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New York among state suing over Trump’s new tariffs, calling them 'pretext'
The United States last month imposed double-digit tariffs on 59 countries and the European Union.
Senate Panel Will Examine Small Business Pressures
Senate committee investigates tariffs and lending challenges facing small businesses. Hear how rising costs impact Main Street entrepreneurs this week.
25 states sue Trump over new, Section 301 tariffs
Last month, the president imposed tariffs on more than 80 U.S. trading partners, saying they failed to ban imports made with forced labor
25 states sue over Trump administration's latest tariffs, citing Supreme Court ruling
The United States last month imposed double-digit tariffs on 59 countries and the European Union, charging that they had not done enough to crack down on imports produced by forced labor.
California sues Trump to block latest tariffs, sharing of needy families' data with ICE
California sued the Trump administration twice Monday, to block President Trump’s latest round of tariffs and to block his administration from sharing needy families’ personal data with immigration officials.
Debt Digest | Federal Debt is a Health Care Problem
Welcome David Ditch to the Debt Dispatch! We are pleased to announce a new regular contributor: David Ditch will be joining the Cato Institute as a Policy Analyst for Budget and Entitlement Policy later this week. David has more than a decade of experience in fiscal policy issues, with a particular focus on federal spending. He previously worked at the Senate Budget Committee, the Heritage Foundation, and the Economic Policy Innovation Center. David’s areas of expertise include appropriations, transportation, agriculture, federalism, grantmaking, and policy options for deficit reduction. Originally from the Rochester, N.Y. area, David has a BA in Economics and Political Science from the University of Rochester and a MA in Political Management from George Washington University. David currently lives in Arlington, VA. You may have enjoyed his earlier guest posts: CBO: New Highway Bill Has More Spending, Taxes, and Deficits Trump Administration’s Proposed Changes to Federal Grants Highlight Problems of Big Government Here are this week’s reading links and fiscal facts: The federal debt is largely a health care problem. In a new report, the Congressional Budget Office and Joint Committee on Taxation find that “In 2026, federal subsidies for health insurance, net of related payments to the government, are projected to equal $2.4 trillion, or 7.4 percent of gross domestic product (GDP). In CBO and JCT’s projections, those subsidies grow by 65 percent, reaching $3.9 trillion, or 8.4 percent of GDP, in 2036. Subsidies for Medicare contribute most to that overall growth, increasing by $900 billion. Over the entire 2026–2036 period, federal subsidies for health insurance total $33.6 trillion.” Cato’s Michael Cannon emphasizes, “The long-term federal debt problem is a health care problem. […] Only two categories of federal outlays will grow faster than gross domestic product (GDP): health care subsidies and interest payments on the debt. The former is, therefore, the primary driver of the latter.” The bond market fears deficits, not the loss of tariff revenue. Responding to a New York Times essay claiming tariff revenue has grown too important for a future administration to unwind, Cato’s Kyle Handley argues: “Bond investors are not attached to customs duties as a line item revenue source. They care about the government’s overall fiscal position.” He continues, “tariff revenue is a side hustle. And the Trump administration has already promised to dole out the funds through schemes like tariff dividend rebates, farm subsidies, and pay-fors on tax cuts or other spending.” Furthermore, “tariff revenue is simply not large enough to transform the government’s fiscal trajectory.” Take net interest for example: it “reached $970 billion in fiscal year 2025, absorbing 18.5 percent of federal receipts. Customs duties accounted for only 3.7 percent of receipts—and that was before refunds (see Figure 2).” Handley concludes, “The real bond-market concern is a large and growing interest bill, persistent budget deficits, and a political system unwilling to bring spending and revenue into alignment.” Medicare’s spending growth is driven by more volume and utilization. A Congressional Research Service report finds that Medicare spending “grew at an average annual rate of 7.3%” from 1985 through 2025, and the trustees project health care expenditures will keep rising “faster than gross domestic product (GDP) in most future years.” Citing CBO, the report attributes Medicare’s projected 2026–2036 spending growth to “23% from higher enrollment, 31% from inflation, and 47% from the growth of inflation-adjusted spending per beneficiary. In other words**, the largest single driver of Medicare spending growth during the next decade is expected to be higher volume and intensity of health care services.”** Boccia and Thakur explain: “as the economy grows, Medicare spending tends to grow at least as fast—and often faster—because the program automatically pays the bill for more and more healthcare consumption by seniors, even as prices rise.” The Fed has little control over market interest rates. Cato’s Jai Kedia documents that the Fed has held its rate target steady since December, yet “nearly every rate Americans actually borrow at has climbed over the same stretch.” Kedia continues, “The Fed did nothing, and the cost of credit went up anyway. […] Markets spent these months repricing macroeconomic events such as sticky core inflation, a volatile energy market driven by the conflict in the Middle East, and global trade disrupted by tariffs, among others. None of that required a policy change to show up in borrowing costs because markets, not the FOMC, set prices.” He concludes, “Accurately priced borrowing rates will come from credible disinflation and disciplined budgets and from a Fed content to follow the economy rather than pretend it leads it.” Nearly half of US farm income comes from taxpayers. Former Reagan OMB director David Stockman notes that “in the most recently completed full year (FY 2025) farmer incomes in the US totaled $97.8 billion, but fully 42.7% or $41.8 billion of that amount came from taxpayers, not the marketplace. Nor is this some kind of one-year aberration. If we look at the most recent decade as a whole, total farm income posted at nearly $708 billion, but, as indicated, fully $322 billion or 45% of this came compliments of US taxpayers.” Cato’s Chris Edwards explains why so little of that income is market-earned: “Farmers are businesspeople, but the government shields them from just about every type of weather and market risk. Furthermore, just about every part of the agricultural industry is subsidized, including insurance, loans, marketing, research, export sales, and land improvements.” The Debt Dispatch is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Subscribe
For most US small businesses, Trump’s tariffs aren’t the big issue they were
Tariffs are annoying and disruptive, but this round is less impactful – and business owners are taking them in their stride
Small businesses squeezed by Trump's tariffs turn to risky cash advances
Trump’s tariffs are squeezing some small businesses, and a Fed survey shows more firms applying for merchant cash advances despite steep costs.
