According to newly released Census Bureau data, all income groups in America advanced more during President Donald Trump’s first term than they did during the Biden administration.
Stephen Moore, a senior visiting fellow in economics at The Heritage Foundation, presented the unpublished data for the first time in an Oval Office presentation with Trump on Thursday. The data divided Americans into three groups: lower income (bottom 25% of earners), middle income (middle 50%), and upper income (top 25%).
“What I find fascinating about this, Mr. President, is every income group did better,” said Moore, displaying a chart showing the percentage gain that accrued on average in each income bracket.
Under President Joe Biden, the lower class, after adjusting for inflation, lost income over the course of four years. The middle-income earners stayed about the same. But the upper income earners did noticeably better, according to Moore.
“The rich were the only group that did better under Biden, which is ironic because Biden keeps saying he was trying to get rid of income inequality. He made income inequality worse, not better,” Moore said. “It was President Trump that reduced income inequality.”
The economist tallied the numbers in dollars, as well, showing that the lower income gained about $4,000 in annual revenue over Trump’s first term. The middle income gained about $6,400 in annual earnings, and the wealthiest earned $10,000 more a year from the start of Trump’s first term to its end.
The data takes into account the COVID pandemic, which hit at the end of Trump’s first term and caused a general dip in income.
In addition to data on income growth, Moore also showed graphs on Bureau of Labor Statistics data and median household income during Trump’s first months of his second term. In the first five months of Trump’s second term, the average household’s income has increased by an inflation-adjusted $1,174, Moore said.
Trump last week fired the head of the Bureau of Labor Statistics, Erika McEntarfer, after the bureau, responsible for collecting and releasing jobs data on the U.S. economy every month, issued a significant downward correction this month on data for May and June.
“Revisions for May and June were larger than normal,” the agency <a href="https://www.dailywire.com/news/fewer-jobs-than-expected-added-in-july-as-unemployment-holds-steady">said</a> in a report issued August 1. “The change in total nonfarm payroll employment for May was revised down by 125,000, from +144,000 to +19,000, and the change for June was revised  down by 133,000, from +147,000 to +14,000.”
Moore supported Trump’s decision to fire the agency head, citing similar significant corrections that were made to jobs data under Biden, which Moore said showed “incompetence.” Trump, however, told Moore he believed the figures had been deliberately manipulated.
<blockquote class="twitter-tweet">
🚨<a href="https://twitter.com/StephenMoore?ref_src=twsrc%5Etfw">@StephenMoore</a> presents new economic data in the Oval Office with <a href="https://twitter.com/POTUS?ref_src=twsrc%5Etfw">@POTUS</a>:
&#8220;Mr. President, you gained ten times more income for the average family than Joe Biden.&#8221;
&#8220;Every income group did better under Trump than Biden — by a wide margin.&#8221; <a href="https://t.co/VIGjGf14YO">pic.twitter.com/VIGjGf14YO</a>
— Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1953554707668254767?ref_src=twsrc%5Etfw">August 7, 2025</a></blockquote>

