1/ Trump unexpectedly announced that he will impose a new 10% tariff on an additional $300 billion worth of Chinese imports – effectively taxing every product that Americans buy from China – after China failed to begin buying more American agricultural products as they had promised. The new tariffs would go into effect on Sept. 1st and would be in addition to the 25% tariff that has already been imposed on $250 billion of imports. The announcement came a day after Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer wrapped up talks in Shanghai on a comprehensive trade deal. The negotiations reportedly ended early and without a deal. A new meeting is set up for September. (Washington Post / New York Times / NBC News / CNN / Associated Press)

2/ The Senate passed a two-year bipartisan budget deal that raises spending $320 billion over current levels and lifts the debt ceiling until after the 2020 election. The legislation now goes to Trump, who is expected to sign it despite complaints from conservatives that it would fuel the nation’s debt. Under the Trump administration, the annual federal deficit is set to reach $1 trillion a year. (Politico / Associated Press / CNBC / Axios / Washington Post / New York Times / Wall Street Journal / Bloomberg)

3/ The Inspector General of the Intelligence Community won’t investigate how the White House handled the security clearances for Jared Kushner, Ivanka Trump, and other officials unless Trump asks him. Michael Atkinson declined the request to investigate the security clearance process by four top Senate Democrats, saying “The authority over access to classified information ultimately rests with the President of the United States.� In response, the senators wrote a letter to Trump, asking him to order the investigation. The White House did not resp...