Economics

Treasury Secretary Scott Bessent announced Sunday that U.S. tariffs will return to their April 2 levels if ongoing trade negotiations with foreign partners fail to produce a new agreement by August 1.

Speaking on “Fox News Sunday” with Shannon Bream, Bessent said several trade deals are close to completion and described the current phase of talks as the “home stretch.”

“Is it fair to say there’s a bit of a pause on the July 9th deadline for some of these trading partners?” Bream asked.

“I don’t think it’s a bit of a pause because I think what’s happened is there’s a lot of congestion going into the home stretch and, as a part of the trade team, what’s great about having President Trump on our side is he’s created maximum leverage,” Bessent said.

“By telling our trading partners that they could boomerang back to the April 2nd date, I think it’s really going to move things along over the next couple of days and weeks,” he added.

The April 2 tariff schedule, originally implemented under President Donald Trump, featured increased duties on a range of goods from countries that failed to reach bilateral agreements deemed favorable to the United States.

The potential reversion is being used as leverage to encourage trading partners to finalize terms before the August deadline.

The announcement comes amid broader economic maneuvering by the Trump administration and renewed speculation about Bessent’s role within it.

In recent days, rumors have intensified that President Trump may replace Federal Reserve Chairman Jerome Powell and possibly appoint Bessent to the position.

Last week, President Trump publicly called for Powell’s resignation after the head of the Federal Housing Finance Agency (FHFA) accused Powell of providing “deceptive” testimony to Congress.

The statement marked another escalation in the ongoing dispute between Trump and Powell, a feud that has drawn national attention over monetary policy and economic leadership.

During Sunday’s interview, Bream questioned Bessent about Trump’s public criticism of Powell and whether it was an effective approach.

“I’m a basketball fan. And in basketball there are two schools of working the refs. There’s the Bobby Knight school and the Dean Smith school. And, obviously, President Trump’s more in the Bobby Knight school. And I will tell you, Bobby Knight won three national championships. Dean Smith only won two. So, working the refs seems to be effective,” Bessent said.

Bessent did not confirm whether he was being considered to replace Powell.

Last week, he offered a similar noncommittal response during an interview with Fox News’ Maria Bartiromo.

“We have a lot of great candidates for the Federal Reserve. I think I have the best job in Washington. I get to interact with the president. The Cabinet that he’s chosen is fantastic, and being part of that Cabinet is the dream of a lifetime for me. But I will go where the president thinks that I am best suited,” Bessent said.

The Biden-appointed Powell, whose term as Fed Chair is set to expire in 2026, has faced sharp criticism from President Trump and his allies over monetary policy decisions, inflation management, and central bank transparency.

With economic negotiations intensifying on multiple fronts — from trade policy to interest rates — the direction of the Federal Reserve remains a key question as President Trump continues reshaping top-level leadership during his second term.

Please visit Drew Berquist for more stories like this.

President Donald Trump’s Department of Justice announced the results of its annual healthcare takedown after charging 324 defendants with $14.6 billion in medical fraud.

🚨BREAKING: DOJ is now charging 324 people for healthcare fraud.

The fraud totals $14.6 BILLION in false claims to Medicaid, Medicare, & other healthcare programs. pic.twitter.com/hMJGdgNOeM

— Derrick Evans (@DerrickEvans4WV) July 1, 2025

The defendants included 96 licensed medical professionals “in 50 federal districts and 12 State Attorneys General’s Offices across the United States. With more than $13 billion in fraud uncovered, this is the largest takedown for this initiative to date,” said FBI Director Kash Patel.

A whopping $2.75 billion in fraud was identified in 2024 and $2.5 billion in 2023. “The government seized over $245 million in cash, luxury vehicles, cryptocurrency, and other assets,” the Justice Department stated.

Meanwhile, the Centers for Medicare and Medicaid Services “prevented over $4 billion from being paid in response to false and fraudulent claims and suspended or revoked the billing privileges of 205 providers in the months leading up to the Takedown.”

