Macro Briefing: 12 August 2025
The US spending legislation enacted into law in July will provide outsized benefits to the highest decile of household income, according to new analysis published by the Congressional Budget Office… The new deadline allows negotiations to continue ahead of a massive tariff hikes now set for Nov…..
Trump extends trade truce with China for 90 days. The new deadline allows negotiations to continue ahead of a massive tariff hikes now set for Nov. 10. China also announced it is extending its pause on tariffs on the US.
Trump said he will nominate Heritage Foundation economist E.J. Antoni to lead the Bureau of Labor Statistics. Antoni, who has a PhD in economics, has previously criticised the BLS. Trump fired the previous head of BLS, claiming — without evidence — she had rigged the jobs data for political reasons.
US small-business sentiment rose in July, based on the monthly poll published by the National Federation of Independent Business. The survey also found that small-business owners were becoming increasingly uncertain about the economic outlook and are worried about the quality of labor available.
Trump said gold imports will not be tariffed. His announcement appears to reverse a ruling by US customs officials, who advised that bars of the precious metal imported from Switzerland would face duties.
The US spending legislation enacted into law in July will provide outsized benefits to the highest decile of household income, according to new analysis published by the Congressional Budget Office. The lowest decile will fare the worst and see their resources fall slightly, based on projections for for 2026-2034.
Author: James Picerno