Trump sues Wall Street Journal over alleged Epstein letter
“President Donald Trump has followed through on his vow to file suit against The Wall Street Journal, alleging the newspaper falsely reported that he sent a suggestive birthday letter in 2003 to the now-deceased convicted sex offender Jeffrey Epstein.
Trump filed the suit Friday in federal court in Miami.
The suit alleges defamation by the newspaper for an article that was published Thursday amid renewed scrutiny of Trump’s relationship with Epstein, who died in jail in 2019 while facing sex trafficking charges.
In addition to the Journal and its parent company News Corp, the suit names WSJ reporters Khadeeja Safdar and Joe Palazzolo. It also names Rupert Murdoch, the head of News Corp.”
Read the latest at POLITICO
Trump's toughest opponent
Photo illustration: Sarah Grillo/Axios. Photo: Andrew Harnik/Getty Images
“An aggressive pressure campaign forced President Trump to flinch on the Jeffrey Epstein case — exposing a rare moment of weakness inflicted not by his enemies but by his most loyal supporters.
Why it matters: Forget resistance mounted by Democrats, moderate Republicans or even the courts. The most destabilizing opposition of Trump's second term has come from within: an online MAGA army known for its extreme devotion, Axios' Neal Rothschild writes.
After nearly two weeks of blowback, fueled in large part by MAGA influencers, Attorney General Pam Bondi yesterday asked a judge to unseal the Epstein grand jury transcripts in response to Trump's request.
Though the move is unlikely to produce new evidence — and falls far short of the sweeping disclosures demanded by his base — it still marked a clear shift in posture.
Zoom in: Six months in, Trump has steamrolled his traditional opposition.
He enacted his crowning legislative priority, breaking the rebellious Freedom Caucus and neutralizing skittish Republicans worried about deficits and Medicaid.
Congressional Democrats have resorted to increasingly dire alarms as their approval rating plummets to an all-time low.
The Supreme Court dashed one of the most significant checks on Trump's power by limiting lower courts' ability to block his policies through nationwide injunctions.
Inside the administration, key watchdogs have been replaced by loyalists.
Between the lines: Trump's dominance makes it all the more extraordinary that his typically unconditionally loyal base is pushing back on everything from the Middle East and Ukraine to immigration and Epstein.
The latest: Trump filed a lawsuit for $10 billion against the Wall Street Journal and Rupert Murdoch, accusing WSJ of defaming him with an article about a lewd birthday letter to Epstein the outlet said bore Trump's signature. Read the lawsuit.” [Axios]
Republicans eye efforts to quiet Epstein uproar but can't quash it
BY MYCHAEL SCHNELL AND EMILY BROOKS
© Greg Nash
“House Republicans who were at odds all week over the Trump administration’s handling of Jeffrey Epstein disclosures are holding their breaths to see if the tsunami of criticism from their base over the matter is finally subsiding.
GOP members on the House Rules Committee voted in favor of a resolution directing Attorney General Pam Bondi to release more materials relating to the late wealthy and connected sex offender. President Trump relented and directed Bondi to request grand jury testimony from the Epstein case be unsealed. And Republicans are banding together to dismiss and criticize the Wall Street Journal’s report about a ‘bawdy’ birthday letter Trump sent more than two decades ago.
But none of those developments have the weight to fully put the Epstein matter to rest.”
Read the full story here at The Hill
Venezuelan migrants arriving in the country on Friday. Federico Parra/Agence France-Presse — Getty Images
“In a prisoner swap, the Venezuelan government released 10 Americans and U.S. permanent residents in exchange for more than 200 Venezuelans whom the U.S. had sent to El Salvador.” [New York Times]
“The State Department will sharply restrict its criticism of tainted foreign elections, pulling back from the pro-democracy advocacy that the U.S. long offered.” [New York Times]
Gabbard claims Obama officials ‘manufactured intelligence’ of 2016 Russian election interference
BY BRETT SAMUELS AND REBECCA BEITSCH
“Director of National Intelligence Tulsi Gabbard released a report Friday alleging Obama administration officials manipulated intelligence related to Russian interference in the 2016 election.
