Last week, we sparked a stir within the financial community when we were the first to show, clearly and without doubt, that contrary to months of false narratives by the liberal “expert” class, the costs of Trump’s tariffs are actually not borne by either US companies or US consumers, but rather by the exporting nation and its manufacturers. In this particular case, we showed that Japan’s passenger car export prices to North America had plunged since Liberation Day, making it abundantly clear that it was indeed the Toyotas and Nissans of the world that were footing the bill of those extra $20 billion or so in month tariff revenues generated by the Trump admin.

well would you look at that: guess who is eating all those tariff costs (hint, it’s not US consumers) pic.twitter.com/iwdKyeqTII

— zerohedge (@zerohedge) June 22, 2025

We were referencing Japan’s May trade data, which showed that car exports to the US declined 24.7% by value in May, but only 3.9% by volume, as Japanese carmakers took a big hit to their profits by slashing prices to maintain shipments and market share.

Yet this data was so very much against conventional wisdom and the fake mental models the TDS crew had constructed, that virtually not a single member of the anti-Trump echo chamber believed the findings, even when our discovery was presented by Congressman Bernie Moreno to the Fed chair a few days later as evidence that contrary to his fears, US inflation isn’t soaring for the simple reason that costs are not being borne by domestic consumers (fast forward to 5 minutes in).

Powell didn’t comment when Dems sent inflation soaring with Covid lockdowns, vaccine mandates, LNG export bans, and massive tax hikes.

But he’s all too happy to attack President Trump’s trade agenda. He’s costing America 100s of billions and should resign. pic.twitter.com/GXPmQBcIPM

— Bernie Moreno (@berniemoreno) June 25, 2025

Yet still the TDS echo chamber would deny what was presented to them clear as day.

But fast forward to today, when we can finally lay this matter to rest.

This morning, none other than Japan’s Nikkei, admitted that for the past three months it was none other than Japan’s car industry that had been footing all the tariff-related costs following Trump’s Liberation Day announcement.

According to the Nikkei, “Japanese automakers kept prices unchanged at first after the tariffs were imposed.” It then goes on to state what our readers already knew, namely that “the unit price of Japanese automobile exports to the U.S. in May fell about 20% on the year, according to Japan’s Ministry of Finance, indicating that Japanese automakers have been trying to absorb the cost of tariffs.”

One correction to the esteemed Japanese media outlet: not “trying”, but succeeding, simply because automakers have had no choice: sure, they could have hiked prices long ago but the outcome would be a collapse in demand for Japanese cars, with market share taken over by domestic producers and other, cheaper, foreign automakers. 

All of this is taking place as trade talk negotiations between the US and Japan are going nowhere, and in fact, Tokyo had gotten so emboldened by the theatrical standoff between Washington and Beijing, it thought it could get away with simply demanding away US tariffs. As a result, despite weeks of negotiation, the US-Japan teams have gotten nowhere with just one week left to go until the July 9 deadline, which is why Trump lashed out – in a very polite fashion – at the “spoiled” mercantilist Japan, which refuses to make any compromises.

“We dealt with Japan. I’m not sure if we’re going to make a deal. I doubt it with Japan — they’re very tough. You have to understand, they’re spoiled. I love Japan. I really like the new prime minister, too. Abe was one of my closest friends, as you know,” Trump said on Tuesday, referring to former Japanese prime minister Shinzo Abe who died in a 2022 assassination, explaining why there likely won’t be a trade deal with Japan.

Trump noted this week that Japan has a rice crisis that has elevated prices, arguing the country should turn to the U.S. for rice. 

“But they and others are so spoiled from having ripped us off for 30, 40 years that it’s really hard for them to make a deal. You know, it’s very hard. As an example with Japan, they won’t take rice, and yet they desperately need rice,” he said. “They won’t take any cars, but they’ll sell millions. So, we told them, ‘Sorry you can’t do that.’”

The president said Japan will likely get a letter that would set the tariff rate ahead of the July 8 expiration of the 90-day pause on country-specific tariffs. Trump has said he will send letters soon to trading partners who haven’t struck deals.

“So what I’m going to do is I’ll write them a letter, say, ‘We thank you very much. We know you can’t do the kind of things that we need, and therefore you’ll pay a 30 percent, 35 percent or whatever the numbers that we determine,’” he said. “Because we also have a very big trade deficit with Japan, as you know and it’s very unfair to the American people.”

In other words, Trump has effectively assured Japan would be hit with across-the-board tariffs of up to 35% on its exports to the US, beyond the 24% penciled in on July 9. 

In response, Japan prime minister Ishiba said that American cars “are a tough sell in Japan” adding that his government needs to discuss with the US how to boost car imports from America.

“We can’t sell left-hand drive, huge, fuel-inefficient cars made in the US,” Ishiba said Wednesday, and he probably wasn’t wrong. “We’ll discuss with the US how to produce better products and bring them into Japan, while considering Japan’s safety.” 

