I'm David Westin, and this week our special contributor, Larry Summers of Harvard, goes over the “One Big Beautiful Bill,” and we take a look inside what President Donald Trump's threatened tariffs could mean for the US wine industry.

A lot could happen on the trade front in the next few weeks, from pressuring Russia on Ukraine to arguing the legality of the administration’s tariff policy, to a China-U.S. summit. Here are a few developments to watch.

President Trump is reportedly pushing for higher blanket tariffs on imports from the European Union, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect. The Financial Times reported that Trump wants a minimum of a 15% to 20% tariff on EU goods as part of any deal.

There is no single way to predict how businesses will price items weeks or months into the future as, in addition to tariffs, they are influenced by things like consumer demand, sales strategies, and supply chains.

Concerns around tariffs and conflicts in the Middle East and Ukraine have taken a backseat to more fundamental factors affecting these markets.

The Commerce Department plans to impose a 93.5 percent levy on Chinese graphite, an essential ingredient in the batteries that power electric vehicles.

President Trump's tariffs are almost "tailor-made" to hit the goods that lower income households prefer to purchase, says economist Ernie Tedeschi of Yale's nonpartisan Budget Lab.

MSCI's global equity index advanced slightly while U.S. Treasury yields dipped and Wall Street equities were barely changed on Friday as investors waited for corporate earnings and monitored the latest U.

President Trump’s plan to impose a 100 percent tariff on Russian goods could raise the cost of urea, a key fertilizer in corn and other row crops.

The ongoing tariff negotiations have created a potentially more uncertain environment for electronics and other supply chains than the pandemic.