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Good morning and happy July 4th! About today’s agenda:
How Trump secured victory for his “big beautiful bill”
The first year of British Labour’s power
And there is little recreational reading among children.
Donald Trump signs his “big beautiful bill” today at the White House ceremony that concludes a week-long high-drama on Capitol Hill. The wounded Congress celebrated groundbreaking laws that made the President politically stronger and fulfilled many of his campaign promises. Let’s take a look back at key moments of his political victory.
Passing bill: Trump has countered a rebellion threatened among Republican lawmakers in the House of Representatives. In the end, only two voted against the Landmark Tax and Expenditure Bill. Thomas Massey of Kentucky and Brian Fitzpatrick of Pennsylvania. The vote was passed between 218 and 214, paving the way for significant tax cuts and sharp cuts in Medicaid and other social welfare programs. Republican House Speaker Mike Johnson welcomed the bill’s death, but Democrat House leader Hakem Jeffries called the law “ugh,” and broke the record for speeches in the longest home, calling it a “ugh” speech, warning that it would have “devastating consequences” during the 8-hour and 44-minute speech.
Why it matters: Trump’s legislative victory concludes the period of offensive policymaking that allowed the US president to integrate his power and influence. Last month, Trump stepped up immigrant crackdowns, ordered the troops to the streets of Los Angeles, launched a strike in Iran, and forced NATO allies to step down from demanding a big jump in defence spending. He also issued a ruling that earned a significant victory in the U.S. Supreme Court and restricted the power of federal judges to block management policies. The military planes are scheduled to fly through the White House later today as the president signs the laws of the landmarks.
Detailed analysis of the following “Big Beautiful Bill”:
Immigration: The bill will free $150 billion for US immigration and customs enforcement over the next four years. That’s more than twice the UK’s defense budget.
Elon Musk: The law puts Tesla’s key sources of profit by castration rules that allow electric vehicle manufacturers to sell billions of dollars of emissions credits.
Here are other things that keep tabs today and weekends:
Market: The stock exchange is closed in the United States today as the July 4th celebration begins a year-round event to mark the 250th anniversary of the US Declaration of Independence.
Brazil: The BRICS Summit will begin tomorrow in Rio de Janeiro and continue until July 7th.
OPEC+: The eight member states of the cartel will hold monthly online meetings on Sundays to determine production levels for August.
Which country’s prime minister was suspended this week with leaked calls? Check out our weekly news quiz.
Five more top stories
1. Russia fired the largest barrage of drones and missiles in Ukraine last night, causing 23 people to be injured. The attack came two days after the US stopped delivering some important weapons to Kiev. Kyiv’s Fabrice Deprez has the latest one.
2. Singapore has the second-largest collective penalty in relation to financial succession cases that clash with UBS, Citi and Julius Bear with the clean reputation of the civic state and poles the asset management sector. Read more about the case details.
3. Advances next week’s meeting with Prime Minister Benjamin Netanyahu, international mediators are close to securing a two-month ceasefire in Gaza. According to the draft, “critical negotiations” to end the war – the long Hamas demand – will begin on the first day of the armistice. These talks will address issues such as postwar governance, enclave security arrangements and the release of remaining Israeli hostages.
4. Exclusive: Hitachi Energy warns that power spikes from artificial intelligence training threaten to destabilize global supply and calls for rules warning utilities of wild fluctuations in data center demand. Andreas Sierenbeck, chief executive of the world’s largest trans manufacturer, said “volatility in volatility” makes it difficult to maintain the lights. Read the full interview.
AI and Work: As technology becomes more and more capable, the question is not only which jobs are safe, but also writes to Tim Harford whether they like the new jobs that emerge.
5. Brazil’s UN Climate Summit Chief defended oil and gas production as compatible with international efforts to limit global warming ahead of the South American country hosting the world’s most important climate consultations. President Luis Inacio Lula da Silva’s government hopes that Brazil will become the fourth largest oil producer in the world. For more information, see Presidential direction at the United Nations COP30 Climate Summit, held at André Correa Do Lago, Amazonian City of Belém.
Detailed news
A year after the election victory, the British Labour Party is looking for directions. The unannounced image that Kiel Starmer this week had not fully supported his distraught prime minister was the prime minister’s stakeholder who was accused of being separated from his own lawmakers and voters. Please read the details.
I also read and listen to it. . .
The chart of the day
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US tariff receipts surged to $24.2 billion in May, the first month when President Donald Trump’s 10% global tariffs were in effect. The numbers suggest that the president’s trade war can provide much needed boost to the US government’s financial resources, but highlight the possibility that they could distort the flow of global trade.
Take a break from the news
Deep in the forests of Madagascar, Mike Carter writes. The two new lodges hope to help protect untouched pockets in the country where unique wildlife is under threat.
