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Welcome to The Hill’s Business & Economy newsletter

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Business & Economy

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The Big Story

Prices pop as Trump tariff deadline looms

The White House is racing to finish trade deals ahead of its Aug. 1 deadline, just as prices in the economy are starting to take off from tariffs.

President Trump’s novel “reciprocal” tariffs will go back into effect Friday after first being imposed in April. They were set to resume in early July, but were pushed back to Friday.

Trump has said there will be no more extensions.

“The August first deadline is the August first deadline,” Trump posted on his social media website Wednesday. “It stands strong, and will not be extended. A big day for America!”

The pressure is on to close the deals as the new import taxes are starting to make their way through value chains and into the sticker prices of goods and services.

The Federal Reserve’s preferred inflation gauge for June came in hotter than expected Wednesday. The personal consumption expenditures price index popped to a 2.6 percent annual increase from 2.3 percent in May.

Removing the more volatile categories of energy and food, the index rose to a 2.8 percent annual increase.

The numbers align with the June readings of the consumer price increase, which jumped to a 2.7 percent increase from 2.4 percent in its previous reading.

The Hill’s Tobias Burns has more here.

Welcome to The Hill’s Business & Economy newsletter, I’m Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.

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Essential Reads

Key business and economic news with implications this week and beyond:

Senate panel rejects Trump cuts to NIH, other health agencies

The Senate Appropriations Committee rejected the Trump administration’s massive proposed funding cut to the National Institutes of Health, advancing a measure that would increase the agency’s budget by $400 million.

Full Story

Trump trade wins leave voters, businesses wanting more

The Trump administration has struck trade pacts in recent months that seem to benefit the U.S. over its trading partners, giving President Trump ample opportunity to tout his dealmaking skills.

Full Story

Play kitchens recalled after toddler’s death

Thousands of children’s play kitchens are being recalled after a toddler died of asphyxiation, according to the U.S. Consumer Product Safety Commission.

Full Story

Trump, Bessent knock India as tariff deadline nears

Treasury Secretary Scott Bessent and President Trump took swings at India as a tariff deadline nears for the country.

Full Story

The Ticker

Upcoming news themes and events we’re watching:

The Senate working to consider its first batch of government funding bills for fiscal 2026 this week.

In Other News

Branch out with more stories from the day:

Apple overcomes Trump’s trade war, slow start in AI to deliver surprisingly strong quarter

SAN FRANCISCO (AP) — Apple shook off a thicket of tariffs and a botched entry into artificial intelligence …

Full Story

Good to Know

Business and economic news we’ve flagged from other outlets:

S&P 500 posts third straight losing day as Meta, Microsoft fail to lift market (CNBC)
Jamie Dimon and Trump finally had a meeting after battling for years (CNN)
Dozens of countries with no deals face higher tariffs as trade deadline nears (The Associated Press)

What People Think

Opinions related to business and economic issues submitted to The Hill:

You’re all caught up. See you tomorrow!

Trump tariffs spur inflation ahead of deadline

Business & Economy

Business & Economy

Prices pop as Trump tariff deadline looms

Paul Klee

Michael Parkes

Wassily Wassilyevich Kandinsky

Business & Economy

Business & Economy

Prices pop as Trump tariff deadline looms

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