Axios

Even as U.S. policy has walled off Washington, D.C., from friends across the pond, Americans' travel overseas is reaching new heights.

Why it matters: Much like the resilient consumer, the American tourist keeps riding the post-COVID travel wave, even as debt delays life milestones and global perceptions of the U.S. slip.

American consumers have powered the economy forward this year. In July, they took a breather.

Why it matters: While the underlying trend in consumer demand appears solid, retail sales hit an air pocket last month, suggesting a bumpier path ahead for overall growth.

• Combined with a weak jobs report last week and two subdued inflation readings this week, it points to the Federal Reserve having room to be patient on potential interest rate increases this fall.

Public opinion about the economy appears to be souring further this month, per the preliminary release of the University of Michigan's consumer sentiment index.

By the numbers: Overall sentiment fell 8% in the early days of August, after two consecutive months of improvement.

Silver Lake and Workday are discussing a take-private of the (now) $51 billion HR software company.

Why it matters: The deal would rank among ‌the largest software buyouts in history, in a stand-out year for big-dollar M&A.

There's a growing push to use new technology to boost U.S. copper processing amid surging demand from the AI boom.

Why it matters: The U.S. has decent copper resources, but the majority of processing happens in large, toxic smelters overseas, much of it in China.

American drone companies got a sudden lift in the stock market Friday after President Trump announced plans to impose tariffs on imported drones.

Why it matters: National security experts have long bemoaned the American reliance on foreign sources for drone production, particularly China.

The Treasury Department this week scrapped a key part of a federal anti-corruption law that required anonymous shell companies and other firms to disclose their owners.

Why it matters: The move is the latest example of how it's becoming harder to get information about the financial system, even as the ascendance of AI makes it seemingly easier to learn anything you want to know.

The U.S. is projected to become majority-minority in 2046, but hundreds of rural pockets crossed that demographic benchmark years ago, an Axios analysis finds.

Why it matters: The evolving face of rural America, driven both by immigration and increased mobility, has invigorated communities, increased their diversity — and presented new challenges.

The U.S. auto industry's retreat from China is accelerating, while Chinese carmakers are inching closer to the American market despite attempts to keep them out.

Why it matters: China once represented a lucrative growth opportunity and manufacturing base for American automakers, but those ties are unraveling as Chinese rivals like BYD and Geely expand their reach around the world.

A federal trade court ruled Thursday that President Trump can block cheap imports — including from Chinese retailers like Temu and Shein — from entering the U.S. tariff-free.

Why it matters: It's a win for the Trump administration's trade agenda after a major legal setback forced officials to find new legal avenues for imposing sweeping tariffs.

Inflation has been stubbornly high for half a decade. But July, at least, brought some relief.

The big picture: With a lively debate underway at the Federal Reserve over whether to raise interest rates, the latest run of data — a soft jobs report Friday and benign readings on inflation this week — allows for patience.

America's aging population is muddying a headline signal of labor market health.

• The clearest sign yet: The share of people working or looking for work has fallen sharply, with the nation's shifting demographics helping drive the decline.

Why it matters: The plunge in participation might normally be an ominous signal at a time when hiring has already slowed.

• But sweeping shifts in demographics — as well as immigration and technology — make it harder to tell whether familiar economic signals reflect structural change or the normal ups and downs of the business cycle.

Josh Kushner isn't letting his FIFA folly keep him on the sports sidelines.

• Yesterday he stunned the NBA by announcing an agreement to buy the Los Angeles Lakers for $12.5 billion from Mark Walter, who only gained club control last October.
• There's a lot more to this situation than just rich boys and their toys, so let's dig in:

Anthropic reportedly is in talks to buy Decart, a developer of world models and chip optimization software, for around $6 billion.

Why it matters: This could help Anthropic better control compute costs, or even design its own chips, as it moves toward an autumn IPO.

Gold prices rose to their highest level in more than two months Wednesday — hitting $4,465 an ounce.

Why it matters: The precious metal has reversed a slump that began shortly after the start of the war with Iran.

• It's a sign that inflation expectations are easing.