Gabbard asserted in a statement that former officials engaged in a ‘treasonous conspiracy’ and said her office was turning over evidence to the Justice Department for possible criminal referrals.”
Read the full story here at The Hill
Trump’s long-stalled suit against Bob Woodward dismissed
BY ZACH SCHONFELD
“A federal judge on Friday dismissed President Trump’s lawsuit against famed Watergate journalist Bob Woodward for publishing audio tapes of interviews he conducted with Trump for a 2020 book.
U.S. District Judge Paul Gardephe’s ruling comes a year and a half after Woodward and his publisher asked the judge to dismiss the suit. Trump’s attorneys had long complained about the lack of progress, repeatedly urging Gardephe to rule.”
Read the full story here at The Hill
State, local officials want to ban ICE masks
Federal agents wear masks as they patrol the halls of immigration court at the Ted Weiss Federal Building in Manhattan on July 9. Photo: Michael M. Santiago/Getty Images
“A growing number of Democratic-leaning states and cities are weighing proposals to ban federal immigration agents from wearing masks and to require them to display IDs when making arrests.
Why it matters: Images of masked, armed agents in plain clothes grabbing people off the streets have alarmed many Americans — and put pressure on lawmakers to respond, Axios' Russell Contreras reports.
Zoom in: Democrat-led state legislatures in California, New York and Massachusetts are discussing or have introduced bills that would ban agents from wearing masks in most operations.
Meanwhile, local leaders in Chicago, Albuquerque and several southern California towns are considering proposals to ban masks and require IDs.” [Axios]
x1 big thing — Scoop: Hefty Alcatraz bill
Alcatraz Island on July 2. Photo: Justin Sullivan/Getty Images
'“President Trump's audacious plan to convert Alcatraz back to a maximum-security prison could come with a hefty price tag: $2 billion, administration sources tell Axios' Marc Caputo.
Why it matters: Trump is so intent on building a new prison on Alcatraz Island that administration officials have figured preliminary estimates of the costs and made repeated site visits, the sources say.
The latest: Attorney General Pam Bondi and Interior Secretary Doug Burgum toured the island yesterday.
Bondi's department oversees the Bureau of Prisons, which would run the facility. Burgum's agency owns the land and manages the site — which has been a tourist attraction since 1973 — through the National Park Service.
Zoom in: Two administration officials say Trump hasn't made a final decision on what he wants to do with the island, and it's unclear what the precise costs would be. As described to Axios, there are three general options on the table:
A "supermax" prison complex that would cost more than $2 billion. It would require razing all of the island's decrepit structures and building from scratch.
A scaled-back prison that would cost $1 billion and not occupy the entire island.
Putting the project out to bid for private prison contractors to build and operate. This option is the least likely of the three, the sources said.
‘We're still in the early stages,’ an administration official said. ‘We need a lot more study, a lot more specificity, before the president decides. But $2 billion might just be too much money for him.’
Another reason the most-expensive option might not be the choice: It would take too long to build, and Trump wants to do as much as possible while he's in office.
The big picture: The U.S. prison population — already one of the world's largest relative to the population — has been declining for years and is projected to decrease even more.
Trump's interest in Alcatraz is motivated more by symbolism than necessity, according to those who know his thinking. Alcatraz, featured in many movies, has a space in the cultural consciousness as a tough place, and the president likes that.
Immigration enforcement is one of the few clear growth opportunities for the incarceration-industrial complex.
Trump's "One Big Beautiful Bill" increased funding for immigration enforcement and could be a source of funding for a new Alcatraz if Trump moves forward with the idea.” [Axios]
At least 28 injured after vehicle strikes crowd in Los Angeles overnight
“The West Santa Monica Boulevard location provided by the LAFD is in the area of a music venue.