In a Fox News interview on Sunday, Trump lashed out at Japan over cars: “So we give Japan no cars. They won’t take our cars, right? And yet we take millions and millions of their cars into the United States. It’s not fair.”

So what does Japan do now? Well, after eating billions of dollars in losses for months, the local carmakers are literally on the verge of collapse, and they are now trial ballooning that they have no choice but to do what everyone assumed they would do from day one: raise prices.

According to the Nikkei, Subaru and Mitsubishi Motors have started to raise prices while Mazda Motor is exploring doing so (none of this is actually reflected stateside yet). According to the Nikkei, “they have little choice but to raise prices, having reached their limit in absorbing cost increases.”

Which is precisely what we warned back in March when we said that “Japanese Carmakers Face Catastrophic Profit Hit From Trump’s Auto Tariffs.” Well, the profit hit is here, and in a few weeks it will translate into one of the biggest recessions Japan has ever faces in modern history, forcing the BOJ to unleash an unprecedented stimulus, while pushing rates back to zero or negative.

And since Tokyo will be back to resorting to the oldest trick in the book, namely sending the yen crashing to offset the tariff costs – we fully expect USDJPY to hit 160 in the next 6 months – Trump is about to get a whole lot angrier at Japan and its soon-to-crash currency, at which point the world will finally move on from trade wars to currency wars and capital controls.

Authored by José Niño via Headline USA,

Hackers claiming ties to Iran say they possess 100GB of emails from President Donald Trump’s inner circle and may soon leak or sell the trove, after previously distributing a batch to the media before the 2024 U.S. election.

In online conversations with Reuters on Sunday and Monday, the hackers—who use the pseudonym “Robert”—claimed to possess about 100 gigabytes of emails from the accounts of “White House Chief of Staff Susie Wiles, Trump lawyer Lindsey Halligan, Trump adviser Roger Stone and porn star-turned-Trump antagonist Stormy Daniels.”

Robert mentioned the potential of selling the material but did not provide further details about their plans or the content of the emails.

U.S. Attorney General Pam Bondi described the breach as “an unconscionable cyber-attack.”

The White House and FBI responded with a statement from FBI Director Kash Patel, who said:

“Anyone associated with any kind of breach of national security will be fully investigated and prosecuted to the fullest extent of the law.”

The Cybersecurity and Infrastructure Security Agency (CISA) posted on X that “This so-called cyber ‘attack’ is nothing more than digital propaganda, and the targets are no coincidence. This is a calculated smear campaign meant to damage President Trump and discredit honorable public servants who serve our country with distinction”

A hostile foreign adversary is threatening to illegally exploit purportedly stolen and unverified material in an effort to distract, discredit, and divide. This so-called cyber ‘attack’ is nothing more than digital propaganda, and the targets are no coincidence. This is a… https://t.co/P30ZqhZMq0

— Homeland Security (@DHSgov) July 1, 2025

Robert first appeared during the final months of the 2024 presidential campaign, claiming to have breached the email accounts of several Trump allies, including Wiles, and subsequently distributed emails to journalists.

Reuters authenticated some of the leaked material, including an email that appeared to show a financial arrangement between Trump and lawyers for Robert F. Kennedy Jr., now Trump’s health secretary.

Other documents included Trump campaign communications about Republican candidates and discussions of settlement negotiations with Daniels. Although the leaks received some media attention, they did not fundamentally alter the outcome of the presidential race, which Trump won.

A September 2024 indictment from the U.S. Justice Department alleged that Iran’s Revolutionary Guards ran the Robert hacking operation.

After Trump’s election, Robert told Reuters that no more leaks were planned. As recently as May, the hackers said, “I am retired, man.” However, the group resumed communication after the recent 12-day air war between Israel and Iran, which ended with U.S. bombing of Iran’s nuclear sites. In recent messages, Robert said they were organizing a sale of the stolen emails and wanted Reuters to “broadcast this matter.”

Frederick Kagan, a scholar at the American Enterprise Institute, commented that Iranian spies may be seeking retaliation through means unlikely to provoke further U.S. or Israeli military action, stating, “A default explanation is that everyone’s been ordered to use all the asymmetric stuff that they can that’s not likely to trigger a resumption of major Israeli/U.S. military activity. Leaking a bunch more emails is not likely to do that.”

Despite concerns about potential digital attacks, Iran’s hackers maintained a low profile during the conflict, though U.S. cyber officials warned that American companies and critical infrastructure operators might still be at risk from Iranian operations.

Over the last year, American-Iranian relations has reached new lows. Headline USA has reported on multiple instances of alleged Iranian plots to assassinate Trump, all in an effort to get the United States into a direct confrontation with Iran.

Update (1450ET): Are we having fun yet? Major divisions within the House threaten to derail the Big Beautiful Bill, with Speaker Mike Johnson struggling to overcome resistance by fiscal conservatives. 

