US News
LAST UPDATE: July 1, 2025
Trump hammers Powell again as Bessent mulls Fed power transition timeline
Former President Trump publicly rebuked Fed Chair Powell and discussed a potential timeline for replacing him, while Treasury Secretary Bessent considered timing for a Fed leadership transition amid growing politicization of the Fed.
Insight
Political pressure on the Fed is intensifying. Trump’s critiques and Bessent’s signals may undermine central bank independence and introduce uncertainty into U.S. monetary policy frameworks.
U.S. May Exempt Goods That Can’t Be Grown Here From Tariffs, Official Says
A White House official said the U.S. may exempt products that cannot be domestically produced—like coffee and cocoa—from proposed tariffs under Trump’s plan.
Insight
This carve-out approach could target only politically sensitive goods, reducing disruptions while allowing broader tariff implementation elsewhere—reflecting strategic trade flexibility.
Republicans Charge Ahead With Megabill’s Fate Uncertain
Congressional Republicans are advancing a large fiscal bill covering spending, tax, and debt-limit issues, but key provisions remain uncertain amid internal divisions.
Insight
The legislative push highlights intra-party tensions and fiscal risks. Passage could reshape the budget outlook, but disagreement threatens both policy coherence and economic stability.
Trump Administration Sues Los Angeles Over Sanctuary City Policies
The U.S. Justice Department has filed a lawsuit against Los Angeles, Mayor Karen Bass, and the City Council, claiming that the city’s sanctuary policies—such as not assisting federal immigration authorities—violate federal law and the Supremacy Clause. The administration contends that these policies led to “lawlessness, rioting, looting, and vandalism” following immigration enforcement actions, prompting the deployment of the National Guard.
Insight
This legal challenge is part of the broader federal strategy to override sanctuary city measures. It elevates sanctuary laws from policy disputes to constitutional battles and signals a hardline approach aiming to centralize authority over immigration enforcement.
Elon Musk renews criticism of Trump spending bill, calls for new political party
Elon Musk criticized the proposed Trump-era spending bill, calling it “phony” and arguing Congress lacks a real financial plan. He also floated the idea of forming a new political party to challenge both Democrats and Republicans.
Insight
Musk’s public intervention highlights growing frustration over fiscal imprudence and the erosion of bipartisan trust. His statement may signal that influential tech leaders could seek to reshape U.S. political dynamics outside traditional party lines.
Donald Trump suggests US government review subsidies to Elon Musk’s companies
Trump urged a review of federal subsidies to Musk’s enterprises—including Tesla and SpaceX—accusing them of receiving “billions of dollars” in taxpayer support.
Insight
This reflects a broader shift toward scrutinizing corporate welfare and tech-heavy industries. If acted upon, it could impose constraints on public‑private partnerships and reshape subsidy policy.
