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Trump 2.0 hits 6 months: Hill Nation Summit explores GOP control, Dem rebuilding

Trump 2.0 hits 6 months: Hill Nation Summit explores GOP control, Dem rebuilding

The Hill14-07-2025
It's been six months since President Trump began his second stint in the White House, Republicans took full control of Washington and Democrats kick-started their rebuilding period following the crushing electoral losses of November.
So, where do things stand?
The inaugural Hill Nation Summit — held by The Hill and NewsNation on Wednesday — will explore those critical storylines and more through engaging newsmaker interviews with top members of Congress and key Trump administration officials as D.C. reflects on the past half-year and looks ahead to the 2026 midterm elections, 2028 presidential race, and beyond.
'We are just getting started,' Trump declared in March, during his first address to Congress of his second term.
Those first six months have been defined by Trump's efforts to reshape the government through dramatic cuts to the federal workforce; the implementation of a trade regime that has put U.S. allies on defense and Wall Street on a roller-coaster; the U.S. bombing of nuclear facilities in Iran amid Tehran's war with Israel; the passage of Trump and the GOP's megabill of tax cuts that Democrats see as a midterm comeback issue; and an up-and-down effort by that party to coalesce around a new message and lead messenger.
Speaker Mike Johnson (R-La.), Homeland Security Secretary Kristi Noem, White House senior counselor for trade and manufacturing Peter Navarro, House Democratic Vice Chair Ted Lieu (Calif.), former DNC co-Vice Chair David Hogg and many others will join the conversation to discuss those topics and more, as Washington closes out the first chamber of Trump's return to the White House.
The first six months of the Trump administration and GOP trifecta have in large part been driven by the decisions and announcements made by the White House.
Two of the major themes throughout have been the immigration crackdown at the border and the use — or threat — of tariffs to dictate economic, trade and foreign policy.
The Trump administration has launched a massive deportation effort with the aim of a minimum of 3,000 arrests every day. According to White House aide Stephen Miller, U.S. Immigration and Customs Enforcement has been ordered to expand deportation efforts in Democratic-run cities, and the president signed an executive order to launch a self-deportation program.
Those actions and others have caused a stir across the country, prompting protests in cities nationwide to push back on the mission.
Noem, who has been at the center of those efforts, will join the 'Hill Nation Summit' for an interview at 4 p.m. (All times EDT).
On the trade front, the administration is nearing an Aug. 1 deadline for the tariffs on dozens of countries to take effect, after Trump signed an executive order last week to delay the implementation of 'reciprocal' tariffs.
The president's tariff plan has been a hot-button issue in Washington and on Wall Street, with politicians at odds over the effectiveness of the strategy and markets moving at the whims of the trade decisions.
Navarro has been one of the most vocal proponents of the tariff approach, and will sit down at the 'Hill Nation Summit' for an interview at 9:20 a.m.
'Trumpnomics and the Trump tariffs will put America on a sounder fiscal footing than any policy proposal in decades,' Navarro wrote in an op-ed for The Hill in May.
House Republicans got their 'big, beautiful bill' to Trump's desk ahead of their self-imposed July 4 deadline, a big achievement that was doubted even by some Republicans.
'I was skeptical we'd be able to get that thing done by July 4,' Vice President Vance had said.
The legislation — which encompasses a large chunk of Trump's domestic policy agenda — extends the 2017 tax cuts, eliminates some taxes on tips and Social Security, provides $150 billion for border funding and the same amount for defense spending and slashes incentives that promote green energy, among other provisions. To pay for part of the package, Republicans made deep cuts to Medicaid and low-income nutrition programs.
'This is the most comprehensive and consequential set of conservative reforms in modern history,' said House Budget Committee Chair Jodey Arrington (R-Texas), who will join the 'Hill Nation Summit' at 11:30 a.m. after helping shepherd the legislation through the lower chamber.
