Trade Tariffs and International Relations - The US president is escalating global trade tariff war, potentially increasing costs for products from countries like Switzerland [1] - The president threatened the EU with a 35% tariff if it does not invest $600 billion in the United States, and is rolling out new tariffs on semiconductor and pharmaceutical imports [2] - The president's strategy involves raising tariffs to extract more concessions from other countries, such as the EU, Japan, and South Korea [4] - The administration views tariffs as a source of revenue and leverage on the world stage, leading to unpredictable trade moves [7] - Trade disruptions caused by tariff policies are negatively impacting economic activity both domestically and globally [9] Federal Reserve and Monetary Policy - The Treasury Secretary does not want to succeed Jay Powell as the Fed chair, but others are in the running [10] - Potential candidates for Fed chair include Kevin Warsh, who is respected by Wall Street, and Kevin Hasset, who is loyal to the president [11][12] - The president may prioritize loyalty over market approval when choosing the next Fed chair [12] - Governors Waller and Bowman dissented from the Fed's decision to leave rates unchanged, advocating for lower rates [14] Banking and Regulatory Issues - The White House is reportedly preparing an executive order to punish banks that it claims discriminate against conservatives [15] - The president accused JP Morgan and Bank of America of discriminating against him by not taking his accounts [16] - Banks and the White House generally agree on a deregulatory agenda [17]

Geopolitics & Trade - Trump's trade war is testing India and Russia's relationship [1]

Economic Indicators & Labor Market - US economy added 73,000 jobs in July, far lower than expected, with June and May numbers revised down by a combined 258,000 [2] - The White House defended the dismissal of the Bureau of Labor Statistics Commissioner despite accusations of data manipulation without evidence [3][4][5] - The jobs data revision is considered a historically important outlier, the biggest since 1968 [5][6][7] - Declining response rates to BLS surveys contribute to data inaccuracies [8][9] Trade & Tariffs - New tariffs on almost every US trading partner are set to come into effect [1][12] - Tariffs could lead to a slowdown in spending and hiring, potentially impacting the economy [14] - The probability of a Federal Reserve interest rate cut increased from approximately 40% to 75% following the release of weak jobs data [16] - Potential interest rate cuts by the Fed are expected to be gradual, possibly a quarter point in September and another in December [17] Political & Policy Impacts - The President plans to appoint a new head of the Bureau of Labor Statistics within 3-4 days [19][20][22] - Texas Democrats fled the state to block a Republican redistricting plan that aims to add five new GOP seats [31] - The Texas Governor is threatening to expel or extradite the lawmakers [32][38] Environmental & Disaster Impacts - Severe weather, including wildfires and flooding, is causing chaos across the US [43][44][45][46][47][48][49][50] - Wildfires in central California have burned approximately 40,000 acres [46] - The Dragon Bravo fire in Arizona has become the largest in the US, burning over 116,000 acres and is only 11% contained [47] - Air quality alerts are in effect in multiple states due to smoke from Canadian wildfires [45][52][53] - Heavy rainfall and flooding are impacting parts of the Southeast, with 10 million people affected [54]

Despite a muted reaction from economic and financial markets, there will be lasting damage from Donald Trump’s trade war. And American shoppers will pay the price https://t.co/CbIhFDqgEC ...

A seductive idea is settling in that America is winning from Donald Trump’s trade war. But that thinking is deeply misguided. The game is not over. And it is one that America cannot win https://t.co/coOdsMzYsp ...

For months, Wall Street brushed off Donald Trump’s trade war and the Federal Reserve’s higher-for-longer stance — confident a resilient economy would keep propping up US markets https://t.co/0zZDnzBbd3 ...

Democratic Senator Tim Kaine of Virginia. He is member of the Armed Services and Foreign Relations Committee. Senator Kane, good to see you this morning.Thank you for joining us. Um, >> good to be with you guys. Thanks.>> Want to get your reaction to the breaking news, if you will, the jobs report that, as you just heard Stephanie say, a warning sign perhaps about the health of the nation's economy, but also the trade war that has been launched by President Trump. these tariffs, their impact of the economy, ...

Tonight, we're just hours away from the latest deadline in the rolling debacle that is Donald Trump's self-inflicted trade war. At midnight tonight, Trump's latest round of disastrous global tariffs are set to kick in. And since we've been here before, we know that means Trump is either about to chicken out again or crash the stock market or a combination of the two.And in the leadup to this latest deadline, Trump has insisted that he is not changing his mind this time. But tonight, on the eve of this deadl ...

The underlying legal justification for Donald Trump’s global trade war was the subject of significant doubt before the US Court of Appeals for the Federal Circuit in Washington: Here’s your Evening Briefing https://t.co/vKorUcw0Iz ...

Trade War & Tariffs - The Trump administration's tariff authority is facing legal challenges, with arguments presented before a federal appeals court questioning the necessity of congressional approval for imposing tariffs [1] - The lawsuit argues that tariffs imposed by President Trump represent the largest tax increase on Americans since 1993, costing the average American household $1,300 per year [1] - The administration defends the tariffs by citing the large trade deficit as an emergency, but the executive order mentions persistent trade deficits over the past 50 years, potentially undermining the emergency claim [1] - A lawyer argues that historically, no president has unilaterally imposed tariffs in the manner that President Trump has [3] - Congress has granted the president limited power to increase tariffs by 15% for 150 days in response to large trade deficits, but Trump bypassed this statute [4] Impact on Businesses - Small businesses are claiming that the tariffs are crippling them, with one company, Micro Kits, canceling orders and facing potential payroll issues [5] - Reshoring manufacturing to the US to avoid tariffs is projected to cost trillions of dollars and potentially take decades [7]