Stephen Moore, Donald Trump

Trump Economy Beat Biden’s For All Americans, Economist Says

Trump Economy Beat Biden’s for All Americans, Economist Says

Donald Trump

Economics

Economy

Executive

Heritage Foundation

Joe Biden

Politics

The U.S. economy grew by an unexpected 3% last quarter, but the Federal Reserve is holding interest rates steady, drawing criticism from President Trump. The Trump administration moves to repeal a key Obama-era EPA finding, a move that would end the regulation of greenhouse gases under the Clean Air Act. Flush with new funding, ICE launches a major recruitment campaign to hire thousands of new agents to secure the border.
It’s Thursday, July 31, 2025, and this is the news you need to know to start your day.
Morning Wire is available on video! You can watch today’s episode here:
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<h2>GDP Soars, But Fed Holds Rates Steady</h2>
<div class="image"><img loading="lazy" decoding="async" class="alignnone size-large wp-image-954667" src="https://dw-wp-production.imgix.net/2025/07/MRN-7.31.25-SH1-1024x576.jpg" alt="" width="1024" height="576" srcset="https://dw-wp-production.imgix.net/2025/07/MRN-7.31.25-SH1-1024x576.jpg 1024w, https://dw-wp-production.imgix.net/2025/07/MRN-7.31.25-SH1-300x169.jpg 300w, https://dw-wp-production.imgix.net/2025/07/MRN-7.31.25-SH1-768x432.jpg 768w, https://dw-wp-production.imgix.net/2025/07/MRN-7.31.25-SH1-1536x864.jpg 1536w, https://dw-wp-production.imgix.net/2025/07/MRN-7.31.25-SH1.jpg 1920w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></div>
Topline: The U.S. economy grew at a much faster-than-expected 3% pace last quarter, but the Federal Reserve on Wednesday opted to hold interest rates steady for the fifth consecutive meeting, defying pressure from President Trump.
On Wednesday, the Commerce Department announced that the U.S. GDP grew by 3% in the second quarter, significantly beating economists&#8217; predictions of 2.3% and marking a major turnaround from the first quarter’s contraction. The strong report, which also showed a nearly 1.5% rise in consumer spending and an increase in consumer confidence, indicates that American businesses and consumers have weathered fears over Trump’s trade reset. National Economic Council Director Kevin Hassett called it &#8220;one of the best GDP announcements &#8230; you could imagine because there&#8217;s blockbuster growth &#8230; and there&#8217;s also a real, real almost collapse in inflation.&#8221; 
Despite the positive economic data and low inflation, the Federal Reserve chose to hold its benchmark interest rate in the 4.25% to 4.5% range. Fed Chair Jerome Powell said that while the economy is in a &#8220;solid position,&#8221; inflation is still &#8220;running somewhat above our 2 percent long run objective.&#8221; In a rare public dissent, two Fed Governors, Christopher Waller and Michelle Bowman, voted in favor of rate cuts.
President Trump, who has been publicly pleading for a rate cut, blasted Powell’s decision. &#8220;2Q GDP JUST OUT: 3%, WAY BETTER THAN EXPECTED! &#8216;Too Late&#8217;… MUST NOW LOWER THE RATE,&#8221; Trump wrote on Truth Social, adding that high rates are &#8220;hurting people from buying houses.&#8221; That claim was supported by new data showing that pending home sales fell by nearly 1% in June, hitting their lowest pace in nine months.
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<h2>Trump EPA Moves to End Climate Regulations</h2>
<div class="image"><img loading="lazy" decoding="async" class="alignnone size-large wp-image-954665" src="https://dw-wp-production.imgix.net/2025/07/MRN-7.31.25-SH2-1024x576.jpg" alt="" width="1024" height="576" srcset="https://dw-wp-production.imgix.net/2025/07/MRN-7.31.25-SH2-1024x576.jpg 1024w, https://dw-wp-production.imgix.net/2025/07/MRN-7.31.25-SH2-300x169.jpg 300w, https://dw-wp-production.imgix.net/2025/07/MRN-7.31.25-SH2-768x432.jpg 768w, https://dw-wp-production.imgix.net/2025/07/MRN-7.31.25-SH2-1536x864.jpg 1536w, https://dw-wp-production.imgix.net/2025/07/MRN-7.31.25-SH2.jpg 1920w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></div>
Topline: The Trump administration’s Environmental Protection Agency has proposed repealing the 2009 “endangerment finding,” a move that would dismantle the legal basis for regulating greenhouse gases and effectively end federal climate change policy.
The endangerment finding, established by the Obama administration, determined that greenhouse gases like carbon dioxide endanger human health by contributing to climate change, which allowed them to be regulated under the Clean Air Act. EPA Administrator Lee Zeldin said that repealing the finding &#8220;will be the largest deregulatory action in the history of America.&#8221; The administration argues that CO2 is a naturally occurring gas with no direct toxicological effects at ambient levels, unlike the pollutants the Clean Air Act was designed to address.
According to Zeldin, recent Supreme Court decisions that overturned the Chevron doctrine and limited the EPA’s authority would likely prevent a future administration from unilaterally reinstating the finding without a new act of Congress.
The move aligns with President Trump’s broader energy agenda. While in Scotland earlier this week, the president outlined a new test for energy sources: &#8220;energy should not need subsidy.&#8221; He used this to dismiss wind power, stating, &#8220;wind doesn’t work,&#8221; and vowed that the United States would not build a single additional wind turbine under his administration.
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<h2>ICE Launches Massive Recruitment Campaign</h2>
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Topline: Flush with billions in new funding from the &#8220;Big Beautiful Bill,&#8221; the Department of Homeland Security has launched a major recruitment campaign to hire new ICE agents and attorneys to bolster border enforcement.
This week, DHS unveiled a new website encouraging Americans to &#8220;choose your mission&#8221; and apply for roles as a deportation officer, criminal investigator, or general attorney. The campaign slams the prior administration’s &#8220;disastrous immigration policies&#8221; and reaffirms President Trump’s commitment to law enforcement professionals. In a post on X, DHS Assistant Secretary Tricia McLaughlin called on Americans to join ICE to remove terrorists, pedophiles, and gang members from the country.
The recruitment push is funded by the &#8220;Big Beautiful Bill,&#8221; which allocated over $165 billion to DHS, with $75 billion specifically earmarked for ICE on top of its existing budget. Of that sum, $30 billion will go toward hiring, training, and retaining new agents. The new funding allows ICE to offer lucrative sign-on bonuses of up to $50,000 for certain agents.
The campaign appears to be paying off. Border Czar Tom Homan said on Newsmax that recruiting offices are &#8220;swamped&#8221; and have &#8220;more people than they can handle.&#8221; The hiring push comes as DHS Secretary Kristi Noem praised the &#8220;brave men and women of DHS&#8221; for their successful operations countering human trafficking and smuggling rings.

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Morning Brief: GDP Up, Interest Rates Steady, EPA Rolls Back Regulations & ICE Is Recruiting

Environmental Protection Agency (EPA)

Immigration

Immigration and Customs Enforcement (ICE)