Civil charges and settlements amount to another eye-watering $48.5 million. The fraud schemes included identity theft, fraudulent wound care, prescription opioid trafficking, and fake telemedicine claims. One criminal organization alone was responsible for $10.6 billion of the $14.6 billion in total fraud identified.

A network of foreign individuals “strategically bought dozens of medical supply companies located across the United States,” and used stolen identities of over a million Americans to submit fraudulent Medicare claims for “urinary catheters and other durable medical equipment.” The Daily Wire reported.

In another shocking case, foreign individuals relied on artificial intelligence to carry out identity theft. “The defendants allegedly used artificial intelligence to create fake recordings of Medicare beneficiaries purportedly consenting to receive certain products,” the Justice Department said. The recordings were then “sold to laboratories and durable medical equipment companies, which used this unlawfully obtained and fraudulently generated data to submit false claims to Medicare.” So far, $44.7 million of the $418 million paid on these claims has been recovered.

Other defendants reportedly submitted fraudulent claims for unnecessary amniotic wound grafts, which targeted elderly patients and resulted in them receiving “millions in illegal kickbacks from the fraudulent billing scheme.” Agency and department heads have reaffirmed their commitment to rooting out health care fraud. “The schemes often result in physical patient harm through medically unnecessary treatments or failure to provide the correct treatments,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. He added that these fraudsters stole “money hardworking Americans contribute to pay for the care of their elders and other vulnerable citizens.”

“This record-setting Health Care Fraud Takedown delivers justice to criminal actors who prey upon our most vulnerable citizens and steal from hardworking American taxpayers,” said Attorney General Pamela Bondi. “Make no mistake — this administration will not tolerate criminals who line their pockets with taxpayer dollars while endangering the health and safety of our communities.”

Read More at the Daily Fetched

Jaguar’s vehicle sales in Europe plummeted 97.5 percent in April 2025 compared to the same month last year, marking a severe downturn for the British car manufacturer following its controversial rebranding strategy. According to new data from the European Automobile Manufacturers’ Association (AECA), Jaguar registered only 49 new vehicles in Europe in April 2025, a steep decline from the 1,961 units sold in April 2024. The drop comes after the automaker introduced a new brand direction that has received widespread criticism from both consumers and industry analysts.

Jaguar’s rebranding efforts began with the November 2024 unveiling of its new concept vehicle, the Type 00 — pronounced “zero zero.” The launch was accompanied by an ad campaign that featured no vehicles but instead focused on artistic imagery, fashion-centric visuals, and androgynous models. The decision to avoid showcasing actual cars in the campaign drew heavy backlash.

Sales data show the impact has extended beyond a single month. Jaguar’s year-to-date sales in Europe from January through April 2025 fell 75.1 percent, with only 2,665 vehicles sold compared to significantly higher figures from the same period in 2024. Global sales for the 2024/25 financial year also reflected the downturn. Jaguar reported just 26,862 vehicles sold worldwide, representing an 85 percent drop compared to 2018.

The brand’s managing director, Rawdon Glover, defended the strategy in an interview with the Financial Times. He described the campaign as “bold” and denied that the company was pursuing a political agenda. “If we play in the same way that everybody else does, we’ll just get drowned out,” Glover said.

“So we shouldn’t turn up like an auto brand.”

He also addressed the criticism that followed the campaign’s release.

“The message was lost in a blaze of intolerance,” Glover stated, referring to negative reactions on social media.

“It was never intended to be ‘woke.’”

Jaguar’s attempt to reposition itself as a “lifestyle-focused, fashion-forward brand” has raised concerns about whether the company’s new image has alienated its traditional customer base.

Read More at RVM News

A student at Brown University delivered scathing testimony before a congressional committee, condemning the Ivy League institution for excessive administrative spending, ballooning tuition, and what he described as a betrayal of the American dream for working-class families.

Alex Shieh, a rising junior at Brown and reporter for the Brown Spectator, testified that the university has strayed far from its educational mission and has become a bloated, elitist institution increasingly out of reach for middle- and low-income Americans.

