$10 billion lawsuit. More documents coming. Here's the latest on Trump and Epstein.
In a lawsuit filed July 18, Trump is seeking $10 billion in damages over the Wall Street Journal's publication of an article saying the future president wrote a lewd letter to Epstein for his 50th birthday.
"We have just filed a POWERHOUSE Lawsuit against everyone involved in publishing the false, malicious, defamatory, FAKE NEWS 'article' in the useless 'rag' that is, The Wall Street Journal," Trump wrote on social media.
He filed the lawsuit the day after directing Attorney General Pam Bondi to produce more Epstein documents amid public clamor for the records - a fascination Trump said he doesn't understand about what he called a 'pretty boring' case.
And on July 19, Trump doubted the upcoming records release will satisfy his critics.
"It will always be more, more, more," Trump said on social media.
Here's what to know about the latest developments in Trump's dealings with the continued interest in the disgraced financier and convicted sex offender who died in a Manhattan jail cell in 2019 while awaiting trial on federal sex trafficking charges.
What does Trump want?
Trump wants $10 billion in damages from the Wall Street Journal, its parent company, owner and two reporters claiming libel and slander.
A $10 billion award would far exceed the largest defamation judgments and settlements in recent history, according to Reuters.
More: Trump sues WSJ, Rupert Murdoch and two reporters for Epstein letter story
To win, Trump has to prove the Wall Street Journal acted with 'actual malice,' a standard set by the Supreme Court in 1964.
The court in March declined an appeal from top Republican donor and former casino magnate Steve Wynn asking the court to overturn that ruling.
What did the Wall Street Journal report?
At issue is a story published July 17 describing a letter from Trump that the Journal wrote was part of a leather-bound birthday book with dozens of other letters that was presented to Epstein in 2003. Trump's letter ends with 'Happy Birthday — and may every day be another wonderful secret,' according to the report.
Trump's signature on the letter, which was written in the form of text inside a hand-drawn outline of a nude woman, is "a squiggly 'Donald' below her waist, mimicking pubic hair,' according to the Journal.
How has the Wall Street Journal responded to Trump's lawsuit?
A Dow Jones spokesperson said July 18 that the Wall Street Journal stands by its story. "We have full confidence in the rigor and accuracy of our reporting, and will vigorously defend against any lawsuit," the spokesperson said.
More: Trump's team promised transparency on Epstein. Here's what they delivered.
What new Epstein files does Trump want released?
After Trump on July 17 directed Bondi to produce more Epstein documents, federal prosecutors followed up with a motion filed July 18 in federal court in Manhattan seeking to unseal grand jury transcripts in the criminal cases against Epstein and his former associate Ghislaine Maxwell.
'Based on the ridiculous amount of publicity given to Jeffrey Epstein, I have asked Attorney General Pam Bondi to produce any and all pertinent Grand Jury testimony, subject to Court approval,' Trump wrote on social media.
More: At Trump's request, Justice Department asks court to release Epstein grand jury records
Epstein's federal sex-trafficking case was still pending when he was found dead in a jail cell in 2019.
It was a partial about-face for Trump, after his Justice Department released a memo July 7 saying no further Epstein disclosure was warranted. But it's not clear what portion of the government's Epstein files are taken up by that testimony.
When will the new information become public?
It could take time for the courts to release any records, and the grand jury documents are just a portion of the unreleased files.
'What about videos, photographs and other recordings?' Democratic Rep. Daniel Goldman, a former prosecutor, wrote on social media in response to Bondi saying she'd seek the release of grand jury testimony. 'What about FBI… (witness interviews)? What about texts and emails?'
Meanwhile, Congress also is considering another, non-binding, resolution calling for the release of Epstein records. The House Rules Committee advanced the resolution July 17 on a party-line vote. Democrats opposed the measure because it is non-binding.
What Epstein information was previously released?
Trump previously accused the Biden administration of hiding a list of Epstein clients.
he Department of Justice teased that more files would be coming out, but then on July 7, Bondi said there was no client list and no further disclosure was needed.
More: Jeffrey Epstein had no 'client list,' died by suicide, DOJ and FBI conclude
That led to a wave of backlash from Trump's MAGA base.
More: Trump bows to Epstein critics clamoring for more records. Will it calm MAGA's fury?
What was Trump's reletionship with Epstein?