But if getting the bill over the finish line was grueling, selling it to the public is on track to be even more difficult.
The legislation is slated to be the main focus on the campaign trail ahead of the 2026 midterm elections, with Republicans hoping to sell the favored policies in the bill — namely, tax breaks — to the public, and Democrats convinced that the pay-fors in the package, headlined by Medicaid cuts, will win them votes at the ballot box.
Democrats are looking to take control of the lower chamber next year after what will be three years in the minority wilderness. They believe the GOP legislation coupled with historical trends of the president's party losing seats in the first election since taking office will help them.
Republicans, meanwhile, are intent on growing their majority, and hold a three-vote margin in the House. Both parties are confident their messages will win out.
'It's gonna help all Americans, and they will see that and they will feel it before the midterms, which is important to us,' Johnson, who will be interviewed at 3:30 p.m., said earlier this month as the House finished its work on the sprawling package overnight. 'People will know that we're doing right, and we're delivering the America First agenda, and this was our vehicle to do it.'
House GOP Conference Chair Lisa McClain (R-Mich.) — who oversees messaging for the group and will be interviewed at 1:30 p.m. — said Republicans would 'set out to spread the message of this historic achievement.'
Democrats, however, have a different view of the situation.
'So what Trump Republicans are doing is not popular and the more the American people find out the more they dislike it,' said Lieu, who will be interviewed at 11 a.m., said last month.
Rep. John James (R-Mich.), who is running for governor in the Wolverine State, and former Speaker Kevin McCarthy (R-Calif.), who led House Republicans back to the majority in the 2022 midterms, will join the conversation to discuss the sprawling legislation and upcoming elections. James will be interviewed at 9:55 a.m., and McCarthy at 1:45 p.m.
Democrats are still picking up the pieces from their losses in November — failing to win the White House, flip control of the House and keep their Senate majority — a trio of electoral shortcomings that catapulted the party into a period of reflection and rebuilding.
The past six months have been defined by debates over former President Biden's decision to drop out of the 2024 race — which have cropped back up amid the release of explosive books — conversations about whether Democrats should move to the progressive left or moderate center, discussions about what the most salient message is for the party moving forward, and talks about who should lead that operation going forward.
A half-year in, few answers have emerged.
A poll conducted in May and June by Unite the Country, a Democratic super PAC, found that voters see the party as 'out of touch,' 'woke' and 'weak,' and perceived a slip in approval ratings among several demographics.
Questions about strategy going forward were in large part reflected in Hogg's rise — and quick fall — as co-vice chair at the DNC, including the discourse about a new generation of leaders in the party. Hogg, the co-founder of Leaders We Deserve, will be interviewed at 12:45 p.m.
'I'm not going away,' Hogg told The Hill last month in his first interview since deciding not to rerun for DNC vice chair.
Leaders would be wise to wrap up the postmortem period soon, as Democrats look to ramp up their efforts ahead of the 2026 midterm elections and 2028 presidential race — where they are intent on making up lost ground from November.
With no clear leader in the party, the Democratic face for 2028's marquee race is up for grabs. There is not, however, a shortage in people who think they can carry the torch — including governors, members of Congress, former White House officials and media personalities.
One of those figures is Rep. Ro Khanna (D-Calif.), the five-term House lawmaker who has become an omnipresent figure on cable news to discuss the future of the Democratic Party — and a frequent name on the list of potential 2028 candidates.
Khanna will be interviewed at the 'Hill Nation Summit' at 3 p.m.
'My goal is to have a substantive vision for the country,' Khanna told NewsNation's Chris Cuomo in April.
Sen. Amy Klobuchar (D-Minn.) — who has also been floated as a potential 2028 candidate after running in the 2020 Democratic primary, will also be interviewed at 2 p.m.