Earlier in the day the House appeared ready to hold a test vote, however several conservative Republicans raised objections – suggesting that Johnson might not have the votes to move forward, given that he can only afford a handful of defections on the measure. 

As of midday, at least two Republicans were a hard ‘no’ on the bill in its current form.

Meanwhile Rep. Thomas Massie says he has the votes to block it…

Thomas Massie enthusiastically tells me he has a “vote bloc of 10” Republican members who are NO’s on the Senate’s reconciliation bill.

— Reese Gorman (@reesejgorman) July 2, 2025

President Trump, meanwhile, met with holdouts at the White House as Democrats and Republicans argued over the merits of the bill on the House floor. 

At the end of the day, Johnson has little room for maneuvering – as any changes to the bill would send it back to the Senate for further deliberation that could drag on for weeks. 

Members of the House Freedom Caucus are livid over measures added to the Senate that increases costs. 

“The Senate doesn’t get to be the final say on everything. We’ve got to work this out,” said Rep. Chip Roy (R-TX) Wednesday morning, adding that there are enough Republicans “right now” who wanted to reopen the bill and don’t care about the July 4 recess deadline. 

More moderate Republicans objected to Medicaid cuts approved by the Senate that went deeper than the House’s May iteration. 

Stay tuned… and maybe buy a hat or our personal favorite Anza knife?

*  *  *

After months of grinding negotiations, late-night Senate rewrites, and bruising intra-party fights, House Republicans are careening toward a moment of reckoning. Speaker Mike Johnson is pressing ahead this week with a vote on the party’s massive reconciliation package — a cornerstone of President Donald J. Trump’s second-term agenda — but signs of fracture within the Republican conference threaten to derail the plan just hours before the vote.

The legislation, a multi-trillion-dollar tax-and-spending overhaul, is the product of months of backroom dealing between House and Senate Republicans. If passed, it would represent the most significant domestic achievement of Trump’s presidency to date. But GOP leaders now face resistance from both flanks of their party, from hardline conservatives warning of fiscal betrayal, and moderates fearing political blowback over health care cuts.

“We’re working through everybody’s concerns and letting them know this is the best possible product we can produce,” Johnson told reporters Wednesday morning, conceding that he does not yet have the votes to pass even the procedural rule required to begin debate on the bill.

🚨Speaker Johnson this morning acknowledges he doesn’t have the votes to pass the rule yet —

“we’re working on all that right now” he tells @nicholaswu12

“working through everybody’s concerns and letting them know this is the best possible product we can produce.” https://t.co/W4jOpQ2ldF

— Meredith Lee Hill (@meredithllee) July 2, 2025

Deepening Doubts, Tight Timeline

The House is scheduled to reconvene at 9 a.m. today, with leadership aiming to move the legislation before the July 4 recess. But on Tuesday night, Johnson and his team were still scrambling. Members of the GOP whip team expressed alarm over the number of “no” votes on their tally sheets — including from lawmakers they had assumed were in support.

Two conservative members of the Rules Committee, Reps. Chip Roy of Texas and Ralph Norman of South Carolina, voted against advancing the bill Tuesday night, a warning sign of trouble ahead. A procedural vote, initially slated for Wednesday, may be delayed to Thursday due to both political uncertainty and widespread travel delays caused by thunderstorms snarling flights into Washington.

“We have fifty-one-and-a-half million foreign born people in this country,” Roy told Punchbowl News. “You clamp down on illegal immigration, which is what the president is doing, but you need to limit, slash and refocus legal immigration… legal immigration is part of the problem.” 

Even Speaker Johnson admitted during a Fox News appearance Tuesday night that the vote might slip another day.

Hardliners Dig In

A cluster of House Freedom Caucus members are threatening to tank the bill, saying Johnson has abandoned the House’s original budget framework, one that paired $2 trillion in spending cuts with $4.5 trillion in tax cuts. The Senate-passed version, they argue, compromises too much.

Roy wrote on X Tuesady night;

FACT:  The Senate OBBB increases deficits and violates the terms of the budget deal in the House.

FACT: The Senate OBBB guts the strong provisions to terminate the “green new scam” subsidies in the House bill.

FACT: The Senate OBBB removes key provisions we put in the bill to stop illegal aliens from getting Medicaid.

FACT: The Senate OBBB removes key provisions we put in the bill to stop taxpayer funding of transgender surgeries.

FACT: We can amend it, send it back, fix it, & pass both the tax cut extensions AND border provisions we all want to pass.

Happy to stay here every day until we get it right.

Rep. Andy Biggs (R-AZ) said publicly that the bill is unlikely to pass “as is” and expressed agreement with Elon Musk, who labeled the proposal “bad.” Roy, meanwhile, raised alarm over the bill’s deficit projections. Norman has signaled he will vote no on both the rule and the bill itself.

