‘I want to be taxed! I want to be taxed!’

Welcome to the weekend!

Donald Trump's tariffs continue to pose challenges for manufacturers, including YKK, the world's largest supplier of a product introduced in 1893 with the name "clasp-locker." What product is it? Find out with this week's Pointed quiz.

What remains tariff-free? Our audio playlist, available in the Bloomberg app. We've got four great stories this week, including a deep dive into the financial crisis facing Burning Man.

The Forecast email is off tomorrow, back Aug. 3. For unlimited access to Bloomberg.com, please subscribe!

Looking Out for No. 1

As another US tariff deadline looms, countries still in the firing line include Australia — despite the fact that it imports more from the US than it exports there. The disconnect is familiar territory for Malcolm Turnbull, who fought Trump on trade as Australian prime minister during the president's first term. In a wide-ranging conversation that also touched on China, Taiwan, and the threat of nuclear proliferation, Turnbull says Trump only respects world leaders who are "ruthlessly determined to defend their own country's interests as they see them."

Weekend Interview

'People Who Suck Up to Bullies Get Bullied'

Malcolm Turnbull on how not to lose respect in Washington.

Read the Story

Turnbull says Trump wants to "make America rich again." But can a country be too rich? In Norway, oil revenue and a vast sovereign wealth fund have helped keep unemployment and government debt low while supporting a generous social safety net — but a new book argues they've also led to overspending, weak productivity, and declines in education and healthcare. Norway "should be a magnet for possibilities and people. Instead it's the opposite," says author Martin Bech Holte. "There is no ambition and that is 100% because of the oil fund."

Weekend Essay

Can a Country Be Too Rich?

Norway discovers the limits of largesse.

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If wealth breeds complacency in countries, what about in people? Marlene Engelhorn might argue it's a recipe for individual entitlement. Last year, the 33-year-old Austrian heiress tapped 50 regular people to decide how to distribute €25 million ($29 million) of her own inheritance, part of a larger mission of taking on the super-rich. But now she's left with the hard part: figuring out what life might look like without deep pockets. Engelhorn lives in a rented apartment and advocates for wealth taxes, but she's finding that exiting the 1% involves more than just money.

Weekend Profile

'I Want to Be Taxed! I Want to Be Taxed!'

Marlene Engelhorn is figuring out how to live without wealth.

Read the Story

Dispatches

India
A financial analyst typically scours earnings reports — Jay Patel also studies planetary charts. Mercury governs when to trade, Jupiter signals expansion and Saturn warns of slowdowns. The commodities and currency trader is part of India's fast-growing $7 billion astrology industry, now influencing everything from trading to talk therapy. "The market has its moods," Patel says. "Astrology helps read them better."

Illustration: Isabella Cotier for Bloomberg

Japan
In the subtropical forests of Okinawa, Japan's newest theme park, Junglia, boasts an infinity spa, zip lines and a dinosaur-themed safari. But less than an hour's drive across the island, US Marines train for jungle warfare, learning reconnaissance, survival skills and extraction techniques. The unlikely juxtaposition goes to the heart of Okinawa's layered identity as a tourist attraction and a cornerstone of US efforts to deter potential aggressors in the region.

Illustration: Isabella Cotier for Bloomberg

Agree or Disagree?

Vertical integration is back, baby. The history of the modern corporation could be written in two slogans: Ford's "from mine to finished car: one organization," and Apple's "designed in California, assembled in China." In coming years, much will be determined by the fading of the second and the reassertion of the first, Adrian Wooldridge writes for Bloomberg Opinion.

Moonlighting in FX

"I've spent a lot of time and money on this. I'm gonna do it."

Samantha Greer

A lawyer in Nottingham, England

Samantha Greer isn't your typical day trader. The 46-year-old starts her mornings at 5 a.m., placing trades before dropping her son at school. She avoids meme stocks and crypto, opting instead for the obscure, high-stakes world of currency trading. Greer isn't alone: She's part of a growing band of retail FX traders, who plunked down some $600 billion a day in foreign-exchange markets in the first six months of 2025.

Weekend Plans

What we're watching: this Bloomberg Weekly Documentary on Trump's battle against Harvard. The White House has attempted to make the world's richest university bend the knee, but why? And can Harvard really maintain its resistance?

What we're watching next: this investigation into a UK visa scam. The alleged scammers are accused of defrauding would-be migrant healthcare workers out of tens of thousands of pounds. Some victims have turned to a vigilante "scammer hunter" for help.

What we're reading: this powerful visual feature on Gaza's environmental crisis. Israel's bombardment has left more than 1 square kilometer (0.4 square miles) of contaminated waste piled up across the Gaza Strip, some of it near tents, water, sanitation and hygiene sites.

What we can't stop thinking about: the Air India crash. Flight AI 171 was airborne for just 32 seconds before disaster struck. But the key to unlocking what brought down Boeing's most advanced jetliner may lie in a chilling 10-second gap buried in the crash probe's timeline.

What we're planning: a trip to Biei, the Japanese town that felled its Instagrammable trees to discourage tourism. The incident illustrates a rising tension: Foreigners help Japan's economy, but strain its omotenashi — a deeply ingrained tradition of honoring guests.