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President Trump's economy faces a big day Wednesday, with a second-quarter GDP report and the Federal Reserve's latest interest rate decision coming two days before new tariffs take effect.
The Q2 gross domestic product data released early Wednesday showed the economy grew 3 percent, bounding back from the first quarter and exceeding expectations. The Fed will announce its next interest rate move — no change is expected — at 2 p.m., with a press conference from chair Jerome Powell at 2:30 p.m.
Trump said Wednesday he was holding firm on his Aug. 1 deadline — calling it on Truth Social "A GREAT DAY FOR AMERICA!" — for his global tariffs to take effect. He also railed against the tariffs India is charging the U.S. Many countries still don't have a trade deal. Here's which ones.
The president on Wednesday is scheduled to sign legislation and to make remarks at a health technology event.
Meanwhile, Senate Democrats are looking to force the administration to release the files of Jeffrey Epstein. Senate Minority Leader Chuck Schumer (D-N.Y.) and other Democrats will make remarks on the matter Wednesday afternoon.
Tensions among Democrats over how to deal with the Trump agenda boiled over on Tuesday, as Sen. Cory Booker (D-N.J.) laid into his colleagues on the Senate floor. “This, to me, is a problem with Democrats in America right now, is we’re willing to be complicit to Donald Trump,” Booker thundered.
Catch up:
- Texas GOP’s redistricting plan alarms Democrats
- Senate confirms Emil Bove to appeals court despite whistleblower complaints, controversy
- Lawmakers see Gaza crisis as serious test for Trump’s Middle East policy
Follow along here all day for updates.
Source: The Hill - News