“My name is Alex Shieh, and I’m a rising junior at Brown University, one of the most exclusive institutions in the world,” Shieh began

. “But I’m not here to glorify the Ivy League. I’m here to warn you that the promise of American higher education, of opportunity through meritocracy, is under attack.”

Shieh, who described himself as a legacy student from a privileged background, said that while he can afford the $93,000-per-year price tag at Brown, many students cannot.

“My parents are doctors who can afford, afford the $93,000 a year sticker price. In other words, I’m exactly who the Ivy League was built for. But what about the kids who weren’t born on third base?”

He pointed to economic data showing that the median student at Brown comes from a family earning over $200,000 annually and that half of the student body is drawn from the top 5% of income earners.

Shieh then criticized the school’s financial management, highlighting a projected $46 million deficit despite sky-high tuition costs.

“Even while charging students the price of a luxury car, Brown is on track to run a $46 million deficit this year. Where’s all the money going? I’ll tell you where it’s going. It’s going into an empire of administrative bloat and bureaucracy.”

According to Shieh, Brown employs 3,805 full-time non-instructional staff for 7,229 undergraduate students — a ratio of more than one administrator for every two students.

“This isn’t education. This is bloat paid for on the backs of students and families who are mortgaging their futures for a shot at a better life,” he said.

Shieh highlighted specific administrative expenditures, including over $1 million in salary for Brown’s athletic director Grace Calhoun, and a household assistant assigned to University President Christina Paxson.

He claimed such spending continues while student conditions deteriorate, stating, “My dorm floods when it rains, and the burger patties in our dining hall have been replaced by an unappetizing beef mushroom blend.”

Citing national trends, Shieh added, “The number of university administrators has risen by 162% in recent decades, and it’s no coincidence that correspondingly, the cost of education has risen 181% in inflation-adjusted dollars since the 90s.”

He compared the Ivy League model to the British system: “Across the pond, a world-class education at Oxford or Cambridge can cost about half as much as an Ivy League degree, in part due to a much lower administrative burden.”

Shieh also criticized Brown’s financial aid policies, which he claimed disproportionately hurt middle-class students who are “earning too much to qualify for generous scholarships, but not enough to go to Brown without straddling themselves with significant amounts of debt.”

He called attention to Brown’s involvement in a federal antitrust lawsuit, in which the university was one of several Ivy League schools that settled allegations of colluding to suppress financial aid offers.

“Brown says it meets 100% of demonstrated need, but Brown gets to decide what that need is,” he said.

Shieh testified about the backlash he faced after launching a website called “Bloat at Brown,” which used AI to analyze the necessity of various administrative roles.

“I sent each administrative employee a Doge style email to ask them, What do you do all day?” he said.

“Instead of answering, Brown’s response was retaliation. My Social Security Number was leaked. Our website was hacked, and Associate Dean Kirsten Wolf launched a disciplinary investigation into a litany of baseless charges such as emotional harm.”

Shieh said the administration brought charges against every board member of the Brown Spectator, but “we refused to back down, and we won our hearings. There was no misconduct, only exposure, and that’s what Brown feared the most.”

He closed by urging Congress to investigate Ivy League antitrust practices and to subpoena President Paxson.

“This committee has a responsibility not just to investigate Ivy League antitrust violations, but to reclaim the American dream from those who have twisted it into a racket,” he said.

“The American dream isn’t just for the legacies the coastal elites or the children of privilege. It belongs to the kid in rural Kansas with a 4.0 GPA, the first gen student working in night shift, and the families who did everything right and still got priced out. They deserve a seat at the table.”

Shieh concluded, “They deserve a shot at making it big. Their American Dreams matter too.”

WATCH:

🔥 NEW — Alex Shieh, a student at Brown University, just TORCHED the leadership of his school for running a $46 MILLION DEFICIT while ballooning costs for students.

He even begs the @JudiciaryGOP to SUBPOENA Brown's president, Christina Paxson!

“Brown employs 3,805 full time… pic.twitter.com/kMqEIM89kd

— Townhall.com (@townhallcom) June 4, 2025

Please visit Drew Berquist.com for more articles like this.

