- Jonathan Easley and Rebecca Kheel, The Hill
Jonathan Easley and Rebecca Kheel of The Hill write on the five things to know about the new sanctions President Trump placed on North Korea with an executive order he signed Thursday. The new economic and travel sanctions target limiting business and trading with North Korea by making financial institutions choose between supporting the U.S. or North Korea and stating that anyone who conducts any sort of trade with North Korea can also be banned from the U.S. financial system. Easley and Kheel also mention President Trump has said he was not targeting China when signing the new sanctions into order. These sanctions follow President Trump’s address at the United Nations general assembly where he vowed to “totally destroy” North Korea if it continued along the nuclear path, Easley and Kheel report.
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The Dallas Morning News editorial board praises the efforts of President Trump and Congressional leaders to reform the tax code, writing that “Opportunities for comprehensive reform of the tax code do not present themselves often. With a stable economy, low unemployment and low inflation, President Trump and Congress have an excellent opportunity to provide the country with much-needed reforms to the tax code.”
On ObamaCare, The Washington Free Beacon’s Ali Meyer reports that “health care insurers in Illinois have requested an average premium rate hike of 35 percent for next year” for plans being offered on the Obamacare exchanges, saying for individuals purchasing silver plans “many counties will see increases of more than 40 percent.”
In The Washington Post, Commerce Secretary Wilbur Ross writes that while NAFTA has actually hindered the U.S. automotive industry, the Trump administration is working to fix the trade agreement through renegotiation to help American workers.
In economic news, Sho Chandra of Bloomberg reports that “U.S. household wealth increased in the second quarter to yet another record, driven by solid gains in financial assets and rising property values” according to newly released Federal Reserve data.