GET THE APP
Saturday, October 4, 2025

Category: Economy
July 31, 2025
William Upton
Economy

Two Fed Governors Break Ranks on Interest Rate Decision in Historic Dissent.

PULSE POINTS

❓WHAT HAPPENED: Two Federal Reserve governors dissented on holding interest rates, marking a break from an over 30-year-old norm.

👤WHO WAS INVOLVED: Federal Reserve Vice Chairman of Supervision Michelle Bowman, Fed Gov. Christopher Waller, and Fed Chairman Jerome Powell.

📍WHEN & WHERE: The decision was made during a Federal Open Market Committee (FOMC) meeting on Wednesday, July 30, 2025.

💬KEY QUOTE: “But we had two dissenters…. you want that clear thinking—expression of your thinking, and we certainly had that today,” said Federal Reserve Chairman Jerome Powell.

🎯IMPACT: The dissent highlights internal disagreements on monetary policy amid ongoing economic uncertainty.

IN FULL

Two members of the Federal Reserve‘s Federal Open Market Committee (FOMC), in a historically rare event, broke with the central bank panel’s decision to keep its benchmark lending rate at a range of 4.25 percent to 4.5 percent on Wednesday. FOMC members Michelle Bowman and Christopher Waller both voted to reduce rates by 25 basis points, setting expectations on Wall Street that the cost of borrowing will finally begin to fall after the committee’s next meeting in September.

A total of nine FOMC members voted to maintain interest rates at their current levels. However, the dissent by Bowman and Waller is significant, as the committee rarely sees disagreement among its members—having not occurred in at least three decades. Even more notable is that Waller and Bowman have both been publicly critical of the Federal Reserve and its chairman, Jerome Powell, for their reluctance to begin another rate-cutting cycle.

“We should not wait until the labor market deteriorates before we cut the policy rate,” Waller, a member of the central bank’s board of governors, said in a speech earlier in July.

However, some Fed observers are dismissing the significance of the Waller and Bowman dissent against Wednesday’s FOMC rate decision. They contend that both committee members are merely engaging in public politicking to garner favor with President Donald J. Trump in the hope of being tapped to replace Powell as chairman when his term expires next year—or if he is potentially removed earlier.

Last week, President Trump made a rare visit to the Federal Reserve’s headquarters, where he met with Powell and toured renovations being made to the central bank’s offices. Despite the strained relationship between Trump and Powell, the America First leader has recently indicated that he is content to allow the Fed chief to serve out his term.

“This was quite a good meeting all around the table. People thought carefully about this and put their positions out there,” Powell said on Wednesday following the conclusion of July’s FOMC meeting. He continued: “The majority of the committee was of the view that inflation is a bit above target. Maximum employment is at target. That calls for modestly restrictive [interest rates] in my way of thinking.”

The Federal Reserve chairman added: “But we had two dissenters …. you want that clear thinking—expression of your thinking, and we certainly had that today.”

Responding, President Trump said, “Jerome ‘Too Late’ Powell has done it again!!! He is TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job of Fed Chair,” indicating he may be considering removing him once again.

Join Pulse+ to comment below, and receive exclusive e-mail analyses.

show less
show more
July 31, 2025
Economy
News
World

Trump Tariffs on the Line as Court Decision Looms.

PULSE POINTS

❓WHAT HAPPENED: A federal appeals court is reviewing President Donald J. Trump’s global reciprocal tariffs, just before another round of duties is set to take effect.

👤WHO WAS INVOLVED: President Donald J. Trump, the U.S. Court of Appeals for the Federal Circuit, five small businesses, and 12 Democrat-controlled states.

📍WHEN & WHERE: Thursday, at the U.S. Court of Appeals for the Federal Circuit in Washington, D.C.

💬KEY QUOTE: “If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE ‘DEAD,’ WITH NO CHANCE OF SURVIVAL OR SUCCESS.” – Donald Trump

🎯IMPACT: The decision could set a significant precedent for presidential authority under the 1977 International Emergency Economic Powers Act.

