Washington, DC

1. Communism vs. corruption election
2. Primary halftime report
3. Warsh’s quiet international debut
4. Risking return to war
5. Rideshare liability controversy

Meta shares ▲ 9% after it announced plans to sell AI compute power.

Trump touts market gains as critics question his crypto billions

President Donald Trump wants the midterms to be a referendum on communism, as Democrats lean into corruption. Trump, boarding his new luxury jet gifted by the government of Qatar, waved off critics this morning exercised by news he’s earned $2.2 billion since returning to office. “I’m profiting because the stock market is going up. Everybody is profiting,” he said. The market has soared 27% since Trump’s second term started, but most of Trump’s income — $1.4 billion — is tied to crypto deals, not the S&P 500. A firm connected to the UAE invested $500 million in his family’s crypto business, World Liberty Financial, and Democrats want hearings. A Reuters investigation estimated crypto profits for the Trump family are higher, at least $2.3 billion, while investors have lost $2.3 billion. “He got richer. His crypto supporters got rug-pulled,” Democratic California Gov. Gavin Newsom posted.

Halftime report: Primaries edition

Primary season is more than halfway over. With a three-week pause before intra-party contests start again with Arizona, it’s a good time to take stock of what’s happening. Here’s one big takeaway: Democrats don’t care if you resisted Trump and lost. Impeachment manager Rep. Diana DeGette, D-Colo., went down last night, one week after Rep. Dan Goldman, D-N.Y., whose role as an impeachment counsel during Trump’s first term was central to his campaign. A few weeks earlier, Maine Secretary of State Shenna Bellows, who’d fought to disqualify Trump as a presidential candidate over his actions on Jan. 6, came fourth in a five-way race for governor. Primary voters look at Democrats who tried to remove Trump from office, or keep him from coming back, as losers. And they’re rewarding candidates instigating intraparty brawls instead.

Warsh keeps his interest rate cards close

Federal Reserve Chair Kevin Warsh remains committed as ever not to revealing his thinking on future interest rate moves, telling attendees of the European Central Bank Forum today that attempts to get him to “break this rule” were “going to fail.” “We get into that room and shut the door, we’re going to have a good debate, but I don’t have much more for you than that,” Warsh said in response to repeated questioning. Comments later that “inflation risks have come down” may have signaled a more dovish stance — but remarks on the Fed’s goal of 2% inflation indicated the opposite. “If there were people … who thought that this central bank was going to be comfortable with an inflation objective above 2%, well, I guess they’d be disappointed,” Warsh said, going on to repeat past comments that policymakers are “going to deliver price stability in the US.”

— Eleanor Mueller

US-Iran negotiations resume as war risks linger

US and Iranian negotiators held indirect talks in Doha today as both sides weighed whether to press ahead with diplomacy or return to military confrontation. Vice President JD Vance declined to rule out renewed combat operations during the 60-day ceasefire, saying, “I can’t commit to anything, because obviously it depends on what the Iranians are ultimately going to do.” Meanwhile, The Wall Street Journal reported Trump recently reviewed options for a return to all-out war, with Defense Secretary Pete Hegseth and Chairman of the Joint Chiefs of Staff Gen. Dan Caine briefing him on what “finishing the job” might entail. Doha’s talks centered on the future of the Strait of Hormuz, with Iran seeking the right to levy tolls, while Axios reported that US officials argued that sanctions relief tied to a nuclear deal would be more valuable than fees.

— Lauren Morganbesser

Lawmakers want rideshare liability shield dropped

A bipartisan group of lawmakers is pushing Hill leadership to strip out a provision from a surface transportation bill that could provide rideshare companies a legal shield from injuries, sexual assaults, or fatalities that occur during rides. “Congress should ensure that Americans retain their right to seek a remedy in court if a rideshare company fails to protect its customers or drivers,” the group of 21 lawmakers, led by Reps. Derek Tran, D-Calif., and Anna Paulina Luna, R-Fla., wrote in a letter shared first with Semafor. They’re objecting to an amendment sponsored by Rep. Vince Fong, R-Calif., that would limit the rideshare companies’ vicarious liability, with exceptions for gross negligence or criminal wrongdoing. Fong previously promoted it as reducing rideshare costs for consumers by tamping down litigation and noted that companies would still be responsible for their own negligence or misconduct.

— Nicholas Wu

On Wednesday, July 22, Sen. Roger Marshall, R-Kan., Senate Committee on Health, Education, Labor, and Pensions (HELP), will join Semafor’s The World of Work in Washington, DC to unpack how institutions are adapting and thriving in an increasingly fragmented economy.

As companies face rapid technological change, economic uncertainty, and shifting workforce expectations, leaders are rethinking performance, trust, and long-term success. To explore how AI adoption, workforce transformation, and evolving leadership demands are reshaping the future of work, Semafor editors will sit down with business executives and workplace innovators including Katy George, Corporate Vice President, Workforce Transformation, Microsoft; Claire MacIntyre, Chief People Officer, Sam’s Club; Mary Moreland, Executive Vice President, Human Resources, Abbott; Allison Peek Bebo, Chief Human Resources Officer, Pearson; and more.

July 22 | Washington, DC | Request Invite

White House

• US Trade Representative Jamieson Greer told Mexican and Canadian officials today that the US would not renew the countries’ trade deal past today, allowing negotiations to continue while the agreement remains in effect for now.

Congress

• The Senate Intelligence Committee is tentatively planning a confirmation hearing on July 15 for Jay Clayton’s nomination for director of national intelligence. — Washington Examiner
• Rep. James Comer, R-Ky., said the House Oversight Committee plans to hold public hearings on Jeffrey Epstein and issue a final investigative report before the end of the congressional session. — NOTUS
• The House Judiciary Committee released a report on how the South Korean government discriminates against US firms, including Coupang.

Courts

• Former CIA Director John Brennan sued the Trump administration to preserve Justice Department investigation records, arguing they are needed to support his claim that any future prosecution would be politically motivated.
• Two federal courts blocked a Trump administration rule that could have disqualified public service loan forgiveness to organizations supporting undocumented immigrants, DEI, or gender care for minors.

Polls

• Democrats have “pulled within striking distance” of Republicans in six key Senate races, though they still face an uphill battle to win control of the Senate, according to New York Times/Siena polls.

Immigration

• ICE’s arrest of a Nigerian Catholic nun on her way to church has sparked bipartisan criticism in South Texas.

Technology

• North Carolina legislators are set to pass budget language that would codify prediction markets’ ability to offer sports betting in the state, Semafor’s Eleanor Mueller reports.
• SpaceX has shown investors an early prototype of a slim AI-powered handheld device for interacting with xAI. — WSJ

World

• Russian President Vladimir Putin’s defense minister personally approved China’s covert military training of Russian forces last year. — Reuters
• A top Cuban official said the Trump administration has misjudged Cuba’s ability to withstand pressure.

Outside the Beltway

• Two people were arrested after they climbed to the top of the Empire State building and unfurled a banner about the “power of love.”

— President Trump on his new Air Force One, a gift from Qatar.

Laura McGann, editor

With help from Elana Schor, senior Washington editor, and Morgan Chalfant, Washington briefing editor

Graph Massara and Lauren Morganbesser, copy editors

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