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Morning Wire

Over three dozen economists are urging the Senate to pass a bill that would codify President Donald Trump’s executive order requiring health care price transparency, which they say could save the American economy $1 trillion. 
In a Thursday <a href="https://dw-wp-production.imgix.net/2025/07/Economist-Letter-Marshall-Hickenlooper.pdf">letter</a>, 40 economists across the political spectrum asked the Senate to back a <a href="https://www.marshall.senate.gov/wp-content/uploads/BAI25371.pdf">bill</a> from Senators Roger Marshall (R-KS) and John Hickenlooper (D-CO) that would require hospitals to inform patients of medical costs before receiving care. Conservative economists Steve Forbes and Art Laffer, who signed the letter, told The Daily Wire that the proposal would cut waste and help the American economy. 
&#8220;The Patients Deserve Price Tags Act would give Americans access to actual prices in healthcare, allowing consumers to make informed decisions and finally hold hospitals and insurers accountable for wide price variation and overcharges,” Forbes told The Daily Wire. “Unleashing the free market would drive enormous savings for consumers and employers, boosting the economy to the benefit of all Americans.&#8221;
Laffer pointed to a study from the Journal of the American Medical Association that estimated that about 25% of America&#8217;s $4.9 trillion in health expenditures was spent on administrative waste, overcharges, over-treatment, and fraud. Laffer estimated that pricing transparency could save the economy $1 trillion per year. 
&#8220;Beyond lowering healthcare costs through choice and competition, price transparency will substantially benefit the American economy and the American worker,” Laffer told The Daily Wire. “When upfront prices empower businesses and unions to significantly reduce health plan costs, they can redirect savings to productive pursuits, including higher worker wages, generating an enormous economic stimulus for years to come.&#8221;
Other economists who signed the letter include representatives from Johns Hopkins, Harvard, Vanderbilt, Duke, and other major universities. 
“As professional economists, we are united in our belief that real price transparency is urgently required to reverse the nation&#8217;s runaway healthcare costs that place a tremendous financial burden on patients, employers, workers, and the national economy,” they wrote. “Patients and employers need upfront prices to avoid overcharges, spot wide price variations — such as $300 to $3,000 MRIs and $1,200 to $12,000 colonoscopies — and choose affordable care.”
Most Americans <a href="https://www.dailywire.com/news/most-americans-back-trumps-radical-actions-to-reform-health-care-industry">support</a> more transparency in health care pricing, with 74% of Democrats, 83% of independents, and 91% of Republicans all supporting Trump’s February executive order that tasked his administration with putting for new regulations for hospitals to share more pricing data with customers. 
Andrew Bremberg, a former assistant to Trump, told The Daily Wire that the policy would be an “historic part of President Trump’s legacy and will forever change healthcare for the American people.”
The bill is also backed by Republican Senators Chuck Grassley (IA), Tim Sheehy (MT), Joni Ernst (IA) and Democrat Senator Maggie Hassan (NH).

2023 Forbes Healthcare Summit

Economists Urge Senate To Back Healthcare Bill They Say Could Save Americans $1 Trillion

Health Care

Senate

The latest data from the Consumer Price Index released on Wednesday showed — for the third straight month — that President Donald Trump&#8217;s tariffs have had little effect on Americans&#8217; wallets, defying economists&#8217; expectations.
The CPI rose 2.4% in May compared to last year, which was a slight increase from the 2.3% reported in April, according to the <a href="https://www.bls.gov/news.release/cpi.nr0.htm">Bureau of Labor Statistics</a>. Despite the continued solid numbers, economists and top Fed officials still predict price increases from Trump&#8217;s tariffs to hit over the summer, MarketWatch <a href="https://www.marketwatch.com/story/inflation-still-not-showing-tariff-related-increase-cpi-shows-fed-expected-to-stay-on-hold-c9cfa941">reported</a>. The Wednesday CPI report was celebrated by Trump, who urged the Fed to lower the interest rates by &#8220;ONE FULL POINT.&#8221;
&#8220;CPI JUST OUT. GREAT NUMBERS! FED SHOULD LOWER ONE FULL POINT,&#8221; Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114665067086649498">posted</a> on Truth Social. &#8220;WOULD PAY MUCH LESS INTEREST ON DEBT COMING DUE. SO IMPORTANT!!!&#8221;
While the index for food increased slightly in May after falling in April, energy and gas indexes decreased by 1% and 2.6% from last month, respectively. Prices also dropped for used cars, plane tickets, and clothing, which is mainly imported from foreign countries and subject to Trump&#8217;s stiff duties, MarketWatch reported.
&#8220;Core inflation,&#8221; which takes out food and energy prices and is used as a more stable indicator of the future economy, increased by 0.1% from last month, which was below economists&#8217; predictions. Year-over-year &#8220;core inflation&#8221; remained steady at 2.8%. Wells Fargo senior economist Michael Pugliese told <a href="https://www.cnn.com/2025/06/11/economy/us-consumer-price-index-may">CNN</a> the report was a &#8220;good reading&#8221; on inflation but added that he believes &#8220;it’s too early to draw any conclusions from whether the tariffs are having ‘X’ effect or ‘Y’ effect.”
Some economists argue that Americans haven&#8217;t been hit by price increases yet because businesses loaded up their inventories before Trump&#8217;s tariffs went into effect and have been able to hold off on hiking prices, The New York Times <a href="https://www.nytimes.com/2025/06/11/business/cpi-may-inflation-tariffs.html">reported</a>.
The CPI report was released as President Trump announced that a trade deal had been reached with China and that it awaits “final approval” from him and Chinese President Xi Jinping, as The Daily Wire <a href="https://www.dailywire.com/news/trump-unveils-terms-of-done-trade-deal-with-china?topStoryPosition=undefined&amp;author=Leif+Le+Mahieu&amp;category=News&amp;elementPosition=3&amp;row=1&amp;rowHeadline=Top+Stories&amp;rowType=Top+Stories&amp;title=Trump+Unveils+Terms+Of+%E2%80%98Done%E2%80%99+Trade+Deal+With+China">reported</a>. The deal includes an agreement on rare earth minerals, tariffs, and allowing Chinese students to study at American universities. A trade deal with China would mark the most significant step taken by the Trump administration on the economy since the president imposed massive tariffs on nearly every country in the world.
Under the agreement, however, the United States would still impose a 55% tariff on Chinese products while American goods would still be hit with a 10% tariff from China, according to Trump.

