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   Trump's 'forever' tariffs are now a permanent cost
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   Plus: Warren demands Trump disclose his stock portfolio manager, and crypto vs. banks squeezes Senate
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        <span style="font-size:12px;font-weight:700;letter-spacing:1px;text-transform:uppercase;color:#121721;">
         Trump Inc. &amp; Ethics
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         ·
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         Markets &amp; Deals
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         ·
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        <span style="font-size:12px;font-weight:700;letter-spacing:1px;text-transform:uppercase;color:#121721;">
         The Midterm Map
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         Thursday, August 13, 2026
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          Trump's 'trade law' tariffs are built to last — and consumers will pay the price
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          President Trump's tariff announcements no 
longer rattle markets the way they did in early 2025, but the bill is arriving for American consumers at a politically inconvenient moment: economic sentiment is souring ahead of the November 2026 midterms. Business groups that hoped the Supreme Court's February ruling striking down Trump's emergency tariffs would end the trade war instead got a new round of import taxes covering nearly all U.S. imports.
         </p>
         <p style="margin:12px 0 0;">
          The replacement levies carry a critical legal distinction. Unlike the emergency tariffs the Court overturned, 
the new round is grounded in existing U.S. trade law, placing them largely beyond judicial review. Trump has signaled he intends to enact many more of these so-called trade law tariffs, making them structurally permanent rather than transient pressure tools.
         </p>
         <p style="margin:12px 0 0;">
          The longer these tariffs remain in place, the more the burden shifts from importers to consumers — a dynamic that trade economists say is already well underway. Executives and investors should watch consumer spending data closely heading into fall, as pricing 
pressure from the new levies compounds the cost pass-through still working through supply chains from the 2025 round.
         </p>
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         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at The Charlotte Observer ›
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         Trump Inc. &amp; Ethics
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        <h3 style="margin:0 0 8px;font-family:Inter, Arial, sans-serif;font-size:24px;line-height:1.3;color:#17253d;text-align:left;">
         <a style="color: #17253d; text-decoration: none;">
          Trump's personal fortune swells to $2.2 billion in revenues as ethics alarms mount
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        <div style="font-size:17px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          Donald Trump's second term has generated
what ethics experts and congressional Democrats are calling an unprecedented level of presidential self-enrichment. Financial disclosure forms filed in June show Trump reaped at least $1.4 billion from cryptocurrency ventures in 2025 alone, even as roughly one million investors in a Trump-linked crypto scheme absorbed nearly $3.8 billion in losses as those holdings collapsed. Truth Social is now compounding the conflict-of-interest concerns with Truth API, a product offering wealthy buyers early access to Trump's posts for $100,000 per month. 
Sen. Mark Warner wrote to six major Wall Street trade groups urging them to reject the service, warning that it amounts to selling privileged access to market-moving presidential communications for the president's personal benefit. With federal oversight of Trump's financial activities diminished, the question for investors and compliance officers is how far the monetization of the presidency can extend before it triggers regulatory or legislative friction.
         </p>
        </div>
        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at The Guardian ›
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          Democrats press Trump to disclose who manages his stock portfolio
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          Sen. Elizabeth Warren and fellow Democrats are demanding that President Trump reveal 
who is managing his personal stock portfolio, raising questions about potential conflicts between his investment holdings and the policies his administration sets. The push adds another front to congressional scrutiny of Trump's financial activities and could complicate the White House's ability to deflect broader concerns about presidential self-dealing at a sensitive moment for markets and investor confidence.
         </p>
        </div>
        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at Quartz ›
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        <h4 style="margin:0 0 6px;font-size:19px;line-height:1.35;color:#17253d;text-align:left;">
         <a style="color: #17253d; text-decoration: none;">
          Truth Social's Truth API gambit draws congressional fire and bipartisan unease
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          Trump Media and Technology Group, five years after launching 
Truth Social, has found a revenue model: selling fast access to Trump's social-media posts to Wall Street traders, AI companies, and news organizations for $100,000 per month. The product, dubbed Truth API, is drawing sharp pushback. Sen. Elizabeth Warren, the top Democrat on the Senate Banking Committee, has threatened to summon Trump Media leadership before Congress if Democrats retake the chamber. Trump holds a stake in the company worth nearly $950 million, giving every monetization move significant conflict-of-interest implications for 
regulators and investors alike.
