Trump’s Tariffs Cost Americans
Remember back to “Liberation Day” on April 1? That’s when President Donald Trump announced the US would no longer be taken advantage of by foreign-favoring tariff structures. Now the data is in.
The good news: Even with some muted or delayed tariffs following Trump’s blockbuster launch, the ones already in place are giving a significant boost to US revenues.
The bad news: Those dollars are coming from US companies and consumers.
“The top-down macro evidence seems clear: Americans are mostly paying for the tariffs,” George Saravelos, global head of FX research at Deutsche Bank AG, said in a note Tuesday. “There is likely more pressure on US consumer prices in the pipeline.” Read More
We’re watching for deals rolling in as the Aug. 1 deadline nears for most countries to settle on tariffs with the US.
The Phillipines and Japan were among the latest to secure agreements.
See Also:
- Europe Warms to China’s Investments in Face of US Tariffs
- Thailand Says Nearing Deal With US to Lower 36% Export Tariff
‘Rogue’ Judges’ NJ Chief Choice
Who is leading New Jersey’s US Attorneys office? That’s one question sure to be on the minds of federal attorneys and judges today.
New Jersey federal trial judges appointed First Assistant US Attorney Desiree Grace as interim head of the office, declining to extend the tenure of temporary chief and one-time Trump defense lawyer Alina Habba, Justin Wise and David Voreacos report.
Hours later, DOJ Attorney General Pam Bondi removed Grace and excoriated the judges for appointing her.
- “This Department of Justice does not tolerate rogue judges—especially when they threaten the President’s core Article II powers,” Bondi said in a post on X yesterday.
Trump tapped Habba for the acting role in late March. She proved to be a controversial figure in her temporary role. She said she’d like to help Republicans in the state and brought high-profile cases against Democratic politicians. She also dismissed a long-running overseas corruption matter. Read More
The clash could mark an escalation in tensions between the Trump administration and the judiciary. Firing Grace also rankled New Jersey’s two Democratic senators, Cory Booker and Andy Kim, who called it “is another blatant attempt to intimidate anyone that doesn’t agree with them.” Read More
More Coal, Less Safety Offices
It’s no secret a coal industry renaissance is among Trump’s top priorities. Just in April, he signed an order titled “Reinvigorating America’s Beautiful Clean Coal Industry.”
Yet as the administration sets the stage for increased coal production, it’s also planning to cut costs by eliminating four key mine safety offices, Tre’Vaughn Howard and Jon Meltzer report. One of those offices was created to improve safety following a 2010 disaster in West Virginia, where 29 miners lost their lives.
The cuts would leave the US Mine Safety and Health Administration with only two district offices in West Virginia to oversee employers across nearly a dozen states. District personnel would be further from the field offices and mine operations they supervise, as the agency stuggles to inspect mines as frequently as the law requires.
“Everybody knows this is a bad idea,” said Carey Clarkson, the vice president of the National Council of Field Labor Locals. “It’s not going to save money, it’s going to cost lives.” Read More
It’s (Almost) Recess
Republican lawmakers in Congress seem to have taken advantage of every minute this year, holding all night vote-a-ramas and working on the weekends to accomplish Trump’s agenda. Now they’re giving some minutes back — at least in the House.
Speaker Mike Johnson (R-La.) is sending the House home a day early, as he works to prevent GOP members from having to vote on the release of the Jeffrey Epstein files.
That gives Johnson time to brainstorm, but won’t erase the Epstein issue that’s split the Republican Party in a big way. To top it off, Congress must quickly pass its fiscal 2026 spending bills or much of the government will shut down at the end of September, Jonathan Tamari reports.
Bloomberg Government customers, check out this morning’s Congress Tracker where Tamari breaks down what to expect when lawmakers return to Washington.
Reshaping College Sports
Calling all sports fans: The House Education & Workforce Committee will mark up a measure today to cement a landmark NCAA court settlement with student-athletes into law.
The SCORE Act (
An Energy and Commerce subcommittee approved the measure last week in a party-line vote.
Before You Go
Trump & AI: The president will deliver a keynote address today about AI at an event in Washington hosted by the All-In podcast and the tech consortium Hill and Valley Forum. Oma Seddiq and Stephanie Lai previously reported Trump is expected to announce policy guidelines for artificial intelligence that will call for easing regulation and expanding energy sources for data centers.
Opposition to State Livestock Rules: House Republicans are reintroducing revised legislation targeting certain state laws that regulate livestock production standards, Skye Witley reports. Rep. Ashley Hinson (R-Iowa) is expected to introduce a bill with 18 GOP cosponsors today that would prevent states and local governments from enforcing conditions for how an animal bought from another state is raised, according to a review of legislative text obtained first by Bloomberg Government. Read More
Crypto Industry Boosted Lobbying: Crypto companies and advocates of digital assets boosted their lobbying this year to ensure passage of landmark legislation, delivering the nascent industry its first major policy victory in Washington. The firms reported spending $6.9 million in the second quarter, congressional disclosures show, a 21% increase over their outlays in the previous three months. Trump signed a stablecoin bill into law last Friday. Read More
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