Your Evening Briefing

(Bloomberg) -- After months of rhetoric, a 25 percent levy on $34 billion worth of of Chinese goods entering the U.S. took effect on Friday, marking the start of President Donald Trump's trade war. Neither side is showing any sign of backing down. In fact, Trump is eyeing even higher tariffs. We're liveblogging the latest developments.

Here are today's top stories

Soybeans are at the heart of the U.S.-China trade war. The commodity crop, used to make oil and animal feed, accounts for about 60 percent of the U.S.'s $20 billion of agricultural exports to China.

“If you have a hammer, you can use it to either nail nails in the wall, or you can hit yourself in the face with it,” said GMM Nonstick Coatings CEO Ravin Gandhi. “And I think that Mr. Trump should stop hitting the U.S. in the face.”

U.S. employers added 213,000 jobs in June, and the nation's unemployment rate ticked up to 4 percent according to data released Friday. Here's who's hiring—and who's not.

The dearth of exploration is setting the stage for an unprecedented crude price spike above $150, according to Sanford C. Bernstein & Co. 

Wall Street firms rarely tell clients to sell a stock. Usually "hold" is the polite way of expressing doubt. But a lot of analysts are abandoning social niceties when it comes to Tesla.

Biogen surged after an Alzheimer's drug showed positive results in a large clinical trial, raising hopes for treatment of a disease that has befuddled researchers for decades.

What's Luke Kawa thinking about? The Bloomberg markets reporter is looking at labor force flows and participation rates to gauge when the U.S. might reach that elusive state of "full employment." June's non-farm payroll report showed there's continued room for improvement in the job market.

What you'll need to know tomorrow

• Elon Musk is sending engineers to Thailand to help rescue a stranded soccer team.
• Vanguard isn't taking in as much money this year. But neither is anyone else.
• Russian President Vladimir Putin is preparing a deal for Trump to tout after their summit.
• Smaller mall tenants used to have an out when anchor stores left. Not anymore. 
• What it's like to go " glamping" in New York City. 
• Speeding in these states will cost you a fortune.
• Hurricane Beryl may be small in size, but it packs a punch.

What you'll want to read tonight

The Tour de France is not just the biggest cycling race of the year—it's also the biggest stage for sponsors and manufacturers to officially unveil their newest carbon fiber dream machines. The trend this year is disc-brake-equipped aero bikes with fully integrated cockpits and electronic drivetrains. Want one of your own? That'll cost you about $12,000.

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