‘Great Numbers!’: Report Shows No Significant Tariff-Related Price Jumps For 3rd Straight Month

China

Inflation

President Donald Trump said Wednesday that the United States and China had negotiated a trade deal, awaiting only &#8220;final approval&#8221; from him and Chinese President Xi Jinping. 
The agreement includes provisions on rare earth minerals, tariffs, and allowing Chinese students to study at American universities. Trump said that a 55% tariff would be placed on Chinese goods coming into the United States, while a 10% tariff would be levied on American goods going to China. 
“OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!),” Trump posted on Truth Social. “WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!”
The announcement comes after American and Chinese officials have been meeting in London to discuss trade. On Tuesday, Commerce Secretary Howard Lutnick <a href="https://www.cnbc.com/2025/06/11/us-china-agree-on-framework-to-implement-geneva-trade-consensus-.html">said</a> that the two countries had “reached a framework to implement the Geneva consensus and the call between the two presidents,” though the details were unclear. 
Last week, Trump <a href="https://www.dailywire.com/news/trump-hails-very-good-trade-call-with-chinas-xi" target="_blank" rel="noopener">spoke</a> to Xi for about 1.5 hours in a conversation that included discussions about rare earth minerals and trade. He had posted on Truth Social that Xi was &#8220;VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!&#8221;
At the height of the trade war, Trump imposed tariffs as high as 145% on Chinese goods while China hit the United States with 125% tariffs. The two countries later agreed to significantly lower the tariffs while negotiations moved forward. 
Trump’s announcement about Chinese students comes as his administration has cracked down on foreign nationals&#8217; access to American universities. Last week, Trump <a href="https://www.dailywire.com/news/an-unacceptable-risk-trump-signs-proclamation-to-stop-foreign-students-from-enrolling-at-harvard" target="_blank" rel="noopener">signed</a> a proclamation to restrict international students from being eligible to attend Harvard University. 
The administration has also blocked all new student visa interviews in preparation for upcoming social media vetting requirements for all international students. At the same time, Secretary of State Marco Rubio <a href="https://www.dailywire.com/news/rubio-promises-to-aggesively-target-students-tied-to-chinese-communist-party?author=Leif+Le+Mahieu&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Rubio+Promises+To+‘Aggressively’+Target+Students+Tied+To+Chinese+Communist+Party" target="_blank" rel="noopener">said</a> that he would aggressively revoke the student visas of Chinese students, especially those with ties to the Chinese Communist Party.

US-GERMANY-POLITICS-DIPLOMACY-TRUMP-MERZ

Trump Unveils Terms Of ‘Done’ Trade Deal With China

Communist China

Tariffs

trade

Trade War

Xi Jinping

Senator Josh Hawley joined with a Democrat colleague on Tuesday to introduce a bill that would raise the federal minimum wage to $15.
&#8220;For decades, working Americans have seen their wages flatline,” the Missouri Republican told <a href="https://www.cbsnews.com/news/josh-hawley-raise-federal-minimum-wage/" target="_blank" rel="noopener">CBS News.</a> “One major culprit of this is the failure of the federal minimum wage to keep up with the economic reality facing hard-working Americans every day.”
Along with Sen. Peter Welch (D-VT), Hawley introduced the Higher Wages for American Workers Act, which would raise the federal minimum wage from $7.25 an hour, where it’s been since 2009. The bill would also provide a tax credit for workers making under minimum wage.
&#8220;We&#8217;re in the midst of a severe affordability crisis, with families in red and blue states alike struggling to afford necessities like housing and groceries,&#8221; Hawley said. &#8220;Every hard-working American deserves a living wage that helps put a roof over their head and food on the table — $7.25 an hour doesn&#8217;t even come close.&#8221;
Hawley is the latest Republican lawmaker to challenge his party’s economic orthodoxy. But it’s unclear if Hawley’s colleagues will throw their support behind his effort. In 2021, every Republican Senator voted against a <a href="https://www.wusa9.com/article/news/nation-world/senators-vote-15-dollar-minimum-wage/507-ca50e569-4757-4bed-a13f-f687853c85c0" target="_blank" rel="noopener">proposal</a> to institute a $15 minimum wage. Conservative groups like the Heritage Foundation have <a href="https://www.heritage.org/jobs-and-labor/commentary/increasing-the-minimum-wage-comes-too-high-price-workers" target="_blank" rel="noopener">historically opposed</a> minimum wage hikes.
Opposition is already mounting against Hawley’s proposal.
“Sen. Hawley should know better,”<a href="https://www.restaurantbusinessonline.com/workforce/republican-senator-wants-more-double-federal-minimum-wage"> said</a> Rebekah Paxton, research director at the Employment Policies Institute. “This proposal would more than double the minimum wage and slash over 800,000 jobs.”
“Hawley’s proposal would take similar failed policies like California’s and export them nationwide,” Paxton <a href="https://fox59.com/news/national-world/federal-minimum-wage-would-rise-to-15-under-sen-hawley-bill/">continued</a>.
California recently raised the minimum wage for fast food workers to $20 an hour — a policy that has caused restaurants to cut staff and reduce hours, <a href="https://www.wsj.com/business/hospitality/california-restaurants-cut-jobs-as-fast-food-wages-set-to-rise-eb5ddaaa?mod=hp_lead_pos4" target="_blank" rel="noopener">according</a> to The Wall Street Journal.
At least one Senate Republican has already come out against Hawley’s proposal.
“I don&#8217;t even know why we have a &#8216;federal minimum wage&#8217; to be honest,&#8221; Sen. Kevin Cramer (ND) <a href="https://x.com/atrupar/status/1932443558260138493" target="_blank" rel="noopener">said in an interview</a> with Fox Business today. “I think the market works really well,” he said, adding, “I just think manipulating markets with mandatory wages doesn&#8217;t make any sense.&#8221;

