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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In an effort to keep the Daily Open Thread a little more open topic we are going to start a new daily thread for “Presidential Politics”. Please use this thread to post anything relating to the Donald Trump Administration and Presidency.

This thread will refresh daily and appear above the Open Discussion Thread.

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Our Father, who art in heaven, hallowed be thy Name. Thy kingdom come. THY WILL BE DONE, on earth as it is in heaven. Give us this day our daily bread. And forgive us our trespasses, as we forgive those who trespass against us. And lead us not into temptation, but DELIVER US FROM EVIL.

For Thine is the kingdom and the power and the glory, forever and ever. Amen †

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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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Hey guys, all okay but communication is challenging.  Internet is intermittent and now mobile networks subject to sporadic shutdowns.

Unexpected challenges. But such is life way outside the wire. I’m working through optimal solutions as I write.

Love to all,

Sundance

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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In an effort to keep the Daily Open Thread a little more open topic we are going to start a new daily thread for “Presidential Politics”. Please use this thread to post anything relating to the Donald Trump Administration and Presidency.

This thread will refresh daily and appear above the Open Discussion Thread.

(more…)

Our Father, who art in heaven, hallowed be thy Name. Thy kingdom come. THY WILL BE DONE, on earth as it is in heaven. Give us this day our daily bread. And forgive us our trespasses, as we forgive those who trespass against us. And lead us not into temptation, but DELIVER US FROM EVIL.

For Thine is the kingdom and the power and the glory, forever and ever. Amen †

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