Key Takeaways
- Fed Governor Lisa Cook sued President Trump over her alleged unlawful dismissal.
- The U.S. economy grew 3.3% in Q2, driven by consumer spending and business investment.
- Tariffs now apply to U.S. shipments valued at $800 or less, effective midnight.
- Chinese money laundering networks moved $312 billion via U.S. banks, aiding drug cartels.
- Russia launched deadly large-scale attacks across Ukraine, resulting in at least 18 deaths.
Deep Dive
- Fed Governor Lisa Cook filed a lawsuit against President Trump, alleging unlawful dismissal.
- The lawsuit challenges presidential power over the Federal Reserve's board.
- Starting at midnight tonight, shipments to the U.S. valued at $800 or less will be subject to tariffs as the de minimis provision is suspended.
- WSJ reporter Esther Fung explained consumers might pay tariffs upfront or be notified by carriers like FedEx, UPS, or DHL before delivery.
- Merchants can absorb costs or pass them to consumers, potentially disrupting smaller businesses.
- WSJ reporter Dylan Tokar discussed a Treasury Department report revealing Chinese money laundering networks moved up to $312 billion in illicit transactions through U.S. banks.
- These networks use "mirror transactions" to bypass capital export restrictions in China and often support Mexican drug cartels.
- FinCEN issued an advisory with red flags for banks to identify these groups, as the Trump administration increases scrutiny on these operations.