IN FULL

President Donald J. Trump’s global reciprocal tariffs are under review by the full 11-judge bench of the U.S. Court of Appeals for the Federal Circuit in Washington, D.C. The hearing comes just hours before a new wave of trade duties is set to take effect.

The court will determine whether Trump exceeded his authority by imposing reciprocal tariffs on various U.S. trading partners. The appeal follows a May ruling by a three-judge panel of the Court of International Trade, which blocked the tariffs, stating that Trump’s use of emergency powers under the 1977 International Emergency Economic Powers Act (IEEPA) was unjustified. That decision has been stayed pending the outcome of this new hearing.

On Thursday, Trump posted on Truth Social, calling this case “America’s big case” and defending his use of tariffs, stating, “To all of my great lawyers who have fought so hard to save our Country, good luck in America’s big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE ‘DEAD,’ WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!”

The challenge to Trump’s use of emergency powers has been brought by five small businesses and 12 Democrat-controlled states. They argue that the IEEPA is meant to address “unusual and extraordinary” threats in national emergencies, which they claim the tariffs fail to meet.

Join Pulse+ to comment below, and receive exclusive e-mail analyses.

show less
show more
July 31, 2025
William Upton
Economy
World

Trump Labels India and Russia ‘Dead Economies’ Amid Trade Dispute.

PULSE POINTS

❓WHAT HAPPENED: President Donald J. Trump announced new tariffs on India, set to take effect tomorrow, while criticizing India’s economic ties with Russia and high Indian tariffs.

👤WHO WAS INVOLVED: President Trump, Indian government officials, former Russian President Dmitry Medvedev, and the BRICS bloc.

📍WHEN & WHERE: Tariffs take effect Friday; statements made on Truth Social and in Indian government responses over the past two days.

💬KEY QUOTE: “We have done very little business with India, their Tariffs are too high, among the highest in the World.” – Donald Trump

🎯IMPACT: Analysts estimate a $10 billion impact on Indian exporters.

IN FULL

President Donald J. Trump took aim at two key members of the BRICS economic bloc early Thursday morning, slamming Russia and India, the latter specifically for having not reached a bilateral trade agreement with the United States. A number of nations, including Japan and South Korea, along with the European Union (EU), have scrambled to reach deals ahead of Trump’s tariff deadline on August 1 after trade duties were initially announced at the America First leader’s “Liberation Day” event in April.

“I don’t care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World. Likewise, Russia and the USA do almost no business together,” Trump wrote on Truth Social. He continued, with special ire for Russia’s former president and the current Deputy Chairman of the Security Council, Dmitry Medvedev: “Let’s keep it that way, and tell Medvedev, the failed former President of Russia, who thinks he’s still President, to watch his words. He’s entering very dangerous territory!”

Medvedev has written in a July 28 social media post, “Trump’s playing the ultimatum game with Russia… Russia isn’t Israel or even Iran,” adding: “Each new ultimatum is a threat and a step towards war. Not between Russia and Ukraine, but with his own country. Don’t go down the Sleepy Joe [Biden] road!”

Trump announced that India would face a 25 percent tariff plus penalties for trading with Russia starting Friday. The Indian government has since responded, emphasizing that any deal must be “mutually beneficial” and protect its farmers and small businesses. Analysts at Mumbai-based Axis Bank estimate the tariffs could have a $10 billion impact on Indian exporters.

This dispute comes months after Vice President J.D. Vance visited India in April, calling the U.S.-India relationship a “win-win partnership” and advocating for stronger ties in energy and defense trade. However, Vance—and much of the America First movement—has also been critical of India’s abuse of the United States’s H1-B visa system, which Indians have used to flood the U.S. with cheap foreign labor.

While BRICS sees itself as being capable of launching an alternative competitor to the U.S. dollar, the bloc’s member states—Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates (UAE)—all lack stable or internationally attractive currencies. Additionally, most BRICS member economies either heavily rely on exports to the United States, are entirely leveraged on resource extraction, or, in the case of Iran, barely function.

