Appearing on CNBC to explain the big picture economics, Treasury Secretary Scott Bessent outlines how debt and deficit hawks are seemingly blind to the need for GDP growth to deal with federal spending.

From the outset of President Trump’s MAGAnomic policies in his T-1 and T-2 platform, growing the U.S. economy, expanding the size of the GDP is a key facet to dealing with debt and deficits.  President Trump has always promoted economic policy that expands the size of the pie rather than focus on making smaller portions of each spending slice.

Secretary Bessent also explains the current status of the tariffs as delivered by the Trump administration.  The next few days are exceptionally busy with incoming requests to renegotiate trade terms, and avoid countervailing duties.  WATCH:

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Big picture:  Trump, Lutnick and Greer are now transmitting 1. Baseline tariffs (10-20%), 2. Reciprocity tariffs (trade imbalance) and 3. Section 232 tariffs (ex. Steel and Aluminum).  Countries are notified and their tariff rate begins on August 1st.

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President Trump responds to Elon Musk’s ongoing outrage.

PRESIDENT TRUMP – “I am saddened to watch Elon Musk go completely “off the rails,” essentially becoming a TRAIN WRECK over the past five weeks. He even wants to start a Third Political Party, despite the fact that they have never succeeded in the United States – The System seems not designed for them.

The one thing Third Parties are good for is the creation of Complete and Total DISRUPTION & CHAOS, and we have enough of that with the Radical Left Democrats, who have lost their confidence and their minds! Republicans, on the other hand, are a smooth running “machine,” that just passed the biggest Bill of its kind in the History of our Country.

It is a Great Bill but, unfortunately for Elon, it eliminates the ridiculous Electric Vehicle (EV) Mandate, which would have forced everyone to buy an Electric Car in a short period of time. I have been strongly opposed to that from the very beginning. People are now allowed to buy whatever they want – Gasoline Powered, Hybrids (which are doing very well), or New Technologies as they come about – No more EV Mandate. I have campaigned on this for two years and, quite honestly, when Elon gave me his total and unquestioned Endorsement, I asked him whether or not he knew that I was going to terminate the EV Mandate – It was in every speech I made, and in every conversation I had. He said he had no problems with that – I was very surprised!

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President Trump and Commerce Secretary Howard Lutnick hold an impromptu press conference before departing Bedminster, New Jersey en route to the White House.

Topics included the devastating flood in Texas, Elon Musk creating a third party, the ongoing trade negotiations and pending tariffs, President Trump’s conversations with both Vladimir Putin and Volodymyr Zelenskyy as well as the upcoming visit of Benjamin Netanyahu to the White House on Monday.

As noted by Secretary Lutnick the new tariff rates go into effect August 1st.  WATCH:

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White House National Economic Chairman, Kevin Hassett, discusses the current status of the ongoing trade negotiations as the deadline for engagement windows is scheduled to close on July 9th.

As outlined by Kevin Hassett, we can expect those nations who are not in current negotiations will receive letters from President Trump letting them know that the baseline tariff rate (10%) and reciprocity rate (unknown) will be.  Large nations like India and China are currently in negotiations.  The EU collective has preliminary contact information, and a few others are in close proximity to Free Trade Agreement closure.

With the Big Beautiful Bill passed, in combination with baseline and reciprocal tariffs, the revenues to grow the GDP are in place to expand the overall U.S. economy.  WATCH:

[Transcript] – WEIJA JIANG: We turn now to Kevin Hassett. He is the director of the National Economic Council and one of President Trump’s top advisors. He’s also very popular on that driveway where I’m usually alongside about a dozen reporters. So, Kevin, thank you so much for your time this morning. I want to start with trade, because there’s a big deadline coming up on Wednesday. As you know, that 90-day pause on reciprocal tariffs that the President announced back in April is set to end. So far, the US has announced a few deals; the UK, Vietnam, and you’re inching closer to a final agreement with China. Do you expect to get any more deals done with America’s biggest trading partners by Wednesday?

KEVIN HASSETT: Yeah. First, I do have to take- take a pause and share your thoughts and prayers with the people of Texas. It’s an incredible, heartbreaking story, and Kristi Noem and the President have instructed the federal government to throw everything they’ve got at helping the survivors and helping clean up that place. So, anyway, I’m really heartbroken today to see these stories, and I want you to know that in the White House, everybody is putting every effort they can into helping the people of Texas today.

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The intransigent European Union is hitting a dead end with immovable Trump on the issue of tariffs.  The resulting dynamic is what we would expect given 75 years of the Marshall Plan (European Recovery Plan) as part of the EU’s only point of reference.

