Overview

• Abby Phillip accused Scott Jennings of being disingenuous after he downplayed Trump’s April announcement of 50–60 percent tariffs that were never fully implemented.
• Jennings cited Commerce Department data showing 3 percent Q2 GDP growth and record high stock levels to argue that delayed duties have not triggered a recession.
• Richard Quest cautioned that it is too early to judge long-term effects and labeled the EU and Japan trade deals "garbage," questioning where promised investment funds will materialize.
• The Commerce Department reports that the average U.S. tariff has climbed to 17 percent, the highest level since the 1930s, prompting the Federal Reserve to hold interest rates as uncertainty persists.
• Trump has paused or reduced initial tariffs and set an August 1 deadline for remaining duties to leverage negotiations with European and Japanese officials.