Join Pulse+ to comment below, and receive exclusive e-mail analyses.

show less
show more
July 30, 2025
Economy

Trump Slaps 25% Tariff on India, Adds Penalty for Russia Trade.

PULSE POINTS

❓WHAT HAPPENED: President Donald J. Trump announced a 25 percent tariff on India starting August 1, alongside an unspecified penalty for trade and military equipment purchases from Russia.

👤WHO WAS INVOLVED: President Trump, Indian Prime Minister Narendra Modi, and the White House.

📍WHEN & WHERE: The new tariff rate was announced by President Trump in a post on Truth Social on Wednesday, July 30, 2025.

💬KEY QUOTE: “Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country.” – President Trump

🎯IMPACT: The tariffs could affect U.S.-India trade relations and India’s economic ties with Russia.

IN FULL

President Donald J. Trump announced a 25 percent tariff on India starting August 1, 2025, during a joint press conference with Indian Prime Minister Narendra Modi in the East Room of the White House. The tariff comes with an additional “penalty” in response to what Trump described as India’s unfair trade practices and its purchase of military equipment and energy from Russia. Notably, the 25 percent rate is slightly lower than the 26 percent tariff Trump had previously imposed on “Liberation Day.”

Trump explained his decision on Truth Social, stating, “Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country.” He continued: “Also, they have always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE — ALL THINGS NOT GOOD! “

“INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA!” Trump concluded.

The news of the tariff on Indian goods comes as the U.S. Department of Commerce announced on Wednesday that the American economy grew at a seasonally adjusted annual rate of three percent. This figure exceeded economists’ forecast of 2.4 percent. Additionally, the Commerce Department published data on Tuesday showing the trade gap in goods narrowed to $86.0 billion, down from $96.4 billion in May—suggesting that President Donald J. Trump’s tariffs are successfully rebalancing the economy in favor of American industry.

Join Pulse+ to comment below, and receive exclusive e-mail analyses.

show less
show more
July 29, 2025
Economy

Trump Tariffs Win as U.S. Goods Trade Deficit Narrows Significantly.

PULSE POINTS

❓WHAT HAPPENED: The U.S. goods trade deficit narrowed sharply in June, exceeding economists’ expectations, as imports fell significantly.

👤WHO WAS INVOLVED: The U.S. Commerce Department reported the data, with economists and analysts tracking the trade balance.

📍WHEN & WHERE: The report was released Tuesday, covering trade activity in June 2025.

🎯IMPACT: The narrowing deficit is expected to boost second-quarter GDP, with a smaller trade gap reducing its drag on economic growth.

IN FULL

A sharp drop in imports drove a significant narrowing in the U.S. trade deficit in June, with impacts particularly seen in consumer goods. The Commerce Department published data on Tuesday that shows the trade gap in goods narrowed to $86.0 billion, down from $96.4 billion in May—suggesting that President Donald J. Trump’s tariffs are successfully rebalancing the economy in favor of American producers. Economists had projected a deficit of an estimated $99 billion.

U.S. exports dropped only 0.6 percent to $178.2 billion, while imports dropped 4.2 percent to $264.2 billion. The drop in imports was primarily driven by a 12.4 percent drop in consumer goods imports. Notably, the slide in consumer goods imports—a category that includes items such as apparel, electronics, and household products—was the largest month-to-month decline seen in over a year.

The importation of industrial materials fell by 5.5 percent, while automotive part imports fell by a more modest 2.0 percent. Economists now expect the falling U.S. trade deficit to boost the 2nd Quarter gross domestic product (GDP), with an initial estimate set to be published in August.

Year-over-year data shows that the goods trade deficit fell by approximately 13 percent, or $12.8 billion. Meanwhile, exports rose 3.6 percent, with imports sliding 2.5 percent.

Join Pulse+ to comment below, and receive exclusive e-mail analyses.

show less
show more
July 29, 2025
Economy
News

CCP Moves to Expand Influence Over Panama Canal After Derailing U.S. Ports Deal.

PULSE POINTS

❓WHAT HAPPENED: A proposed deal between U.S.-based BlackRock and China’s CK Hutchison involving the transfer of international ports, including two in Panama, has collapsed amidst pressure from Beijing.

