Happy Friday and welcome to August! It’s a bit chill in Washington today. Meteorologists have noted that this could be the coolest start to August in 40 years for DC.
In today’s highlights:
- July showed a stall in employment, raising alarms
- Revisions to job statistics for May and June
- Trump is not pleased with Powell
- White House announces new tariff rates
- Ghislaine Maxwell has been moved to Texas
- Senator indicates public announcements may delay the holiday recess
The 12:30 report will be on break next week and will return on August 11th, possibly after the Senate has wrapped up. 🌞🌴
Hill’s Morning Report and Invinde Report will be available for updates!
🚨 At the White House
Screeneeeeech:
The US job market added just 73,000 jobs in July, which is much lower than what economists were anticipating, raising concerns about the economy’s direction.
The Labor Department published new monthly data indicating a weaker job market. Economists predicted about 100,000 new jobs, but the unemployment rate edged up from 4.1% to 4.2%.
It gets worse: Job gains for May and June were significantly revised down, with a total of 258,000 jobs cut from the earlier figures.
This means only 19,000 jobs were added in May, down from the initial report of 144,000. June saw just 14,000 new jobs instead of the 147,000 initially reported.
This is surprising: The US has added only 106,000 jobs over the past three months.
And how did Trump react? Not well. President Trump lashed out at Federal Reserve Chair Jerome Powell, labeling him a “stubborn idiot” for not lowering interest rates and took to social media to express his frustration.
Democrats have responded:
- Senate Minority Leader Chuck Schumer criticized Trump, stating that it’s troubling to see the repercussions of Trump’s trade policies impacting Americans.
- Senator Chris Murphy called the job report “naturally bad.”
- California Governor Gavin Newsom expressed his frustration, suggesting Trump is “crashing our economy.”
For context: Despite the ongoing tariff turmoil, the economy has been somewhat stable this year. However, this employment report reveals some cracks in the market.
Stocks fell sharply following the employment news.
It’s a customs day for everyone to celebrate:
President Trump announced new tariffs on a number of countries, which could be significant for global trade. One new tariff is set for 50%, effective August 7.
- Brazil: 50%
- Canada: 35% (increased from 25%, effective immediately)
- Laos: 40%
- Switzerland: 39%
- Iraq: 35%
- South Africa: 30%
- India: 25%
- Algeria: 30%
- Moldova: 25%
- Nicaragua: 18%
Additionally, many other countries will face a 15% tariff.
Trump also announced: Canada’s tariff increase from 25% to 35%.
As for Mexico? Trump has granted a 90-day extension.
Not to forget: Trump has various existing trade agreements with multiple countries, with differing tariff rates.
- Indonesia: 19%
- Thailand: 19%
- South Korea: 15%
- Japan: 15%
- UK: 10%
➤Tidbit – Trump is expanding the White House:
Plans are underway for a new $200 million ballroom adjacent to the White House, as announced by Press Secretary Karoline Leavitt.
Funding: This will be financed by Trump and various donors.
Also: Trump spoke with Axios about working towards humanitarian assistance in Gaza.
Today, Trump’s two top diplomats: Steve Witkoff and Mike Huckabee are in Gaza, preparing to share more details upon their return.
Ghislaine Maxwell has been moved:
Ghislaine Maxwell, a close associate of Jeffrey Epstein, was quietly relocated from a federal prison in Florida to another in Texas.
Timing: This comes as Maxwell, who is serving a 20-year sentence for sex trafficking, is appealing her conviction.
Recently, the House Oversight Committee requested her testimony as documents concerning Epstein are being sought from Trump’s administration.
Capitol Hill’s progress:
Rather than starting the traditional August break, senators are bracing for weekend work.
Current status: Senate Majority Leader John Thune has filed cloture motions for more than 10 nominations but hasn’t reached an agreement with Minority Leader Schumer.
Some votes are planned for Saturday and Sunday.
Is there a way to speed things up? Debates are ongoing about rule changes to hasten confirmation processes, which Schumer defends as necessary due to the quality of some candidates.
Trump’s hope: He wants the Senate to skip the break to confirm his nominees still awaiting approval.
Yes, it seems there’s a bit of tension in the Senate, but perhaps a break is also what everyone needs…
Republicans may have a workaround: Thune is contemplating extending the break to allow Trump to appoint more candidates. However, that idea comes with its own set of challenges and concerns.
It’s nearly time for recess
The House is set to adjourn, as is the Senate. Trump remains in Washington.
4 pm: Trump departs for Bedminster, New Jersey.
Saturday: Vice President Vance celebrates his 41st birthday.
🐝 Internet topics
🥧 Celebrate: Today marks National Raspberry Cream Pie Day, but tomorrow is National Ice Cream Sandwich Day, followed by National Watermelon Day on Sunday!
👏 Exciting news: Reeses and Oreo have collaborated on two new treats. Look out for the Reese’s Oreo Cup and Reese’s Cookies.
📗 For book lovers: The Atlantic team has compiled a list of book recommendations. Personally, I feel like diving into a good Elin Hilderbrand novel this month.
👋 And finally…
Let’s ease into the weekend with a laugh. There’s a viral video where a mother pranks her duck!
