Texas Flooding Death Toll Rises, Trade Deals Near, and Economic Policy Debates

Texas Flooding and Disaster Response

• ⚠️ At least 70 people have died in central Texas due to deadly flooding, with ongoing searches for survivors and bodies.
• 🆘 Texas Search and Rescue highlights challenges including downed lines, treacherous hills, and pervasive mud and silt.
• 🚨 President Trump has signed a major disaster declaration for Kern County, Texas, where damaging rains are still possible.

International Trade Negotiations

• 🤝 The U.S. is reportedly close to clinching several trade deals ahead of a July 9 deadline, according to Treasury Secretary Scott Bessant.
• 📈 Countries without deals by August may face higher tariffs, potentially incentivizing finalization after the deadline.
• 🇬🇧 The U.K. has a deal with the U.S., while the U.S. and E.U. are still negotiating.
• 🇰🇷 South Korea has requested an extension to the Wednesday deadline.

Economic Policy and Market Reaction

• 📊 Investors are watching the market reaction to President Trump's new tax and spend bill.
• 🚀 White House Council of Economic Advisors Chair Stephen Myron predicts economic growth will soar due to incentives for investment and R&D.
• 📉 Former Treasury Secretary Larry Summers argues the legislation will hurt Americans and likely make the economy worse, stating no economist without a political agenda believes it's positive.

Geopolitical and Business Updates

• 🕊️ Ceasefire negotiations in the Mideast face a setback as Hamas's requested changes to a Qatari proposal are deemed unacceptable by Israel.
• 🎤 Elon Musk has announced the formation of a new political party and vowed to increase political spending.
• 🇨🇳 A potential buyer for TikTok's U.S. operations may be identified this week, with President Trump set to discuss the deal with China.