Adding to the drama is a pro-Trump super PAC now running attack ads against Rep. Thomas Massie of Kentucky, a frequent critic of the bill. And Sen. Thom Tillis’ (R-N.C.) unexpected retirement announcement — after opposing the Senate version — sent a ripple of caution through GOP ranks.

Moderates Waver

It’s not just the right causing trouble for Johnson. Several moderates from swing districts are voicing concerns over the bill’s Medicaid cuts and repeal of clean energy tax credits from the Inflation Reduction Act.

Rep. Brian Fitzpatrick of Pennsylvania, who represents a district Trump lost in 2020, is seen as a possible “no” vote due to Medicaid and energy concerns. Rep. David Valadao of California and Rep. Don Bacon of Nebraska, both vulnerable members, are also being watched closely. Rep. Greg Murphy (R-NC), the only practicing physician in Congress, has demanded guarantees that the bill’s $50 billion rural hospital fund will benefit struggling institutions like those in his district. “I actually still practice and take care of patients,” Murphy said. “The district that I represent is one of the poorest in the country.”

NC Rep. GREG MURPHY airing big concerns w/ the reconciliation bill this morning:

“I’m having a hard time getting the point where I can support the Senate package”

MURPHY says he needs “real guarantees” on how $50B rural hospital fund will be spent & that money will go to poor…

— Laura Weiss (@LauraEWeiss16) July 2, 2025

Reps. Glenn Grothman and Derrick Van Orden of Wisconsin have also raised alarms over the bill’s impact on rural hospitals. And several newly elected members, including Rob Bresnahan and Ryan Mackenzie of Pennsylvania, have raised similar concerns about Medicaid provisions.

Leadership Strategy: Trump at the Center

With time running short, House Republican leaders, including Johnson, Majority Leader Steve Scalise, and Whip Tom Emmer, are leaning heavily on Trump’s influence to lock in support. The president is scheduled to meet privately today with key GOP factions, including members of the House Freedom Caucus, to try and close the deal, Bloomberg reports. Johnson will remain at the Capitol holding separate meetings with undecided members.

The message from leadership: This may not be the bill Republicans dreamed of, but it’s the only one that can pass. “Despite what House Republicans hoped to see in this bill, this is what they face now. And it’s time to put it up for a vote,” one senior aide said.

As Punchbowl notes further, inside leadership circles, some are questioning whether the rule, let alone the final bill. can be passed. 

Democrats, meanwhile…

House Democrats are unified in opposition and eager to tie the legislation to Republican vulnerabilities in the upcoming midterm elections.

House Minority Leader Hakeem Jeffries told Punchbowl that the bill would haunt “every single swing-seat Republican” who votes for it. He pointed to steep Medicaid reductions and threats to rural health care access as political liabilities. “The American people do not trust the Republican Party with respect to health care,” Jeffries said. “The whole enterprise is a toxic scheme.”

On Thursday, Jeffries is expected to deliver a roughly one-hour speech on the House floor, a so-called “Magic Minute,” to lay out Democrats’ objections.

The stakes for Johnson and Trump could not be higher. 

The U.S. restaurant industry is entering the second half of the year with renewed momentum, supported by improving sales trends, easing headwinds, and a rebound in confidence among lower- and middle-income consumers, according to a new note from UBS. This comes after lower-income consumers saw their wallets squeezed and sentiment plunged in the wake of the inflation storm sparked by the previous administration.

A team of UBS analysts led by Dennis Geiger wrote that casual dining chains continue to outperform, thanks in part to growing price gaps with quick-service and fast-casual competitors, making the full-service experience relatively more attractive for budget-conscious consumers. They see further near-term upside for the segment, with easier year-over-year comparisons in July and positive traffic trends in May. 

Overall industry visits are -.5% year-to-date through May, the breakdown by segment tells a more nuanced story. Fine dining and coffee chains have driven traffic growth, up 1.3% and 2.6%, respectively, although per-location visits remain in decline. Casual dining visits slipped 1.5% overall, but stabilized on a per-store basis amid a wave of restaurant closures. 

Quick-service restaurant (QSR) performance remains mixed. Some brands are expected to benefit from product rollouts and promotional activities, but others are under pressure due to slumping foot traffic and heightened value consciousness among lower-income customers. Fast-casual traffic trends were also mixed, with negative trends. 

Geiger cited new consumer survey data that showed a surprising improvement in confidence among lower-income consumers, a potentially bullish signal for the class of consumers battered by inflation under the Biden-Harris regime.  

Improving lower income confidence, w/ dining out spending deferrals easing

According to recent consumer survey data, consumer confidence has encouragingly improved slightly among lower income households, while the improvement is more noticeable among middle income consumers. Additionally, although dining out remains a top spending category that consumers indicated they are deferring when under financial pressure, indications of dining out deferral continued to eased in the June survey (see Charts of the Week inside). That said, consumers are concerned about the impact of tariffs, with 90% of respondents noting concern in a recent Numerator survey (in line w/ earlier results), and 81% expecting to adjust their finances or shopping habits in response. But consumers are less worried about the impact tariffs could have on the overall economy, w/ 33% worried about the impact (from 41% in late April).