In order for the EU to maintain its socialistic form of government, it needs to continue the economic benefits from one-way tariffs that exploits the American consumer market.  President Trump’s plan to force reciprocity is against its entire economic foundation.  The EU simply cannot fathom life without the status quo.

In many ways the EU is in the same position as Canada. From its perspective, economic reciprocity is not sustainable; it would have to change its social compacts. This is the core of the conflict.

The EU trade delegation hit a brick wall in Washington DC, as the U.S. trade team reiterated the baseline tariffs are not something within the negotiation dynamic.

BRUSSELS — The European Union is weighing a provisional trade deal with the United States that would maintain a 10 percent tariff on most exports, the European Commission told EU ambassadors on Friday.

The EU executive reported back after a crucial round of talks in Washington on Thursday, in which Trade Commissioner Maroš Šefčovič sought to head off a threat by President Donald Trump to impose a 50 percent tariff on all European goods from July 9 if no deal is reached.

In addition to the baseline tariff, conversations would continue on providing relief to specific industry sectors such as cars, two national officials cited top Commission officials as saying.

The outcome fell short of expectations in European capitals after the Commission’s trade negotiating team had previously said the possibility of “up-front” tariff relief for some industries was under consideration. The U.S. levies 25 percent tariffs on cars and 50 percent on steel and aluminum. (read more)

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Elon Musk, the richest man with visions of grandeur, has announced the creation of a new political party, “The America Party”.

[SOURCE]

With President Donald Trump capturing the overwhelming majority of middle-America within the new MAGA movement; essentially taking over the Republican party apparatus, I would consider that Musk’s assembly will likely be a collection of never-trumpers, alligator emojis and disgruntled former Republicans.

The impact is undetermined, but the assembly itself was entirely predictable.

Watch Larry Ellison.

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President Trump held an impromptu presser aboard Air Force One traveling to New Jersey after July 4th celebrations. Interesting comments about Ukraine and Russia as President Trump took several questions.

At 07:51, “Mr President, are you confident you will be able to find a way to end the fighting in Ukraine?”  President Trump responds, “That’s an interesting question”….  WATCH:

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Details around this are scant and unpredictable; however, White House Press Secretary previously said President Trump would be signing the historic Big Beautiful Bill today around 5:00pm.  RSBN livestream below.

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It was reported last night that President Trump held a quiet meeting with Saudi Arabia Defense Minister Prince Khalid bin Salman in the White House Thursday. This meeting is reported to cover discussions around de-escalation with Iran, the conflict in Gaza and what comes next.

The meeting also comes on the heels of President Trump having a phone call with Russian President Vladimir Putin and work throughout the middle-east region by President Trump Emissary Steve Witkoff and Israeli Strategic Affairs Minister Ron Dermer.

(Via Fox News) Saudi Defense Minister Prince Khalid bin Salman secretly met with President Donald Trump and other key officials in the White House on Thursday to discuss de-escalation efforts with Iran, multiple sources confirmed with Fox News.

Khalid, also known as KBS, is the younger brother of Saudi Crown Prince Mohammed bin Salman.

[…] The talks were also reportedly about ending the war in Gaza and negotiating the release of the remaining hostages – whether dead or alive – and about working toward peace in the Middle East. (more)

Previously it was reported by Israeli media that President Trump was working on a comprehensive solution to Gaza that would encompass peace in the middle-east by normalizing ties with Israel, isolating Iran and giving them fewer options for regional instability.  Expanding the Abraham Accords provides the diplomatic vehicle for this approach.

Prime Minister Benjamin Netanyahu will visit the White House on Monday, July 7th.

It is strongly rumored that Syria and Lebanon would soon join the Abraham Accords, with the possibility of Saudi Arabia joining thereafter.  Saudi Crown Prince Mohammed Bin Salman (MBS) is a key figure hoping to bring a new era to the middle east absent of conflict and focused on prosperity.

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As President Trump, Secretary Noem (DHS), Secretary Rollins (Ag), Secretary Burgum (Int) and various administration officials arrive back to Joint Base Andrews from their visit to Iowa last night, the President delivers impromptu remarks to the assembled press pool.

Covering a wide range of topics and questions, President Trump and Ag Secretary Brooke Rollins also explained Trump’s controversial remarks about expanded visas for illegal alien farm workers to get them into compliance.  Secretary Rollins states an expedited H2A guestworker visa is currently in the works.

President Trump also notes from his conversation with Russian President Vladimir Putin, likely focused on Iran, Trump does not think Russia is in a position to want to stop the current conflict with Ukraine and President Trump does not want to get pulled further into the conflict. WATCH:

President Trump also notes that he will begin sending letters to countries today specifying what tariff rates they will face on imports to the United States.  The applied reciprocity rates will vary from 10/20 percent to 60/70 percent depending on the scale of the trade deficit and other factors.

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