In Gov. Gretchen Whitmer’s Michigan, “it’s hard, especially when you feel like you don’t have help.” “I work at Dunham’s,” Nicole Wares, a single mother living in Traverse City, told WPBN. “I’ve been there almost eight years now. I’m on disability. I would work more, but I physically can’t do it.”

“Money is tight everywhere,” she said. “Cost of living has gone up; income doesn’t really go up much.”

Wares’ situation isn’t unique. A whopping 75% of single mothers are struggling to afford basics like housing, child care, food, transportation and taxes in Whitmer’s Michigan.

That’s based on 2023 data from a 2025 United for ALICE report recently released by the Michigan Association of United Ways. It’s also up 2% from last year’s report.

Statewide, 41% of Michigan’s 4.1 million households struggle to afford a survival budget, which includes 2,359 more than in 2022.

Visit The Midwesterner to read the rest of the article.

Vice President J.D. Vance cast the deciding vote in the Senate to block a resolution that would have overturned President Donald Trump’s tariffs, stepping in after three Republicans joined Democrats in an effort to revoke the national emergency authority underpinning the policy.

The Senate vote was held on a resolution seeking to terminate the president’s declaration of a national emergency related to foreign trade deficits.

The measure would have effectively dismantled the tariffs implemented under that authority.

Although Republicans hold a majority in the chamber, the resolution tied 49-49 after GOP Senators Lisa Murkowski (R-AK), Susan Collins (R-ME), and Rand Paul (R-KY) crossed party lines to vote with Democrats.

With the tie, Vice President Vance intervened and cast the tie-breaking vote to defeat the resolution.

Senate Minority Leader Mitch McConnell (R-KY) and Senator Sheldon Whitehouse (D-RI) were both absent from the vote.

A spokesperson for McConnell later stated that the 83-year-old senator would have voted in favor of the resolution alongside Democrats.

“The Senator has been consistent in opposing tariffs and that a trade war is not in the best interest of American households and businesses,” the spokesperson said. “He believes that tariffs are a tax increase on everybody.”

Following the vote, Murkowski posted on social media defending her decision to support the resolution, stating that the president’s declaration of a national emergency related to trade imbalances does not meet the legal threshold required.

“Bilateral trade deficits do not constitute a national emergency, nor do they qualify as an ‘unusual and extraordinary’ circumstance needed to unlock authorities under the International Emergency Economic Powers Act,” Murkowski said.

Today, I voted in support of SJR 49, which would terminate the President’s national emergency declaration regarding our trade deficits with countries around the world. Bilateral trade deficits do not constitute a national emergency, nor do they qualify as an “unusual and…

— Sen. Lisa Murkowski (@lisamurkowski) May 1, 2025

“We have a lot more work to do to reclaim Congress’s constitutional power over tariffs, but this resolution is a step in the right direction,” she added.

Senator Rand Paul also explained his vote, citing constitutional concerns over executive power and congressional authority over taxation.

“The Constitution clearly states that Congress, not the president, has the power of the purse,” Paul posted on X.

“All new taxes (which is what a tariff is) are supposed to originate in the House of Representatives before going to the Senate for approval.”

The Constitution clearly states that Congress, not the president, has the power of the purse. All new taxes (which is what a tariff is) are supposed to originate in the House of Representatives before going to the Senate for approval.https://t.co/TyrmT7kYcE

— Rand Paul (@RandPaul) April 30, 2025

Despite the attempted rollback, President Trump defended his economic strategy, particularly the tariffs implemented under his “Liberation Day” trade policy.

In a series of posts on Truth Social this week, Trump rejected claims that the tariffs were to blame for current market volatility, attributing recent economic turbulence to policies inherited from the previous administration.

“This is Biden’s Stock Market, not Trump’s,” the president wrote.

“I didn’t take over until January 20th. Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden ‘Overhang.’”

Trump also urged patience from Americans and businesses navigating the transition.

“This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers,” Trump added.

