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Trump touts tariffs, seeks to reassure on economy
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President Trump celebrated his new tariff regime and tried to reassure the public about his economic stewardship Thursday as a trade agenda upending the GOP and the global economic order came into place.
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Trump said the tariffs would raise billions for the U.S. Treasury, while Treasury Secretary Scott Bessent argued that foreign producers and big retailers would absorb the costs of the tariffs.
“Tariffs are flowing into the USA at levels not thought even possible,” Trump said Thursday morning.
Stock markets were less impressed.
The Dow Jones Industrial Average closed with a loss of 0.5 percent, falling 224 points, as Trump’s tariffs went into place, while the S&P 500 index fell by roughly 0.1 percent.
The tech-heavy Nasdaq composite closed up 0.4 percent after being up by as much as 1 percent in the morning.
Trump closed the day with an impromptu economic announcement from the White House with the conservative economist Stephen Moore, pushing back on a Bureau of Labor Statistics report last week that found the economy gained about 250,000 fewer jobs than previously thought over the last several months.
Read more here.
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Welcome to The Hill’s Business & Economy newsletter, I’m Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.
Programming Note: The Business & Economy newsletter will not run Friday and will return Mon. Aug. 11.
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Key business and economic news with implications this week and beyond:
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Trump signs executive order targeting debanking
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President Trump signed Thursday an executive order taking aim at alleged discrimination against conservatives by large banks, directing regulators to investigate and punish financial institutions for “politicized or unlawful debanking.”
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Trump to nominate top White House economist to Fed board
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President Trump announced Thursday he would nominate Stephen Miran, chair of the White House Council of Economic Advisers (CEA), to serve as a “temporary” member of the Federal Reserve Board of Governors.
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OpenAI on Thursday unveiled its new version of ChatGPT, GPT-5, with the company’s CEO Sam Altman calling it “a major upgrade” from the previous version.
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Branch out with more stories from the day:
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Closure of Midwest-based newspaper chain leaves dozens of communities without a news source
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SIOUX FALLS, S.D. (AP) — Dozens of communities in the Midwest and West learned Thursday they had lost …
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Business and economic news we’ve flagged from other outlets:
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Intel shares drop after Trump calls for CEO to resign immediately (CNBC)
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Toyota warns of $9.5 billion profit hit from tariffs (CNN)
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You’re all caught up. See you tomorrow!
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