President Trump personally inspects the Federal Reserve amid a pressure campaign on its chairman, as his administration secures major trade deals with Japan and Indonesia. New declassified documents suggest Russia possessed damaging information on Hillary Clinton in 2016 but chose not to release it. Columbia University agrees to a $200 million settlement with the federal government over antisemitism on campus, while Harvard continues its legal battle.
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Trump Pressures Fed, Secures Major Trade Deals
Topline: President Trump escalated his pressure campaign on the Federal Reserve by personally touring its headquarters on Thursday, as his administration announced major new trade deals with Japan and Indonesia.
In an extraordinary move, President Trump visited the Federal Reserve building, the first sitting president to do so since 2006. The visit is the latest step in his public feud with Fed Chair Jerome Powell, whom Trump has accused of keeping interest rates high to damage the economy. The president has also launched an investigation into the renovation of the Fed headquarters, which is over budget by more than $2.5 billion, accusing Powell of mismanaging taxpayer funds to build a “palace” for himself and hinting at fraud, which would be a fireable offense.
The pressure campaign comes as the White House touts significant economic victories. With an August 1 tariff deadline looming, the administration finalized a massive trade deal with Japan that will lower tariffs on Japanese imports to 15% in exchange for Tokyo opening its markets to American cars and trucks. Japan has also agreed to a $550 billion investment in the U.S. economy, which includes purchasing 100 Boeing aircraft and billions in American rice and defense contracts. A separate deal was reached with Indonesia, which will eliminate tariffs on 99% of American imports. The news sent global stocks rallying, with the S&P 500 hitting another record high.
While the broader economy shows strength, the U.S. housing market has been cooling. Sales have been sluggish for three straight years, largely due to a lack of affordability. The median existing home price hit a record high of $435,000 in June, and high interest rates—which have remained over 6% since 2022—have kept many prospective buyers and sellers on the sidelines.
New RussiaGate Revelations Surface
Topline: Newly declassified documents released by DNI Tulsi Gabbard suggest that Russia possessed damaging information on Hillary Clinton in 2016 but chose not to release it, further complicating the origins of the Russia-collusion narrative.
According to a declassified House Intelligence report, Russia had obtained hacked DNC emails that allegedly showed potential criminal bribes within Clinton’s State Department, where taxpayer funds were offered to religious groups in exchange for campaign support. Other emails allegedly detailed Clinton’s “‘psychoemotional problems, uncontrolled fits of anger, aggression, and cheerfulness'” and claimed she was on a “daily regimen of heavy tranquilizers.” Gabbard said Russia likely planned to use the information against Clinton had she won.
According to investigative correspondent Jerry Dunleavy, former President Obama was “deeply involved in the Russiagate scandal,” was aware of the Clinton campaign’s plan to link Trump to Russia, and “personally directed the creation of the Intelligence community assessment in December 2016.”
DNI Gabbard has characterized the affair as a “treasonous conspiracy against the American people.” However, some legal analysts are skeptical that the actions, while corrupt, amount to a prosecutable crime. In a recent column, National Review’s Andrew McCarthy wrote, “political smears and appalling misjudgments are not violations of the criminal law, absent some statutory federal offense. If there were a criminal offense that fit, Gabbard and Trump would cite it, rather than chanting ‘treason.’” Attorney General Pam Bondi is reportedly looking into the matter.
Columbia Settles With Feds; Harvard Fights On
Topline: Columbia University has agreed to pay a more than $200 million settlement to the federal government over its failure to stop antisemitism on campus, while Harvard University continues its legal fight against the Trump administration.
On Wednesday, Columbia University announced it will pay the massive settlement to restore federal funding that the Trump administration had frozen over the antisemitism allegations. The school will also pay an additional $21 million to settle investigations by the Equal Employment Opportunity Commission. Education Secretary Linda McMahon called the settlement a “seismic shift” and a “monumental victory for conservatives,” adding that it ensures “students and faculty know that they’re going to be evaluated on merit.”
Meanwhile, Harvard was back in court this week, fighting to unfreeze more than $2 billion in its own federal funding. Harvard argues the funding freeze is a “blatant and unrepentant violation” of its First Amendment rights. The Trump administration contends that Harvard failed to protect its students under civil rights law. “This is about civil rights. This is about safety on campuses,” Secretary McMahon said. President Trump said that Columbia was working toward a solution while “Harvard wants to fight … and they’re getting their a** kicked.”
Despite its combative public stance, there are signs Harvard may be “bending the knee.” The university is reportedly considering opening a new conservative center and is closing multiple diversity offices. The administration is also exerting pressure on the university by launching a new investigation into Harvard’s compliance with a government visa program and threatening to revoke the school’s accreditation.