Trump's association with Epstein, whom he knew socially, has dogged him since his first term in office. In 2019, Trump said he'd had a 'falling out' with Epstein, whom he described as a 'Palm Beach fixture,' in the mid-2000s.
Trump hasn't explained why, but a 2019 Washington Post story describes a power struggle the two men had that year over an oceanfront Palm Beach mansion.
In 2022, Trump called Epstein a "terrific guy."
'He's a lot of fun to be with," Trump told New York magazine. "It is even said that he likes beautiful women as much as I do, and many of them are on the younger side."
Is Trump in the Epstein files?
Trump has already appeared in legal documents concerning Epstein's crimes, but never in a way that implicates him.
In the 1990s, Trump rode on aircraft owned by Epstein, according to flight logs released in two lawsuits. But that was 30-plus years ago.
In Palm Beach County state attorney documents, an image of a message pad communication seized in a Palm Beach police search appeared, but there is nothing more than Trump's name and a phone number.
Contributing: Aysha Bagchi, Joey Garrison, Zac Anderson, Swapna Venugopal Ramaswamy, Kinsey Crowly, Holly Baltz.
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Still, the company's net profit fell 3.1% in Q2 as operating costs increased. "Some consumers have been rushing to make purchases before the tariffs take effect," an executive said on the earnings call. "In the first half of 2025, we achieved approximately 3% growth year over year, higher than the market demand with new product launches and efficient sales operations, continuing to strengthen our market presence." But that pull-forward in demand could signal weakness ahead in the months to come if trade tensions escalate again. "A rise in product costs driven by the 50% tariff on steel and reciprocal tariffs that are set to be applied in the latter half of the year could translate into greater uncertainties for the market price," the executive said. "Additionally, shifts in the US government's trade policies and weakening consumer sentiment cast doubt on the demand outlook for home appliances." This isn't the first time LG has grappled with US protectionist policies. In 2018, during Trump's first term, washing machine prices rose when Trump targeted the industry with tariffs. Tariffs remain a key concern for South Korean appliance maker LG Electronics ( The company said that if President Trump's blanket tariffs take effect on Aug. 1, it will adjust prices and move some production to its plants in Mexico and the US. LG produces its products worldwide, particularly in South Korea, China, and Vietnam. On Aug. 1, imports from South Korea face a 25% tariff, while those from Vietnam face a 20% tariff. Imports from China are estimated to face tariffs of roughly 50%, though that could change after US and Chinese officials meet in Sweden for the next round of trade talks. According to LG, consumers rushed to purchase items in the first half of the year to avoid tariffs. Still, the company's net profit fell 3.1% in Q2 as operating costs increased. "Some consumers have been rushing to make purchases before the tariffs take effect," an executive said on the earnings call. "In the first half of 2025, we achieved approximately 3% growth year over year, higher than the market demand with new product launches and efficient sales operations, continuing to strengthen our market presence." But that pull-forward in demand could signal weakness ahead in the months to come if trade tensions escalate again. "A rise in product costs driven by the 50% tariff on steel and reciprocal tariffs that are set to be applied in the latter half of the year could translate into greater uncertainties for the market price," the executive said. "Additionally, shifts in the US government's trade policies and weakening consumer sentiment cast doubt on the demand outlook for home appliances." This isn't the first time LG has grappled with US protectionist policies. In 2018, during Trump's first term, washing machine prices rose when Trump targeted the industry with tariffs. Japan says $550 billion investment could finance Taiwanese chipmaker in US The $550 billion President Trump said Japan gave to the US "to lower their tariffs a little bit," could be used to help finance a Taiwanese chipmaker building plants in the US, the Associated Press reported Saturday. Trump on Thursday called the $550 billion "seed money" and that 90% of profits from the money invested would go to the US. "It's not a loan or anything, it's a signing bonus," Trump said. Read more here. The $550 billion President Trump said Japan gave to the US "to lower their tariffs a little bit," could be used to help finance a Taiwanese chipmaker building plants in the US, the Associated Press reported Saturday. Trump on Thursday called the $550 billion "seed money" and that 90% of profits from the money invested would go to the US. "It's not a loan or anything, it's a signing bonus," Trump said. Read more here. More cracks form in the US-Japan trade agreement We detailed earlier (keep scrolling) some initial, if gentle, pushback from the Japanese side on the US portrayal of the countries' trade deal. The Financial Times has a good, detailed look at some of the "cracks" forming: Read more here (subscription required). We detailed earlier (keep scrolling) some initial, if gentle, pushback from the Japanese side on the US portrayal of the countries' trade deal. The Financial Times has a good, detailed look at some of the "cracks" forming: Read more here (subscription required). EU head to meet with Trump this weekend in bid to clinch deal Bloomberg reports that European Commission President Ursula von der Leyen will meet with President Trump this weekend as he travels to his golf club in Scotland in a bid to secure a trade deal. The meeting will come as the two sides race to secure a deal ahead of next Friday — Trump's self-imposed deadline for 30% tariffs on EU goods to kick in. On Friday, Trump put the odds of a deal at "50-50." From the report: Bloomberg reports that European Commission President Ursula von der Leyen will meet with President Trump this weekend as he travels to his golf club in Scotland in a bid to secure a trade deal. The meeting will come as the two sides race to secure a deal ahead of next Friday — Trump's self-imposed deadline for 30% tariffs on EU goods to kick in. On Friday, Trump put the odds of a deal at "50-50." From the report: Trump: 'We haven't really had a lot of luck with Canada' President Trump on Friday expressed pessimism on US trade negotiations with Canada, suggesting he may simply impose threatened 35% tariffs on Canadian goods not covered by the existing US-Canada-Mexico trade agreement. "We haven't really had a lot of luck with Canada. I think Canada could be one where there's just a tariff, not really a negotiation," he said. More from Reuters: President Trump on Friday expressed pessimism on US trade negotiations with Canada, suggesting he may simply impose threatened 35% tariffs on Canadian goods not covered by the existing US-Canada-Mexico trade agreement. "We haven't really had a lot of luck with Canada. I think Canada could be one where there's just a tariff, not really a negotiation," he said. More from Reuters: Boston Beer Company says strong profits helped brewer absorb tariff costs The Boston Beer Company (SAM) continues to feel the effects of President Trump's tariffs, but a strong quarter of sales and profit is helping the Samuel Adams brewer absorb some of those cost increases. Boston Beer expects tariffs to add about $15 million to $20 million in costs for the full year. Previously, it modeled tariff costs of $20 million to $30 million. Expect the company to raise prices by 1% to 2% to offset some of the costs as well, executives said. Boston Beer did see tariffs negatively affect its gross margin toward the end of the second quarter, but it benefited from improved brewery efficiencies. For the second quarter, the company reported profits of $5.45 per share on revenue of $625 million, versus estimates for earnings of $4.00 per share on $588 million, according to S&P Global Market Intelligence. "Right now, I think we're very happy with the performance," Boston Beer CEO Michael Spillane said on the earnings call. "Not only that, but that's allowed us to offset some of the tariffs that we've seen so far." The Boston Beer Company (SAM) continues to feel the effects of President Trump's tariffs, but a strong quarter of sales and profit is helping the Samuel Adams brewer absorb some of those cost increases. Boston Beer expects tariffs to add about $15 million to $20 million in costs for the full year. Previously, it modeled tariff costs of $20 million to $30 million. Expect the company to raise prices by 1% to 2% to offset some of the costs as well, executives said. Boston Beer did see tariffs negatively affect its gross margin toward the end of the second quarter, but it benefited from improved brewery efficiencies. For the second quarter, the company reported profits of $5.45 per share on revenue of $625 million, versus estimates for earnings of $4.00 per share on $588 million, according to S&P Global Market Intelligence. "Right now, I think we're very happy with the performance," Boston Beer CEO Michael Spillane said on the earnings call. "Not only that, but that's allowed us to offset some of the tariffs that we've seen so far." Some headlines from Trump on tariffs this morning Via Bloomberg: Via Bloomberg: Trump: US will sell 'so much' beef to Australia President Trump said on Thursday that the US will sell "so much" beef to Australia, following Canberra relaxing import restrictions. Trump added that other countries who had refused US beef products were on notice. Reuters reports: Read more here. President Trump said on Thursday that the US will sell "so much" beef to Australia, following Canberra relaxing import restrictions. Trump added that other countries who had refused US beef products were on notice. Reuters reports: Read more here. World's No. 3 automaker Kia takes $570M tariff hit in Q2 Reuters reports: Read more here. Reuters reports: Read more here. Puma shares dive after warning of full-year loss, US tariff impact Puma ( shares fell 17% on Friday after the sportswear brand said that it now expects an annual loss due to a decline in sales and US tariffs denting profit. Reuters reports: Read more here. Puma ( shares fell 17% on Friday after the sportswear brand said that it now expects an annual loss