Trump touted his tariffs in Michigan despite rising costs. Even some of his supporters are worried
During President Donald Trump's rally in Milford, the crowd was adoring. But even some of his ardent supporters said prices are too high and tariffs had caused short-term economic pain.
Federal tariff refund portal offers relief for small businesses hit by import costs
Businesses across the U.S. may be in line for a significant financial boost after federal agencies launched an online system allowing importers to apply for tariff refunds.
Business News: Independent Watch Retailer Collective Horology Sues Trump And Administration Over New Tariffs
California watch retailer files suit alongside spice importer against new tariffs it says have been imposed "unlawfully," causing "severe" negative impact on business.
Business journalism studies took her to the White House | UNC Hussman School of Journalism and Media
The story by UNC Hussman alumni Brennan Doherty ’19 and video by John Roberts ’16 (M.A.) was originally published on unc.edu. This story is part of a four-part series on Carolina alumni working in Washington, D.C. Soon after her 2015 graduation from UNC-Chapel Hill, Megan Cassella was an intern for the Reuters news agency, eagerly awaiting and prepping for a special assignment. “Every now and then they needed an intern to run over to the White House last minute,” Cassella said. “You have to send your information the night before, so I started proactively sending my information to the White House every single night to be able to go the next day if they ever needed an intern.” Since then, she’s made many return trips to 1600 Pennsylvania Ave. in a career that’s included roles at Reuters, Politico, Barron’s and now CNBC, where she works as an on-air Washington correspondent. A longtime newswriter, Cassella made the move to TV in 2024, appearing on broadcasts multiple times daily to report on the biggest political and business stories. But the keys to doing a good job — knowing how to research, asking insightful questions, building relationships and explaining complex topics to a broad audience — remain the same. Did you know: Outside of the state of North Carolina, the Washington region is home to the largest concentration of Tar Heel alumni in the country. Cassella’s time as a Tar Heel was crucial in sharpening those skills, both in the UNC Hussman School of Journalism and Media and through roles at student-run publications like The Daily Tar Heel. She excelled in Carolina’s business journalism program with former professor Chris Roush, which led to an internship at The Charlotte Observer and helped Cassella find her journalistic niche. A data journalism course with Associate Professor Ryan Thornburg taught her how to find stories in numbers, and former professor Paul O’Connor’s reporting class took Cassella to the North Carolina Capitol weekly, where she gained invaluable experience interviewing politicians. “Those hands-on experiences that Carolina gave me really kept my interest and have really benefited me since I’ve been up here in D.C.,” said Cassella. “I have UNC to thank for the fact that I even went into business journalism in the first place.” Megan Cassella ’15 “You’ve got to thrive on adrenaline in this job. You’ve got to do well with last-minute changes, with running by the seat of your pants.” Megan Cassella ’15 ‘There’s nothing else like it’ In recent months, Cassella has reported live from the G7 Summit in Geneva, covered the latest developments in the U.S.-Iran war and followed changes to trade policy, including tariffs. “Anything in this realm that influences Wall Street, I’ll be covering,” Cassella said. Her working hours are long and variable. After waking up, Cassella immediately checks her phone to see what news broke overnight. By 8:15 a.m., she usually learns which newscasts she’ll be on, and then she heads to the newsroom, White House or wherever her assignment is. “We want you in the 9 a.m. show and the 11, and then the 3 o’clock show wants you, too,” Cassella said, referring to a hypothetical day. If Cassella gets an exclusive or major news breaks, she might be told, “We want that on TV right now.” Within five minutes, she’d be expected to get to the camera, figure out what to say and deliver the news to a live audience. “It’s exciting. It’s nerve-wracking,” Cassella said. “But there’s nothing else like it.” A well-rounded education Cassella grew up in Maryland, the youngest of four kids. Her oldest brother, Brian Cassella ’05, attended Carolina, became a photojournalist and recently won a Pulitzer Prize. She remembers visiting campus as a young child and loving it. “I just always wanted to go,” she said, and that desire grew when she, like her brother, gravitated toward journalism. But it wasn’t just the journalism school that drew Cassella to Carolina. “It was also the whole liberal arts curriculum,” she said. “Even though I always wanted to be a journalist, I got to college, and I sort of felt I had to think about other things. I had to explore my options and see if that’s what I really wanted.” Did you know: In April UNC-Chapel Hill opened its Carolina in the Capital office in Washington. She combined her journalism schooling with a global studies major and a history minor. That broad range of academic experiences in Chapel Hill molded her, preparing Cassella for a career that’s taken her to the highest levels of political journalism and inside the Oval Office. “When you sit back and remember you’re actually sitting inside the White House and asking questions of the president, it’s a cool feeling,” Cassella said. “No matter who is in office, no matter what administration or party, it’s a privilege to be there.” Megan Cassella on… Being a Tar Heel in Washington: I run into Tar Heels all the time. My husband’s a Tar Heel. We actually met here in Washington, not at Carolina, even though we were the same class. Probably most of our friends are still Tar Heels. Even up here in D.C., we all get together for games and March Madness. And through work, there’s Tar Heels all over the place. It’s often used as a connection. Favorite Franklin Street spot: When we go back, our first stop is always IP3. That’s more my husband’s doing than mine. In college, I was a huge Spanky’s fan. Felt like it was a classic spot. May it rest in peace. Advice to journalism students: Reps, reps, reps! Nothing beats the experience you’ll gain by simply starting to do the work — asking the questions, reporting and writing the stories, doing the TV hits. When you can, go places in person. Talk to more people than you think you’ll need. Read as much as you can, from different sources and on different topics. If you’re not sure how to start your story, that usually means you need more reporting. When you’re not sure, ask.
