Good morning. This is 1% Better. Unbiased news and practical life advice that makes you a little better every day.

Today we're covering China’s rushed orders to beat the tariffs, tax changes for serious gamblers, and Gordon Ramsey’s best advice for controlling chaos.

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Top Headlines

China Exports Surge

China's exports rose 5.8% year-on-year in June, beating forecasts as companies rushed orders ahead of Trump's August tariff deadline, customs data showed Monday. Shipments to the U.S. jumped 32.4% month-on-month, while exports to Southeast Asian nations surged 16.8%. China's trade surplus reached $114.7 billion.

The export acceleration reflects businesses capitalizing on a fragile U.S.-China tariff truce before potential duties exceeding 100% return. Chinese producers face weak domestic demand and harsher U.S. conditions, where they sell over $400 billion worth of goods annually. Analysts noted signs of trade diversion continuing. Who is paying for tariffs?

Beijing faces an August 12 deadline to reach a durable trade deal with Washington. Trump recently imposed 40% tariffs on Vietnam transshipments and threatened 10% charges on BRICS countries, raising risks for Chinese manufacturers seeking alternative routes. The US has made $99.6 billion from tariffs so far.

Used EV Boom

Used electric vehicle sales topped 100,000 in the second quarter for the first time, according to Cox Automotive. Used EV prices dropped nearly 32% in 2024, almost 10 times the fall in used gas car prices, making average used EVs cost around $30,900—comparable to gas vehicles despite new EVs costing $17,300 more.

The price collapse reflects faster EV depreciation due to battery longevity concerns, rapid technology updates, and specialized repair costs. However, used EVs offer significant savings on fuel and maintenance, with charging costs equivalent to $1.41 per gallon versus gas prices. EVs cost about $4,600 in lifetime maintenance compared to $9,200 for gas cars. How EVs drop in value, here.

Federal tax credits for new and used EVs expire in September under new tax law, adding urgency for buyers. New EV sales have fallen three consecutive months as higher sticker prices challenge buyers, but used market deals attract value-conscious consumers seeking green alternatives. Meanwhile, Tesla debuts Grok in vehicles.

Gambling Tax Changes

Trump's domestic policy law introduces new tax rules for gambling income starting next year, limiting loss deductions to 90% instead of 100%. Under the change, gamblers who break even will still owe taxes on phantom income, with the provision expected to generate $1.1 billion in additional revenue through 2034.

The rule creates accounting nightmares for professional gamblers who regularly win and lose millions. For example, a player breaking even on $1 million in wins and losses would owe taxes on $100,000 in phantom earnings. Industry leaders warn this could drive players to illegal offshore betting markets. How gamblers claim losses here.

Nevada Representative Dina Titus introduced the FAIR BET Act on Monday to restore full gambling loss deductions, gaining bipartisan support. Casino executives predict the tax change will reduce commercial gambling revenue and force tens of billions in betting activity underground. See gambling regulations from the IRS, here.

Get 1% Better

Organize the Kitchen, Organize Your Life

"Mise en place isn't just cooking, it's a life philosophy. If you can't find your salt in 5 seconds, you're not a chef. If you can't find your priorities in life, you're not living."

- Gordon Ramsay

Master mise en place to transform chaos into control, in cooking and everything else.

The breakthrough: Ramsay's "30-Second Rule:" everything you need must be within 30 seconds reach, or your system fails.

  • In the kitchen: Every ingredient prepped, every tool positioned, every sauce ready before the first order

  • In life: Every meeting prepared, every goal mapped, every day structured before it begins

  • The result: Zero wasted motion, maximum impact

Why conventional wisdom fails: People confuse being busy with being productive. Ramsay studied restaurant failures for decades and discovered a brutal truth: 80% of kitchen disasters trace back to poor preparation, not lack of skill.

Just for Fun: Ramsey and McConaughey make the perfect steak (video). | Ramsey visits the Smartless trio (podcast).

You Can Always Start Over

Do the best you can until you know better. Then when you know better, do better.

Where you are today doesn't define tomorrow's possibilities. Henry Ford started Ford at 40, Vera Wang launched her brand at 40, Martha Stewart wrote her first book at 41, Sam Walton started Walmart at 44, Ray Kroc bought McDonald's at 52, and Charles Flint co-founded IBM at 61. Your breakthrough moment isn't behind you—it's waiting ahead.

Market Pulse

> J.D. Power finds cup-holder complaints rising in new cars as oversized drink containers challenge automaker designs (More).

> Burger King launches BBQ Brisket Whopper through new customer-driven "Whopper by You" platform debuting Tuesday (More).

> Senator Paul predicts NPR, PBS funding cuts face "very close" Senate vote amid Trump's $9 billion rescissions package (More).

> Counterfeiters perfect "superfake" luxury handbags costing $500-$5,000, disrupting economics of brands like Hermès (More).

> Costco's Kirkland Signature generates $86 billion revenue, accounting for 30% of warehouse retailer's total sales (More). | Lululemon lawsuit updates (More).

Speed Read

Ana De Armas' best films.

Lessons on losing from Pixar.

The Bear’s vintage jean market.

Prada’s custom villain wardrobe.

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