Today’s G-7 meeting in Quebec is likely to be overshadowed by President Donald Trump’s decision to press ahead with tariffs on U.S. allies. Shortly after Trump announced the tariffs, U.S. allies quickly announced retaliatory measures. (CNBC)

* Trump to leave summit early amid feud (USA Today)
* Trump lashes out at allies after France threatens to isolate US at G-7 (CNBC)

Moscow and the Trump administration are discussing a possible meeting between Trump and Russian President Vladimir Putin, according to RIA news agency, citing a source. The agency said there are no agreements yet.

Trump said he “certainly” would invite North Korean leader Kim Jong Un to the U.S. if the historic summit later this month goes well. The president also said he doesn’t need to “prepare very much” for next week’s session. (USA Today)

* What Kim Jong Un wants from Trump (Axios)
* White House explains why it chose Singapore to host summit with North Korea (CNBC)

The Trump administration said last night that it will not defend the Affordable Care Act, more commonly known as Obamacare, against a legal challenge to its constitutionality, a break from the executive branch’s decision of arguing to upholding existing statutes. (Washington Post)

James Wolfe, who served as the Senate Intelligence Committee’s director of security for nearly three decades, was arrested on charges of lying to FBI agents during an investigation into the leak of classified information. (USA Today)

The chairman of ZTE apologized to staff and customers today after the Chinese technology firm agreed to pay a $1 billion fine to the United States to end a ban that has crippled key businesses, including smartphones. (Reuters)

* US hits China’s ZTE with $1 billion penalty in deal to end crippling sanctions (CNBC)

Verizon announced this morning that the company’s executive vice president, Hans Vestberg, will become the company’s new CEO, effective on August 1. Lowell McAdam will serve as executive chairman of the Board through his retirement. (CNBC)

Wall Street will make more risky bets after changes to the Volcker Rule with Goldman Sachs (GS) and Morgan Stanley (MS) leading the way. Sources tell CNBC they are seen as most likely to take advantage of trading opportunities across their fixed income, commodities and equities.

Officials with the U.S. Geological Survey said that the flow of lava from the Kilauea volcano in Hawaii is still very active and that there’s no way to know when the eruption will end or if more lava-spewing vents will open up. (AP)

David Feinberg, the CEO of Pennsylvania-based Geisinger Health System, told CNBC that he will remain with the firm despite being a top candidate in discussions to lead the Amazon-Berkshire-JPMorgan health joint venture.

* Buffett, Dimon and Bezos find the person they want to fix health care (CNBC)

Canada’s Senate voted to legalize recreational marijuana, clearing a hurdle that puts the country on track to become the first Group of Seven nation to permit the national use of the drug. The new law would keep marijuana out of the hands of underage users. (Reuters)

Broadcom (AVGO) reported adjusted quarterly profit of $4.88 per share, 12 cents above estimates, with the chipmaker also seeing revenue beat forecasts on strong demand in the data center market. However, the company did issue weaker-than-expected current quarter guidance.

Stitch Fix (SFIX) came in six cents above estimates with quarterly profit of nine cents per share, with revenue also coming in above forecasts as the personal online clothing service added more subscribers.

DocuSign (DOCU) earned an adjusted one cent per share for its latest quarter, surprising analysts who had expected a quarterly loss of seven cents per share. Revenue also beat forecasts, and the maker of electronic signature solutions also issued strong current quarter guidance. It was DocuSign’s first quarterly report since its initial public offering in April.

Philip Morris International (PM) is planning to launch its iQOS smoking device in India, according to a Reuters report. India has the world’s second largest population of smokers.

Eli Lilly (LLY) and Pfizer (PFE) were both rated “overweight” in new coverage at Cantor Fitzgerald. The firm said growth prospects for Lilly’s key drugs are underappreciated by the market, while it thinks Pfizer will still have respectable earnings growth despite the effect of losing exclusivity for certain products.

NASA’s Mars rover Curiosity found that the red planet had carbon-based compounds called organic molecules — key raw materials for life as we know it. It’s the first conclusive evidence for large organic molecules on the surface of Mars. (National Geographic)