Philips’ receives financial boost from $212M tariff refund
The Amsterdam-based manufacturer also highlighted the benefits of “disciplined cost management” and “productivity initiatives” that helped deliver over $150 million in savings for Q2.
Under pressure over China backers, Mercedes CEO pledges to defend U.S. business
The U.S. Senate Commerce Committee approved legislation last week to toughen a ban on Chinese automakers entering the U.S. market.
Kingdom K-Pop and More: Clemmons business struggles stem from U.S. tariffs on South Korean goods
Kingdom Kpop and More in Clemmons is seeing more empty shelves than usual, but it's not for the reason most business owners would hope.
Small businesses launch new Trump tariff challenge
The lawsuits set up another legal test of Trump's tariff agenda.
WATCH LIVE: Trump expected to tout his economic policies and tariffs in Michigan
President Donald Trump is touting his handling of the economy during a visit to suburban Detroit on Monday, defending sweeping tariffs in a swing state where their effects have hurt many businesses as midterm election season heats up.
Toy company CEO shares how Trump's new round of tariffs could affect business
NPR's Leila Fadel speaks with Jay Foreman of toy importer Basic Fun! about President Trump's latest round of tariffs. The company has paid millions of dollars in import duties under Trump.
Trump's new 50% Canada tariff could shake Maine businesses
President Donald Trump on Monday ordered new trade deal-exempt tariffs on a range of Canadian products, to take effect next month.
Small businesses file lawsuits against Trump's new sweeping tariffs
Experts say it might be tougher to successfully challenge the current round of tariffs than previous rounds.
The unexpected cost of tariffs for some small business owners
When President Trump invokes tariffs - he promises they’ll benefit Americans. But the experience of some small business owners tells a different story. For this week's Reporter's Notebook, Host Debbie Elliott speaks with NPR Business Correspondent Alina Selyukh about what she learned about the unexpected costs small businesses are shouldering.For sponsor-free episodes of Consider This, sign up for Consider This+ via Apple Podcasts or at plus.npr.org. Email us at considerthis@npr.org.This episode was produced by Gabriel Sanchez. Our director is Erika Ryan.It was edited by Emily Kopp and Adam Raney.Our interim executive producer is Courtney Dorning.
President Trump just implemented new tariffs. How are small businesses coping?
An NPR business correspondent explains how to cover the complex story of how small businesses are coping with tariffs.
Small businesses file lawsuits against Trump's new sweeping tariffs
Trump’s tariffs are headed to court — again. Two lawsuits filed by small businesses are challenging Trump’s sweeping tariffs announced Thursday that impose double digit levies on 60 trading...
Swiss cheesemakers try to fill hole in sales from US tariffs
The Alpine farmers who make one of Switzerland's most famous cheeses are seeking to fill the hole in sales left by U.S. import tariffs, which have caused demand to plunge in one of their most important export markets.
New Trump Tariffs Increase Uncertainty For Small Businesses
The change in tariff policies that went into effect Friday is distinctly worrying for some small firms, but other say it's business as usual.
Small businesses sue Trump to stop latest wave of tariffs
The Liberty Justice Center challenged Trump’s emergency tariffs last year before the Supreme Court and won a key ruling.
U.S. small businesses file lawsuit challenging Trump's new 'forced labor' tariffs
Two U.S. small businesses on Friday challenged President Donald Trump's latest round of tariffs on goods from 60 trading partners, saying that the new policy, like most of Trump's previous tariffs, went beyond the president's authority to tax imports.
Small Businesses Sue Trump Administration Over Latest Tariffs
The businesses are represented by the Liberty Justice Center, a legal group that has successfully challenged President Trump’s past duties.
U.S. tariff hikes linked to claims of forced labor anger trading partners
The Trump administration late Thursday announced extra tariffs of 10% to 12.5% on 60 countries
Trump’s new tariffs ‘a sales tax that will make life harder for Americans’, say Democrats
Even some Republicans apparently expressing concern over measures against 85 countries
Wall St futures rise after tech rout; Mideast, tariffs in focus
U.S. stock index futures edged higher on Friday after a tech-led selloff in the previous session, as investors weighed fresh earnings, escalating Middle East tensions and a new tariff announcement from the Trump administration.
UK says latest US tariffs mean "no negative change" for British businesses
Britain on Friday said the United States' latest decision to impose tariffs on its trading partners over allegations of lax enforcement of forced labour bans would have no negative effect on UK businesses.
Asian stocks slide as Trump hits more than 80 countries with new tariffs
Rolling coverage of the latest economic and financial news
Trump’s Trade Wars Are Back—Despite the Supreme Court
The president’s proposed use of an obscure Depression-era law shows courts and Congress haven’t curbed Trump’s ambition to impose tariffs at will.