Interesting to note that fewer consumers now cite dining out as a top spending category to cut back on, although 90% remain concerned about the impact of tariffs, the analysts noted. 

Charts of the Week

Valuation metrics for restaurant stocks, with companies in the UBS coverage universe highlighted in bold.

Restaurant reservation platform OpenTable shows postive trends across the industry on a state-by-state basis. This is a proxy for real-time restaurant traffic trends. 

The takeaway: Sentiment improving for lower- and middle-income consumers this summer.  

Authored by Steve Watson via Modernity.news,

GOP Senator Rand Paul announced Monday that he intends to subpoena Anthony Fauci to testify regarding his role in the development of COVID-19. 

Ironically, because Fauci accepted a ‘pardon’ from Joe Biden’s autopen, it means he cannot invoke the Fifth Amendment.

This opens up the possibility of perjury charges should Fauci withhold the truth while under oath.

🚨 BREAKING: Sen. Rand Paul is preparing to SUBPOENA Dr. Fauci to testify about his role in COVID-19

Since Fauci accepted a “pardon” from Biden, he is NOT allowed to plead the fifth in this instance.

And if he lies under oath, he can be ARRESTED for perjury.

Fauci is SWEATING… pic.twitter.com/15CSiFY8Th

— Nick Sortor (@nicksortor) June 30, 2025

Appearing on Fox News, Paul explained “I’ve been trying for over three years to get non-classified records about the decision to fund the research in Wuhan, and it’s been denied.”

“But I can tell you under Secretary Kennedy, under Jay Bhattacharya, the records are beginning to flow,” Paul added.

They’d have to prove a lie, which he has no problem doing, lying. Man, I want this bastard punished. https://t.co/03KcYmvAC9

— Freedomstein Munster (@FreedomsteinM) July 1, 2025

“And what we’re discovering is yes they did debate whether or not it was gain of function,” Paul continued, referring to communications between Fauci and his cohorts.

“Fauci is going to need come back in,” Paul urged, noting “There will be an interview either voluntarily or involuntarily.”

The Senate is now gearing up to subpoena Fauci to testify under oath. The American people deserve complete transparency on the origins of COVID-19. The pandemic killed millions of people and shut down global economies.

Federal and state governments used the pandemic as a… pic.twitter.com/RwXE9Ksy37

— Senator Rand Paul (@SenRandPaul) June 30, 2025

The coronavirus outbreak brought the world’s attention to the dangers of gain-of-function research. This kind of research occurs when a virus is manipulated to increase its strength or contagiousness—literally, causing it to gain a function.

Anthony Fauci continued to repeat the… pic.twitter.com/8kbaY2z7Qe

— Senator Rand Paul (@SenRandPaul) June 30, 2025

You don’t need to be convinced that the COVID-19 virus originated from a lab leak to recognize the imminent need for oversight mechanisms – the mere possibility that the virus could have emerged from such risky research should be more than enough to prompt decisive action.

Gain…

— Senator Rand Paul (@SenRandPaul) June 30, 2025

That’s why I introduced the Risky Research Review Act—to codify permanent independent oversight of dangerous scientific research funded by U.S. taxpayers. The bill establishes anindependent Life Sciences Research Security Board to safeguard public health, safety, and national… pic.twitter.com/lwGrMQ5f9d

— Senator Rand Paul (@SenRandPaul) June 30, 2025

I didn’t just call out Fauci — I referred him for prosecution under both Biden and Trump.

Now, I’m subpoenaing his testimony before Congress.

— Senator Rand Paul (@SenRandPaul) June 30, 2025

Paul clearly has more chance of bringing Fauci to justice now RFK Jr. is in office.

This is actually quite different, given he’s no longer in power, and HHS can provide any and all info Rand needs to nab Fauci.

— Nick Sortor (@nicksortor) June 30, 2025

Kennedy himself has made it clear he believes Fauci is directly liable for creating COVID and causing the pandemic.

🚨 WOW! RFK Jr. just said he believes Fauci received a “pardon” because he was liable for creating the coronavirus

Fauci MUST be dragged to testify in front of Congress NOW! If he lies, ARREST HIM ON THE SPOT!

He should NOT be a free man. pic.twitter.com/9mQ930ytng

— Nick Sortor (@nicksortor) June 30, 2025

Rand Paul kicked the shit out of Fauci the last time he had him for questioning. Looking forward to seeing it again, maybe he can finish the job.
Fauci is a monster that needs to be put away one way or another. The whole world deserves to know his crimes.
All of them. https://t.co/rGaZMzvYyl

— Masato (@MasatoToys) July 1, 2025

Fauci has a lot to answer for.