👤WHO WAS INVOLVED: BlackRock, CK Hutchison, China’s state-owned shipping giant Cosco, and President Donald J. Trump.

📍WHEN & WHERE: The deal collapsed on Monday, impacting 43 ports across 23 countries, including the Panama Canal ports of Balboa and Cristobal.

💬KEY QUOTE: President Trump has previously stated, “China is operating the Panama Canal, and we didn’t give it to China, we gave it to Panama—and we’re taking it back.”

🎯IMPACT: The failed deal raises concerns about U.S. strategic interests in the region.

IN FULL

China is poised to increase its influence over the Panama Canal following the breakdown of a proposed agreement between U.S. investment giant BlackRock and Hong Kong-based conglomerate CK Hutchison. The collapse of this $23 billion deal, initially met with criticism from Beijing, leaves the future of control over dozens of strategic international ports uncertain, including two positioned at either end of the Panama Canal.

The original agreement would have shifted ownership of 43 ports across 23 countries to a consortium involving BlackRock. Among those were the Balboa and Cristobal ports in Panama, which have been operated by CK Hutchison since 1997.

President Donald J. Trump had praised the collapsed deal, describing it as a step toward curbing China’s presence in the region. Referencing America’s former control over the canal, Trump had said, “China is operating the Panama Canal, and we didn’t give it to China, we gave it to Panama—and we’re taking it back.” The canal was handed over to Panama by the U.S. in 1999 following a 1977 treaty brokered by Democrat former President Jimmy Carter.

Amid rising pressure from Chinese authorities and concerns over a potential anti-monopoly investigation, CK Hutchison announced this week that its exclusive negotiation window with BlackRock had ended. However, the company left the door open for future restructuring of the deal. In a statement, CK Hutchison said it would “remain open to discussions with a view to inviting a major strategic investor from the [People’s Republic of China] to join as a significant member of the consortium.” The firm added that it believed “changes in deal structure and participant makeup are necessary to gain approval from all relevant authorities.”

One analyst, Dane Chamorro of Control Risks, suggested that while China may ultimately be left out of the Panama portion of the port portfolio, it could still walk away with control over many of the other global assets involved. “China will insist this be the quid pro quo: that the other global ports have Cosco participation. And obviously, Cosco is already a major global port holder,” he noted.

Join Pulse+ to comment below, and receive exclusive e-mail analyses.

show less
show more
July 28, 2025
Wake Up Right
Economy
World

European Union Bulldozed in Trump Trade Talks.

President Donald J. Trump “rolled over” the European Union (EU) in a historic trade deal—unlocking billions in energy purchases, investment, and military sales while locking in higher tariffs on European imports.

The details: Following a 75-minute private meeting in Scotland with European Commission President Ursula von der Leyen, Trump unveiled the outline of their preliminary agreement, which includes:

  • EU tariffs on U.S. imports drops to zero
  • 15 percent tariffs on most EU goods entering the U.S.
  • $750B in U.S. energy purchases from the EU
  • $600B in new European investment into the U.S.
  • EU will buy “hundreds of billions” in U.S. military equipment

Exclusions: Trump kept steel and aluminum tariffs at 50 percent, and pharma is not part of the deal.

President Trump, sitting beside von der Leyen, told the press:

  • “I think it’s great that we made a deal today instead of playing games and maybe not making a deal at all… I think it’s the biggest deal ever made.”

Zoom out: The deal comes just days before Trump’s August 1 deadline, which would have seen steep tariffs—including 30 percent on autos and 200 percent on pharma—levied against EU imports to the U.S.

Back up: Trump has said the EU was “formed to screw the U.S.” and “nastier than China”.

What the Europeans are saying: An article for the Financial Times titled “How the EU succumbed to Trump’s tariff steamroller,” concluded:

  • “There is no hiding the fact the EU was rolled over by the Trump juggernaut, said one ambassador. ‘Trump worked out exactly where our pain threshold is.’”