Trump imposes double-digit tariffs on dozens of countries as stopgap 10% levies expire Friday
President Donald Trump is going ahead with new double-digit tariffs on dozens of U.S. trading partners just as the clock runs out Friday on stopgap levies he imposed after a stinging defeat at the Supreme Court.
Johnny Depp cracks Trump tariff joke during surprise Comic-Con appearance as Ebenezer Scrooge
Johnny Depp surprised fans outside San Diego Comic-Con with an in-character appearance as Ebenezer Scrooge — and cracked a joke about President Trump’s tariffs.
Trump finalizes new tariffs on dozens of countries
"Today's action is the most sweeping international labor rights action the United States has ever taken," an administration official said.
Trump issues new double-digit tariffs on 60 countries
The new tariffs come as temporary 10% worldwide tariffs expire at 12:01 a.m. Friday
Trump issues new double-digit tariffs on 60 countries
The new tariffs come as temporary 10% worldwide tariffs expire at 12:01 a.m. Friday
Trump issues new double-digit tariffs on 60 countries
The new tariffs come as temporary 10% worldwide tariffs expire at 12:01 a.m. Friday
National Democratic PAC announces $17M fall ad buy targeting Ashley Hinson
The campaign ad buy, scheduled for fall, will focus on U.S. Rep. Ashley Hinson's votes related to tariffs, the Iran war and Medicaid cuts.
Get ready for Trump’s tariff Plan C
If at first you don’t succeed, try, try again. That’s exactly what President Donald Trump is doing with tariffs.
Trump trade chief downplays fallout from Canada tariffs: ‘This is business’
U.S. Trade Representative Jamieson Greer testified at a Senate hearing Wednesday before flying to Mexico City for more talks on the U.S.-Canada-Mexico agreement.
N. Y. contractors brace for impact of new Canada tariffs
The current questions around tariffs are being piled on top of the effects of the COVID-19 pandemic, inflation and previous tariffs.
Trump’s latest Canada tariffs raises concerns about Ohio economy
The tariff threatens to trigger a trade war with the U.S.’s second-largest trading partner—and Ohio’s largest.
Trump’s latest Canada tariffs raises concerns about Ohio economy
The tariff threatens to trigger a trade war with the U.S.’s second-largest trading partner—and Ohio’s largest.
Whiskey industry warns against new tariffs on Canada
The White House defends the new tariffs as leveling the playing field for U.S.-produced spirits, cars and dairy products
Nintendo customers have no legal right to tariff refunds, company tells judge
Nintendo says Switch buyers got what they paid for, urges court to dismiss lawsuit.
Trump's 50% Canada tariffs risk higher prices and fresh political fallout
President Donald Trump has imposed 50% tariffs on most Canadian goods, declaring that Canada has unfairly discriminated against American autos, alcohol and dairy products
US Treasury's Bessent tells Fox Business 50% Canada tariffs are 'reciprocity'
U.S. Treasury Secretary Scott Bessent said on Tuesday that the 50% tariffs on a range of imports from Canada were "reciprocity" for trade actions by Ottawa on U.S. dairy, alcohol and beverages.
Nintendo files motion to dismiss consumer lawsuit over tariff refunds
"If a consumer did not want to pay the advertised price, they were free to abstain from purchasing the product or seek out competing products"
Canada ready to ‘intensify’ trade talks as Trump orders new tariffs
PM Mark Carney says Canada has made proposals to resolve dispute as tariffs are due to be imposed on wide range of goods
Nintendo says it has no legal duty to pass its U.S. tariff refunds on to consumers
Nintendo is asking a court to dismiss a proposed class action suit that was filed this past spring by gamers who say the Mario maker is breaking the law if it doesn’t pass on its U.S. tariff refunds to consumers. Those consumers “received exactly what they bargained and paid for” when buying price-hiked Nintendo goods last year, the company said in a filing on Monday in the case of Hoffert et al v. Nintendo. “Plaintiffs are not entitled to a rebate simply because of intervening legal developments related to tariffs.” Nintendo increased the price of Switch 2 controllers and the original Switch last year, following the imposition of globe-spanning U.S. tariffs (tariffs described by Nintendo’s lawyers on Monday as “sweeping” and “constantly changing”). This past February, the U.S. Supreme Court ruled that the tariffs were illegal. A month later, Nintendo sued the U.S. government to get a refund. And in April, gamers filed the class action claim against Nintendo in Washington, saying it would be illegally double-dipping if it made money from tariff-hiked sales and then from a refund. The gamers sought relief for anyone in the U.S. who bought price-hiked Nintendo items between February 2025 and February 2026. “The common thread among Plaintiffs’ claims is that it is somehow ‘unfair; that Nintendo has not retroactively adjusted its prices for completed sales in response to the outcome of the tariff litigation,” the company’s lawyers wrote in today’s motion to dismiss. “But that is now how commercial transactions work.
Bonta says Paramount litigation isn’t ‘anti-Trump’
The California attorney general insisted in an interview with POLITICO that his antitrust litigation is about competition, not politics.
Trump imposes 50% tariffs on Canadian goods, citing disputes over autos, alcohol and cheese
The move, announced Monday, could unleash a new wave of economic chaos, with risks of higher inflation and further fraying of relations between two nations that had been closely woven together before Trump’s return to the White House.
Trump imposes 50% tariff on Canadian goods, citing disputes over autos, alcohol
President Donald Trump on Monday imposed 50% tariffs on most Canadian goods, declaring that Canada has unfairly discriminated against American autos, alcohol and dairy products.
