Afternoon Coffee: Japan Flooding Halts Factory Production, Brexit Minister Resigns

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Severe flooding and mudslides in Western Japan have killed more than 100 people and forced some car and electronics makers to stop production, the Wall Street Journal reports. The region affected by the natural disaster is home to many factories that supply key components such as semiconductors and displays to automotive manufacturers.

Brexit Resignations 

British Foreign Secretary Boris Johnson and so-called “Brexit minister” David Davis resigned Monday, creating doubts about the stability of the British government, the Washington Post reports. Prime Minister Theresa May could face a no-confidence vote in the wake of the defections, as her own Conservative Party has strongly objected to her plan for a “soft Brexit.”

Japan-E.U. Trade Pact

E.U. governments affirmed their intent Friday to sign a free trade deal with Japan that could be signed as soon as next week, according to Deutsche Welle. The new pact would unite around 600 million people, representing about one-third of global trade.

Trade Deficit  

And finally, an economic update: The U.S. trade deficit fell to its lowest level since before the 2016 election, CNBC reports, hitting $43.1 billion for the month of May. The gap between imports and exports has fallen for three consecutive months and is down year over year.

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