Also, Toyota executives are backing away from the Tokyo Olympics, and we talk about the EU’s proposed carbon tax.

While retail sales were up 0.6% in the month of June, sales in quantity terms were down — the reason is inflation. Plus, a look at the banking sector’s insistence that employees return to the office. And we’ll hear from a farm in California’s Central Valley that is battling historic drought.

The Biden administration is preparing to issue a warning to American businesses about the risks of operating in Hong Kong due to mounting surveillance and data security concerns. Plus, the simple reason the federal government is having a hard time recruiting federal wildland firefighters; and where optimism is being felt in this economy … and where it isn’t.

From the BBC World Service: As Hong Kong security laws continue to suppress pro-democracy protests and freedom of the press, China readies its response to reports of fresh U.S. sanctions. Plus: How violent protests in South Africa are crimping fuel supplies, and a look at gin’s evolution from “mother’s ruin” to a tipple of choice for drinkers around the world.

Change is coming to the National Labor Relations Board — how might that affect how it does its work? Plus, we consider Federal Reserve Chair Powell’s latest pronouncements on inflation and a new study that makes a compelling economic case for improved early childhood education.

From the BBC World Service: Widespread violence and ransacking of stores continues in South Africa, where protests sparked by the jailing of the country’s former president Jacob Zuma are being fueled by outrage about poverty, unemployment and inequality. Plus, why China’s economic recovery from the COVID-19 pandemic has hit a speed bump; and the Asian palm oil giant Korindo is stripped of a green certification status over allegations it destroyed vast areas of rainforest to make way for plantations.

Child tax credit deposits begin rolling out this week. We’ll hear from families about what the cash assistance will mean for them and from experts about whether this six-month program might stick around. Plus, news about product recalls, Amazon and just who should be responsible for doing the recalling. And Wall Street Journal reporter Gwynn Guilford joins us to assess how difficult it might be to control future inflation.

U.S. producer prices surged in June, stoking investors’ concerns about the nature of the inflation. Plus, what we know so far about the Democrats’ $3.5 trillion spending proposal; the response from China to Treasury Secretary Yellen’s recent characterization of its “economic practices” as “unfair”; and how the Federal Deposit Insurance Corp. (FDIC) is working to encourage unbanked American households to open accounts — the effort is connected to the expanded child tax credit, which starts this week.

From the BBC World Service: Former Nissan chief executive Carlos Ghosn speaks about fleeing Japan after being detained on allegations he understated his annual salary and misused company funds. Ghosn denies all claims. Plus, why a Nike shoe worn by record-smashing track and field athletes is coming under scrutiny.