The S&P 500 hits another record as President Donald Trump announced a trade deal with Vietnam. Separately, his ‘big beautiful bill’ advanced in the Senate. Microsoft is laying off thousands and ADP’s private payroll report shows job cuts.

The Trump administration is expected to send dozens of letters to countries that have not made a trade deal, warning them that higher tariffs could kick in next month.

Vietnam’s last minute trade deal with the US may deliver some benefits to the US, but could prove adverse for Vietnam

With these moves, Trump has worked relentlessly to undermine free trade and trust that America will honor its deals. While some wrongly believe that higher taxes on imports somehow make Americans better off, the reality is that Trump is hurting Americans for no reason other than that he has confused ideas about trade.