due to a decline in sales and US tariffs denting profit. Reuters reports: Read more here. LG Energy Solution warns of slowing EV battery demand due to U.S. tariffs, policy headwinds Reuters reports: South Korean battery firm LG Energy ( Solution warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump. Its major customers Tesla (TSLA) and General Motors (GM) warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30. "US tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. Read more here. Reuters reports: South Korean battery firm LG Energy ( Solution warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump. Its major customers Tesla (TSLA) and General Motors (GM) warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30. "US tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. Read more here. Japan, US differ on how trade-deal profits will be split Japan said Friday that profits from the $550 billion investment deal with the US will be shared based on how much each side contributes. A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. Japan said Friday that profits from the $550 billion investment deal with the US will be shared based on how much each side contributes. A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. US business activity rises; tariffs fuel inflation concerns US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. It sounds like Trump now has a new minimum tariff rate: 15% President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. Keurig Dr. Pepper brewer sales volume drops 22%, CEO says tariff impacts 'will become prominent' Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. The EU's Trump insurance As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). Europe approves $100B-plus tariff backup plan A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The approval of the package comes despite the growing optimism that the US and EU will reach a deal that would put baseline tariffs on the bloc at 15%, matching the level the US applied to Japan. The EU is keen to reach a deal with the US but as a cautionary measure has approved 30% tariffs if a deal is not made. A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The approval of the package comes despite the growing optimism that the US and EU will reach a deal that would put baseline tariffs on the bloc at 15%, matching the level the US applied to Japan. The EU is keen to reach a deal with the US but as a cautionary measure has approved 30% tariffs if a deal is not made. 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
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Reaction to US and EU trade deal
TURNBERRY, Scotland (Reuters) -U.S. President Donald Trump on Sunday said the United States and the European Union had reached agreement on a trade deal that includes a 15% tariff on EU goods entering the U.S. and significant EU purchases of U.S. energy and military equipment. The deal also calls for $600 billion in investments in the U.S. by the European Union, he told reporters. This follows a U.S. deal with Japan on July 23 that cut tariffs on auto imports and other goods in exchange for a $550 billion package of U.S.-bound investment and loans. Major financial markets were still closed. The euro ended last week around three-week highs at $1.1738, while the STOXX 600 <.STOXX > hit its highest since early June last week as optimism built for an EU/U.S. trading deal. Following are comments from business leaders and companies, and market reaction to the announcement. COMMENTS: MICHAEL BROWN, SENIOR RESEARCH STRATEGIST, PEPPERSTONE, LONDON: "The EU is going to be hit with a 15% tariff which is pretty punchy but it's half of the 30% they were threatened with and it's well off the 50% that Trump had been throwing around at the start of the month so that's good news." "This is more a case of the risk of no deal being removed as opposed to whether it's 15%-20%, I'm not entirely sure that matters so much at least not in terms of how markets are going to trade in an hour or so when things get up and running for the week." "The two obvious reactions that you would expect are upside in the euro and upside in equity futures. I don't think equities in particular needed much of an excuse to rally and now they've got one." ERIC WINOGRAD, CHIEF ECONOMIST, ALLIANCEBERNSTEIN, NEW YORK: "This is very similar to the deal we reached with Japan." "We will need to see how long the sides stick to the deal. From a market perspective, it is reassuring in the sense that having a deal is better than not having a deal." RICK MECKLER, PARTNER, CHERRY LANE INVESTMENTS, NEW VERNON, NEW JERSEY: "It's really in line with the Japan deal, and I assume investors will view it positively as they viewed the Japan deal. The reality is there will be higher tariffs, which may lead to more inflation, depending on how much of it is absorbed by the manufacturers and how much of it is passed on to consumers. I think from the administration's point of view, they probably have begun to address the balance of trade issues. The question remains whether using tariffs as a way to address these imbalances is positive for the global economy or just a tax that helps with jobs here in the U.S." 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
