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National

President Trump on Friday signed his signature tax and spending legislation, the "big beautiful bill," into law, meeting a July 4 deadline that at times appeared out of reach. 

Why it matters: It's a huge achievement for Trump and congressional Republicans that will reshape federal fiscal policy for years to come. The megabill cuts funding for social safety measures, extends tax cuts —primarily for the wealthy — and finances Trump's immigration agenda. 

Driving the news: Trump signed the measure as part of a highly staged White House Independence Day celebration featuring a bomber jet flyover and the annual fireworks on the National Mall. 

What they're saying: Trump called the bill "the greatest victory yet" while addressing a crowd at the White House in a speech saying his administration has kept its promises.

"This is the single most popular bill ever signed," he said despite polls showing it's deeply unpopular.

He also praised the Iran mission and "unmatched" military, which he talked about rebuilding and modernizing.

Catch up quick: The House narrowly cleared the bill for Trump's signature Thursday after it passed the Senate two days earlier. 

Both moderate and conservative House Republicans called for adjustments to the bill after the Senate made changes, but none were made before the final vote.

State of play: The legislation slashes food and health benefits for the poorest Americans, which could lead to overcrowded emergency rooms, an increase in chronic health care issues, more medical debt and ballooning hunger. 

Meanwhile, it boosts funding for immigration enforcement, allowing the administration to approximately double immigrant detention capacity and hire significantly more enforcement personnel.

Behind the scenes: Polling from throughout June showed that Americans largely disapprove of the megabill.

Ahead of midterm elections, Republicans plan to message their legislative victory by branding Democrats' opposition as voting to raise taxes on small businesses and American families. 

Democrats have their own campaign planned based around their opposition to the bill, which they're planning to make a centerpiece of their strategy for taking back the House in 2026.

Where SNAP cuts in Trump's "Big Beautiful Bill" could hit Americans hardest

How the GOP spending bill will fund immigration enforcement

"Big, beautiful bill" pushes millions of people away from social safety net

Trump signs "big, beautiful bill" in July 4 victory lap

Trump met the July 4 deadline he demanded.

President Trump and Melania Trump are shown in front of the White House flanked by flags.

President Trump and First Lady Melania Trump watch a military flyover during a signing ceremony for the "one big beautiful bill" at the White House in July 4, 2025. Photo: Kent Nishimura/Bloomberg via Getty Images

Donald Trump

Immigration

Policymaking

2024 will be an election year like no other, as President Biden seeks re-election amid economic uncertainty, two wars and questions about his age. His likely foe, former President Trump, faces felony charges and vows revenge on his political enemies. Meanwhile, Americans generally are dissatisfied with those choices and are divided over immigration, race, education and more.

Politics & Policy

Starting with America's 250th birthday celebration, President Trump is planning a years-long mega-celebration that puts him at the center of the world's biggest events.

Why it matters: Trump's vision for the semiquincentennial goes beyond purely American fare to showcase the country's military, economic and cultural power on a global stage.

His expansive vision for a nonstop American celebration includes the 2026 FIFA World Cup and the 2028 Summer Olympics in Los Angeles, The Atlantic recently reported.

Trump is floating additional programming like a "Great American State Fair," "Patriot Games" and a "Freedom Plane" inspired by the Bicentennial-era "Freedom Train."

In keeping with his love of spectacle, a New Year's Eve-style ball drop in Times Square has been discussed.

Driving the news: Trump's speech at the Iowa State Fairgrounds Thursday night served as the formal kickoff to the celebrations and an opportunity to brag about congressional Republicans passing his "one big, beautiful bill."

The president soft-launched 250 this year with a rare military parade to honor the Army in D.C., which coincided with nationwide "No Kings" and anti-ICE protests.

More military branches' birthdays will be recognized this fall, with celebrations planned for the Marines and Navy.

Trump said last night his 250th anniversary plans include a UFC fight on the grounds of the White House.

Zoom in: Some of the planned activities for America 250 are more squarely around American pride, like a student-focused America's Field Trip.

Trump wants his proposed sculpture park, dubbed the National Garden of American Heroes, to be ready by July 2026. The plans feature life-size statues of figures like Ronald Reagan, Whitney Houston and Jackie Robinson — "all approved by Trump," as the Wall Street Journal reported.