Big picture: Since beginning his second term, Trump has sought to reset the United States’ relationship with Europe in trade and defense. He’s gotten NATO allies to agree to increase defense spending to five percent, signed a historic trade deal with the UK, and now a trade deal with the EU.

Be sure to subscribe to the Wake Up Right newsletter! 

show less
President Donald J. Trump “rolled over” the European Union (EU) in a historic trade deal—unlocking billions in energy purchases, investment, and military sales while locking in higher tariffs on European imports. show more
July 25, 2025
William Upton
Economy

Trump ‘Thinking About a Little Rebate’ for Americans, Funded by Tariffs Windfall.

PULSE POINTS

❓WHAT HAPPENED: President Donald J. Trump is floating using some of the revenue generated by his tariffs to fund rebate checks for American taxpayers.

👤WHO WAS INVOLVED: President Trump, the Treasury Department, and American taxpayers.

📍WHEN & WHERE: Trump addressed the idea of rebate checks while fielding questions outside the White House on Friday, July 25, 2025.

💬KEY QUOTE: “We have so much money coming in, we’re thinking about a little rebate. A little rebate for people of a certain income level might be very nice.” — President Trump

🎯IMPACT: Rebates could help further boost consumer confidence and the U.S. economy, but such direct economic stimulus could also increase inflationary pressure.

IN FULL

President Donald J. Trump suggested on Friday that Americans could see rebate checks funded by record revenues taken in by the federal government through the imposition of tariffs on foreign goods. While the rebates could help further boost consumer confidence and the U.S. economy, such direct economic stimulus could also increase inflationary pressure.

“We have so much money coming in, we’re thinking about a little rebate,” President Trump told reporters outside the White House on Friday. “A little rebate for people of a certain income level might be very nice.”

Data published by the U.S. Treasury Department shows that Trump’s tariffs have generated well over $100 billion in revenue so far this year.


Tariff revenues could reach nearly $30 billion in July alone. The National Pulse reported last week that data released by the Bureau of Labor Statistics (BLS) indicates that foreign manufacturers, not American consumers, are absorbing a bulk of the tariff costs, as they seek to protect their share in the U.S. market.

Tariff critics have—thus far—wrongly contended that the trade duties would be largely passed on to American consumers. This, however, would suggest that a taxpayer rebate would act purely as a stimulus and not as a tariff cost offset, meaning the increase in dollars among consumers could have inflationary impacts.

Previously, the Trump White House floated using some savings generated by cuts in government waste, identified by the Department of Government Efficiency (DOGE), to pay for rebate checks. The idea originated from former DOGE staffer James Fishback. However, his departure from the agency appears to have also sidelined the idea.

Join Pulse+ to comment below, and receive exclusive e-mail analyses.

show less
show more
July 25, 2025
Economy
Politics

Democrats Delete Post Showing Biden Caused Spike in Grocery Prices.

PULSE POINTS

❓WHAT HAPPENED: The Democratic Party deleted a post on X (formerly Twitter) after a chart aiming to blame grocery price spikes on President Donald J. Trump was exposed as showing prices actually accelerated under former President Joe Biden.

👤WHO WAS INVOLVED: The Democratic Party, former President Joe Biden, President Trump, and commentators on X (formerly Twitter).

📍WHEN & WHERE: The post was deleted late Thursday night, July 25, 2025, after backlash on X.

💬KEY QUOTE: “Democrats deleted this tweet after everyone with eyes pointed out it showed grocery prices skyrocketed under Biden.” — Journalist Peter Hasson

🎯IMPACT: The incident highlighted inflation under Biden and undermined the Democratic Party’s attempt to blame Trump for high grocery prices.

IN FULL

The Democratic Party‘s official social media account on X (formerly Twitter) removed a post late Thursday night after an attempt to blame high grocery prices on President Donald J. Trump backfired. The post featured a chart showing record-high prices for produce, meat, cheese, dairy, and alcohol, captioned “Trump’s America.” However, users on X quickly pointed out that the significant price spikes occurred during former President Joe Biden’s tenure in the White House and have subsequently stabilized and leveled off under President Trump.

