Group 1 - The U.S. job growth data for July was significantly lower than expected, with only 73,000 new jobs added, leading to a downward revision of previous months' data by 258,000 jobs, resulting in an average monthly increase of only 35,000 jobs over three months, indicating near-zero growth [1][3] - The Atlanta Federal Reserve reported a drastic drop in U.S. GDP growth from 3% to -1.5%, with manufacturing activity contracting for five consecutive months and the employment index hitting its lowest point since July 2020 [3][6] - Major corporations are facing financial difficulties, with General Motors' profits down by 30%, Ford reporting an $800 million loss, and Apple incurring an $1.1 billion loss in a single quarter [3][6] Group 2 - The Trump administration's tariffs have raised the average tariff rate to 17.3%, the highest since 1935, impacting consumer prices significantly, with households spending an additional $2,400 on clothing and footwear due to price increases of 40% for shoes and 38% for outerwear [5][6] - A survey indicated that only 38% of Americans support the tariff policy, with 46% of Republicans criticizing it, and 56% believing that Trump does not understand the struggles of ordinary citizens [8][12] - The Peterson Institute's model warns that an escalation of the trade war could result in the loss of 5.5 million jobs and an unemployment rate soaring to 7% [14]

Core Viewpoint - The article discusses the fallout between Elon Musk and Donald Trump due to a new legislative proposal called the "Big and Beautiful Act," which primarily benefits the wealthy while cutting social welfare programs for the poor [1][21]. Summary by Sections Legislative Changes - The "Big and Beautiful Act" proposes three main actions: 1. Continued tax cuts for the wealthy, with significant reductions in tax liabilities for corporations like Apple, which could save $13.5 billion in taxes based on projected profits of $97 billion in 2024 [1]. 2. An increase in military spending by 28% over five years, benefiting Trump's financial backers [11][15]. 3. Cuts to healthcare subsidies by $700 billion and food stamps by $267 billion, affecting 20 million people’s access to healthcare and 41 million people's access to food [19][20]. Musk's Reaction - Musk, typically an ally of the wealthy, is outraged because the act excludes renewable energy companies from the tax cuts, indicating a direct attack on his interests [4][3]. - He has criticized the act for potentially increasing the fiscal deficit, which is already projected to be $2 trillion annually [8][9]. Economic Implications - The article highlights the contradiction in Trump's approach, where he calls for debt reduction while simultaneously raising the national debt ceiling from $36 trillion to $40 trillion [24]. - The internal conflict within the U.S. government may provide an opportunity for other countries, as the U.S. may have less capacity to engage in international disputes [31][32].

Core Viewpoint - U.S. Treasury Secretary Janet Yellen stated that the date regarding the debt ceiling will be announced soon and emphasized that the U.S. will never default on its debt [1] Group 1 - The announcement regarding the debt ceiling date is imminent [1] - Assurance of no default on U.S. debt is a key message from the Treasury Secretary [1]