         </p>
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        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at POLITICO ›
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        <h4 style="margin:0 0 6px;font-size:19px;line-height:1.35;color:#17253d;text-align:left;">
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          Banks and crypto companies force Senate Republicans to choose sides on stablecoin bill
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          Senate Republicans face a lobbying war between traditional 
banks and the crypto industry over stablecoin legislation, with banks warning of deposit flight if the bill passes and crypto firms calling those fears a deliberate attempt to block competition. The bill retains strong overall GOP support and is a White House priority, with Republicans expected to hold together for a procedural vote when Congress returns from August recess. The bill's ultimate fate hinges on whether Republicans can assemble a bipartisan coalition with Democrats.
         </p>
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        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at POLITICO ›
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        <h4 style="margin:0 0 6px;font-size:19px;line-height:1.35;color:#17253d;text-align:left;">
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          Texas pauses billions in broadband grants amid Starlink favoritism probe
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          The Texas Broadband Development Office placed an indefinite 
hold on all disbursements from the federal BEAD program following allegations that it steered more than $3 billion in grants preferentially toward Elon Musk's Starlink. While other providers received only 10 percent of grant funds upfront under a tiered disbursement structure, rules were changed for low-Earth orbit providers. Lawmakers announced an audit, and the state comptroller launched an internal review. The pause creates uncertainty for subgrantees and underscores the political risk surrounding federal broadband funding tied to 
Musk-linked companies.
         </p>
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        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at Houston Chronicle ›
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        <h4 style="margin:0 0 6px;font-size:19px;line-height:1.35;color:#17253d;text-align:left;">
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          EEOC drops subpoena action against Nike after DEI investigation compliance
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          The Equal Employment Opportunity 
Commission has moved to dismiss its subpoena enforcement action against Nike, saying the sportswear company provided sufficient documents and information related to an investigation into whether its diversity and inclusion policies discriminated against white employees. The EEOC filed the motion in Missouri federal court Wednesday, seven months after seeking court enforcement. Nike's compliance closes this legal chapter, though the broader EEOC scrutiny of corporate DEI practices remains an active concern for companies across 
industries.
         </p>
        </div>
        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at The Washington Post ›
         </a>
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          U.S. 10-year Treasury yield hits highest level since 2007 as global risks stack up
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         <p style="margin:0;">
          A $42 
billion auction of 10-year U.S. Treasuries produced the highest yield on the benchmark security since 2007, a sign that investors are demanding greater compensation to finance the federal government even as they showed reasonable appetite for the debt. The result lands alongside a cluster of macro risks: European intelligence officials warn Russia may escalate sabotage operations against Baltic states and Poland, Japan's government is signaling support for a near-term Bank of Japan rate hike, and the U.S. military campaign against Iran has yet 
to force a change in the regime's posture. Rising long-term yields will ripple directly into corporate borrowing costs, mortgage rates, and equity valuations — a critical variable for CFOs and capital allocators heading into fall.
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         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
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          Paramount weighs independent editorial board for CNN ahead of Warner Bros. deal closing
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        </h4>
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          Paramount has held 
internal discussions about creating an editorial board for CNN and other governance safeguards to protect the network's independence as it prepares to close its $81 billion acquisition of CNN parent Warner Bros. Discovery. The conversations reflect growing pressure on Paramount and acquirer David Ellison to demonstrate that CNN's journalism will not be compromised. Separately, Eli Lilly filed six new lawsuits against U.S. entities it alleges are selling an unauthorized version of its investigational weight-loss drug on the black 
market.