Senate Holds Confirmation Hearing For Amy Coney Barrett To Be Supreme Court Justice

Hawley Teams Up With Democrat On $15 Federal Minimum Wage Bill

California

Josh Hawley

Minimum Wage

Senate Democrats

Consumer confidence, which helps measure economic growth, spiked by more than 12 points in May, far outpacing experts&#8217; predictions as Americans grow optimistic about President Donald Trump&#8217;s potential trade deals.
A <a href="https://www.conference-board.org/topics/consumer-confidence" target="_blank" rel="noopener">survey</a> released Tuesday showed the Conference Board’s Consumer Confidence Index standing at 98.0, which was up 12.3 points from April and much higher than the Dow Jones estimate of 86.0. The surge ended five straight months of declines in consumer confidence.
Even before President Trump agreed to a 90-day truce with China on May 12, which significantly reduced tariffs, consumer confidence was already rising, according to Stephanie Guichard, the Conference Board’s senior economist for global indicators.
“The rebound was already visible before the May 12 US-China trade deal but gained momentum afterwards,” Guichard said.
The May spike was celebrated by the White House with Communications Director Steven Cheung, crediting &#8220;THE TRUMP EFFECT!&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
THE TRUMP EFFECT!
Consumer confidence rose 12.3 points this month to a reading of 98.
That’s higher than economists’ expectations for a reading of 88. <a href="https://t.co/yTJndbONkB">https://t.co/yTJndbONkB</a>
&mdash; Steven Cheung (@StevenCheung47) <a href="https://twitter.com/StevenCheung47/status/1927373749780713844?ref_src=twsrc%5Etfw">May 27, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Along with consumer confidence spiking, the Present Situation Index — which is &#8220;based on consumers’ assessment of current business and labor market conditions&#8221; — was up 4.8 points. The Expectations Index, which looks at consumers&#8217; short-term economic outlook, also jumped &#8220;17.4 points to 72.8,&#8221; but remains under the threshold of 80, which the U.S. Consumer Conference Board said &#8220;typically signals a recession ahead.&#8221;
&#8220;Consumers were less pessimistic about business conditions and job availability over the next six months and regained optimism about future income prospects. Consumers’ assessments of the present situation also improved,&#8221; Guichard added. &#8220;However, while consumers were more positive about current business conditions than last month, their appraisal of current job availability weakened for the fifth consecutive month.”
The positive consumer confidence report for the U.S. economy comes after <a href="https://www.dailywire.com/news/inflation-hits-lowest-point-in-over-4-years-as-april-report-better-than-expected" target="_blank" rel="noopener">inflation</a> hit its lowest point in over four years in April.
Trump announced his first trade deal with the United Kingdom earlier this month and is continuing trade negotiations with China and the <a href="https://www.dailywire.com/news/trump-delays-50-tariffs-eu-leader-blinks" target="_blank" rel="noopener">European Union</a>. The president said on Sunday that he will delay 50% tariffs on the European Union after a phone call with European Commission President Ursula von der Leyen.
The Trump administration <a href="https://www.dailywire.com/news/sorry-china-bessent-says-deal-with-massive-trade-partner-very-close" target="_blank" rel="noopener">promises</a> that more trade deals are currently in the works with Japan and South Korea, making significant headway.

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Important Economic Indicator Surprises Experts With Big Surge In May