Trump imposes 50% tariff on Canadian goods, citing disputes over autos, alcohol
President Donald Trump on Monday imposed 50% tariffs on most Canadian goods, declaring that Canada has unfairly discriminated against American autos, alcohol and dairy products.
As Beijing ramps up exports, the world feels ‘China Shock’ 2.0
Trump’s tariffs have helped stem the flow of inexpensive Chinese goods to the U.S., but European factories are suffering under a flood of imported cars and tech.
Tariffs cause delays for Texoma business development
Denison city officials agreed Thursday night to extend construction deadlines at the Foundation Business Park north of town after tariffs slowed progress, forcing companies off their original timelines.
Trump administration races to rebuild tariff wall knocked down by Supreme Court
The U.S. Treasury last year swelled with revenue from President Donald Trump’s double-digit taxes on imports from almost every country on earth. But the money dried up after the Supreme Court struck down the biggest and boldest of Trump’s tariffs in February. The question now is: Can the president’s trade team make good on its promise to replace the lost revenue?
Trump wants to impose tariffs on Canada in retaliation for wildfire smoke
The White House did not respond to questions about what legal mechanism he would use to impose the tariffs or how the administration would calculate the rate of the levies.
Trump’s Section 122 Tariffs Have Delivered Nothing for American Businesses, Workers, or Communities
The Trump administration’s short-term Section 122 tariffs, which are due to expire next week, have not delivered a single policy win.
Why the $9.99 price tag still rules retail
The $9.99 price point remains a powerful strategy because many consumers perceive products under $10 as noticeably more affordable than those priced at $10 or higher, even though the difference is only a penny, The Wall Street Journal reports. Companies are increasingly struggling to maintain these prices due to rising costs from inflation, fuel, tariffs […]
US small-business sentiment rebounds in June, inflation a major worry for many
WASHINGTON, July 14 (Reuters) - U.S. small-business sentiment increased in June, but the share of owners reporting that inflation was their "single most important" problem was the highest in nearly two years, and more said they had raised average selli...
The Quintessential Trump-era Politician
In 2020, I wrote an article about collaboration and collaborators. The title was History Will Judge the Complicit, and it started with the story of two famous East Germans, Markus Wolf and Wolfgang Leonhard, who both landed in East Berlin just after the end of the war. Although they came from very similar backgrounds, the former stuck with the regime, eventually becoming its spy boss; the latter, horrified by the brutal reality of Soviet-style communism, escaped. By way of juxtaposition, I also wrote about Lyndsey Graham and Mitt Romney. These two men also made very different decisions when confronted by Donald Trump’s assault on the ideals that they had both grown up believing: A glance at their biographies would not have led many to predict what happened next. On paper, Graham would have seemed, in 2016, like the man with deeper ties to the military, to the rule of law, and to an old-fashioned idea of American patriotism and American responsibility in the world. Romney, by contrast, with his shifts between the center and the right, with his multiple careers in business and politics, would have seemed less deeply attached to those same old-fashioned patriotic ideals. Most of us register soldiers as loyal patriots, and management consultants as self-interested. We assume people from small towns in South Carolina are more likely to resist political pressure than people who have lived in many places. Intuitively, we think that loyalty to a particular place implies loyalty to a set of values. But in this case the clichés were wrong. It was Graham who made excuses for Trump’s abuse of power. It was Graham—a JAG Corps lawyer—who downplayed the evidence that the president had attempted to manipulate foreign courts and blackmail a foreign leader into launching a phony investigation into a political rival. It was Graham who abandoned his own stated support for bipartisanship and instead pushed for a hyperpartisan Senate Judiciary Committee investigation into former Vice President Joe Biden’s son. It was Graham who played golf with Trump, who made excuses for him on television, who supported the president even as he slowly destroyed the American alliances—with Europeans, with the Kurds—that Graham had defended all his life. By contrast, it was Romney who, in February, became the only Republican senator to break ranks with his colleagues, voting to impeach the president. “Corrupting an election to keep oneself in office,” he said, is “perhaps the most abusive and destructive violation of one’s oath of office that I can imagine.” In the wake of Graham’s unexpected death on Saturday, I wrote about him again. He was, in many ways, the quintessential politician of Trump’s Washington, a man who shifted 180 degrees. Graham had been a fervent American patriot, proud reserve officer and military lawyer; he became one of the most important defenders of a president who believes soldiers are “suckers and losers” and shows no respect for law of any kind. As his politics changed, his language grew coarser and his behavior grew worse: He urged Israel to “level the place” in Gaza, and insulted the Danish prime minister in Munich, prompting a colleague, Senator Elissa Slotkin, to issue an apology. Here’s an excerpt from the article, which you can read in The Atlantic (gift link here) Like his close friend John McCain, Graham believed that America should stand at the center of a broad democratic alliance. The few times I met him were in that context, at the Munich Security Conference or at other European-American gatherings, which he once attended with great regularity. He also took seriously the practice of American democracy at home. In a 2014 conversation with The Atlantic, he described himself as a pragmatic politician who eschewed populist slogans. “I know Washington is broken, but what’s broken about it is everybody yelling and nobody trying to fix it,” he said. “I’m trying.” When Donald Trump first appeared in U.S. politics, Graham recognized him immediately for what he was: the spokesman for an alien ideology, one radically different from the idealistic patriotism that Graham had practiced and preached since childhood. Trump privately mocked the military that Graham loved as nothing but “suckers and losers.” He put falsehoods, cynicism, and personal greed at the center of his politics, while expressing disdain for transparency, accountability, and democracy itself. In 2015, Graham described Trump as a “race-baiting, xenophobic, religious bigot” who should “go to hell.” Also as a “nutjob.” When Trump won, Graham understood, as did so many others, that he would have to make some important choices. For a while, he went silent. In the spring of 2016, I saw him at one of those conferences in Europe. He seemed too depressed to speak. But then, like many other Republicans—and, more important, like many other people who have