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Trump Stokes a Vance-Rubio Competition
“President Donald Trump gave JD Vance and Marco Rubio huge portfolios and has openly named both as his potential successors — putting two unlikely friends on a collision course for the GOP nomination in 2028,” Semafor reports.
“Vance and Rubio aren’t exactly rivals; in fact, White House officials and people close to the vice president note he’s developed a close relationship with the secretary of state during their time together in the Senate and now in the Trump administration. Intentionally or not, though, the president is stoking future competition between the duo, and those around him are taking notice.”
Trump Digs In on High China Tariffs
“President Donald Trump said Wednesday he would not consider lowering the United States’ 145% tariffs on China in order to spur trade-war negotiations with Beijing,” CNBC reports.
“Trump flatly answered ‘no’ when asked at the White House if he was open to pulling back on the steep import duties to get China to the negotiating table.”
Senate GOP Leaders Say House Isn’t Cutting Enough
“Senate GOP leaders said Wednesday that the House isn’t being nearly aggressive enough in its drive to cut federal spending — including Medicaid — as part of the budget reconciliation talks,“ Punchbowl News reports.
“The private comments from Senate Majority Leader John Thune and Finance Committee Chair Mike Crapo (R-ID) mark a significant change in tune from Senate Republicans, who have sought to temper expectations among fiscal hawks in both chambers.”
House GOP Eyes Scaled Back Tax Cut
“House GOP tax writers are eyeing a scaled-back $4 trillion tax cut amid concerns their colleagues will not be able to come up with the full slate of spending cuts required under their budget plan,” Politico reports.
“Nothing is final, and Republicans are still hoping for a full $4.5 trillion tax cut, but they’re making contingency plans as colleagues struggle to find agreement on how to cut Medicaid and a slew of other government initiatives.”
Vance Backs Civil Nuclear Program for Iran
Vice President J.D. Vance said that Iran should be allowed to have a “civil nuclear program” but not a “nuclear weapons program,” Jewish Insider reports.
‘Donald Trump Is a Socialist’
Kevin Williamson: “When I write ‘socialist,’ I do not use the word the way most right-leaning commentators use it, meaning: ‘bad.’ If you want to get a feel for exactly how insipid and repetitious the contemporary online right is, do a search for ‘cackling socialist’—you don’t even need to include ‘Kamala Harris.’ You’ll be hip-deep in stupid in two clicks.”
“The thing about socialism is, it stays socialism—whether you like socialism or dislike it. It is a word that means something, and what it means isn’t every dumb thing you don’t like up to and including publicly funded sex-change operations for currently incarcerated illegal-immigrant felons…”
“Socialism does not mean government-funded education and retirement benefits and health care subsidies—those things are simply welfare, and there are better and worse ways to go about doing such things. Socialism means a centrally planned economy, one that is dominated by state action irrespective of whether it is dominated by formal state enterprises.”
Investors Are Bearish
Xi Promotes His Vision of Waning U.S. Influence
“With trade talks between the U.S. and China finally getting underway, President Xi Jinping is setting off on an ideological victory lap to assert his vision of a world with waning American influence,” Bloomberg reports.
“The Chinese leader begins a four-day trip to Russia today for his first meeting with Vladimir Putin since US President Donald Trump rocked global trade with America’s most disruptive tariff regime in a century.”
“The visit further showcases the ‘no-limits’ partnership declared by Xi and Putin, even as Trump seeks to rebuild US relations with Moscow. And it’s a reminder of Beijing’s sway with a contingent of countries eager to see US hegemony replaced by a multipolar world order embraced by Xi and Putin.”
Law Firms That Settled with Trump Pay a Price
Law.com: “Some in-house lawyers are quietly pulling work away from some law firms that have made deals with President Trump, citing their objections to such deals.”
Another Bonus Quote of the Day
“Congress should just stay out of these fights to crack down on free speech. It’s not illegal to be antisemitic.”
— Rep. Thomas Massie (R-KY), quoted by Punchbowl News.
Dollar Faces $2.5 Trillion ‘Avalanche’ of Asian Sales
“The dollar may face a $2.5 trillion ‘avalanche’ of selling as Asian countries unwind their stockpile of the world’s reserve currency,” Bloomberg reports.
“The greenback’s long-term appeal is coming under threat as Donald Trump’s efforts to remake the global trade order prompt investors to reconsider their U.S. exceptionalism trade strategies.”
The ‘Made for TV’ Fall of Ron DeSantis
“Not that long ago, Ron DeSantis looked like the future of MAGA, the iron-fisted ruler of Florida politics who was set up for a White House run,” Axios reports.
“Now the Republican governor faces potential political obscurity, unable to control legislators in his own party who are calling for a federal investigation of his wife’s charity.”
Said GOP consultant Curt Anderson: “Be careful how you treat people on the way up because you may encounter the same people on the way down.”
He added: “You see falls in politics, but not like this. It’s stark. It’s fast. It’s a made-for-TV movie.”
The Guardian Expands in the U.S.
The Guardian is hiring for more than a dozen new editorial roles to support its U.S. expansion after growing its overall revenue year-over-year by 25%, Axios reports.
Many Say They Won’t Be Able to Buy a Home
A new Gallup Poll finds only 30% of adults who don’t own a home believe they will purchase one in the next five years, while 23% say they will do so in the next 10 years and 45% don’t anticipate it happening in the foreseeable future.
Axios: Where starter homes cost at least $1 million.
Fed Expected to Hold Interest Rates Steady
“The Federal Reserve on Wednesday is set to announce its first decision on the level of interest rates since President Donald Trump last month intensified calls for lower borrowing costs and voiced eagerness about the potential ‘termination’ of Fed Chair Jerome Powell,” ABC News reports.
“Despite pressure from the White House, Powell is widely expected to hold interest rates steady, according to the CME FedWatch Tool, a measure of market sentiment.”
Xi Fortifies China’s Economy Before Trade Talks
“President Xi Jinping’s government provided a jolt to China’s economy ahead of landmark trade talks with the US, with officials unveiling a range of policies designed to strengthen Beijing’s hand in negotiations,” Bloomberg reports.
Florida Official Switches Parties
After 17 years on the Orlando City Commission, retired police officer and U.S. Marine veteran Tony Ortiz has changed his political party from Republican to Democrat, saying it “is not the Republican party I signed up with,” the Orlando Sentinel reports.
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