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President Donald Trump on Friday called for China to open up its markets to the United States and floated the possibility of cutting the current tariffs on China nearly in half.
Trump made the comments just one day after telling reporters that he expected tariffs on China to be lowered soon. This weekend, American and Chinese officials are set to meet in Switzerland to discuss trade and other economic matters.
&#8220;CHINA SHOULD OPEN UP ITS MARKET TO USA — WOULD BE SO GOOD FOR THEM!!! CLOSED MARKETS DON’T WORK ANYMORE!!!&#8221; Trump posted on his Truth Social social media platform early Friday morning.
A few minutes later, he posted, &#8220;80% Tariff on China seems right! Up to Scott B,&#8221; presumably referring to Treasury Secretary Scott Bessent.
Tariffs on China have been <a href="https://www.dailywire.com/news/white-house-lays-out-exact-tariff-rate-on-china-going-forward" target="_blank" rel="noopener">set at 145%</a> since last month after the communist country moved to retaliate against Trump&#8217;s tariffs. At the same time, China imposed a 125% levy on American goods. During an event in the Oval Office on Thursday, Trump <a href="https://nypost.com/2025/05/08/business/us-weighs-plan-to-slash-china-tariffs-to-as-low-as-50-as-soon-as-next-week-sources/" target="_blank" rel="noopener">said</a> that tariffs on China would not increase anymore and could &#8220;only go down.&#8221;
&#8220;It’s at 145 so we know it’s coming down,” Trump said. “I think we’re going to have a very good relationship.”
Treasury Secretary Bessent and U.S. Trade Representative Jamieson Greer <a href="https://www.dailywire.com/news/breakthrough-trump-officials-set-date-for-direct-trade-talks-with-china" target="_blank" rel="noopener">are poised</a> to meet with Chinese officials on Saturday and Sunday in Geneva to attempt to work out a trade deal.
“At President Trump’s direction, I am negotiating with countries to rebalance our trade relations to achieve reciprocity, open new markets, and protect America’s economic and national security,” Greer <a href="https://ustr.gov/about/policy-offices/press-office/press-releases/2025/may/ambassador-jamieson-greer-travel-switzerland" target="_blank" rel="noopener">said</a>. “I look forward to having productive meetings with some of my counterparts as well as visiting with my team in Geneva who all work diligently to advance U.S. interests on a range of multilateral issues.”
Bessent has said that the current economic situation with China is &#8220;unsustainable&#8221; and that the United States wants &#8220;fair trade&#8221; and not to completely decouple from China.
On Thursday, Trump announced his first big trade agreement. Trump said the deal with the United Kingdom would allow the United States to gain increased market access in the U.K. for billions of dollars worth of American exports. The 10% baseline tariff on British goods remains in place with exceptions for exports of Rolls-Royce engines and airplane parts.

Trump Hails The Election Of First US Pope As A ‘Great Honor’

Trump Calls For China To Open Its Markets, Floats Major Tariff Reduction

Scott Bessent

Senator John Kennedy (R-LA) acknowledged on Wednesday that one aspect of the tariff wars had truly surprised him: how many countries the Trump administration said had come to the negotiating table, and how quickly they had done so.
Kennedy made the observation when he joined hosts Joe Scarborough and Mika Brzezinski on MSNBC&#8217;s &#8220;Morning Joe,&#8221; admitting that he &#8220;frankly never saw that coming.&#8221;
WATCH:
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
JOE SCARBOROUGH: Some of the smartest minds across the world are betting on a recession.
SEN KENNEDY: With tariffs, an eye for an eye just leaves both people blind&#8230;But then&#8230;an extraordinary thing happened! We have 195 countries in the world. Probably 40% have come forward —… <a href="https://t.co/30WYxnYuQ1">pic.twitter.com/30WYxnYuQ1</a>
&mdash; Townhall.com (@townhallcom) <a href="https://twitter.com/townhallcom/status/1909960194546692390?ref_src=twsrc%5Etfw">April 9, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Scarborough set the oppositional narrative with regard to tariffs, saying, &#8220;Some of the smartest minds across the world are betting on a recession. What are you saying to your business leaders when they&#8217;re calling you about where this goes next?&#8221;
&#8220;Well, this is what I&#8217;m telling them,&#8221; Kennedy replied. &#8220;With tariffs, an eye for an eye just leaves both people blind. When a government imposes a tariff, it&#8217;s putting its thumb on the scale. It interferes with people&#8217;s freedom to exchange goods and services.&#8221;
&#8220;Some countries — China, the best example — have used trade barriers as a weapon to hurt the American economy,&#8221; Kennedy continued. &#8220;You said it — God created the world, everything else is made in China. President Trump decided to try to change this, and he, as we know, has imposed dramatically higher American tariffs on these countries.&#8221;
And that, Kennedy explained, was where the pendulum started to swing back: &#8220;But then, at least for me, an extraordinary thing happened. We have 195 countries in the world. Probably 40% have come forward — and instead of bowing up and fighting, they&#8217;ve said, &#8216;We want to lower our tariffs! Will you lower yours?'&#8221;
&#8220;I frankly never saw that coming,&#8221; Kennedy said, noting that he could not speak for what the president might do next, but adding, &#8220;I think it is a wonderful opportunity &#8230; I would pounce on this opportunity like a ninja. And I would use this as an opportunity to reduce or in some cases — Taiwan, Vietnam, European Union — go to zero reciprocal tariffs and then we can have free trade, let the best product at the best price win.&#8221;
Kennedy once again couched his comments by saying he did not know the White House&#8217;s plan and could only speak to what he would do in the current situation.

