Trump’s Tax Bill Sparks Controversy

Inside today’s top stories—markets, tech, and retail drama.

Jul 02, 2025

☀️ Top of the Morning

Good morning! With July 4 just around the corner, the buzz in Washington and beyond is setting off fireworks of its own. Stay informed with your daily dose of all things newsworthy—presented by Latest in US.

Here’s what’s brewing today:

📉 Markets Recap

Stocks adjust as waves ripple through DC.

Nasdaq: 20,202.89 (-0.82%)
S&P 500: 6,198.01 (-0.11%)
Dow: 44,494.94 (+0.91%)
10-Year Treasury: 4.251% (+2 bps)
Bitcoin: $105,592.51 (-1.88%)

The story behind the numbers:

The markets reacted to President Trump’s controversial tax bill passing through the Senate. Chipmaker Wolfspeed stole the spotlight with a staggering 100% stock surge—despite filing for bankruptcy earlier this year. Just another day in the unpredictable world of Wall Street.

Seeking smarter market insights? Subscribe to the Daily Market Report for in-depth updates.

🏛️ Government

Trump’s Tax Bill Passes Senate—What It Means

The Senate approved President Trump’s ambitious tax overhaul by the narrowest margin possible—VP JD Vance broke the tie with a 51–50 vote.

Key highlights from the bill:

Extends major corporate tax cuts from 2017.
Phases out clean energy incentives, emphasizing border wall construction and detention center funding.
Cuts $1 trillion from Medicaid over the next decade, impacting 12 million Americans’ healthcare coverage.
Shrinks Supplemental Nutrition Assistance Program (SNAP) by 20%, potentially affecting over 40 million people.

What’s next? The controversial bill now heads to the House for further revisions. Despite GOP backing, public opposition remains strong, with polls revealing consistent disapproval of the proposed cuts.

The big picture: The legislation’s estimated $3.3 trillion contribution to national debt raises concerns, as does its social impact. Expect heated debates to continue.

🌎 World News

1. Apple’s Siri May Get an AI Upgrade

Apple is exploring partnerships with OpenAI or Anthropic to revamp Siri’s capabilities. This marks a potential shift from its reliance on in-house AI development.

Why it matters? Big tech isn’t standing still, and neither is Apple. By entering the AI arms race, the company could redefine its virtual assistant game.

2. US Manufacturing Faces Continued Decline

June marked the fourth consecutive month of shrinking US factory activity, with lower demand blamed on economic uncertainty and tariff turbulence.

3. Grammarly Adds Superhuman to Its Arsenal

Already an $13 billion powerhouse, Grammarly is acquiring the productivity app Superhuman to build the ultimate AI-driven suite aimed at boosting workflow efficiency. Could this put it ahead of competitors like Salesforce? Time will tell.

🛍️ Business & Retail

Lululemon Battles Costco Over Knockoffs

Lululemon has filed a lawsuit against Costco, claiming the retail giant sells knockoffs of its popular products like Scuba jackets and ABC pants under its Kirkland brand.

Dupe culture dilemma: TikTok has turned affordable knockoffs into a lifestyle trend, especially with price-conscious Gen Z shoppers.

Legal hurdles: Proving trademark infringement won’t be easy given current US laws, but all eyes are on this legal showdown between two retail heavyweights.

Pro tip for shoppers: If you’ve bought Kirkland athleisure recently, stay tuned—you might be wearing Exhibit A.

🎬 Quick Hits

Your bite-sized updates for the day include:

NASA goes streaming: Soon, rocket launches and spacewalks will stream on Netflix!
AMC ups ad time: Movie start delays of 25–30 minutes frustrate viewers amidst rising ad slots.
Trump doubles down on Elon Musk: Federal funds could be axed as Trump’s feud with Musk intensifies.

Find these stories and more on latestinus.com.

🏆 Stat of the Day

25–30 minutes.

That’s how long after the posted showtime your movie will actually start at AMC theaters. Whether it’s a blessing for snack-seekers or an annoyance for punctual viewers, the clock’s ticking differently at AMC.

🔗 What Else is Happening?

Fed hints at what might’ve been without tariff turmoil—interest rate cuts delayed by Presidential trade moves.
Jurassic World Rebirth is here… it’s just as “mid” as critics anticipated.
Columbia University’s academic future under review.

Want more news? You know where to find it—latestinus.com.

🎉 Fun & Games

Pop Quiz Time: What food product includes these ingredients?

Beef, water, salt, paprika, & sodium nitrite...

Hint? It’s featured at every July 4 BBQ across the nation. Scroll down for the answer!

Answer: Nathan’s Famous hot dogs.

Latest in US