Megan Cassella
Washington correspondent for CNBC. megan.cassella@nbcuni.com. Instagram: @megancnbc. Signal: megan.27
- 👋That's a wrap from me for the year: Signing off today for maternity leave feeling very grateful to be able to dedicate the next few months to figuring out how to raise a baby. It'll be a very different type of craziness for me for the next little bit. See you in 2026!
- Some new(ish) art on display in the West Wing of the White House
- 🚨A big tariff update this afternoon, with the Supreme Court agreeing to hear Trump's appeal in the case over the legality of his tariffs, *and* has agreed to a motion to expedite. That means the case is set for the Court to hear oral arguments in the first week of November.
- New reporting from the White House regarding the Israeli attack on Hamas leadership in Qatar: A White House official tells me the U.S. was notified of the attack just before it happened. No further details for now, but expect we could hear more from details from the White House later today.
- With his IEEPA tariff powers in jeopardy, President Trump is now threatening to use a different trade tool, known as Section 301, to push back on the EU over its fines on Google and other U.S. tech companies. Would require an investigation, but could lead to steep new tariffs on the EU.
- Strong reporting here from ProPublica, which found that three Trump Cabinet members -- at Labor, Transportation and EPA -- call multiple homes their primary residence on mortgages. That's the same move that led Trump to fire Lisa Cook from her job at the Fed. bit.ly/466yMyI
- Interesting color in the administration's motion to SCOTUS to expedite the tariffs case from Treasury Sec. Bessent, who says the appeals court ruling on Friday against Trump's tariffs is already impacting trade talks: "World leaders are ... walking away from or delaying negotiations," he says.
- The Supreme Court has now officially docketed the case challenging Trump's IEEPA tariffs: bit.ly/46132uU In its motion to expedite, the Trump administration asked the Court to decide whether to take the case by Sept. 10, laying out a timeline that could lead to oral arguments by early November.
- Fed's Beige Book: "Nearly all Districts noted tariff-related price increases, with contacts from many Districts reporting that tariffs were especially impactful on the prices of inputs." bit.ly/45MUb11
- Sen. Thom Tillis, a Senate Banking Republican, says he will not consider a replacement for Lisa Cook's seat on the Fed board unless/until a court rules her firing was legal. Suggests Pres. Trump will NOT be able to fill her seat unless that happens. From Politico: www.politico.com/live-updates...
- The President says his administration will be appealing the IEEPA tariffs case to the Supreme Court as soon as tomorrow, and will be asking for an expedited ruling in the case. Reminder the stay that allows the tariffs to remain in place for now is due to expire Oct. 14.
- It’s striking to me just how severe the White House says the consequences of losing the tariffs appeal would be. Trump says the U.S. would be a “Third World Nation.” Navarro called it “the end of the United States.” One court loss and they’re warning the entire economic agenda falls apart.
- Bessent tells Fox Biz he needs "months, if not quarters, if not a year of progress" on fentanyl before he can imagine the 20% fentanyl tariffs being removed on Chinese imports. That suggests the China tariffs, currently 30% this term, are unlikely to fall below 20% anytime soon.
- Pres. Trump this morning says “trillions” of dollars are being collected in tariff revenue. The Peterson Institute’s latest estimates show just $93.9 billion has been collected through the first six months of this year.
- Just over 12 hours before the U.S.-China temporary tariff truce is set to expire, Pres. Trump says "we'll see what happens" when asked whether he plans to extend the deadline.
- A parade of CEOs at the White House today: Besides Apple’s Tim Cook, Nvidia’s Jensen Huang, Citigroup’s Jane Fraser and BofA’s Brian Moynihan have all been here as well. Fraser and Moynihan held meetings with the President about the privatization of Fannie/Freddie, I’m told.
- A White House official tells me Tim Cook will be at the White House today when he and President Trump announce that Apple will be upping its investment commitments in the U.S. by another $100 billion, as it works to bring more manufacturing and more of its supply chain to the US.
- Just spoke with an administration official about the President’s decision to fire the BLS commissioner. Some takeaways: 1. The firing was due to what the White House sees as a “pattern of incompetence.” The possibility of firing her had been on the President’s radar for months.
- A White House official confirms to me this means all aspects of the status quo with Mexico hold, including exemptions for USMCA-compliant goods.
- While we await EOs, a reminder of what tariffs are expected to take effect at midnight, as of now: —10-20% tariffs on 7 countries with framework deals —11-50% “reciprocal” tariffs against 50+ other countries —15-20% global “baseline” tariff (for everyone else) —50% copper tariff
- We’re 16 hours now from the President’s midnight trade deadline, at which point sweeping tariffs of 11-50% are set to take effect against 50+ countries. These were announced April 2, delayed to July 9 and then Aug. 1. As currently written via EO, all take effect at 12:01am.
- The White House dropped a flood of trade news via exec order this afternoon. In three parts: —Trump revoked the "de minimis" trade loophole, which allows small packages to come in duty-free —He formalized his 50% tariffs on copper —and put 50% tariffs on Brazil Let's break it down👇
- Two weeks later, this remains true -- not only for the framework deals with Indonesia and Vietnam, but also for those with the EU, Japan and the Philippines. Also still to be finalized: All 25 or so of the new tariff rates laid out in the letters the President sent over the past month.
- Pres. Trump says today he's moving his deadline for 100% secondary tariffs targeting Russia to 10-12 days from now (up from Sept. 1). These would primarily impact China and Iran, the major buyers of Russian oil -- interesting timing to level this threat as the Stockholm talks get underway.
- Pres. Trump was asked tonight whether he ever planned to release details of the Vietnam trade framework. “I don't think it matters how much I release of the deal,” he said. “We may open it. I mean I don't know, I can't tell you, I mean is it necessary? I don't think so.”
- I'm a broken record on this, but formal paperwork is always key before tariff changes are finalized. And we are still waiting on further paperwork/confirmation for: —The framework deals with Indonesia & Vietnam —The 50% copper tariffs —The 100% secondary tariffs targeting Russia
- More Indonesia trade framework details: —0% tariffs on US exports; 19% tariffs on imports from Indonesia, per Trump (down from 32% threatened last week) —Top imports that could see impact: palm oil, electronics, footwear, tires —Awaiting formal paperwork and confirmation from Indonesia
- A week after announcing 50% tariffs on all imported copper, saying it poses a national security threat, the President today says that as part of the trade framework with Indonesia, the U.S. will be buying more of Indonesia's "very high quality copper."
- ~60% of everything the U.S. buys from abroad comes from four trading partners: the EU, Mexico, Canada & China. New tariff rates on imports from those four partners, starting Aug. 1: — EU: 30% — Mexico: 30%* — Canada: 35%* — China: 30% *USMCA goods may be exempt, but the decision is not final
- In new letters, President Trump today says all imports from Mexico and the EU will face 30% tariffs beginning Aug. 1.
- Trump's message for countries ahead of the Aug 1 tariff deadline: "Keep working hard. We've been taken advantage of for many years by countries, both friends and foe. Frankly, the friends have been worse than the foes.. So I'd say, just keep working. It's all going to work out."
- Pres. Trump was asked twice this morning if he'll fire Fed Chair Powell. "No," he replied both times. "I think he's doing a terrible job," he added. "I think we should be three points lower."
