Trump Media Plans to Sell Fast-Track Access to Truth Social Posts
President Donald Trump’s media company has announced plans to offer paid, high-speed access to posts on Truth Social — potentially including posts from the president himself that could move financial markets. The service, called Truth PSI, was announced Thursday and would allow Wall Street trading firms and other financial institutions to receive posts in milliseconds, giving them an edge in trading stocks, bonds, and interest rates. The arrangement is similar to paid access programs at other platforms, though with the notable difference that the platform’s most prominent user is the sitting president. The company did not respond when asked whether the service amounts to profiting from his position in office.
Trump Team Racing to Rebuild Tariff Framework After Supreme Court Ruling
The administration is working against a ticking clock to restore tariff revenue after the Supreme Court struck down the largest of President Trump’s import taxes in February. Those tariffs had generated significant revenue for the U.S. Treasury last year by taxing goods from nearly every country in the world. A deadline of July 24 is fast approaching, but trade attorneys and analysts believe the administration will find a way to get it done. As one trade lawyer put it, “They’re going to raise the tariff wall again.”
US Safety Agency Takes Over Ryanair Window Incident Investigation
American aviation safety officials have assumed leadership of the investigation into a frightening incident aboard a Ryanair flight on July 10, when a window came loose and a passenger was partially pulled out of the aircraft before fellow travelers — including his wife — pulled him back inside. The National Transportation Safety Board announced Thursday that the incident occurred in Greek airspace, not over North Macedonia as originally reported. Under international aviation rules, Greece’s safety authority was able to transfer the case to the NTSB. The flight was traveling from Thessaloniki to Memmingen, Germany.
Retail Sales Rise Modestly in June, But Shoppers Show Strength Away from Gas Pumps
Consumer spending slowed slightly last month compared to May, but shoppers showed surprising resilience when gas station sales are set aside, according to a Commerce Department report released Thursday. Overall retail sales climbed just 0.2% in June, down from a revised 1% increase in May. However, when gas stations are excluded from the calculation, sales rose a solid 0.7%. The government’s figures are not adjusted for inflation, meaning falling gas prices weighed down the overall number.
Buffett Says His Children — Not the Gates Foundation — Will Distribute His Fortune
Billionaire Warren Buffett opened up Wednesday about his decision to redirect his charitable giving away from the Gates Foundation, saying the choice is primarily about his confidence in his three children’s readiness to manage the distribution of his entire fortune. Speaking on CNBC, the 95-year-old investor acknowledged that Bill Gates’ connection to convicted sex offender Jeffrey Epstein is “distasteful,” but said Gates’ actions were not dramatically different from his own past mistakes in choosing the wrong people. Buffett added that no one has a perfect track record when it comes to judging others.
25% Tariffs on Some Brazilian Goods Set to Begin July 22
The United States will begin imposing a 25% tariff on certain imports from Brazil starting July 22, citing what officials described as a range of unfair trade practices by the South American nation, which ranks as the world’s tenth-largest economy. The tariffs were first proposed last month. Several goods will be exempt from the new taxes, including coffee, beef, oranges, orange juice, certain oil and gas products, and aerospace components — items either not produced domestically or considered critical to U.S. supply chains.
30-Year Mortgage Rate Climbs to Highest Point in Nearly a Year
Prospective homebuyers are facing steeper borrowing costs after the average 30-year fixed mortgage rate rose to 6.55% this week, its highest level in almost a year. Mortgage buyer Freddie Mac reported Thursday that the rate increased from 6.49% the previous week. A year ago, the average stood at 6.75%. Rates on 15-year fixed mortgages, commonly used for refinancing, also moved higher. Mortgage rates are shaped by multiple factors including Federal Reserve policy and bond market expectations around inflation and economic growth.
Trump’s Teleprompter Operator on Unpaid Leave Over Alleged Prediction Market Bets
The White House confirmed Thursday that President Trump’s teleprompter operator has been placed on unpaid leave following reports that he used insider knowledge of the president’s speeches to place bets on an online prediction platform called Kalshi. According to ABC News, which first broke the story, Gabriel Perez allegedly won more than $100,000 by wagering on what the president would say in addresses such as the State of the Union earlier this year. The platform’s enforcement chief said Kalshi reached out to federal regulators about the bets. Perez has operated Trump’s teleprompter since 2016.
Federal Investigators: Driver, Not Tesla’s Self-Driving System, Caused Fatal Texas Crash
Federal safety investigators have concluded that the driver of a Tesla involved in a deadly crash last month was responsible for the accident — not the vehicle’s self-driving software. The National Transportation Safety Board determined Wednesday that the driver had pressed the accelerator to full speed, overriding the automated feature, before the car crashed into a home in Katy, Texas, killing a 76-year-old woman inside. The crash attracted widespread attention in part because Tesla’s CEO has been publicly promoting the safety of the company’s self-driving technology as he works to expand its use across vehicles already on the road.
Netflix Profits Rise in Second Quarter, But Cautious Forecast Spooks Investors
Netflix reported strong second-quarter earnings Thursday, driven by new subscriber sign-ups and higher subscription prices. However, the company’s stock fell sharply in after-hours trading after its outlook for the current quarter came in below what Wall Street had anticipated. The streaming giant earned $3.4 billion, or 80 cents per share, during the April-June period — a 9% increase from $3.13 billion, or 72 cents per share, during the same stretch a year ago.