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Trump tariffs live updates: India hit with 50% tariffs as Trump's sweeping trade measures roll out
Trump tariffs live updates: India hit with 50% tariffs as Trump's sweeping trade measures roll out

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Trump tariffs live updates: India hit with 50% tariffs as Trump's sweeping trade measures roll out

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Trump order lowering tariffs on EU autos still days away: source European automakers will have to hold on a little while longer before President Trump lowers auto tariffs as EU-US negotiations continue. Reuters reports: Read more here. European automakers will have to hold on a little while longer before President Trump lowers auto tariffs as EU-US negotiations continue. Reuters reports: Read more here. Alcohol groups say tariffs put $2B in sales and 25,000 jobs at risk In a letter to President Trump, a group comprising of 57 alcohol industry firms have said that Trump's tariffs of 15% on EU goods could reduce the value of alcohol sales by almost $2B and put 25,000 jobs at risk. Reuters reports: Read more here. In a letter to President Trump, a group comprising of 57 alcohol industry firms have said that Trump's tariffs of 15% on EU goods could reduce the value of alcohol sales by almost $2B and put 25,000 jobs at risk. Reuters reports: Read more here. Carney says he'll look at opportunities to remove tariffs on US Canadian Prime Minister Mark Carney said that he will look to assess ways in which he can remove some counter-tariffs against the US. Carney's statement seems at odds with his earlier commitments to fight back against President Trump's trade war. Bloomberg News reports: Read more here. Canadian Prime Minister Mark Carney said that he will look to assess ways in which he can remove some counter-tariffs against the US. Carney's statement seems at odds with his earlier commitments to fight back against President Trump's trade war. Bloomberg News reports: Read more here. Trump says Japan to import Ford's huge F-150 pickup trucks President Trump said that Japan has agreed to accept imports of Ford's F-150 pick up trucks. This latest news is seen as a sign that the two sides may not be on the same page when it comes to their understanding of the trade agreement reached last month. Bloomberg News reports: Read more here. 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A stronger yen and the impact of President Trump's tariffs took their toll, but the company raised its full-year forecast. Reuters reports: Read more here. China draws red lines on US chip tracking with Nvidia meeting China is pushing back against the US over chips despite their overall trade truce. Last week, Beijing summoned Nvidia (NVDA) staff over security concerns with H20 chips, signaling opposition to the US plans to track advanced semiconductors. Analysts view China's latest move as a warning that it will not allow the US to dominate the chip sector. Bloomberg News reports: Read more here. China is pushing back against the US over chips despite their overall trade truce. Last week, Beijing summoned Nvidia (NVDA) staff over security concerns with H20 chips, signaling opposition to the US plans to track advanced semiconductors. Analysts view China's latest move as a warning that it will not allow the US to dominate the chip sector. Bloomberg News reports: Read more here. Trump says he's readying more tariffs on Russian energy buyers Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Canada to help lumber industry cope with US tariffs: Carney Prime Minister Mark Carney has announced that Canada will provide funds to help the lumber industry prepare for tariffs. Reuters reports: Read more here. Prime Minister Mark Carney has announced that Canada will provide funds to help the lumber industry prepare for tariffs. Reuters reports: Read more here. Starbucks under pressure again as Brazilian tariffs hike coffee costs Starbucks (SBUX) may soon hike prices on its pumpkin spice lattes and bottled Frappuccinos as it faces cost pressure from the 50% tariff on Brazilian coffee imports, which takes effect on Aug. 6. Yahoo Finance's Francisco Velasquez reports: Read more here. Starbucks (SBUX) may soon hike prices on its pumpkin spice lattes and bottled Frappuccinos as it faces cost pressure from the 50% tariff on Brazilian coffee imports, which takes effect on Aug. 6. Yahoo Finance's Francisco Velasquez reports: Read more here. EU continues to press for tariff exemption on wine, spirits as part of US deal The EU is pushing for its wine and spirit exports to be exempt from US tariffs, while both sides work towards refining the deal they agreed last month. The WSJ reports: Read more here. The EU is pushing for its wine and