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         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at The Wall Street Journal ›
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        <h4 style="margin:0 0 6px;font-size:19px;line-height:1.35;color:#17253d;text-align:left;">
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          Antitrust fight and editorial independence concerns intensify over Paramount's CNN deal
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          The $81 billion Paramount acquisition of Warner Bros. Discovery faces escalating 
resistance. Attorneys general from a dozen states sued in July arguing the deal violates antitrust law. Acquirer David Ellison, son of Oracle co-founder and Trump ally Larry Ellison, has publicly pledged not to bend CNN's newsroom to his views, but Pentagon chief Pete Hegseth's public endorsement of an Ellison takeover of CNN and a private White House dinner held while the deal sought federal approval have sharpened conflict-of-interest scrutiny that will weigh on regulatory proceedings.
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          Read more at The Boston Globe ›
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          Indonesia picks insiders for central bank leadership, signaling policy continuity
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          Indonesian President Prabowo Subianto 
nominated three senior Bank Indonesia officials to the central bank's top posts, reinforcing expectations that monetary policy will remain steady. Prabowo put forward Deputy Governor Aida S. Budiman for senior deputy governor and executive directors Solikin M. Juhro and M. Anwar Bashori as deputy governor candidates, following his earlier nomination of Destry Damayanti as sole candidate for governor. For businesses and investors operating in Southeast Asia's largest economy, the insider appointments reduce the risk of abrupt policy 
shifts.
         </p>
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        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at Bloomberg ›
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         <a style="color: #17253d; text-decoration: none;">
          Noel Tata positioned as kingmaker in $277 billion Tata Group's leadership and listing decisions
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          Noel Tata, chairman of Tata 
Trusts, is emerging as the pivotal figure in two consequential decisions for India's Tata Group: who succeeds Chairman N. Chandrasekaran when his tenure ends in February 2027, and whether Tata Sons ever pursues a public listing. Tata Trusts hold a controlling stake in Tata Sons, the holding company of a conglomerate with a combined market value of roughly $277 billion. How Noel navigates both questions will shape the governance and capital structure of one of Asia's most prominent corporate empires.
         </p>
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        <div style="padding:8px 0 
0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at Reuters ›
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        <h4 style="margin:0 0 6px;font-size:19px;line-height:1.35;color:#17253d;text-align:left;">
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          Developer sues to block Pennsylvania township vote on 4.6 million-square-foot data center campus
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          A Montgomery County, Pennsylvania judge 
temporarily barred Upper Merion Township from making any decisions on data center projects proposed by developer Brian O'Neill after O'Neill sued the township Wednesday, alleging it denied him a legally entitled extension and treated him unfairly. The township's board had been set to vote Thursday on five data centers totaling 4.6 million square feet near King of Prussia. The lawsuit pauses a local fight that reflects broader community resistance to large-scale data center development across the country.
         </p>
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        <div style="padding:8px 0 
0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at The Philadelphia Inquirer ›
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        <div style="font-size:13px;letter-spacing:2px;font-weight:800;text-transform:uppercase;color:#121721;border-bottom:2px solid #00d5ff;padding-bottom:6px;">
         The Midterm Map
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       <td style="padding:12px 24px 12px;">
        <h3 style="margin:0 0 8px;font-family:Inter, Arial, sans-serif;font-size:24px;line-height:1.3;color:#17253d;text-align:left;">
         <a style="color: #17253d; text-decoration: none;">
          Primary polling misses signal growing unreliability of election forecasts ahead of 2026 midterms
         </a>
        </h3>
        <div style="font-size:17px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          State-level Democratic primaries are producing results sharply at odds with public polls and prediction markets, complicating strategic planning for candidates, donors, and analysts heading into November 2026. In Wisconsin, state Rep. Francesca Hong lost Tuesday's Democratic gubernatorial primary by less than one percentage point despite polling showing a roughly 20-point lead. Last week, Michigan Democratic Senate candidate Abdul El-Sayed won by only one point after polls showed a double-digit advantage. The errors coincide 
with a progressive surge in Democratic primaries, raising the stakes for how the party positions itself on economic policy — including proposals for government-run grocery stores and higher taxes on the wealthy — heading into the general election cycle.