This is the best news tonight as my 2 vaccinated friends both diagnosed with rare cancers and another with turbo pancreatic cancer. Two have died and my other friend is awaiting news from MD about treatment even though there is no cure. All diagnosed last year. https://t.co/YVvNpB7cdT

— Pamela Gethard (@pamela_gethard) July 1, 2025

*  *  *

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Paramount Global has agreed to pay $16 million to settle a lawsuit filed by President Trump over a 60 Minutes interview with failed presidential candidate Kamala Harris, alleging deceptive edits intended to favor Democrats. The settlement includes legal fees but no direct or indirect payment to Trump; instead, the funds are allocated to his future presidential library. Paramount did not offer an apology or admit wrongdoing—yet another display of arrogance from a leftist legacy media in terminal decline as ratings plunge to record lows.

🚨BREAKING: CBS ordered to pay Trump $16M over the deceptively edited 60 minutes Kamala Harris interview! pic.twitter.com/VCl7Xrruim

— Autism Capital 🧩 (@AutismCapital) July 2, 2025

Here’s a breakdown of the settlement terms agreed upon by Paramount and President Trump’s legal team: 

Paramount has reached an agreement in principle to resolve the lawsuit filed by President Trump and Representative Jackson in the Northern District of Texas and a threatened defamation action concerning a separate 60 Minutes report.

Summary of terms

• Under the terms of the settlement, which were proposed by the mediator, Paramount will pay $16M in total, which includes plaintiffs’ fees and costs, and except for fees and costs, will be allocated to the future presidential library.

• No amount will be paid directly or indirectly to President Trump or Rep. Jackson personally. The settlement will include a release of all claims regarding any CBS reporting through the date of the settlement, including the Texas action and the threatened defamation action.

• The Company has agreed that in the future, 60 Minutes will release transcripts of interviews with eligible U.S. presidential candidates after such interviews have aired, subject to redactions as required for legal or national security concerns.

• The settlement does not include a statement of apology or regret.

BREAKING

Paramount settled the lawsuit with President Trump for the editing of the 60 Minutes interview of Kamala Harris.

$16 million for President Trump’s presidential library.

60 Minutes will release the transcripts of future interviews.

President Trump will not get his… pic.twitter.com/UecdDljb4A

— Kevin Dalton (@TheKevinDalton) July 2, 2025

Trump’s legal team filed a $10 billion lawsuit in the Northern District of Texas late last year, alleging deceptive editing of Harris’ botched interview. 

Kamala’s word salad on 60 Minutes

Remember Kamala’s word salad answer about Israel on 60 Minutes? It’s gone.

This is what many Americans will now see. pic.twitter.com/H4w7btDv6x

— MAZE (@mazemoore) October 8, 2024

A spokesperson for Trump’s legal team told NBC News in a statement: “With this record settlement, President Donald J. Trump delivers another win for the American people as he, once again, holds the Fake News media accountable for their wrongdoing and deceit. CBS and Paramount Global realized the strength of this historic case and had no choice but to settle.”

Authored by Wesley Brown via The Epoch Times,

Nearly 72 million people are expected to travel during the Fourth of July holiday, likely leading to crowded highway traffic and congested airports across the United States. However, holiday travelers should also see lower gas prices and airfares as they go to their Independence Day destinations, experts say.

Nationally, AAA Travel, the travel‐services arm of the American Automobile Association, forecasts that 72.2 million people will travel at least 50 miles from home during the Independence Day holiday period from June 28 to July 6. This year’s domestic travel projection is 1.7 million more travelers than last year and 7 million more than in 2019.

“Summertime is one of the busiest travel seasons of the year, and July 4th is one of the most popular times to get away,” Stacey Barber, vice president of AAA Travel, said.

“Following Memorial Day’s record forecast, AAA is seeing strong demand for road trips and air travel over Independence Day week. With the holiday falling on a Friday, travelers have the option of making it a long weekend or taking the entire week to make memories with family and friends.”

AAA’s annual Independence Day forecast now includes two weekends instead of one, better reflecting the flow of holiday travelers, officials said. However, the U.S. Transportation Security Administration’s travel projections for the airline industry run from July 1 through July 7, with the highest passenger volume—about 2.9 million—expected on July 6.

According to Transportation Security Administration (TSA) officials, airports across the United States expect the highest passenger numbers ever for the nation’s 249th birthday. TSA staff at airports nationwide said they are prepared to screen more than 18.5 million travelers at the country’s security checkpoints.

Already on June 22, the TSA reported that it screened nearly 3.1 million travelers, the busiest single day number in the agency’s history, and more than 40 days after REAL ID enforcement came into full force at airport checkpoints nationwide on May 7.

“TSA continues to work closely with our industry partners and ensure our airport security checkpoints are fully staffed and prepared to handle the heavy rush of traffic,” TSA acting Administrator Ha Nguyen McNeill said in a statement provided to The Epoch Times.

“We are deploying technologies and procedures to improve security and enhance the passenger experience, including for families. We ask travelers to pack their patience, especially during peak travel days, as we work to provide maximum hospitality to our customers,” McNeil said, noting that nearly 94 percent of passengers are presenting a REAL ID or another acceptable form of ID to travel domestically in the United States.

