Vietnam emerges as the primary beneficiary of President Trump's trade policies, with its trade surplus with the U.S. reaching $114 billion in the first half of the year. The effective U.S. tariff rate on Chinese imports stood at 23.2% in June, well above the global 7% average, while Vietnam's rate remained at 6.5%. This disparity has redirected production, with U.S. imports from Vietnam jumping 40% to $123 billion, while Chinese imports fell 23% to $129 billion.

Beyond trade dynamics, the Federal Reserve's preferred inflation gauge, the PCE price index, rose 0.2% in July, remaining above target ranges. Meanwhile, Chanel No. 5's signature scent relies on flowers from a single family farm in southern France, where tradition persists despite high labor costs threatening relocation. The Journal also reports on intermodal freight volumes rising 5% year-over-year and a special podcast exploring the Trump administration's expanded sanctions regime against Iran and its implications for global commerce.