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Trump has set a new record for most White House departures

AP photos. From L-R: Yates, Comey, Spicer, Scaramucci, Bannon

The Trump White House has had more first-year departures than any other president in at least 40 years, with a 34% turnover rate, Kathryn Dunn-Tenpas from the Brookings Institute told the Wall Street Journal. That's 17 percentage points higher than the second-highest turnover rate of 17% under Ronald Reagan.

There have been several juicy, high-profile resignations and firings of Trumpworld's most well-known characters: Michael Flynn, Steve Bannon, Reince Priebus, Sean Spicer, Anthony Scaramucci and most recently, Omarosa Manigault. "Not only is the percentage double, the seniority of people leaving is extraordinarily high. That's unprecedented to me," Dunn-Tenpas told WSJ.

Jonathan Swan 7 hours ago
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Trump to announce anti-China tariffs tomorrow

President Donald Trump
Photo: Kevin Dietsch-Pool/Getty Images

President Trump plans to unveil his aggressive package of tariffs against China tomorrow, with a charge led by U.S. Trade Representative Robert Lighthizer that will use Section 301 of the Trade Act of 1974 to target Beijing.

The big picture: Two sources with direct knowledge tell me Kevin Hassett has been crunching the numbers, and the dollar value of the tariffs will likely be around $50 billion per year — or slightly less. The administration has used an algorithm to select a batch of Chinese products and then apply tariff rates to those products in a way that will hopefully limit the harm to American consumers. 

Axios 7 hours ago
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Fed raises rates, says economy getting stronger

Federal Reserve Chairman Jerome Powell.
Federal Reserve Chairman Jerome Powell. Photo: Alex Wong/Getty Images

The Federal Reserve today raised interest rates a quarter-point, as expected, and forecast more interest rate hikes over the next two years because of the improving economic outlook.

Why it matters: The recent tax law and budget deal helped boost the Fed's economic outlook, the Wall Street Journal reports, but also led to warnings about inflation which is "expected to move up in the coming months," according to the Fed's statement.