The now-deleted post, shared by the official @Democrats account, included a chart labeled “U.S. Grocery Prices Reached Highs in 2025.” The error was widely mocked online, with the White House’s “Rapid Response” X account also weighing in. Conservative journalist Peter Hasson noted, “Democrats deleted this tweet after everyone with eyes pointed out it showed grocery prices skyrocketed under Biden.”

Wall Street Journal writer Kyle Smith added, “This is the breathtakingly moronic tweet deleted by the official X account of the Democratic Party, which shows almost no inflation under Trump, massive inflation under Biden, then almost no inflation under Trump 2.”

Inflation under Biden reached 9.1 percent in June 2022, and food costs rose by 22 percent during the octogenarian Democrat’s tenure in the White House. In contrast, during Trump’s first six months of his second term, food prices have increased by approximately 1.0 percent, based on federal data—a significant cooling in inflationary pressure. Consumer Price Index (CPI) reports under Trump have consistently shown lower-than-expected inflation, despite hysteria over his tariffs.

The Trump White House has defended its economic policies, stating that the data “proves that President Trump is stabilizing inflation and the Panicans continue to be wrong about tariffs raising prices.” Additionally, President Trump recently announced significant new trade deals with Japan and Australia, which should further boost the U.S. economy and curb inflation.

Image by Gage Skidmore.

Join Pulse+ to comment below, and receive exclusive e-mail analyses.

show less
show more
July 24, 2025
William Upton
Economy
Politics

Trump Hits Powell Over Renovation Costs During Historic Fed Visit.

PULSE POINTS

❓WHAT HAPPENED: President Donald J. Trump chastised Federal Reserve Chairman Jerome Powell in person over the nearly $1 billion in cost overruns for renovations and new office construction undertaken by the American central bank.

👤WHO WAS INVOLVED: President Trump, Powell, and the Federal Reserve.

📍WHEN & WHERE: Thursday, July 24, 2025, at the Federal Reserve in Washington, D.C.

💬KEY QUOTE: “A lot of very expensive work, there’s no question about it,” Trump said, adding: “So we’re taking a look, and it looks like it is about $3.1 billion; it went up a little bit.”

🎯IMPACT: Trump’s visit is likely part of a broader campaign to pressure Powell and the Federal Reserve to cut interest, mirroring similar efforts by the late President Richard Nixon to push his Fed chairman, Arthur Burns, into lowering borrowing costs.

IN FULL

President Donald J. Trump chastised Federal Reserve Chairman Jerome Powell in person over the nearly $1 billion in cost overruns for renovations and new office construction undertaken by the American central bank. On Thursday, July 24, 2025, Trump became only the fourth President in American history to visit the Federal Reserve, and the only President to enter the building for nonceremonial purposes. Previously, former Presidents Franklin Delano Roosevelt, Gerald Ford, and George W. Bush each visited the Fed.

“Thank you very much, we’re looking at the construction, and we’re with the chairman, as you know,” President Trump said before waving Powell over to join him in front of the cameras: “Chairman, come on over.”

“And we’re just taking a look at what’s happening, and it’s a tough construction job; they’re building basements where they didn’t exist or expanding them. A lot of very expensive work, there’s no question about it,” Trump continued. “So we’re taking a look, and it looks like it is about $3.1 billion; it went up a little bit.”

A stunned Powell abruptly began shaking his head in disagreement, insisting the construction costs were not that high. President Trump proceeded to produce a report detailing the cost, which included a separate office space that the Federal Reserve did not pair with its renovation estimates.

For weeks, President Trump has increased pressure on the U.S. central bank to begin slashing interest rates as economic data has shown some concerning deflationary signals. Powell, however, has remained obstinate, maintaining rates at their current levels.

This has led to some speculation that Trump could move to fire Powell—with cause— by citing the renovation cost overruns, though the America First leader has insisted he does not intend to remove the Fed chairman before his term expires next year.

Join Pulse+ to comment below, and receive exclusive e-mail analyses.

show less
show more