"We're going to have a big, big celebration, as you know — 250 years," Trump said at Arlington Cemetery in late May. "In some ways, I'm glad I missed that second term because I wouldn't be your president for that. Can you imagine? I missed that four years. And now look what I have."

Reality check: The turbocharged celebrations come as Americans report record-low levels of patriotic pride.

State of play: Preparations for America's 250th birthday have been underway since roughly 2016 under former President Obama, though they've taken a more MAGA bent since January.

There are two main organizers at the national level: the White House's Task Force 250, which Trump chairs and established via an executive order in his first week in office, and the congressional America250 Commission, which was established in 2016, meant to be nonpartisan and is backed by a nonprofit.

Ex-Fox News producer Ariel Abergel, who interned in Trump's first White House and finished college in 2021, is now America250's executive director.

"We are completely aligned with President Trump's vision to make America250 the most patriotic celebration in American history," Abergel said in a statement.

Other Trump allies like fundraiser Meredith O'Rourke and Trump adviser Chris LaCivita serve roles in the foundation supporting the America250 commission's work.

Outside of the federal planning effort, expect state-level programming across the country.

The intrigue: Donors to America250 include companies that have been seen as Trump-friendly, like Amazon, Coinbase and the Ultimate Fighting Championship.

Editor's note: This story has been updated with comment from Ariel Abergel, executive director of America250.

America's nonstop birthday party

National planning for July 4, 2026 has gotten more MAGA since January.

Illustration of a bundle of silver star balloons and strings of red flags zig zagging across the screen, all stylized to resemble an American flag. 

Elections 2024

Pro Rata

Axios Pro Rata

Elon Musk on Friday floated an electoral strategy for his hypothetical political party, via a post on X.

Why it matters: Musk is the world's richest man and his dollars could make a difference in tight races next November.

Catch up quick: Musk helped bankroll President Trump's reelection, but the pair since have fallen out. 

Most recently, Musk has been an outspoken critic of Trump's signature legislation, which the Tesla CEO believes is fiscally irresponsible and hurts America's global competitiveness.

What he's saying: Musk first asked X followers if they "want independence from the two party (some would say uniparty) system," and thus would support the creation of "the America Party."

One way to execute on this would be to laser-focus on just 2 or 3 Senate seats and 8 to 10 House districts. Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people.

The bottom line: Musk didn't identify any specific races, so for now this is just a trial balloon. 

Elon Musk floats strategy for new political party

Musk's dollars could make a difference in tight races next November.

Photo: Allison Robbert/AFP via Getty Images)

Elon Musk

From the Valley to D.C., Big Tech players like Facebook, Google and Amazon are under more scrutiny than ever as new technology develops and privacy and antitrust concerns grow in lockstep with companies’ ambitions.

Technology

Latest news on Wall Street, Corporate America and financial regulation.

Business

President Trump told Ukrainian President Zelensky in a call on Friday that the U.S. wants to help Ukraine with air defense, due to escalating Russian attacks, a Ukrainian official and a source with knowledge of the call said.

Why it matters: Earlier this week the Pentagon paused a weapons shipment, including air defense interceptors and ammunition, to Ukraine's army.

The decision caught Ukraine and many Trump administration officials  surprise. 

Behind the scenes: The two sources said the call between Trump and Zelensky lasted around 40 minutes, with a major focus on Ukraine's air defense needs. 

One source said Trump was aware of the recent Russia escalation, including both air strikes on Ukrainian cities and on the frontline. 

"Trump said he wants to help with air defense and that he will check what was put on hold if anything," the source said. 

The Ukrainian official said Trump and Zelensky agreed that teams from the U.S. and Ukraine soon will meet to discuss air defense and other weapons supplies.

The White House didn't respond to a request for comment.

What they are saying: Zelensky wrote on X that he spoke to Trump about "opportunities in air defense" and that they "agreed that we will work together to strengthen protection of our skies."

"We - in Ukraine - are grateful for all the support provided. It helps us protect lives, safeguard our freedom and independence. We have achieved a lot together with America and we support all efforts to stop the killings and restore just, lasting, and dignified peace. A noble agreement for peace is needed," Zelensky wrote. 

