🎯 Axios PM: MAGA in shock

Plus: New tariff rates | Monday, July 07, 2025

View in browser   PRESENTED BY GOLDMAN SACHS   Axios PM By Mike Allen · Jul 07, 2025 Good Monday afternoon. Today's newsletter, edited by Sam Baker, is 420 words, a 1.5-min. read. Thanks to Sheryl Miller for copy editing.     1 big thing: MAGA's Epstein shock   Illustration: Sarah Grillo/Axios   The MAGA movement erupted in disbelief today after the Trump administration said convicted sex offender Jeffrey Epstein had not blackmailed elite figures, kept a "client list" or been murdered in prison. Even declarations from MAGA stalwarts like Kash Patel and Dan Bongino, the top two officials at the FBI, are not enough to placate some adherents to Epstein conspiracy theories, Axios' Tal Axelrod reports. 🔎 What they're saying: "As trusted voices like Dan Bongino, Kash Patel, and Pam Bondi align with the official story, many are asking: Who's still willing to demand real answers?" LindellTV, the outlet helmed by Trump ally Mike Lindell, posted on X. "Assuming this leaked Epstein Files memo is true, then we all know this is a shameful coverup to protect the most heinous elites," added influencer Rogan O'Handley, who goes by DC Draino. ⚡️ Between the lines: Patel and Bongino were both prominent purveyors of conspiracy theories around Epstein's death prior to Trump's inauguration. Share this story.     2. 📦 Trump reignites trade war   Illustration: Sarah Grillo/Axios   President Trump abruptly re-escalated the global trade war today, following months of threats, Axios' Courtenay Brown and Ben Berkowitz report. South Korea and Japan were both hit with 25% tariffs, effective Aug 1. That's similar to the levies the White House announced on April 2 — "Liberation Day," as Trump called it — before swiftly pausing the implementation for 90 days. Trump later announced tariffs for Myanmar (40% tariff), Laos (40%), South Africa (30%), Kazakhstan (25%) and Malaysia (25%). 📉 What we're watching: Markets initially sold off to hit session lows, rebounded and then dropped to the lows of the day again. Trump vowed to up the ante if countries threatened to retaliate. Go deeper.     A MESSAGE FROM GOLDMAN SACHS Diversification is a key market theme for the second half of 2025     Across asset classes, global markets have navigated a tumultuous first half of 2025. Diversification was important for portfolios in the first half of 2025, and it's expected to be critical for the rest of the year amid geopolitical tensions. Hear the mid-year outlook on the Goldman Sachs Exchanges podcast.     3. Catch me up   Federal agents stage at MacArthur Park in LA. today. Photo: Damian Dovarganes/AP 🪖 90 California National Guard troops, 17 Humvees and four tactical vehicles were deployed to a largely empty park in Los Angeles today to safeguard a potential immigration raid. It's not clear whether any arrests were made. Go deeper. Law enforcement officers killed a heavily armed man who opened fire this morning at a Border Patrol facility in McAllen, Texas. Go deeper. 🇮🇱 Israeli officials think President Trump could green light renewed attacks against Iran, sources tell Axios' Barak Ravid.     4. 👙 1 for the road   Photo: Magali Cohen/Hans Lucas via AFP and Getty Images Paris opened parts of the River Seine to public swimming this past weekend for the first time in more than 100 years. It follows a major cleanup effort conducted for the Olympics.     A MESSAGE FROM GOLDMAN SACHS Explore the latest market insights from Goldman Sachs     Find clarity among market complexity with perspectives in: The Exchanges podcast, for deep dives on issues shaping the economy. The Markets podcast, for the latest on markets in 10 minutes or less. The Briefings newsletter, for insights from around the firm. Explore our market insights.   📬 Thanks for reading! Please invite your friends to join PM. Are you a fan of this email format? Your essential communications — to staff, clients and other stakeholders — can have the same style. Axios HQ, a powerful platform, will help you do it.   Axios thanks our partners for supporting our newsletters. Sponsorship has no influence on editorial content. Advertise with us. Axios, PO Box 101060, Arlington VA 22201   You received this email because you signed up for newsletters from Axios. To stop receiving this newsletter, unsubscribe or manage your email preferences.   Was this email forwarded to you? Sign up now to get Axios in your inbox.   Follow Axios on social media: