These are the headlines you Need2Know: * **Extreme Weather Continues Nationwide:** As torrential rains drench the East, excessive heat engulfs the West. Dangerous wildfires have forced officials to close Yosemite Park, which will remain shuttered until at least Sunday. More on SoCal weather from the [LA Times](http://www.latimes.com/local/lanow/la-me-ln-socal-heat-wave-20180724-story.html). * **Another Bailout?** As trade tensions escalate, farmers may get some relief. The Trump administration announced a new aid package Tuesday to ease damages caused by the latest trade policies. Through the plan, affected farmers of crops like soybeans, cotton, and dairy would be issued a collective $12 billion in aid. Reuters with [the full story](https://www.reuters.com/article/us-usa-trade-farmers/trump-to-give-farmers-billions-in-aid-politico-idUSKBN1KE1YE). * **Trump-Cohen Recordings Released:** CNN obtained and released on Tuesday the much-discussed secret recordings of Donald Trump and former attorney Michael Cohen. In the tapes, recorded in 2016, the pair addresses Trump’s payoff of an ex-Playboy model who claimed she had an affair with the president. More at [CNN](https://www.cnn.com/videos/politics/2018/07/24/cohen-trump-audio-recording-cuomo-vpx.cnn). * **Demi Lovato Reportedly in Stable Condition:** Treated with the opioid suppresant-Narcan after an overdose Tuesday, the singer, flanked by friends and family, is stable. Many celebrities took to Twitter to wish Lovato the best in her battle with sobriety. In the past, Lovato has been open about her struggle with drugs and alcohol. People [with more](https://people.com/music/demi-lovato-overdose-hospitalized-stable/). Cheddar's Jill Wagner gets into the latest. Subscribe to the Need2Know newsletter [here](https://theneed2know.com).

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Trump suggests canceling Xi meeting and threatens more tariffs after China restricts key exports
President Donald Trump says “there seems to be no reason” to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea after China restricted exports of rare earths needed for American industry. The Republican president suggested Friday he was looking at a “massive increase” of import taxes on Chinese products in response to Xi’s moves. Trump says one of the policies the U.S. is calculating is "a massive increase of Tariffs on Chinese products coming into the United States." A monthslong calm on Wall Street was shattered, with U.S. stocks falling on the news. The Chinese Embassy in Washington hasn't responded to an Associated Press request for comment.
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