Trump is also said to be moving forward with a plan to tax an additional $200 billion in Chinese imports as soon as September—we can only assume he’ll be absolutely dumbfounded when Beijing inevitably responds in kind—and he has not taken his threat to impose tariffs on every single Chinese import sold in the U.S. off the table. Last week, the White House’s National Economic Council director openly mocked China for not hitting the U.S. harder, practically daring our economic rival to bury U.S. companies and consumers in levies and other retaliatory measures. So really, things are going great!

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You’ll never believe it, but someone associated with Trump has been accused of criminal activity

In this case, it’s Representative Chris Collins, who—unlike Michael Cohen, Paul Manafort, and Wilbur Ross—has never actually worked for Trump, but has the distinction of being the first House Republican to endorse his bid for office. On Wednesday, the congressman, along with his son, Cameron Collins, and Stephen Zarsky, the father of Cameron’s fiancée, were charged with insider trading related to shares of Australian biotechnology firm Innate Immunotherapeutics Ltd. by federal prosecutors. In addition, the trio, plus the fiancée, Lauren Zarsky, and her mother, Dorothy Zarsky, were sued by the Securities and Exchange Commission for insider trading.

According to federal prosecutors, Collins, one of Innate Immunotherapeutics Ltd.’s largest shareholders, as well as a board member, tipped his son off about negative results from a clinical trial of a drug being developed by the company—information that, you probably guessed it, was not public. Collins the Younger then allegedly passed that information on to his fiancée, her mother, her father, and a friend, who sold 1.78 million Innate shares four days before the news was announced, avoiding nearly $800,000 worth of losses. (According to the indictment, Stephen Zarsky also shared the material non-public information with others, allegedly calling his sister to tell her she “needed to sell her Innate shares and not to ask why,” which is just pure poetry.)

Lauren and Dorothy Zarsky have already agreed to settle claims with the S.E.C. and pay fines without admitting or denying wrongdoing. The three men, appearing in Manhattan federal court, all pleaded not guilty and were released on $500,000 bonds. In a statement, lawyers for Cameron Collins said, “We intend to mount a vigorous defense on behalf of our client. We look forward to addressing these charges in court.” An attorney for Zarsky declined to comment. Meanwhile, the congressman’s attorney said, “We are confident he will be completely vindicated and exonerated.” Which strikes us as a bit overconfident for a guy who seems to have engaged in a textbook case of insider trading . . .

. . . that we may actually have footage of him committing!

(On the other hand, maybe he’ll be repaid for his early endorsement with a presidential pardon. Stranger things have happened!)

Commerce Department leaps at the opportunity to dehydrate, kill endangered species

Elsewhere!

Trump administration cuts staff at financial markets watchdog (Reuters)

Ryan boots G.O.P. Rep. Chris Collins from House Energy and Commerce Committee after insider-trading indictment (CNBC)

S.E.C. Is Examining Musk’s Tweet on Taking Tesla Private (W.S.J.)

Crypto’s $600 Billion Crash Hits a New Low (Bloomberg)

Why Trump’s economy could be downhill from here (Politico)

Betsy DeVos’s summer home deserves a special place in McMansion Hell (Vox)

N.Y.C. Area’s Tax-Reform Refugees Fuel Luxury-Home Boom in Florida (Bloomberg)

Traders Pile into Bets That Stock Rally Will Continue (W.S.J.)

Twitter Bucks Silicon Valley Trend, Opts Not to Ban Alex Jones (W.S.J.)

The Maine Lobster Festival Sea Queen Drama Has Escalated (New York)