Three victims were transported in critical condition, six in serious condition, and 19 in fair condition, the LAFD said.”
Read more at CNN
INTERNATIONAL
Syria’s Druze bury scores of dead
Bedouin fighters, Sweida governate, Syria. July 18, 2025. REUTERS/Karam al-Masri
“Bodies, looted homes: Survivors emerged after days of bloodshed in the Druze city of Sweida to bury hundreds who were killed in a week of violence that began with clashes between Bedouin fighters and Druze factions. Residents said Syrian troops were responsible. The leader of Syria’s Islamist government blamed “outlaw groups” and deployed security forces in the area, urging all parties to respect a ceasefire. Israel earlier in the week struck Damascus and government forces in the south, drawing U.S. disapproval and surprising Syria.” [Reuters]
“Gaza and the West Bank: Hamas said it favors an interim truce in the Gaza war, but that its position could change in the absence of a path to a permanent ceasefire. Palestinian Bedouins accused Israeli settlers of killing 117 sheep and stealing hundreds more to drive them off their land. Christian leaders accused settlers of attacking sacred sites in the West Bank. An Israeli strike killed three people in Gaza’s Catholic church.” [Reuters]
US and Ukraine in talks on drone investment deal
“Homegrown drones: Kyiv is seeking a deal for the U.S. to invest in Ukraine’s domestic drone production and to buy those drones for Washington’s use. The EU is trying again to disrupt Russia's oil exports. The U.S. is ramping up arms shipments to Ukraine, a move Russia said was a signal to Kyiv to abandon peace efforts.” [Reuters]
“Noise pollution: Scientists and psychologists say that the lack of sleep is taking its toll on Ukrainians worn down by more than three years of war. Russia's nighttime drone and missile strikes on Kyiv have left its 3.7 million residents exhausted and on edge.” [Reuters]
Tempers run hot in Spain
“Multiple issues: Spain said it will step up investigations into suspected crimes by members of far-right and racist groups after clashes with African migrants. Foreign vacationers are preventing Spaniards from enjoying their own beaches as a tourism boom drives hotel and rental prices skyward. Barcelona will reduce its passenger-terminal capacity over the next five years to ease the tourist onslaught from cruise ships. High temperatures caused more than 1,100 deaths in Spain in the past two months.” [Reuters]
“Climate trouble: Rescuers saved families, farm animals and a pet hamster from floods in the remote Sakha Republic region of Russia. Pakistan’s monsoon-rains death toll swelled to 159 as 63 people died in one day alone. Natural disasters in China cost more than $7 billion and affected more than 23 million people in the first half of 2025.” [Reuters]
“Brazil’s supreme court banned former President Jair Bolsonaro from contacting foreign officials over allegations that he courted Donald Trump’s interference in national politics. He is now wearing an ankle bracelet, courtesy of federal police. Here’s more from our interview with Bolsonaro.” [Reuters]
BUSINESS AND ECONOMY
1 big thing: Tariff chaos makes Wall Street rich
Illustration: Eniola Odetunde/Axios
“Market volatility spiked in the second quarter of 2025, after tariff policy chaos fueled a selloff in stocks.
But Wall Street got rich. Goldman Sachs raked in its best trading revenue in history, Axios' Madison Mills reports.
Why it matters: The record quarter tells investors they don't necessarily need to fear the market's down days — which are often close in proximity to the best days.
By the numbers: Goldman's equity trading desk generated $4.3 billion in revenue, a 36% jump from a year prior.
That beat the street's expectations by over $600 million.
Morgan Stanley's equity revenue came in at $3.7 billion, up from $3 billion a year prior.
Citigroup's trading revenue increased 16% from the prior year.
How did Wall Street do it? While this isn't an exhaustive list, here are some of the strategies discussed on earnings calls:
Equity intermediation, otherwise known as being the middleman between institutional buyers and sellers.
