Tensions in the Persian Gulf remain high despite signs both sides are stepping back. The Federal Aviation Administration warned airlines to avoid skies over the Straight of Hormuz following the downing of a U.S. drone by Iran. President Donald Trump said he decided not to retaliate because of the expected death toll from a planned U.S. strike. It’s a familiar pattern for Trump. He has repeatedly lashed out at Iran and North Korea, but then modulated his rhetoric when hostilities threatened to erupt into open conflict.—Josh Petri Here are today’s top storiesFoxconn founder Terry Gou urged Apple to move from China to neighboring Taiwan. Trump’s trade war has fed speculation that the American device maker could do just that. Three years after Britain voted to leave the European Union, warning signals for the U.K. economy are finally beginning to flash red. Toys "R" Us is set to return to the U.S. this holiday season, about a year after shuttering operations. The battle between Boeing and Airbus was the main story at the Paris Air Show this week. But the future of aviation is just as interesting: The supersonic jet is almost here. Former FBI Director James Comey told Bloomberg TV he hopes Trump isn’t impeached because “that would let the American people off the hook.” U.S. health regulators are poised to approve a drug to treat low sexual desire in women, an area of medicine better known for controversy than blockbuster sales. What’s Luke Kawa thinking about? The Bloomberg cross-asset reporter has a theory as to why Fed Chairman Jerome Powell struggled to answer a question about what a rate cut would do to help the U.S. economy: That’s because such a cut would really be for the global economy. What you’ll need to know tomorrowPolice were called to the home of Boris Johnson. Senator Elizabeth Warren pledged to end private prisons.This is the 737 pilot who came to the rescue of Boeing. Another parent pleaded guilty in the college admissions scandal.This company charges employees $100 to use a conference room.Here is the lipstick that raised $500 million to fight AIDS. Woody and Buzz are expected to jolt the summer box office. Sponsored by KBS Direct KBS Growth & Income REIT is available without commissions to investors seeking potential monthly income and growth from institutional quality properties. KBS ranks 8th largest office building owner nationally by NREI. Securities Offered Through North Capital Private Securities, Member FINRA/SIPC. What you’ll want to read tonight People who live and work 9,000 feet above sea level in Colorado’s ski-resort towns have long paid more for health care than almost anyone in the U.S. But the people of Summit County, working with a forward-thinking state insurance commissioner, figured out a way to change all that. Colorado Governor Jared Polis announced plans to replicate it statewide. What they did could be a model for reining in spiraling costs across the country. Like Bloomberg’s Evening Briefing? Subscribe to Bloomberg.com. You’ll get our unmatched global news coverage and two premium daily newsletters, The Bloomberg Open and The Bloomberg Close, and much, much more. See our limited-time introductory offer. The global trade war is roiling markets, economies and companies. Arm yourself with the latest developments: Sign up to get Bloomberg's upcoming Terms of Trade newsletter in your inbox daily. Download the Bloomberg app: It’s available for iOS and Android. | 