lived under political occupation or experienced radical regime change—he made the decision to abandon his previous ideals, to bury the patriotism that was once so important to him, and to become, instead, a loud, opportunistic collaborator. As I wrote in 2020, it’s very hard to look in to anyone’s heart and to understand their motivations from the outside. But it does seem that Graham had a deep need to be relevant, to be in the game, to be a player, at any cost. And that, rather than any particular achievement, is what he will be remembered for. Continuing to monitor conflicts of interest, ostentatious emoluments, outright corruption and policy changes that will facilitate outright corruption. (Read my original article, Kleptocracy Inc and check out the SNF Agora Institute chart) June 27 Trump diverted funds from more than 900 projects nationwide—including safety upgrades at national parks—to finance beautification projects around Washington, including $700,000 used to fix a White House walkway. June 28 After a years-long Department of Justice investigation into Abbott Laboratories over its management of a baby formula facility where potentially deadly bacteria turned up enough evidence to criminally charge the firm, top department officials instead opted for a financial penalty—illustrating the department’s move away from strict corporate enforcement under the Trump administration. June 29 Defense Secretary Pete Hegseth stacked the Defense Policy Board—which is charged with providing independent national security recommendations to the Office of the Secretary of Defense—with Trump allies, including tech billionaire Marc Andreessen, who has invested in defense contractors like OpenAI and SpaceX, after purging the panel last year. Trump purchased between $1 million and $5 million worth of stock in Axon—which makes about 90% of US tasers—two weeks before ICE solicited bids for a $220 million taser contract. The White House unveiled limited-edition US passports for America’s 250th birthday, featuring a portrait of Trump overlaid on the Declaration of Independence. June 30 Trump made around $1.2 billion from his various crypto companies last year, including more than $500 million from World Liberty Financial and $600 million from sales of his meme coin. Trump is considering issuing 250 pardons to commemorate America’s 250th birthday. These are expected to be largely doled out through the Office of the Pardon Attorney’s informal network of intermediaries. White-collar defense attorneys say they can typically win pardons for clients for $2 million. Last year, Trump administration officials awarded a no-bid contract worth up to $500 million to Clark Construction for the White House ballroom—negotiations in which the president was directly involved. July 1 The Amazon MGM Studios documentary about Melania Trump earned the First Lady more than $10 million. Trump made hundreds of individual stock purchases worth as much as $12.8 million the day before his announcement pausing “Liberation Day” tariffs for 90 days sent the S&P 500 soaring nearly 10%—one of the largest single-day gains ever. Mar-a-Lago and Trump National Doral saw record surges in revenue during Trump’s first year in office, earning $77.5 million and $121.9 million respectively, compared to average annual revenues of $25 million and $75 million during Trump’s first term. Entities across the Persian Gulf paid more than $300 million to Trump’s businesses last year, including $263 million from the sale of half his stake in World Liberty Financial to a firm backed by Sheikh Tahnoon bin Zayed Al Nahyan, a top UAE royal and brother of the country’s president. Kash Patel failed to properly disclose his stock purchase of a Department of Justice contractor, MicroStrategy, worth up to $250,000 last year, despite laws requiring disclosure within 45 days of the trade. July 2 Trump has been directing administration officials to steer more government contracts—so far worth more than $2.4 billion—to Jeff Bezos’s Blue Origin aerospace firm, after Amazon gave $1 million to Trump’s inaugural fund, donated to the White House ballroom project, and reached a $40 million deal to license a Melania Trump documentary. Alongside the billions he made from cryptocurrency last year, Trump earned millions of dollars from real estate licensing fees, including $21 million from organizations in the UAE and $9.2 million in Saudi Arabia, along with smaller sums from merchandise sales, including $4.7 million from Trump Watches and $35,920 from 45 Guitar, a guitar brand endorsed by the president. House Democrats accused consultants tied to the Trump administration of financial fraud, alleging they gave prospective donors to America250—the bipartisan committee created by Congress to celebrate the nation’s semiquincentennial—the banking and routing numbers for Freedom 250, the White House’s fund for events like the UFC cage fight. Democrats also allege that Freedom 250’s CEO traveled to the World Economic Forum in Davos to solicit donations from foreign government officials and business leaders. The Trump administration’s proposed rollback of gun regulations would lift the prohibition on mailing handguns to individuals, a significant win for GrabAGun—the direct-to-consumer firearm retailer on whose board Donald Trump Jr. sits and in which he holds a 1.1% ownership stake. GrabAGun currently must rely on a middleman to transfer firearms to customers. Trump’s financial disclosure revealed that he made more than 21,000 securities trades during his first year back in office, growing his investment account to at least $858 million across stakes in around 1,600 companies, compared to the 13 total trades Joe Biden made during his entire presidency. July 4 Nearly 1 million people who bought the president’s meme coin—Trump Coin—collectively lost $3.8 billion on the token, while he walked away with $636 million. July 6 Shares of Dell closed up 4.4% after Trump recommended people buy the firm’s computers during a speech announcing the launch of Trump investment accounts for children, boosting the more than $1 million worth of shares the president owns in the company. July 9 Federal Reserve Chair Kevin Warsh named crypto investor and Trump ally Marc Andreessen to a task force aimed at modernizing the Federal Reserve, including rethinking its approach to inflation—a key factor keeping interest rates elevated. Palm Beach International Airport has officially changed its name to Trump International Airport—a move that will require Florida to pay royalties to the president’s family for licensing his name. I was there a few months ago, during a trip to Barcelona. The sculptures were a revelation, I’d never seen so many together before. Each one has its own personality. Enjoy the good weather, if you are lucky enough to have it. History Will Judge the Complicit The Quintessential Politician Autocracy Inc Open Letters, from Anne Applebaum is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Subscribe
Tariff refunds accelerated sharply in June as the US paid out almost $50 billion to businesses
The US sent out $49.1 billion in tariff refunds in June as the checks to businesses accelerated in the second full month of payouts after the US Supreme Court invalidated President Trump's blanket tariffs.
