Trump Downplays Epstein Letter | SCOTUS Will Fast-Track Tariffs Review

Tariffs & Trade - The Supreme Court will fast-track a challenge to the President's tariff policy, a case with worldwide financial and political implications [1][5] - The Supreme Court is scheduled to hear the case in November, potentially leading to faster certainty for businesses and countries regarding tariffs [6] - The tariffs in question cover essentially all liberation day tariffs, but not steel, aluminum, and sectoral tariffs [6][7] - If the Supreme Court deems the tariffs illegal, billions of dollars in tariffs paid over the last several months could be rebated to companies, a monumental task [7] - The White House is likely to explore other authorities to impose tariffs, as Trump is committed to tariffs as a signature policy [8][9] Economic Data & Monetary Policy - A massive payroll revision shows the job market was far less robust than previously thought, with 911,000 fewer jobs in the year ending in March than previously reported [2][10] - Between this revision and last year's, job growth was overstated by approximately 2 million jobs [12] - The preliminary numbers may be revised higher, as seen in the past 10 years [15] - The August payroll report and the revision suggest some weakness in the economy that the Fed can address, potentially leading to a rate cut [17] - The real question for Wall Street is whether the Fed will promise to do more rate cuts in October and December [19] Geopolitical Issues - Israel conducted a strike against a senior Hamas leader in Qatar, escalating tensions [2][28] - Qatar is calling the strike a flagrant violation of international law and a tampering with regional security [29] - The White House stated the attack does not advance U S goals, particularly securing the release of hostages [29][30] - The attack against Hamas leaders in Qatar does not advance American or Israeli interests because the interest is securing the release of the hostages [30] - The U S has a major military base in Qatar, which might have led President Trump to expect an advanced warning before the military strike [30] Political Matters - The White House is pushing back on the Epstein birthday card letter reveal, asserting the President did not write or sign it and is pursuing litigation against the Wall Street Journal [3][34] - The President's legal team is pursuing litigation against the Wall Street Journal regarding the Epstein letter [3][34] - The Oversight Committee is releasing documents related to Jeffrey Epstein, with over 30,000 documents released in the last week [38][45] - A special election in Virginia could impact the Republican edge in the House, affecting legislative priorities like spending bills and the potential release of the Epstein files [71][73] - The government funding deadline is looming, with fewer than a dozen legislative days to work out a solution [19][29] Company Focus - Apple announced its newest iPhone lineup, keeping the starting price of the standard iPhone at $799, while the Pro model will go up by $100, and the newest Air model will cost $999 [30] - Oracle reported earnings that beat expectations, with its cloud and restructure unit expecting revenue to rise from $25 billion to $32 billion in the current fiscal year, and more than double to over $70 billion the year after that [30] - Oracle's AI infrastructure buildout is transforming the company, with expectations to surpass $100 billion in revenue in the year after that [30]