“But when the boom begins, it will be like no other. BE PATIENT!!!”

Trump on the stock market: “This is Biden’s stock market, not Trump’s… BE PATIENT!!!” pic.twitter.com/Vb8X1UAuYd

— johnny maga (@_johnnymaga) April 30, 2025

The failed resolution marks a significant win for the Trump administration as it moves forward with efforts to realign global trade policies in favor of American production.

The White House has signaled that further economic measures tied to the national emergency authority could be forthcoming.

Visit Drew Berquist.com for more stories like this.

President Donald Trump responded forcefully to a question from a Bloomberg reporter on Sunday regarding the potential economic impact of his administration’s tariff policies.

The exchange occurred during a press availability aboard Air Force One, just days after the rollout of sweeping reciprocal tariffs referred to by the administration as “Liberation Day.”

Annmarie Hordern of Bloomberg asked President Trump whether there was a point at which he would reconsider his tariff strategy if it caused continued market declines.

“I think your question is so stupid,” Trump said.

“I mean it, I think it’s a— Uh, I don’t want anything to go down. But sometimes you have to take medicine to fix something.”

Trump went on to defend the tariffs as a necessary step to protect American workers and businesses, placing blame on prior administrations for trade policies that, in his view, contributed to the erosion of U.S. manufacturing and economic strength.

“We have been treated so badly by other countries because we had stupid leadership that allowed this to happen,” Trump said.

“They took our businesses, they took our money, they took our jobs. They moved it to Mexico. They moved it to Canada. They moved a lot of it to China and it’s not sustainable. We’re not gonna do it.”

Me: Is there a “Trump put?”

Trump: “I think your question is so stupid. I don't want anything to go down, but sometimes you have to take medicine to fix something.”pic.twitter.com/8WfBZTcXwW

— annmarie hordern (@annmarie) April 7, 2025

Trump credited his tariff policies with generating new revenue for the United States and attracting global attention.

“Now we have hundreds of billions of dollars pouring into our country on a monthly basis. It’s pouring. It’s already started because I put tariffs on,” Trump said. “And eventually it’s gonna straighten out, and our country will be solid and strong again.”

The administration’s recent tariff actions have triggered a broad response worldwide.

That moment when you realize the media is manipulating you into panicking over the stock market. pic.twitter.com/Z5xq1yyKB1

— Matt Margolis (@mattmargolis) April 7, 2025

More than 50 countries have signaled interest in negotiations to avoid new U.S. tariffs, according to Agriculture Secretary Brooke Rollins.

“We already have 50 — five-zero — countries that have come to the table over the last few days, over the last weeks, that are willing and desperate to talk to us,” Rollins told CNN’s Jake Tapper on Sunday morning.

“We are the economic engine of the world, and it’s finally time that someone, President Trump, stood up for America.”

Rollins addressed concerns raised by critics who argue that the tariffs could damage the stock market or increase prices for consumers.

She said such concerns are politically motivated and do not reflect the broader benefits of the policy shift.

“This is about putting America first,” Rollins said, pointing to trade imbalances and longstanding barriers faced by U.S. exporters.

She cited examples such as Mexico’s past refusal to buy American corn and Australia’s restrictions on U.S. beef imports.

Rollins also emphasized that the administration’s broader strategy includes not only tariffs but also deregulation, tax cuts, and policies aimed at achieving energy independence.

She described the approach as a comprehensive economic reset modeled on principles of national self-reliance and security.

When asked if the tariffs are intended to be permanent, Rollins said they are part of a longer-term national strategy to reshore jobs and restore industrial strength.

The administration’s tariff actions follow years of trade deficits and complaints from U.S. industries and labor groups about unfair practices by foreign competitors.

Trump’s latest round of tariffs applies reciprocal surcharges on a wide range of imports from countries that impose barriers on American goods.

Further negotiations are expected in the coming weeks as other nations seek exemptions or new trade agreements.

For now, the administration remains firm in its position, asserting that the measures are necessary to reestablish economic fairness and protect U.S. sovereignty in global trade.

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