         </p>
        </div>
        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at CNBC 
›
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        <h4 style="margin:0 0 6px;font-size:19px;line-height:1.35;color:#17253d;text-align:left;">
         <a style="color: #17253d; text-decoration: none;">
          Democrat Cooper leads North Carolina Senate race by 11 points as GOP defends narrow majority
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          Former North Carolina Gov. Roy Cooper leads former Republican 
National Committee Chair Michael Whatley 53 to 42 percent among likely voters in a new Elon University poll, a double-digit margin that underscores Democratic pickup opportunities in the open seat left by retiring Sen. Thom Tillis. Republicans hold a 53-45 Senate majority, making North Carolina a critical battleground. The race is unfolding as Trump's approval rating sits at roughly 40 percent, adding pressure to Republican incumbents and candidates in competitive states.
         </p>
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        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at The Hill ›
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        <div style="border-top:1px solid #e3e6eb;line-height:1px;font-size:1px;">
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        <h4 style="margin:0 0 6px;font-size:19px;line-height:1.35;color:#17253d;text-align:left;">
         <a style="color: #17253d; text-decoration: none;">
          Progressive primary wave puts Chuck Schumer's Senate leadership role in doubt
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          Minnesota Lt. Gov. Peggy Flanagan's decisive win Tuesday in the Democratic Senate primary 
adds to a string of insurgent victories by candidates who have explicitly said they will not support Chuck Schumer as Senate Democratic leader. Flanagan joins anti-establishment nominees in Maine and Michigan who have taken the same position. If Democrats retake the Senate in November, the party's internal leadership battle will be as significant for business and regulatory policy as the partisan outcome itself.
         </p>
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        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at Newsday ›
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        <h4 style="margin:0 0 6px;font-size:19px;line-height:1.35;color:#17253d;text-align:left;">
         <a style="color: #17253d; text-decoration: none;">
          John James names running mate in Michigan governor's race with elections oversight focus
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          Republican congressional candidate
John James selected state Rep. Jay DeBoyer as his lieutenant governor pick in Michigan's governor's race, tapping a Macomb County lawmaker who chairs the state House Oversight Committee and has repeatedly clashed with Democratic gubernatorial candidate and Secretary of State Jocelyn Benson over election administration. The choice signals that election integrity will be a central theme of the Republican ticket in what is shaping up as a high-stakes race in a major swing state.
         </p>
        </div>
        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at Detroit Free Press ›
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         <a style="color: #17253d; text-decoration: none;">
          Minnesota GOP sees fraud scandal as path back to statewide relevance
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          Republicans in Minnesota, shut out of statewide wins for 20 
years, are betting a government fraud scandal involving the theft of hundreds of millions of dollars in public funds will give them an opening in 2026. Former sportscaster Michele Tafoya won the Republican Senate nomination and state House Speaker Lisa Demuth won the gubernatorial primary, with GOP strategists arguing both candidates are better positioned than more extreme rivals to appeal to Minnesota's left-of-center general election electorate. Both immediately targeted Democrats over the fraud convictions.
         </p>
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        <div style="padding:8px 0
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         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at San Francisco Chronicle ›
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          Ex-Republican David Jolly bets he can make Florida a Democratic battleground again
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          David Jolly, a former Republican congressman and MSNBC pundit 
now running for Florida governor as a Democrat, is making the case that the state that was once America's premier electoral battleground is still in play. Jolly is campaigning across Democratic, independent, and Republican-leaning communities, arguing on economic and governance grounds rather than party loyalty. His candidacy tests whether a candidate willing to distance himself from national Democratic orthodoxy can reassemble a coalition in a state that has moved steadily toward Republicans.
         </p>
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        <div style="padding:8px 0 
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         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at Las Vegas Sun ›
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