President Joe Biden is expected to announce a rollback of some U.S. tariffs on Chinese consumer goods this week in a plea to address inflation concerns and maintain economic pressure on Beijing. U.S. stock futures and European equities fell over the holiday weekend despite the talks of tariff reductions as the possibility of a recession continues to dominate investors' minds. Biden’s cabinet remains split over the decision, with some wary that cutting tariffs would reduce leverage in future negotiations with China over Chinese trade practices.

Roughly 17,000 flights were delayed and more than 1,400 were canceled over the Fourth of July weekend as more than 9 million flyers flocked to U.S. airports between Thursday and Sunday. To manage demand, Delta issued a waiver making it easier for people to rebook their travels to less busy days. As airports grapple with staffing issues and worker strikes, some U.S. lawmakers are calling for the Transportation Secretary to penalize airlines for delays and cancellations.

A gunman on a rooftop opened fire on a Fourth of July parade in Highland Park, Illinois Monday, killing six people and sending more than two dozen to the hospital. The incident marks the 306th mass shooting since the start of this year, with mass shootings and gun deaths in the U.S. rivaling 2021’s record-breaking figures.

The U.S. Food and Drug Administration urged vaccine manufacturers to create booster vaccines that include components to fight the multiple dominant Omicron subvariants that are rippling through the U.S. The FDA noted that these shots should be approved for use “starting in early to mid-fall 2022.” The data suggests these new boosters provide noticeably stronger immunity against their targeted subvariants than the primary vaccines. More than two years into the pandemic, 67% of Americans are fully vaccinated against COVID-19. The U.S. is still averaging upwards of 100,000 new cases a day with high hospitalizations

Tesla will halt production at its new factory in Germany for two weeks after a disappointing quarter of deliveries, a record month of production and several weeks of downtime at multiple plants left investors uneasy. The electric car maker will also stop most production on its Model Y assembly line in Shanghai for the first two weeks of July. The decision coincides with a recent J.D. Power study that indicated battery-electric vehicles are more problematic than vehicles with internal combustion engines, with the automotive industry seeing a record number of problems this year. Recent reports showed chipmakers have seen an ease up in the two-year global semiconductor shortage that has hit car production hard.

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