Portfolio financing, or lending to big-money clients.
Volume — a lot of clients wanted to position themselves well amid volatility.
But it's not just the banks that won this quarter.
Retail investors were rewarded for staying invested, rather than selling, when stocks initially plummeted after Liberation Day. That's because the market is now up about 26% since it bottomed in April.
Zoom out: A trade war-stunted economy remains something forecasters hand-wring about, but it's not the reality on the ground, Axios' Courtenay Brown reports.
American consumers are spending freely, unemployment filings are low, and executives feel more optimistic about business prospects.
It doesn't look like an economic boom time, but it's also not the stagnation that looked possible just months earlier.” [Axios]
Here come stablecoins
Photo illustration: Maura Losch/Axios. Photo: Chip Somodevilla/Getty Images
“President Trump signed the GENIUS Act into law, which means many mainstream banks will soon try to make stablecoins a part of everyday life, Axios Crypto author Brady Dale writes.
A stablecoin is a cryptocurrency pegged to a stable asset like the dollar.
Why it matters: With clear legal guidelines for the most promising blockchain application, many companies are going to jump into the business.
The big picture: There are two ways stablecoins might improve everyday lives.
1. Savings. On exchanges like Coinbase and apps like Paypal, users can buy stablecoins with dollars and earn 4% interest on their money (for now). That blows away bank savings rates.
Yes, but: While your deposits won't be lent out like banks do and are 100% reserve-backed, they don't have FDIC insurance.
2. Shopping. Osama Bari, with the D24 Fintech Group, predicts instant rebates could come soon for stablecoin transactions. So a consumer might get an instant $2 back on a $100 watch. That's partly because retailers don't pay interchange fees when they get paid with stablecoins.” [Axios]
Beef gets pricier
Data: Bureau of Labor Statistics via FRED. Chart: Axios Visuals
“Beef prices are at record highs, and industry experts tell Axios they could stay that way into 2026 and beyond.
Why it matters: Meat's high price tag is squeezing grocery budgets at the height of grilling season, Axios' Kelly Tyko reports.
By the numbers: Ground beef averaged $6.12 a pound in June, up nearly 12% from a year ago, according to federal data released this week.
Steak prices jumped 8% year-over-year, per the latest Consumer Price Index.
America's beef supply chain is being strained from multiple angles. A multi-year drought shrank cattle herds, and global imports are under threat — but consumer demand remains strong.
The number of farms in the U.S., including ranches, declined by 7%, or 141,733 farms, between 2017 and 2022, the latest Census of Agriculture notes
This spring, Waffle House and Denny's dropped egg surcharges as egg prices fell. Go deeper.” [Axios]
Company puts CEO on leave after Coldplay concert video shows couple embracing
The tech company’s formal investigation comes days after the moment caught on camera at a Cold Play concert. It doesn’t confirm the CEO or other employees were at the event.
“A New York tech company has placed its CEO on leave during an in-house investigation amid a viral video on social media that shows a couple caught on the Jumbotron in an embrace at a Coldplay concert.
Astronomer issued two statements on July 18 on the social media platform X saying CEO Andy Byron had been placed on leave and the company was conducting an investigation. The company statements, also posted on its Linkedin page, did not give a specific reason for taking those actions.
‘Astronomer is committed to the values and culture that have guided us since our founding. Our leaders are expected to set the standard in both conduct and accountability,’ one of the statements said.
One company statement referenced the video and stories related to it by pointing out incorrect information. The company said a woman named on social media in connection with the video ‘was not at the event and no other employees were in the video.’ The company also made note of a fake statement purporting to be from the CEO - ‘Andy Byron has not put out any statement, reports saying otherwise are all incorrect.’
The video shows a man and a woman quickly letting go of each other when a "Kiss Cam" shows them on the giant screen at the concert in Foxborough, Massachusetts. ‘Uh oh, what? Either they’re having an affair or they’re just very shy,’ Coldplay singer Chris Martin joked.