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GOP Sen. Reveals What Surprised Him About Tariff Battle: ‘I Frankly Never Saw That Coming’

GOP Sen. Reveals What Surprised Him About Tariff Battle: 'I Frankly Never Saw That Coming'

Congress

John Kennedy

Morning Joe

MSNBC

It appears many traders are betting that things are going to continue to be really, really chaotic in the world of tariffs. The biggest problem, however, is that the Trump administration has not made it clear what exactly they want to accomplish with these tariffs.
This has been my point. There are times when tariffs can be useful. In fact, of the three times tariffs could theoretically be useful, two could actually be useful.
First: Tariffs are important to protect vital industries such as defense industries. You need to produce those goods here at home instead of producing them elsewhere. Thus, you actually protect and give what are effectively artificial subsidies to American defense industries. That is totally understandable.
Second: Using tariffs to leverage other countries, either because those countries are our enemies and we want to do harm to them, or because we wish to get other countries to lower their own tariffs. In the end, the goal is a lower-tariff regime.
But there&#8217;s the third possibility, one that is retailed by President Trump and many other members of his administration. Of all of the various rationales given for the tariffs, this is the most problematic and currently roiling the markets.
Third: Tariffs are good and trade wars are good and easy to win. Tariffs will make us rich; ignoring the fact that they are a tax on American consumers.
The idea that tariffs are inherently good and make the American economy strong is wrongheaded. It is untrue. The idea that these tariffs will result in mass reshoring of manufacturing is also untrue.
<h3><a href="https://www.dailywire.com/episode/bss-ep-2174-member-exclusive?row=0&amp;elementPosition=0&amp;rowType=Horizontal+Show+Carousel&amp;rowHeadline=The+Ben+Shapiro+Show" target="_blank" rel="noopener">WATCH: The Ben Shapiro Show</a></h3>
And this is why Bill Ackman, investor extraordinaire and ally to President Trump, put out <a href="https://x.com/BillAckman/status/1908992002366292286">a statement</a> over the weekend. He said: 
<blockquote>The country is 100% behind the president on fixing a global system of tariffs that has disadvantaged the country. But, business is a confidence game and confidence depends on trust. President @realDonaldTrump has elevated the tariff issue to the most important geopolitical issue in the world, and he has gotten everyone’s attention. So far, so good. And yes, other nations have taken advantage of the U.S. by protecting their home industries at the expense of millions of our jobs and economic growth in our country. But, by placing massive and disproportionate tariffs on our friends and our enemies alike and thereby launching a global economic war against the whole world at once, we are in the process of destroying confidence in our country as a trading partner, as a place to do business, and as a market to invest capital. </blockquote>
Here&#8217;s what Ackman is basically saying to Trump: Take a time-out, figure out what it is that you want to do here.
Ackman continued: 
<blockquote>The president has an opportunity to call a 90-day time out, negotiate and resolve unfair asymmetric tariff deals, and induce trillions of dollars of new investment in our country. If, on the other hand, on April 9th we launch economic nuclear war on every country in the world, business investment will grind to a halt, consumers will close their wallets and pocket books, and we will severely damage our reputation with the rest of the world that will take years and potentially decades to rehabilitate.
What CEO and what board of directors will be comfortable making large, long-term, economic commitments in our country in the middle of an economic nuclear war? I don’t know of one who will do so.
When markets crash, new investment stops, consumers stop spending money, and businesses have no choice but to curtail investment and fire workers. And it is not just the big companies that will suffer. Small and medium size businesses and entrepreneurs will experience much greater pain. Almost no business can pass through an overnight massive increase in costs to their customers. And that’s true even if they have no debt, and, unfortunately, there is a massive amount of leverage in the system.
Business is a confidence game. The president is losing the confidence of business leaders around the globe. The consequences for our country and the millions of our citizens who have supported the president — in particular low-income consumers who are already under a huge amount of economic stress — are going to be severely negative. This is not what we voted for.
The President has an opportunity on Monday to call a time out and have the time to execute on fixing an unfair tariff system. Alternatively, we are heading for a self-induced, economic nuclear winter, and we should start hunkering down. May cooler heads prevail.</blockquote>
The problem here is a vast combination of radical uncertainty and overtly bad policy being spouted by members of the administration. There is no one in the administration who&#8217;s making the overtly good case. There are many people in the administration, however, who are making bad to strained cases right now.
Over the weekend, Trump put out <a href="https://truthsocial.com/@realDonaldTrump/posts/114285375813275308">a statement</a> on Truth Social writing:
<blockquote>THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH, it won’t be easy, but the end result will be historic. We will, MAKE AMERICA GREAT AGAIN!!!</blockquote>
But the words “hang tough” scare the living daylights out of the entire market because “hang tough” sets up a lengthy, significant period of tariffs. If that is to happen, we&#8217;re getting all the consequences. Basically, it melts down the markets. If you&#8217;re talking about these tariff rates on countries maintained as they currently stand, if they are implemented just a few days from now, you are talking about an economic catastrophe.
And even if on the other end there is a brand new world, we still have not heard what exactly that brand new world looks like. Is that a brand new world where we are reshoring manual labor from Vietnam to make T-shirts? This is the confusion.
No one knows what is actually going on. People like Bill Ackman are hopeful that this is a sort of 4D chess game in order to leverage other countries to open up their tariffs. If that&#8217;s the case, it sounds great. We can get there if the final policy is good.
In the meantime, we can all hope and pray that’s what this chess game is.

Markets Open Monday Morning After Plummeting Prior Week On Tariff News

Market Sell-Off Continues: What’s Next?

