The White House held a briefing today to announce a series of significant policy achievements and new initiatives. Key highlights include a historic trade deal with the European Union, a new executive order on pharmaceutical pricing, and positive economic data. The administration also provided updates on global peace efforts and announced plans for a new White House ballroom.
💰 What are the latest economic reports? – Economic Growth and Trade Victories
The economy is reportedly showing strong signs of growth, driven by the private sector.
- Real GDP growth in the second quarter increased at a 3.0% annual rate, which was “significantly above expectations”.
- Federal government spending fell for a second straight quarter, while real business fixed investment rose by nearly 2%.
- Consumer spending growth accelerated, and core inflation has been below market expectations for five consecutive months, remaining in line with the Fed’s 2% target.
- Customs and tariff revenues have totaled more than $150 billion, leading to the “first June budget surplus in nearly a decade”.
The administration also announced several major trade achievements:
- A “historic trade agreement” was secured with the European Union. The deal guarantees American businesses “unprecedented levels of access” to EU markets. The EU will purchase $750 billion in US energy and make $600 billion in new investments in the US by the end of 2028.
- New reciprocal tariff rates will take effect tomorrow, August 1st.
- The president has negotiated “tailor-made trade deals” with two-thirds of the 18 major trading partners.
- Mexico has agreed to immediately terminate its non-tariff trade barriers and is paying specific tariffs on goods like fentanyl (25%), cars (25%), and steel (50%).
- A deal with South Korea includes the purchase of $100 billion in American energy and a $350 billion investment to revitalize American industry. 90% of those profits will go to the US government to pay down debt.
🕊️ How is the administration advancing peace? – Global Ceasefires and Humanitarian Aid
President Trump has reportedly brokered an average of one peace deal or ceasefire per month during his six months in office.
- An immediate and unconditional ceasefire was brokered between Thailand and Cambodia, ending a conflict that had displaced more than 300,000 people.
- Other conflicts that have been ended include those between Israel and Iran, Rwanda and the Democratic Republic of the Congo, India and Pakistan, Serbia and Kosovo, and Egypt and Ethiopia.
Regarding the situation in Gaza, special Envoy Steve Witkoff and Ambassador Huckabee are working to deliver food and aid.
- They had a “very productive meeting” with Prime Minister Netanyahu.
- They will travel to Gaza to inspect distribution sites and meet with local residents.
- The president’s position is that the quickest way to end the conflict is for Hamas to surrender and release all hostages. There are reportedly 20 living hostages in Gaza.
💊 How is the administration lowering drug prices? – New Action on Pharmaceutical Pricing
The president has taken further action to solve the problem of “exorbitant pharmaceutical pricing”. According to recent data, brand-name drug prices in the United States are more than three times higher than in other developed nations.
- The president has signed 17 letters to the CEOs of major pharmaceutical companies, including Eli Lilly.
- These letters demand specific actions from manufacturers within 60 days.
The letter to Eli Lilly outlines the following actions:
- Extend most-favored-nation pricing to Medicaid.
- Guarantee most-favored-nation pricing for newly launched drugs.
- Return increased foreign revenues to American patients and taxpayers.
- Provide for direct purchasing at most-favored-nation pricing.
The letters were expected to be posted on Truth Social shortly after the briefing.
🏛️ What is being built at the White House? – Plans for a New Ballroom
Construction of a new White House Ballroom will begin in September 2025. The project is a response to the current inability to host major functions without an “unsightly tent”.
- The new ballroom will be approximately 90,000 square feet.
- It will have a seated capacity of 650 people, a significant increase from the 200-person capacity of the East Room.
- The project, estimated to cost $200 million, will be funded by the president and other donors.
- The new ballroom’s architectural theme will be almost identical to the main White House building, but it will be substantially separated from it.
- The East Wing, which was constructed in 1902 and heavily modified over time, will be modernized and renovated to accommodate this project.
🗳️ What is the president’s position on stock trading by Congress? – A Push for Transparency
The president conceptually supports banning stock trading for members of Congress. This stance is based on the idea that public servants should not be able to enrich themselves.
- The example of Nancy Pelosi is cited, noting she has a net worth of approximately $413 million.
- In 2024, her stock portfolio grew by 70%, outperforming every large hedge fund and more than doubling the returns of Warren Buffett’s Berkshire Hathaway.
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