Over 76.5 million people have watched the video of the July 16 incident at Gillette Stadium.
Astronomer said it would share more details in the coming days. Company cofounder Pete DeJoy is serving as interim CEO ‘given Andy Byron has been placed on leave,’ according to the company statement.
Large media accounts like Pop Crave and Pop Base spread the incident to millions of followers on X, and social media posts have reported that the Astronomer CEO is the man in the video. USA TODAY has not confirmed the identities of the man and woman in the video and has reached out to the company for comment.” [USA Today]
DOGE Put Free Tax Filing Tool on Chopping Block After One Meeting With Lobbyists
BY MAKENA KELLY | 3-MINUTE READ
“A key operative from DOGE initiated plans to potentially kill Direct File, the free tax filing tool developed by the IRS, after offering assurances it would be spared from cuts.” [Wired]
TECH
Top Republican on House China panel questions reversal of Nvidia chip curbs
BY JULI A SHAPERO
“Rep. John Moolenaar (R-Mich.), chair of the House Select Committee on the Chinese Communist Party, is pushing back on the Trump administration’s decision to allow technology company Nvidia to sell certain artificial intelligence (AI) chips to China once again.
In a letter to Commerce Secretary Howard Lutnick on Friday, the congressman raised concerns about the reversal on Nvidia’s H20 chips, suggesting it could boost China’s AI capabilities.”
Read the full story here at The Hill
HEALTH AND MEDICINE
Patients' double punch
Illustration: Aïda Amer/Axios
“Millions of low-income Americans, already worried about losing their health insurance, now face lower credit scores, Axios' Emily Peck reports.
The Trump administration last week got a federal court to toss a Biden-era rule that would have removed medical debt from people's credit reports.
At the same time, cuts to Medicaid and the Affordable Care Act in the "big, beautiful bill" will likely mean people pay more for health care.
That means a single medical setback could crater credit scores, if it leads to unpaid bills that wind up in collection.
Other debts are also about to show up on credit reports, including delinquent student loans, after a years-long pause, and buy-now, pay-later purchases.
Follow the money: Some argue that it's a win for consumers who pay their bills on time to have more information on their credit reports.
But the more data the credit agencies have about people, the more potential there is that consumers get hurt by negative information, says Chi Chi Wu, an attorney at the National Consumer Law Center, which was on the losing side of the debt ruling.” [Axios]
Obamacare insurers want double-digit premium hikes next year.
“The companies say they need big rate increases for the coverage formally known as Affordable Care Act marketplace plans due to rising healthcare costs and changing federal policy, including cuts to subsidies that help consumers pay for plans. Some enrollees could see increases of more than 20%. The higher premiums would come after years of enrollment growth and mostly single-digit rate increases. About 24 million people have ACA plans.” [Wall Street Journal]
SCIENCE
EPA eliminates its scientific research arm, cementing plans to cut nearly a quarter of its entire staff
“The Environmental Protection Agency said it would dismantle the Office of Research and Development, which conducts independent research on environmental hazards. Agency officials said the EPA has now cut 23 percent of its overall staff through layoffs, separations and retirements, saving taxpayers more than $748 million.”
Read the story at Washington Post
HIGHER EDUCATION
Trump’s antisemitism task force takes aim at other conservative complaints about colleges
“The administration created the Joint Task Force on Anti-Semitism to counter what it describes as widespread failure by universities to protect Jewish students. In reality, many of its unprecedented demands and punishments have nothing to do with antisemitism and instead relate to a conservative campaign to root out diversity, equity and inclusion initiatives and a liberal worldview on college campuses.”