Driving the news: Trump spoke with Russian president Putin on Thursday about the war in Ukraine, but later stressed that no progress has been made.

Putin told Trump that Russia will not give up on its war objectives in Ukraine, signaling he isn't interested in peace anytime soon. 

After the call, Russia escalated its air strikes on Ukraine — launching hundreds of drones and a dozen ballistic missiles. 

"I am very disappointed with the conversation I had with Putin because I don't think he's there. He's not looking to stop. I wasn't happy with the conversation," Trump told reporters on Friday morning.

Trump tells Zelensky he wants to help Ukraine with air defense, sources say

Earlier this week the Pentagon paused a weapons shipment to Ukraine.

Kiev on fire after new Russian air strikes

Kyiv after Russian airstrikes on July 4. Photo by Oleksii Filippov/AFP via Getty Images

Russia

Tariffs

Ukraine

Conflicts, policies and powers are intersecting and shaping the world. Breaking news and analysis of national security, foreign policy and global crises.

World

A map of the U.S. showing the locations of "Free America" protest events planned for July 4, 2025. There were at least 160 in-person events planned in cities as of July 1.

<span style='display: block; text-wrap: balance'>"Free America" protest events planned for July 4</span> 

Anti-Trump organizers are hosting "Free America" rallies on Independence Day in the next round of mass protest across the country.

The big picture: This renewed batch of protests against the administration comes amid growing discontent with Trump's policies.

"Your freedom. Your people. Your rebellion," the Women's March website said. 

The other side: "President Trump won nearly 80 million votes and received a historic mandate to Make America Great Again, and he's delivering in a big way," White House spokesperson Liz Huston said in a statement to Axios.

State of play: The Women's March encouraged protesters to plan rallies, marches, banner drops, street parades, art builds, BBQs, dance protests and block parties. 

About 300 events were scheduled as of Friday morning with 8,400 RSVPs, signaling less interest than the recent "No Kings" protests.

The Women's March noted on Facebook Thursday the impact that Trump's newly passed "big, beautiful bill" is set to have on reproductive rights, with family planning nonprofits that provide abortions facing a one-year Medicaid funding ban:

What they're saying: "They want us scared, divided, and alone," the Women's March said. "They don't want us to dream about freedom. But that's exactly what we have to do."

"This Fourth of July, we will be in the streets with songs of freedom and joy. The dream of American freedom belongs to all of us, and we will not stop in our pursuit of its promise, now or ever."

The protests are focused on freeing the U.S. from billionaires' power, poverty, unlawful orders, and the politics of fear, the website said. 

Zoom in: Local groups organized a Thursday protest outside of Trump's Mar-a-Lago Club in Palm Beach, Florida, featuring a "Trump baby" balloon, the Palm Beach Post reported.

Flashback: Crowds of thousands to millions have protested the Trump administration during single-day protest events for months. 

Most recently, "No Kings" protests on June 14 attracted millions nationwide, organizers said. 

What's next: On July 17, "Good Trouble Lives On" demonstrations are planned with a focus on civil rights, in honor of the late Rep. John Lewis.

On the anniversary of his passing, "we're taking action across the country to defend our democracy and carry forward his legacy of Good Trouble," organizers wrote.

Go deeper: The big, beautiful bill has a big image issue

Editor's note: This article has been updated to include details of a Women's March Thursday Facebook post and an updated count of events. 

What to know about Fourth of July anti-Trump protests

"Your freedom. Your people. Your rebellion," the organizers' website said.

Axios

Friday's top stories

Trump signs "big, beautiful bill" in July 4 victory lap

America's nonstop birthday party

Elon Musk floats strategy for new political party

Trump tells Zelensky he wants to help Ukraine with air defense, sources say

What to know about Fourth of July anti-Trump protests

Trump pleads ignorance after using antisemitic slur

Trump's crowning moment is ammo for Dems in '26

Trump to host UFC fight at White House as part of "America250" celebrations

Madre Fire explodes in size to become California's biggest this year

Trump meets with Saudi defense minister, discusses Iran situation