How the sausage is made: Senate Republicans have no idea how deduction limits on gambling losses got into Trump’s big bill. “If you’re asking me how it got in there, no I don’t know,” says Grassley “I’m not sure what it does,” Cornyn added Both sit on Finance committee

🇧🇷 Trump says he’ll pursue tariffs on Brazil, one of the original BRICS countries. “Brazil has been not good to us.. we’re gonna be releasing a Brazil number later this afternoon or tomorrow morning” He recently pushed the Brazilian gov’t to drop their prosecution of Bolsonaro

Trump's imposing a 50% tariff on Brazil partly in response to the Bolsonaro prosecution "The way that Brazil has treated former President Bolsonaro ... is an international disgrace. This Trial should not be taking place. It is a Witch Hunt that should end IMMEDIATELY!"

I don't see an easy way out of the Trump vs Lula confrontation following today's 50% tariff announcement. Trump's previous battles with Petro, Sheinbaum and Mulino de-escalated relatively quickly, but those are countries with very US-connected economies & security relationships

🇧🇷🇺🇸Brazilian President Lula da Silva says Brazil will retaliate against Trump’s tariffs, making it the first country to hit back at the US this week. What also sets this skirmish apart is the US enjoys a trade surplus with Brazil, not a deficit

which path will the party choose

Trump's 50% tariffs on Brazilian imports would hit ~$42B goods, including 75% of pig iron imports, 30% of juice imports, 20% of coffee imports, & 10% of aircraft imports—ridiculous to make this stuff more expensive, especially since so much of it *literally can't grow here*

I’m now curious to try nationalized chocolate

"Your next K-pop album might cost 25% more, thanks to Trump’s latest tariffs" qz.com/south-korea-tr… "Last year, South Korea exported nearly $292 million in physical K-pop albums alone," 😲

South Korea cut a trade deal with Trump in his 1st term. It didn't matter. Same for Canada and Mexico which got tariff threats from Trump this week. Forget fair and reciprocal, this is looking like a one-way street New analysis for MSNBC: msnbc.com/opinion/msnbc-…

SCOOP: Someone pretending to be the House Intelligence Committee chairman, Rick Crawford, sent messages about a project related to Melania Trump. Among those targeted: Rep. Eric Burlison & ex-congressman George Santos washingtonpost.com/politics/2025/…

Trump quips about signing executive order mandating soccer be called ‘football’ in America: ‘I think we could do that’ trib.al/Rt5EceC

Trump on trade deals: "I really don't want deals. I just want the paper to get sent. It's true."

Skiing! Wine! Concert tickets! Airplanes! A "naturally based wellness provider!" Inside the Kyrsten Sinema post-Senate spending spree experience, fueled by campaign contributions. New in NOTUS: notus.org/money/kyrsten-…

JUST IN: Tariffs are starting to raise prices. U.S. inflation rose 0.3% in June. The annual rate climbed to 2.7%. That’s up from 2.3 % in April and 2.4% in May. Food, energy and rent all playing a big role in the increase in June. Core inflation (which excludes food and

🚫New: Trump's USDA is throwing a fresh lifeline to the sugar industry & stopping certain sugar imports. Notable since GOP megabill increased price guarantees for US sugar growers The latest protectionist move after 17% duty on Mexican tomatos introduced qz.com/sugar-industry…

A 19% tariff on Indonesian imports suggests we may be landing as substantially higher tariff rates across the board than 10%.