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By Mike Allen · Jul 08, 2025

Good Tuesday afternoon. Today's newsletter, edited by Sam Baker, is 491 words, a 2-min. read. Thanks to Sheryl Miller for copy editing.

 
 
1 big thing: Trump's early Christmas present
 
Illustration of Trump wearing a Santa hat. The pom pom is made out of a fuzzy percentage sign.

Photo Illustration: Allie Carl/Axios. Photo: NurPhoto via Getty Images

 

Christmas shoppers got a gift of sorts from the White House this week when President Trump again paused new tariffs, Axios' Emily Peck writes.

  • The shift should give retailers more time to stockpile goods ahead of the holiday season, potentially pushing some tariff-related price increases to next year.