China-proofing European cleantech is a tricky business
Crude tariffs won’t be enough to promote EU renewable energy
Businesses brace for years of inflation as new costs pile up
Companies blame tariffs, energy prices and demand from AI data centers, raising concerns that inflation above the Fed’s target rate could persist.
Small-business owner paid thousands in tariffs, doesn't expect refunds
Marc Bowker, who sells comic books and action figures, says he paid thousands in tariff fees but doesn't expect to see any refunds.
Here's how Lindsey Graham influenced taxes, trade, and defense
Sen. Lindsey Graham served more than 30 years in Congress. The powerful lawmaker helped influence corporate tax, tariffs, and defense policy.
After a year of tariffs, automakers are still resistant to moving production to the US
Toyota announced last week it would do something other automakers have been reluctant to do – shift some production from Mexico to the United States.
What a Monopoly importer learned when it tried to make things in the U.S.A.
After getting hit with tariffs for the imported board games he sells, Jonathan Silva decided to see if he could produce a version of his Monopoly game in the United States. This is what he learned.
Why Small Businesses Aren’t Hiring: They Can’t Find Qualified Workers
Employers told the NFIB they're having trouble finding workers. But experts say economic conditions, including tariffs and fuel costs, may also be making them pickier.
New York Fed says many businesses are not finished raising prices to offset tariffs
Nearly half of firms that paid tariffs plan additional price increases, with some expecting to raise prices six months or more in the future, according to a new survey from the New York Federal Reserve.
Candidates for Kentucky’s 6th Congressional District make their case to Lexington business leaders
Ralph Alvarado and Zach Dembo squared off Tuesday on topics including tariffs, immigration and federal spending
Explaining The Comcast and NBCUniversal Divorce
(Welcome to the “Most Important Story of the Week”, my bi-weekly strategy column analyzing the most important (but often not buzziest) news story of the last two weeks. I’m the Entertainment Strategy Guy, a former streaming executive who now analyzes business strategy in the entertainment industry. Please subscribe.) I hope everyone had a happy Fourth of July in America, celebrating the country’s 250th birthday. Frankly, I am bummed the 250th wasn’t a bigger celebration, but that’s a different topic for a different Substack. While it was generally a quiet week on the entertainment/streaming/media business fronts, we still had some interesting news stories. Actually, that kinda undersells one of the stories, a huge, huge, huge divestment that could upend the entertainment landscape... So let’s get right to it. In today’s column, I’ll cover Comcast spinning off the rest of NBCUniversal, an entertainment company investing in an LLM company and an LLM-owner investing in a movie studio, the latest round of threats of digital tariffs, and more. Let’s dive in. Subscribe Most Important Story of the Week - Most: Comcast/NBCU Breakup!!!! If I had to describe my reaction to Comcast spinning out NBCUniversal, it feels like a relationship ending, either breaking up or divorcing. Comcast’s decision to spin off the rest of NBCUniversal, after spinning off some of its cable assets into Versant last year, really does feel like a family breaking up under “irreconcilable differences”. Of my stereotypes of the entertainment moguls, my go-to for Comcast CEO Brian Roberts—heir to the Comcast fortune, but a man who’s been at the helm for 24 years now, and president for twelve years before that—is that he likes building empires. He cut his teeth acquiring cable rivals in the 1990s and tried to buy Disney repeatedly, then settled for NBCUniversal after a long court battle. (Contrast this with Rupert Murdoch, a man who also loved to buy, but would also sell when the price is right. Murdoch made Fox out of nothing, but then sold 20th Century Fox to Disney, arguably at the top of the market. So I understood why he sold.) But I don’t understand Roberts’ motivation to sell now. I have some explanations but no single, super-satisfying explanation. Strategically, it would just make more sense to have kept NBCUniversal in-house, especially for a one-time empire builder like Comcast. Yet one powerful force—arguably the decider in modern capitalism—likely overwhelmed all other considerations. At first, I thought I’d arrange my thoughts as a “Five Why” analysis, digging through each layer of the puzzle. But instead, I found myself asking, “But…why?” (And I only ended up with four sections.) So let’s look at Comcast from that angle. Then, at the end, I’ll give my biggest strategic recommendation for every company in Hollywood. It’s obvious, but sometimes, the obvious strategy is the most ignored. But…Why? The Stock Market, Conglomerations, and Sum of the Parts Analysis We’re just getting started with this issue, but the rest is for paid subscribers of the Entertainment Strategy Guy, so if you’d like to find out… Why Comcast could never get a “tech company” valuation The not-so-secret motivation for Comcast What Versant has to do with all of this The key strategic advice I think every entertainment exec should follow (though it’s really obvious) Some big AI investment news… Whether we’ll see digital tariffs… And more… ...please subscribe! We can only keep doing this great work with your support.
