This grab taken from a video released by the US Central Command (USCENTCOM) on June 14, 2019, reportedly shows an Iranian navy patrol boat in the Gulf of Oman approaching the Japanese operated methanol tanker Kokuka Courageous and removing an unexploded mine.
AFP/Getty Images
By Alan Murray and David Meyer
June 14, 2019

Good morning.

New signs emerged that the trade war is dragging down the global economy. The International Energy Agency this morning cut its projection for energy demand this year by 100,000 barrels to 1.2 million barrels per day, citing the “worsening trade outlook” as a “common theme across all regions.” China reported the slowest growth in factory output since 2002. And more than 500 U.S. companies—including retail giants Walmart, Target and Costco—said tariffs are hurting American businesses and consumers. A survey of CFOs found nearly half expected a recession by the middle of next year.

All of this ups the ante for a possible meeting between President Trump and President Xi at the G20 summit in Japan June 28-29. Trump has requested a meeting, and White House economic adviser Larry Kudlow said yesterday the president has threatened to raise tariffs further if Xi doesn’t agree.

Apple CEO Tim Cook had a private meeting with the president yesterday to discuss trade, among other things. I don’t know what he said, but I’d be willing to bet the CEO advised that public threats won’t help bring the Chinese leader to the table.

More news below.

Alan Murray
@alansmurray
alan.murray@fortune.com

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