals, a step toward completing Trump's Nafta tweak, the USMCA. Stocks, which had fallen hard after China threatened last night to end trade talks, rebounded hard this morning. After yesterday's third-straight rally despite rising trade tensions, John Authers suggested markets suffered from "irrational equanimity," ignoring the many ways the trade war could go wrong. Komal Sri-Kumar notes even the USMCA is no sure thing; Congress must ratify it, but it's balking so far. And a temporary trade truce with Europe, which helped inspire one of this week's market rallies, could succumb to political posturing ahead of the 2020 election, Komal notes. Then there's China's own behavior to consider. It seems unwilling to lose face to end its own trade-war pain, notes Mohamed El-Erian. It also risks falling into the bad habits of past downturns, all of which could keep it stuck in a "middle income" trap forever, Mohamed warns. Some good could still come of this if China changes how it does business, writes Ramesh Ponnuru. But even that outcome will not bring the sort of results – such as factory jobs returning to America – Trump keeps mistakenly promising, Ramesh writes. Meanwhile, slower trade is already hurting the finances of companies such as Deere & Co., writes Brooke Sutherland. And there's no end in sight. Further Trade-War Reading: Mike Bloomberg's Message to Grads Bloomberg LP founder Michael Bloomberg yesterday delivered the commencement address to the Washington University in St. Louis graduating class of 2019. The school is named for George "Cannot Tell A Lie" Washington, and its motto is "Per Veritatem Vis" ("Strength Through Truth"), presenting the perfect opportunity to remind grads of the importance of what, in the Facebook Era, is the vanishing but vital art of seeking and defending the truth, no matter how painful. Read the whole thing. Trump's Minimum Viable Disclosure Trump yesterday filed his annual disclosure form offering a peek at his finances. They seem pretty good, relative to, say, my finances, though he owes Deutsche Bank much more than I do. The disclosure also reminds us of just how unusually financially compromised this president is, notes Tim O'Brien. That can cut both ways: Some Trump businesses are suffering because of his name, Tim notes. But he and his family stand to gain much more from his position. How much? That can only be clarified by looking at those tax returns he refuses to release, Tim writes. Climate Politics A hallmark of Trump's presidency has been his attacks on environmental regulations, part of his aggressive defense of fossil-fuel industries. Unexpectedly, those fossil-fuel companies are getting nervous about this approach, notes Liam Denning, as it leads to calls for ever-more-extreme measures in the opposite direction, from Green New Deals to California gasoline-engine bans. Using a cautionary personal anecdote involving his own sisters and a pair of shoes, Liam notes what can happen when two such intractable forces collide. Climate change is playing a big role in Australia's election, meanwhile, but its massive fossil-fuel exports aren't, David Fickling writes. Those have a bigger climate impact, and are far more exposed to the sort of backlash Liam talks about. Further Climate-Change Reading: Electric-vehicle production is set to soar in the next two decades. – Nathaniel Bullard Social Media Is Smoking When we talk about regulating Facebook Inc., we usually think of its massive size or its sloppiness with personal data. But we're missing something important, warns Elaine Ou. We know Facebook (and other social media) can be as addictive as smoking and almost as harmful, she writes. So we must regulate it like the public health hazard it is, Elaine writes, starting with keeping it away from young people and exposing its secrets. Speaking of scary technology: facial recognition. It raises fears of an inescapable panopticon, but it can also improve lives if used responsibly, Bloomberg's editorial board writes. Rather than banning its public use, as San Francisco just did, governments should regulate it more carefully, the editors write. Telltale Charts There are four kinds of money managers, a study has shown. Even though everybody wants to be the best kind, a "Linear Accumulator," nobody is, writes Mark Gilbert. In fact, most managers are the worst type: the "Round Tripper."  Italian bond yields just approached this year's widest spread against bunds, which may be just the start of pain for the country and Europe. Marcus Ashworth asks: Is the ECB paying attention?  Further Reading Cyril Ramaphosa eked out a victory in South Africa's presidential race. Now he must speed up reforms to drag its dismal economy out of the muck. – Bloomberg's editorial board Replacing Theresa May won't make a Brexit deal any easier for conservatives. – Therese Raphael Trump just passed up a golden chance to get tough on drug prices. – Max Nisen It's a good thing newspaper publisher Gannett Co. fought off a hostile takeover by MNG Enterprises; now it just has to solve all its other problems. – Brooke Sutherland The latest quant creation is an ETF of ETFs of muni bonds. Is this really necessary? – Brian Chappatta Turns out the Earned Income Tax Credit may not encourage people to work after all. – Noah Smith Roe v. Wade had a shaky foundation from the start; Ruth Ginsburg has a better approach to protecting abortion rights. – Cass Sunstein ICYMI The highest paid executives at U.S.-traded companies. Taiwan legalized same-sex marriage. $270 Japanese toaster makes one slice at a time. Kickers Blink and you'll miss this robot solving a Rubik's cube in 0.38 seconds. Scientists find DNA in 10,000-year-old chewing gum. (h/t for the first two kickers to Scott Kominers) Your internet data is rotting. The essential buildings of I. M. Pei. Photos of the week. Note: Please send chewing gum and complaints to Mark Gongloff at mgongloff1@bloomberg.net. New to Bloomberg Opinion Today? Sign up here and follow us on Twitter and Facebook. | 
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