As Washington preps for its largest fireworks display, cost questions arise
It is unclear where the fireworks were manufactured and how much the president's tariffs added to the cost
Fireworks stand owner says tariffs have impacted business
ROCHESTER, N.Y. — A local fireworks stand saw fewer customers heading into the holiday weekend as tariffs continue to impact business. The owner of Boomerz Fireworks on Marketplace Drive said tariffs have affected their business. The Supreme Court struck down global tariffs in February, but fireworks stands are feeling the impact this year because many […]
Bonus 236: A Term of Self-Inflicted Wounds
Within minutes of the Supreme Court handing down the birthright citizenship ruling on Tuesday and rising for its summer recess, its defenders were pointing to that decision (alongside the late-arriving mail-in ballots ruling on Monday and the tariffs ruling from February) as decisive proof that the Court really is “above politics,” and that criticisms of the justices for behaving more like politicians in robes than like judges are thus unfair. For a particularly thoughtful version of this claim, see Professor Will Baude’s opening response to the latest New York Times written roundtable about the Court with Baude, Professor Kate Shaw, and me. In that roundtable, I already offered one of the two major arguments against this thesis—that it’s an assessment of the numerator without regard to the denominator, and that a full account of the Court’s behavior throughout OT2025 suggests that the Court behaved even more politically during the current term than during even the previous (highly politicized) one. Just to take one of many data points, last term (OT2024), there were six rulings in argued cases in which all six Republican-appointed justices were in the majority and all three of the Democratic appointees were in dissent (along with a slew of such rulings on the emergency docket). This term, there were … 13. (Along with two 6-3 summary reversals and 10 rulings on the emergency docket from which the three Democratic appointees all dissented.) Today’s bonus issue addresses the flip side of that coin. In particular, below the fold, I identify four different moments in which the justices could have acted in ways to specifically defuse charges of political behavior—and opted instead to lean all the way in. As much as end-of-term narratives focus on what the Court did, and on the takeaways from individual rulings, consider today’s post an attempt to identify opportunities that the Court missed, as well. At least in the examples discussed below, by opting for the outcome that made the Court look more transparently political, the Court inflicted a series of (unnecessary) credibility wounds on itself. For those who aren’t paid subscribers, we’ll be back Monday with our regular coverage of the Court. For those who are, please read on.
Tariff refunds landing for Colorado importers, though not without a cost for small business
At least $23.7B in refunds from unlawful tariffs have been refunded to U.S. importers out of an estimated $166B owed, according to court testimony
Bayer shifts US glyphosate business to Ruveon after seeking tariffs on Chinese imports
Bayer said on Wednesday it is consolidating its U.S. glyphosate business into its Ruveon unit, a day after it asked Washington to impose duties on Chinese imports of the chemical used in the company's weedkiller Roundup.
Arkansas business conditions index rises in June
The broad Creighton University Mid-America Business Conditions Index ticked higher in June despite a rising number of manufacturing job losses, higher prices, and negative impacts from Trump Administration tariff policies....
America 250 Is Rewriting the Business Case for Made in America
Naturepedic’s Arin Schultz examines why America’s 250th anniversary coincides with a fundamental shift in manufacturing strategy. Schultz argues that tariff uncertainty, supply-chain disruption and…
In loss for Trump, Supreme Court keeps Lisa Cook at the Fed
The decision was a loss for Trump at the Supreme Court, which previously rejected the sweeping tariffs that were at the center of his economic policy.
These Michigan businesses are finding a silver lining with tariffs
Resale and salvage retailers are taking advantage of a circular, domestic supply chain as shoppers shift to bargain-hunting and buying local.
Resale boutique thrives amid tariffs
At Le Shoppe Modern in Keego Harbor, shoppers can browse art, vintage pottery, lamps, furniture and more at prices ranging from $50 to $500,000.
Tariffs continue to add uncertainty to business climate: Top Workplaces 2026
Companies like Gardiner HVAC in Solon are navigating fluctuating prices and supply chain disruptions as tariff policy remains volatile more than a year after implementation.
Roy Cooper brings 'Make Stuff Cost Less' tour to Asheville, targets health costs, tariffs
Former North Carolina Governor and U.S. Senate candidate Roy Cooper brought his "Make Stuff Cost Less" tour to Asheville on Friday.
Trump threatens 100% tariffs on Europe if countries tax digital services
He added that the new tax would supersede any previously negotiated trade deals
Trump threatens 100% tax on European imports if countries impose tax on digital services
“Please let this statement serve to represent that any Country that imposes such a Tax will immediately be met with a 100% TARIFF on any and all Goods sent to the United States of America,” Trump wrote in a post on social media.
UK food and drink exports fall as US tariffs and Brexit trade friction bites
Rolling coverage of the latest economic and financial news
Bourbon reps push for tariff reduction ahead of trade talks with India
Liquor industry leaders want U.S.-India trade talks to further reduce tariffs on spirits, including bourbon, to boost exports.
The U.S. Economy Is Leaving Small Businesses Behind
Small businesses say relentless pressures from tariffs and higher energy prices have sapped their resilience and finances.
Politics in the logistics mix: How tariffs and polarization alter corporate supply chains
How do political ideology and perceived ideological alignment influence supply chain professionals' evaluation of operational decisions involving politically charged macroeconomic issues such as tariffs?