spirit exports to be exempt from US tariffs, while both sides work towards refining the deal they agreed last month. The WSJ reports: Read more here. Countries push for last-minute deals as Thursday tariff deadline looms Global importers are bracing for President Trump's next tariff deadline on Thursday morning, when the president's tiered approach to tariffs is expected to take effect. Yet some of the details around trade agreements remain fuzzy. Yahoo Finance's Ben Werschkul reports: Read more here. Global importers are bracing for President Trump's next tariff deadline on Thursday morning, when the president's tiered approach to tariffs is expected to take effect. Yet some of the details around trade agreements remain fuzzy. Yahoo Finance's Ben Werschkul reports: Read more here. Trump's copper tariffs apply to $15B of products so far President Trump's copper (HG=F) tariffs are due to hit imports valued at more than $15B in 2024, highlighting the potential inflationary impact on American manufacturers. Trump's unveiling of 50% import duties rattled the global copper market last week, because the US president provided a surprise exemption to key forms of wiring metal. But it still leaves significant trade volumes subject to tariffs. Bloomberg News reports: Read more here. President Trump's copper (HG=F) tariffs are due to hit imports valued at more than $15B in 2024, highlighting the potential inflationary impact on American manufacturers. Trump's unveiling of 50% import duties rattled the global copper market last week, because the US president provided a surprise exemption to key forms of wiring metal. But it still leaves significant trade volumes subject to tariffs. Bloomberg News reports: Read more here. Trump threatens EU with increased tariffs if it doesn't meet investment pledge President Trump threatened to hike tariffs on the European Union back to 35% if the bloc fails to live up to a pledge to invest some $600 billion in the US. "A couple of countries came [and said], 'How come the EU is paying less than us?' And I said well, because they gave me $600 billion," Trump said during a CNBC interview. "And that's a gift, that's not like, you know, a loan," he said, claiming that the terms allow the US to direct where the EU invests. President Trump threatened to hike tariffs on the European Union back to 35% if the bloc fails to live up to a pledge to invest some $600 billion in the US. "A couple of countries came [and said], 'How come the EU is paying less than us?' And I said well, because they gave me $600 billion," Trump said during a CNBC interview. "And that's a gift, that's not like, you know, a loan," he said, claiming that the terms allow the US to direct where the EU invests. Trump says pharma duties could go to 250% President Trump said he would announce tariffs on semiconductor and pharmaceutical imports "within the next week or so." "We'll be putting a initially small tariff on pharmaceuticals, but in one year — one and a half years, maximum — it's going to go to 150%. And then it's going to go to 250%, because we want pharmaceuticals made in our country," Trump said during a CNBC interview. He said semiconductor and chip tariffs would be in a "different category." President Trump said he would announce tariffs on semiconductor and pharmaceutical imports "within the next week or so." "We'll be putting a initially small tariff on pharmaceuticals, but in one year — one and a half years, maximum — it's going to go to 150%. And then it's going to go to 250%, because we want pharmaceuticals made in our country," Trump said during a CNBC interview. He said semiconductor and chip tariffs would be in a "different category." US tariff on EU goods set at flat 15% The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts. The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines. The EU said it still expects turbulence in its trade dealings with the US. Reuters reports: Read more here. The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts. The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines. The EU said it still expects turbulence in its trade dealings with the US. Reuters reports: Read more here. India hits back at Trump's tariff threat India has called out President Trump after he threatened to "substantially raise" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests. Bloomberg News reports: Read more here. India has called out President Trump after he threatened to "substantially raise" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests. Bloomberg News reports: Read more here. Nvidia partner Hon Hai's July sales growth weakened by tariffs Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( reported a sales slowdown for July due to US tariffs. Bloomberg News reports: Read more here. Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( reported a sales slowdown for July due to US tariffs. Bloomberg News reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Trump's Asia tariffs takes a massive hit on Bitcoin miners
