* Saudi Arabia’s 50-year-old petrodollar agreement with the United States has expired, with no new agreement in place. Saudi Arabia will now sell oil in multiple currencies, including the Chinese RMB, Euros, Yen, and Yuan, instead of exclusively in US dollars.

Since the 1970s, Saudi Arabia has sold its crude oil in US currency under the petro-dollar agreement, which is a massive contributor to the US dollar’s international standing.

* Supreme Court strikes down Trump-era federal ban on bump stocks!

* Trump Floats One Weird Idea To Replace The US Income Tax – It’s hard to see how it would work, and critics say it would hurt the poor when compared to the current tax regime – Jonathan Nicholson.

* Trump raised the prospect of scrapping the U.S. income tax system and replacing it with tariffs on imported goods.

Trump’s idea would simply be a return to the past. Prior to the imposition of the income tax in 1913, tariffs were a main source of government revenue.