Read more at Washington Post
SPORTS
GAME OF THE WEEK
The 16th hole at Royal Portrush Golf Club on Friday. Jon Super/Associated Press
“The Open Championship: At Royal Portrush, situated at the very top of Northern Ireland, the fairways dip and rise as if sculpted hastily from Play Doh. This is links golf, the game’s rugged side. Instead of the flat, neon courses we’re used to in the U.S., the links courses that you’ll see at this tournament, also known as the British Open, trace the imperfections of the earth in natural tan and olive hues. If you’re sweltering this weekend, take respite watching the world’s best battle through a gray, rainy, bumpy gauntlet.” [New York Times]
THE WEEK IN CULTURE
Colbert Cancellation
“CBS said it canceled Stephen Colbert’s late-night talk show for financial reasons. People familiar with the show’s finances told The Times that it was losing of tens of millions of dollars a year.
But Democratic lawmakers raised questions about the cancellation, which came just days after Colbert criticized CBS’s parent company for paying Trump millions to settle a lawsuit. ‘Do I think this is a coincidence? NO,’ Senator Bernie Sanders said.
The saga evokes a term Colbert coined many years ago, our TV critic writes: “truthiness,” or a statement that is not actually true but represents a reality the speaker wishes to inhabit.
Ari Aster
Ari Aster Jonno Rattman for The New York Times
Ari Aster has made some of this century’s most unsettling films — like “Hereditary” and “Midsommar” — by taking his own anxiety and putting it onscreen. Read a profile of the director.
Aster’s new movie is “Eddington,” a Western set in the early days of the Covid pandemic. Our critic gives it a good review, writing that the film ‘sets us not-so-gently adrift on a sea of very recent memories and the nausea they re-prompt.’
In the mood for horror after all this Aster talk? Here are five movies you can stream now.
Drake’s Comeback
Drake Emli Bendixen for The New York Times
Drake headlined all three nights of London’s Wireless Festival, his first high-profile live outing since his beef with Kendrick Lamar. And he brought reinforcements: Guests included Lauryn Hill, 21 Savage, Sexyy Red, the British rappers J Hus and Dave, and Vanessa Carlton (of “A Thousand Miles” fame). Our critic Jon Caramanica was at the event, and he writes that joy was the dominant mode — though, after all he’s been through, Drake was also keen to project strength.
More Culture
Robyn Hurder Vincent Tullo for The New York Times
This year is the 50th anniversary of two iconic musicals: “Chicago” and “A Chorus Line.” See a Broadway dancer demonstrate what made these shows so special.
After 29 years, the American Ballet Theater principal Gillian Murphy said farewell with a performance in “Swan Lake.”
Emmy nominations came out this week. “Squid Game” was shut out of the drama field, and John Mulaney didn’t get a nod for his variety talk series. Read about other snubs and surprises.
Nintendo introduced a character, a cow known as Cow, in its newest Mario Kart game. Fans are obsessed with her.
The style of Catherine, Princess of Wales, has changed: Her skirts have gotten longer, her jackets more tailored, her silhouette more streamlined. She is dressing for a new stage of life, our fashion critic Vanessa Friedman writes.” [New York Times]
1 for the road: 10 years of "Hamilton"
Lin-Manuel Miranda appears at the curtain call following the opening night performance of "Hamilton" at the Richard Rodgers Theatre on Broadway on Aug. 6, 2015. Photo: Charles Sykes/Invision/AP
“‘Hamilton’ premiered on Broadway a decade ago on Aug. 6 — and Lin-Manuel Miranda plans to use the 10th anniversary of his award-winning cultural phenomenon as a fundraiser for immigration services.
"Hamilten" (!) packages for the Aug. 6 performance at Broadway's Richard Rodgers Theatre are expected to raise about $3 million for the Immigrants: We Get the Job Done Coalition, which includes 14 nonprofits.
Alexander Hamilton's ‘narrative in our country kind of mirrors that of an immigrant story,’ Miranda told AP. ‘He did not grow up here. He didn't come from England. He came from the Caribbean, escaping harsh circumstances.’
‘And he really helped shape this country.’” [Axios]