Ben Shapiro

Bill Ackman

Dow Jones

Opinion

President Trump

Stock Market

Senator John Barrasso (R-WY) defended President Donald Trump&#8217;s tariffs during a Monday morning appearance on Fox News, saying that cattle ranchers in his state were grateful for the president&#8217;s efforts to balance trade by pushing back against the barriers put in place by other nations.
Barrasso told the hosts of Fox&#8217;s &#8220;America&#8217;s Newsroom&#8221; that because of trade barriers imposed by nations like Australia, beef producers were forced into an uneven — and unfair — trade market because they had to compete for domestic sales with countries that wouldn&#8217;t even allow their product to be sold abroad.
WATCH:
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
.<a href="https://twitter.com/SenJohnBarrasso?ref_src=twsrc%5Etfw">@SenJohnBarrasso</a>: &quot;Congress has given the President more and more authority on tariffs&#8230; The cattle producers are saying it is about time&#8230; Australia has sold $29 billion worth of beef in the United States, and we haven&#39;t been able to sell one hamburger in Australia because of… <a href="https://t.co/Dn0SgQ6iqr">pic.twitter.com/Dn0SgQ6iqr</a>
&mdash; Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1909241584287138129?ref_src=twsrc%5Etfw">April 7, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
&#8220;Congress has given the President more and more authority on tariffs,&#8221; Barrasso explained. &#8220;Specifically, national security for unfair trade practices, President Trump is fully within his authority, and I appreciate what the president is doing on tariffs, specifically in our home state of Wyoming.&#8221;
&#8220;In terms of beef, the cattle producers, they are saying it is about time,&#8221; he continued. &#8220;One of the countries that you just showed on that slide before I came on, Australia — Australia has sold $29 billion worth of beef in the United States, and we haven&#8217;t been able to sell one hamburger in Australia because of barriers.&#8221;
&#8220;They showed Thailand, 30% tariffs on beef coming from the United States,&#8221; Barrasso said. &#8220;Vietnam, 50%. You look at these numbers, and the ranchers of Wyoming are saying, &#8216;Thank you, Mr. President, it is about time.'&#8221;
The widespread tariffs, introduced last Wednesday during a White House event dubbed &#8220;Liberation Day,&#8221; have sparked <a href="https://www.dailywire.com/news/spin-cycle-legacy-media-and-the-terrible-horrible-no-good-very-bad-tariffs" target="_blank" rel="noopener">fierce debate</a> both on Capitol Hill and across media outlets as the resulting uncertainty caused the stock market to take a dramatic tumble.
Still, Trump has defended the move and urged those concerned about the market to &#8220;<a href="https://www.dailywire.com/news/hang-tough-trump-calls-on-americans-to-ride-out-tariff-storm-predicts-historic-investments" target="_blank" rel="noopener">hang tough</a>&#8221; as the tariffs are used as leverage to bring other nations to the table to negotiate fairer trade arrangements for the United States.

Senate Holds Confirmation Hearing For Secretary Of State Nominee Marco Rubio

Wyoming Senator Defends Trump’s Tariffs: ‘We Haven’t Been Able To Sell One Hamburger In Australia’

Wyoming Senator Defends Trump's Tariffs: 'We Haven't Been Able To Sell One Hamburger In Australia'

Australia

Free Trade

John Barrasso

The monthly jobs report released Friday showed that 228,000 jobs were added to the economy in March, strongly outpacing the growth predicted by analysts. 
The Bureau of Labor Statistics <a href="https://www.bls.gov/news.release/empsit.nr0.htm" target="_blank" rel="noopener">report</a> found that transportation and warehousing, healthcare, social assistance, and retail were the largest growth areas. The employment rate remained relatively steady from February, ticking up to 4.2% from 4.1%. 
March job growth rose significantly above the 140,000 increase forecasted by the Dow Jones. The rise was also much larger than the 158,000 average 12-month increase, according to the Bureau of Labor Statistics. 
The report showed that 54,000 jobs were added in healthcare, 24,000 in social assistance, 23,000 in transportation and warehousing, and 24,000 in retail. The jump in retail jobs was aided by more than 10,000 grocery workers <a href="https://apnews.com/article/king-soopers-grocery-strike-ends-denver-e3195f8b00754ec75699ae43d83aeac6" target="_blank" rel="noopener">ending</a> a strike in February. 
The previous 12-month average for transportation and warehousing was a monthly gain of 12,000. 
One sector that saw a notable decline was federal government jobs, which fell by 4,000. That number doesn’t include workers who are on paid leave or getting severance pay, the Bureau of Labor Statistics noted. In February, there was an 11,000 decline in government jobs. Those cuts came after the Trump administration moved to fire thousands of workers through its Department of Government Efficiency (DOGE) project. 
The news was celebrated by President Donald Trump, who said the numbers showed that his economic policies were working. 
“GREAT JOB NUMBERS, FAR BETTER THAN EXPECTED. IT’S ALREADY WORKING. HANG TOUGH, WE CAN’T LOSE!!!” President Donald Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114279844695644343" target="_blank" rel="noopener">posted</a> on Truth Social. 
White House Press Secretary Karoline Leavitt said the numbers showed that the “Golden Age of America is on its way!”
“The economy is starting to roar with a strong 228,000 jobs added in the month of March — well ahead of the market&#8217;s expectation,” said Leavitt. “There was also a sharp increase in transportation, construction, and warehousing employment. The President&#8217;s push to onshore jobs here in the United States is working.&#8221; 
The strong jobs report comes amid economic uncertainty after Trump imposed widespread tariffs on countries across the globe, leading to a tumbling stock market. Trump has said that his economic policies will increase domestic production and entice foreign investment in American industry.

US-POLITICS-TARIFF-TRADE-DIPLOMACY

‘We Can’t Lose’: March Job Growth Vastly Outpaces Expectations

Bureau of Labor Statistics

Jobs

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