Trump's Asia tariffs takes a massive hit on Bitcoin miners

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Trump's Asia tariffs takes a massive hit on Bitcoin miners

Trump's Asia tariffs takes a massive hit on Bitcoin miners originally appeared on TheStreet. As per the latest report by The Block, President Donald Trump's latest order on global tariffs seems to be becoming a pain in the neck for the Bitcoin mining community in the U.S. As the 90-day tariff pause deadline neared, Trump announced a slew of new global tariff rates on July 31. Among the worst-hit are the key centers of mining rig manufacturing in Southeast Asia. For those unfamiliar, crypto mining is the process of using high-tech hardware to validate and secure transactions on a blockchain network. Ethan Vera, the COO of a Bitcoin mining technology and services company, Luxor Technology, shared a document with The Block as per which the latest directive imposes 21.6% tariffs, including a 19% "reciprocal tariff," on imports of application-specific integrated circuits (ASICs) from Indonesia, Malaysia, and Thailand beginning Aug. are chips that are designed to execute a specific task extremely efficiently such as crypto mining, as opposed to general-purpose processors like central processing units (CPUs) or graphics processing units (GPUs). As per the report, U.S. tariffs on imports from China, a major hub of mining rig manufacturing, stand at a staggering 57.6%, which includes a 10% baseline reciprocal tariff and an additional country‑specific tariff of 20%. Anyway, the tariff pause deadline between the two countries is set to expire on Aug. 12, and there has been no breakthrough so far. While still lower than earlier rates, the current tariffs are significantly higher than the 2.6% tariffs on ASICs imported from the Southeast Asian countries before Trump's second term. However, Chinese machines even earlier used to face an additional 25% ad valorem said, "At 21.6% tariffs, the U.S. is now one of the least competitive jurisdictions to bring machines in, and miners are looking at Canada and other markets to expand too." Opportunity for domestic manufacturers However, the new trade conditions could also lead to a rise in the prices of U.S.-based used ASIC machines in the face of high tariffs on imported rigs, he explained. Though Luxor is excited about the production of mining rigs in the U.S., it warned fully onshoring the manufacturing could take years because most of the raw materials are still imported from Asia. The mining company expected the Trump administration to exempt the mining equipment from tariff hikes in order to encourage the domestic crypto industry. Trump's Asia tariffs takes a massive hit on Bitcoin miners first appeared on TheStreet on Aug 6, 2025 This story was originally reported by TheStreet on Aug 6, 2025, where it first appeared.

Is the US headed toward a recession? Experts weigh in
Is the US headed toward a recession? Experts weigh in

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Is the US headed toward a recession? Experts weigh in

A weak jobs report in recent days raised alarm among some analysts that the U.S. economy may be slipping toward a recession. Hiring slowed sharply over the summer, federal government data showed. The jobs report came days after fresh gross domestic product data indicated average annualized growth of 1.2% over the first half of 2025, well below 2.8% growth last year. Analysts who spoke to ABC News said the economy could dip into a downturn but the outlook remains uncertain. They differed sharply on the likelihood of a recession, ranging from dire warnings to skepticism about whether the recent data suggests significant cause for concern. "It's too early to see whether this is a trend," Harry Holzer, a professor of economics at Georgetown University and a fellow at the Brookings Institution, told ABC News. "The likelihood of a recession went up because of these job numbers, but it could be a one-time adjustment or a bump down that avoids negative growth." The economy added an average of about 35,000 jobs over three months ending in July, which marks a major slowdown from roughly 128,000 jobs added monthly over the prior three months, U.S. Bureau of Labor Statistics data on Friday showed. Employers are hiring at their slowest pace since 2020. Hours after the release of the report on Friday, President Donald Trump fired BLS Commissioner Erika McEntarfer, an appointee of former President Joe Biden who was confirmed by a bipartisan vote in the Senate in 2024. In a social media post, Trump volleyed sharp