This was one wild week! We are approaching the two-third mark for Trump’s 90-day pause of his Liberation Day. He and his regime, despite their weekly start-of-week promises that deals are close at hand, have yet to sign a single one! Negotiations will not be getting any easier, as this week, the U.S. Court of International Trade struck down Trump’s tariffs, and the next day, a federal court did as well. While Trump currently has a stay on the first order, what country would want to cave to his demands now? Meanwhile, more signs appear this week of the negative impacts of Trump’s trade war domestically.

Trump also had a contentious week with his so-called big, beautiful bill, as a war broke out with Elon Musk — something we predicted would happen in this Substack series — with Musk labeling the bill a “disgusting abomination.” I wrote a lot more about the dynamics of this break up here, but suffice it to say, we are in the first inning of a battle that will undoubtedly intensify, and take us in unexpected directions.