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ECONOMY

Tariffs Take Effect

Today is Tariff Day 2.0.

After a four-month pause, the “reciprocal tariffs” President Trump first announced on April 2 (and paused shortly after) are taking effect. This means the import tax on goods from many countries is jumping from the 10% baseline to a higher number (most are between 15 and 45%).

So it’s back to April 2… except for all the exceptions, which include:

• New rates for dozens of countries were announced late last night

• a 90-day extension for Mexico

• 25% tariff (plus an unspecified penalty for buying Russian oil) on India

• An additional 40% tariff on any goods “transshipped” to avoid other tariffs 

• and an end to “de minimus exemption” (which exempted packages worth under $800 from tariffs)

Uncle Sam has also signed eight trade deals since April, including the E.U. last week and South Korea yesterday.

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ETERNAL PERSPECTIVE
Our hope is never contingent on an economic outcome; it’s much more secure than that. Regardless of whether things get worse or better during your lifetime, everything eventually ends well for followers of Christ.

“Blessed be the God and Father of our Lord Jesus Christ. Because of his great mercy he has given us new birth into a living hope through the resurrection of Jesus Christ from the dead and into an inheritance that is imperishable, undefiled, and unfading, kept in heaven for you.” 
1 Peter 1:3-4 (CSB) (read full passage)

WORLD NEWS

Rattled

The Pacific was a little shook this week.

A massive 8.8-magnitude earthquake struck off Russia’s Kamchatka Peninsula on Wednesday morning. It was the sixth-largest quake ever recorded and the strongest in 14 years, triggering tsunami warnings and orders to seek high ground across the Pacific, including Hawaii, California, Japan, and Chile.

The impact proved minor. Hawaii registered a 4-foot tsunami and minimal flooding; Homeland Security Secretary Kristi Noem confirmed there was no major damage or injuries in the U.S. 

Experts say the relatively calm outcome likely came down to a combination of three factors: Kamchatka—which was hit hardest by a 16-foot wave—is sparsely populated, global warning systems have improved in recent years, and models may have overestimated the tsunami potential by misjudging the depth of the earthquake. 

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CHRISTIAN PERSPECTIVE
We can rarely celebrate good news after natural disasters. While creation still groans under the weight of sin, moments like these remind us of God’s mercy and point us to the coming day when all creation will be fully restored.

“For the creation was subjected to futility ​— ​not willingly, but because of him who subjected it ​— ​in the hope that the creation itself will also be set free from the bondage to decay into the glorious freedom of God’s children.”
Romans 8:20-21 (CSB) (read full passage)

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ECONOMY

No Cut for You

Another Fed meeting, another unchanged key interest rate. 

The Federal Reserve decided to hold interest rates steady for its fifth consecutive meeting on Wednesday, but this time it wasn’t unanimous. Two of the Fed’s seven governors (both appointed by President Trump) voted to lower rates, marking the first double dissension in 30+ years. 

While the U.S. economy fared well last quarter (GDP rose 3% from April to June), Fed Chair Jerome Powell cited long-term tariff uncertainty and “somewhat elevated” inflation for the rate constancy. Trump—who has called for Powell to resign but had a “fairly cordial” meeting with him last week—blasted the central bank following the decision, claiming Powell is “costing our country trillions of dollars.” 

Interest rates will be back on the chopping block in September; right now, it seems that vote could go either way.

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Verse to consider whether rates are up, down, or flat… “Each person should do as he has decided in his heart ​— ​not reluctantly or out of compulsion, since God loves a cheerful giver. And God is able to make every grace overflow to you, so that in every way, always having everything you need, you may excel in every good work. As it is written: He distributed freely; he gave to the poor; his righteousness endures forever.”
2 Corinthians 9:7-9 (CSB) (read full passage)

The Arab League is calling for Hamas to “end its rule in Gaza” for the first time. The predominantly Muslim 22-country group joined the E.U. and 17 other countries in signing a declaration calling on Hamas to release all remaining hostages and disarm, while condemning Israel’s management of aid in Gaza and calling for the "implementation of the Two-State Solution” (AKA making Palestine an independent country).

Police have arrested a man in the Devil’s Den State Park double homicide, ending a five-day manhunt. The 28-year-old elementary school teacher was arrested at a barbershop in Springdale, Arkansas, and charged with murdering a husband and wife who were hiking with their young daughters. The children, 7 and 9, were unharmed and are being cared for by family.
 

The political chessboard still has Kamala Harris in play. The former VP said Wednesday she won’t be running for governor of California next year, fueling speculation that she’s eyeing a third run for the White House in 2028. With Harris pulling her hat out of the ring, the gubernatorial race to replace term-limited Newsom (D-CA) is wide open.
 

Some energy drinks are bringing the wrong kind of buzz. High Noon is recalling some 12-packs from shelves in eight states after mistakenly labeling the alcoholic drink as Celsius, a non-alcoholic energy drink. If you spot a Celsius Astro Vibe Sparkling Blue Razz during your afternoon slump, check for a silver lid and double-check the lot codes to avoid an unexpected kick.
 

Big tech is getting bigger. Meta stock surged over 10% yesterday after crushing Wall Street’s Q2 expectations. Zuckerberg also promised its AI investments are beginning to pay off, saying superintelligence (AI more powerful than the human brain) is “now in sight.” Microsoft also announced better-than-expected earnings and became the second-ever company worth over $4 trillion (the other is Nvidia).

WHIPPED CREAM ON TOP

Some of the world’s most beautiful buildings…

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