criticism and baseless accusations at McEntarfer, claiming without evidence that the data had been "manipulated." The jobs report featured revisions of previous months' data, which is a routine practice. McEntarfer did not immediately reply to ABC News' request for comment. "It has been the honor of my life to serve as Commissioner of BLS alongside the many dedicated civil servants tasked with measuring a vast and dynamic economy," McEntarfer said in a social media post after her dismissal. "It is vital and important work and I thank them for their service to this nation." William Beach, a former commissioner of the Bureau of Labor Statistics, who was appointed by Trump, condemned the firing of McEntarfer. "The totally groundless firing of Dr. Erika McEntarfer, my successor as Commissioner of Labor Statistics at BLS, sets a dangerous precedent and undermines the statistical mission of the Bureau,' Beach posted on X. Trump, meanwhile, touted his economic performance in a social media post: "The Economy is BOOMING under 'TRUMP' despite a Fed that also plays games, this time with Interest Rates." Some analysts disagreed. The hiring cooldown hit a wide swath of industries, including manufacturing and the federal government. The overall unemployment rate of 4.2% continued to hover near a historically low level, but unemployment rose among Black workers, which can foretell job losses among other groups. "The risks are increasingly high that we're going into recession," Mark Zandi, chief economist at Moody's Analytics, told ABC News. "We're not there yet – and maybe this thing gets turned around. But that's increasingly becoming hard to do with each passing week." Zandi largely faulted the rollout of Trump's tariffs for the apparent cooldown. In recent months, Trump has imposed a slew of far-reaching levies on dozens of countries and some specific products, such as steel, aluminum and cars. Tariffs place a tax burden on importers, raising their costs and risking elevated prices for consumers, Zandi said. "Tariffs weigh on economic growth," Zandi added. The Trump administration has touted tariffs as part of a wider set of "America First economic policies," which have "sparked trillions of dollars in new investment in U.S. manufacturing, technology, and infrastructure," according to the White House's website. The economy would likely need to slow further to be considered a recession. Many observers define a recession through the shorthand metric of two consecutive quarters of decline in a nation's inflation-adjusted gross domestic product. The National Bureau of Economic Research, or NBER, a research organization seen as an authority on measuring economic performance, uses a more complicated definition that takes into account several indicators that must convey "a significant decline in economic activity spread across the economy, lasting more than a few months," the group says. While acknowledging the tepid numbers, other analysts said warnings about a recession are premature. The economy has largely averted the type of widespread job losses that often accompany a recession. Consumer spending, which accounts for about two-thirds of economic activity, ticked higher over three months ending in June. Corporate earnings have remained robust. The jobs report sent stocks tumbling but markets have since recovered. "It seems to me people are anchoring on the jobs report and using it to telegraph a recession. I'm not sure it does that," Mark Blyth, a professor of political economy at Brown University, told ABC News. "Nobody knows and everybody is doing wish fulfillment," Blyth added. "If you don't like the administration's policies, you're willing it to be a recession and if you like them, you're saying, 'no.'" MORE: What $4 trillion in debt from Trump's spending measure could mean for future generations To be sure, recession forecasts are hardly bulletproof. A surge of inflation in 2021 -- and an interest-rate hike soon afterward -- unleashed a flood of recession warnings, but no downturn came to pass. More recently, Wall Street banks predicted a possible recession after Trump's "Liberation Day" tariff announcement, before pulling back their assessments after Trump dialed back the levies. "Recessions tend to be unforecastable," Claudia Sahm, chief economist at New Century Advisors and a former Fed official, told ABC News. "Often there's an event that causes people to lose confidence, change behavior and start a downward spiral. Those events are very hard to predict." Still, Sahm added, the available data indicates a weakened economy. "A slow-growing economy is not a good economy," Sahm said. "We want to avoid a recession but avoiding a recession is a low bar. We want an economy that's better than that." 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