Countries that don't make trade deals with the U.S. by August 1 can expect tariff rates to return to the levels announced in April, Treasury Secretary Scott Bessent said Sunday.
Why it matters: It's effectively a new deadline for the biggest U.S. trading partners to negotiate an alternative to President Trump's sweeping global tariffs — even as Bessent insists nothing had changed.
Americans live in separate economic realities: Those with a job are likely to stay employed, but those without one are likely to stay unemployed.
Why it matters: Welcome to the low-hire, low-fire labor market. Private-sector layoffs are at historic lows, but that masks a dreadful outlook for unemployed workers or those unhappy with their current positions.
More Americans are going hungry, per new data from Morning Consult.
The big picture: It's a shocking data point for the wealthiest country in the world, and comes at a time when the stock market is hitting record highs and President Trump just signed a bill slashing food benefits.