Ahead of the holiday travel season, the Federal Aviation Administration (FAA) is predicting the busiest Fourth of July week in 15 years, with July 3 expected to see more than 51,000 domestic and international flights. Airlines for America (A4A) is also forecasting another record-breaking summer travel season, projecting that the nation’s top airlines will carry 272 million passengers from June 1 through August 31.

To accommodate this demand, A4A spokeswoman Amanda Maile told The Epoch Times that U.S. airlines are operating 27,000 flights daily—up by 4 percent from last year.

“Premium and international demand this summer are expected to remain strong, with the top foreign destinations for U.S. airlines projected to be Mexico, Canada, Dominican Republic, United Kingdom and Italy,” she said.

Meanwhile, U.S. motorists on the busy highways will notice slightly higher gas prices compared to a month ago, but still significantly lower than the Fourth of July travel period in 2024, according to AAA’s weekly gas price report.

As of this week, the national average for a gallon of regular gasoline is $3.22, five cents more than a month ago before crude oil prices started rising again after U.S. airstrikes targeted Iran nuclear facilities.

However, pump prices remain 27 cents cheaper than this time last year and the lowest for the July 4th weekend since 2021…

The nation’s 10 most expensive gasoline markets are California ($4.62), Hawaii ($4.47), Washington ($4.45), Oregon ($4.06), Nevada ($3.81), Alaska ($3.74), Illinois ($3.49), Idaho ($3.43), Pennsylvania ($3.39), and Utah ($3.37).

The 10 least expensive markets are Mississippi ($2.73), Oklahoma ($2.81), Texas ($2.82), Tennessee ($2.82), Louisiana ($2.82), Arkansas ($2.83), Alabama ($2.84), Missouri ($2.85), South Carolina ($2.91), and Kansas ($2.91).

For electric vehicle drivers, the national average price per kilowatt-hour of electricity at a public EV charging station remained steady this past week at 36 cents, according to AAA data.

The top 10 most expensive states for EV charging rates per hour are West Virginia (51 cents), Alaska (51 cents), Tennessee (47 cents), Montana (46 cents), Hawaii (45 cents), North Dakota (42 cents), New Hampshire (42 cents), Kentucky (42 cents), South Carolina (42 cents), and Louisiana (42 cents).

The nation’s top 10 least expensive states for EV rates during the holiday are Kansas (26 cents), Missouri (27 cents), Maryland (27 cents), Nebraska (30 cents), Delaware (30 cents), Utah (30 cents), Iowa (32 cents), Washington, D.C. (32 cents), Colorado (33 cents), and North Carolina (33 cents).

With just one week left until the July 9 trade deal deadline, which some suspect could have a similar adverse impact on markets as the first Liberation Day – even if stocks are completely oblivious to the risk – moments ago Trump gave a stark reminder just how high the trade stakes are when he announced that the US has made a trade deal with Vietnam.

According to the terms, Vietnam will pay the United States:

• 20% Tariff on any and all goods sent into our Territory,
• 40% Tariff on any Transshipping, which is squarely aimed at China which uses Vietnam as a reshipment/tolling hub.  

Of the two, one can argue that the transshipment clause is more important because in recent weeks China had threatened that any country that makes a deal with the US at its expense would make it very angry. Which means that Xi is now terribly vexed. 

In any case, in return for the tariffs, Trump said that “Vietnam will do something that they have never done before, give the United States of America TOTAL ACCESS to their Markets for Trade. In other words, they will “OPEN THEIR MARKET TO THE UNITED STATES,” meaning that, we will be able to sell our product into Vietnam at ZERO Tariff.”

Which is hardly a big deal, since the US barely exports to Vietnam.

what does matter is that a deal has been struck however, and now many other Asian countries will scramble to do the same, even if it is at terms that antagonize China (like in this case). Amusingly,  Trump said that as a result of the deal, US SUVs will be a “wonderful addition” to various product lines within Vietnam.

It is my opinion that the SUV or, as it is sometimes referred to, Large Engine Vehicle, which does so well in the United States, will be a wonderful addition to the various product lines within Vietnam. Dealing with General Secretary To Lam, which I did personally, was an absolute pleasure. 

While stocks initially dipped on seeing the 20% print, they have since rebounded and recovered all losses, and trade at session highs, as algos remain completely oblivious that behind the scenes, huge tension is once again building up between the US and China, which is negotiating deals that Beijing will view as offensive, making the odds of an actual trade deal with Beijing much lower than most expect. 

Authored by Katabella Roberts via The Epoch Times,

A coalition of 20 state attorneys general filed a lawsuit against the Trump administration on July 1, challenging its decision to hand over the personal data of some Medicaid enrollees to the Department of Homeland Security (DHS), which oversees Immigration and Customs Enforcement (ICE).

