Good morning.
Donald Trump’s administration has said it will stop collecting tariffs the supreme court ruled were illegal as they were imposed using emergency powers, as investors attempted to digest the US president’s latest volley of replacement levies.
The dollar slumped 0.4% against a basket of other currencies this morning after the US Customs and Border Protection agency said it would deactivate all tariff codes associated with International Emergency Economic Powers Act related orders as of Tuesday at midnight.
The top US trade negotiator, Jamieson Greer, said on Sunday that the Trump administration was set to persist with its tariffs policy. “The policy hasn’t changed. The legal tools that implement that may change but the policy hasn’t changed,” he said, arguing that it gives US business “a lot of leverage” in world trade.
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What’s happening with the stock markets after the news? Gold jumped 0.6% to $5,135 an ounce, its highest level since the end of January, as investors flocked to the safe haven asset, while bitcoin dropped as much as 4.8% to $64,300 before recovering some ground, at $65,734. Futures tracking the US S&P 500 stock market slipped 0.5% on Monday morning.
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This a developing story. Follow the live blog here.
Secret Service fatally shoots armed man who breached Trump’s Mar-a-Lago residence
Donald Trump’s Mar-a-Lago estate. Photograph: Steve Helber/AP
The Secret Service shot and killed an armed intruder who breached the perimeter of Mar-a-Lago, Donald Trump’s Florida residence and private club in Palm Beach, early on Sunday.
Although the president often spends weekends at the oceanfront resort, he was at the White House in Washington during this incident, as was the first lady, Melania Trump.
At a press conference, Ric Bradshaw, the sheriff of Palm Beach county, said two Secret Service agents and one of his deputies were alerted that a person was within an inner perimeter.
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Who was the intruder? Bradshaw did not immediately identify the intruder. However, the Associated Press reported that the man killed had been identified by investigators as 21-year-old Austin Tucker Martin, citing a person familiar with the matter who spoke on condition of anonymity because they were not authorized to publicly discuss details of the investigation.
Violence erupts after Mexican security forces kill drug cartel boss ‘El Mencho’
Police officers secure the area where vehicles were set on fire by organized crime members to block a road. Photograph: Gilberto Gallo/Reuters
One of the world’s most wanted drug traffickers, the Mexican cartel boss known as “El Mencho”, has been killed by security forces, Mexico’s defence ministry has confirmed. The operation set off a wave of violence, with torched cars and gunmen blocking highways in more than half a dozen states.
The drug lord, whose real name is Nemesio Rubén Oseguera Cervantes, was killed on Sunday in the western state of Jalisco along with at least six alleged accomplices,