The complaint, led by California Attorney General Rob Bonta, was filed in the District Court for the Northern District of California and alleges that the mass transfer of data violates federal health privacy protection laws, including the Health Insurance Portability and Accountability Act (HIPAA), as well as the Federal Information Security Modernization Act and the Privacy Act.

The attorneys general are asking the court to find that the administration’s transfer of Medicaid data was unauthorized and illegal under federal law, including the Administrative Procedure Act. They are seeking to block the Department of Health and Human Services (HHS) from making further transfers of such data to the DHS, the Department of Government Efficiency (DOGE), or any other federal agency.

The attorneys general also asked the court to prevent any federal agency from using Medicaid data for immigration enforcement, population surveillance, or similar purposes, and to order the destruction of any data that has already been transferred.

“The Trump Administration has upended longstanding privacy protections with its decision to illegally share sensitive, personal health data with ICE. In doing so, it has created a culture of fear that will lead to fewer people seeking vital emergency medical care,” Bonta said in a July 1 statement.

“We’re headed to court to prevent any further sharing of Medicaid data—and to ensure any of the data that’s already been shared is not used for immigration enforcement purposes.”

As of January 2025, 78.4 million people were enrolled in Medicaid and the Children’s Health Insurance Program (CHIP) across the United States, according to the lawsuit.

The complaint notes that a certain amount of personal data is routinely exchanged between the states and the federal government for the purpose of verifying eligibility for Medicaid.

In June, California, Illinois, and Washington state learned that HHS had disclosed “en masse” private Medicaid files to DHS representing millions of individuals, according to the lawsuit.

All of those states allow illegal immigrants to enroll in Medicaid programs that pay for their expenses using only state taxpayer dollars.

The data was “personally identifiable, not anonymized or hashed, and it included Medicaid beneficiaries’ immigration status and addresses, among other details,” the complaint states.

Plaintiffs in the lawsuit note that HHS said it handed over the massive amount of personal data to DHS “to ensure that Medicaid benefits are reserved for individuals who are lawfully entitled to receive them.”

In May, Dr. Mehmet Oz, administrator of the Centers for Medicare and Medicaid Services (CMS), said his agency and DOGE had identified at least $14 billion in Medicaid fraud, waste, and abuse, including individuals who wrongly enrolled in the program across multiple states.

The context in which the data was shared with ICE, however, “casts serious doubt on the government’s explanation for its actions,” the attorneys general wrote in their lawsuit.

They said the federal government is creating a large database for “’mass deportations’ and other large-scale immigration enforcement and mass surveillance purposes.”

“Plaintiffs bring this action to protect their State Medicaid programs, and to prevent them from being used in service of an anti-immigrant crusade, or other purposes unrelated to administration of those programs,” the suit states.

The states of Arizona, Colorado, Connecticut, Delaware, Hawaii, Illinois, Massachusetts, Maine, Maryland, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington have joined California in the lawsuit.

HHS spokesman Andrew Nixon said in a statement last month that the department is “aggressively cracking down on states that may be misusing federal Medicaid funds.”

Nixon also said that the data sharing was legal.

“HHS acted entirely within its legal authority–and in full compliance with all applicable laws–to ensure that Medicaid benefits are reserved for individuals who are lawfully entitled to receive them,” he said.

The Epoch Times reached out to the HHS and DHS for further comment but did not receive a response by publication time.

Seattle Times business reporter Alex Halverson just published a breaking story on Microsoft’s latest wave of layoffs, which will affect up to 9,100 employees—roughly 4% of its 228,000-person workforce. The move is part of a broader cost-cutting and restructuring effort.

Halverson provided more color:  

Microsoft is kicking off its fiscal year by firing thousands of employees in the largest round of layoffs since 2023, the company confirmed Wednesday.

In an ongoing effort to streamline its workforce, Microsoft said that as much as 4%, or roughly 9,100, of the company’s employees could be affected by Wednesday’s layoffs. It’s unclear how many are based in Washington. The move follows two waves of layoffs in May and June, which saw Microsoft fire more than 6,000 employees, almost 2,300 of whom were based in Washington.

Data compiled by Bloomberg shows Microsoft’s workforce stands at 228,000 (as of 4Q24). A 4% cut suggests that as data centers come online, many white-collar roles are becoming obsolete, marking what could be a generational peak in its total headcount.

And it may signal further job declines ahead for Microsoft, as new data centers come online to support AI tools, driving productivity gains.

Expired: workers
Wired: data centers https://t.co/4gLaWSXzm6 pic.twitter.com/KJRu9NQApc

— zerohedge (@zerohedge) July 2, 2025

Related: 

• Takeover Begins: Robots Set To Outnumber Humans At Amazon Warehouses

Additionally, a new report released on Tuesday suggested that Amazon has reached its employment peak due to increasing automation and AI trends in its warehouses.

For a clearer picture of how many jobs AI will displace, see this 2023 Goldman report.