Countries that don't make trade deals with the U.S. by August 1 can expect tariff rates to return to the levels announced in April, Treasury Secretary Scott Bessent said Sunday.

Why it matters: It's effectively a new deadline for the biggest U.S. trading partners to negotiate an alternative to President Trump's sweeping global tariffs — even as Bessent insists nothing had changed.

Catch up quick: On Friday, Trump said about a dozen countries would receive letters Monday unilaterally setting a tariff rate, with more to come in the following days.

• Trump has said he preferred those letters to negotiations, after a three-month pause on his most sweeping tariffs netted three deals, rather than the 90 his administration promised.
• That pause expires this coming Wednesday.

What they're saying: Bessent, in an interview with CNN's "State of the Union," said the letters would make clear that absent a deal, the rates would return to the levels Trump announced April 2.

• "It's not a new deadline. We are saying, this is when it's happening, if you want to speed things up, have at it, if you want to go back to the old rate, that's your choice," he said.

The intrigue: Even with the new date in play, Bessent said there will be significant activity in the coming hours, as countries scramble to get something done before the original deadline.

• "We are close to several deals. As always, there's a lot of foot-dragging on the other side," he said. "I would expect to see several big announcements over the next couple of days."

What to watch: Trump's letter threat risks re-igniting the tariff chaos that crushed CEO and consumer confidence earlier this year and sent financial markets plunging.

• Stocks have since rebounded to new record highs, consumer sentiment has improved and bond markets have taken a deep breath — all of which could be at risk if the trade war heats back up.

• John Jacob Astor built his fortune in the fur business and New York real estate.
• John Jacob Astor III and William Backhouse Astor Jr. cofounded the Waldorf-Astoria after a feud.
• Modern Astor descendants have been politicians, philanthropists, and British royal associates.

Astoria, Queens. Astor Place. The Waldorf-Astoria. Even if you're not a New Yorker, you've heard of these iconic places.

You also probably know they're named for one very powerful family: the Astors.

To this day, the Astors' money and influence still make waves in society.

So how do you build a dynasty like this one, with money that lasts for generations? Take a look at how the Astors made their fortune.

The Astors came from nothing.

Johann Jacob Astor worked as a butcher in Walldorf, southeastern Germany, Elizabeth Louisa Gebhard wrote in her 1915 book, "The Life and Ventures of the Original John Jacob Astor." His ancestors are said to have been French Huguenots who'd fled to Germany after the revocation of the Edict of Nantes, which had granted protection to Protestants.

His son, John Jacob Astor, was born in Walldorf in 1763.

As a youngster, John Jacob Astor worked for his father as a dairy salesman. He had three brothers, the eldest of whom, George, left home to work for an uncle in London who made musical instruments. John Jacob Astor met up with him there after his 16th birthday.

John Jacob Astor built his fortune in the fur business and through buying and selling New York real estate.

After the Treaty of Paris was signed in 1783, he immigrated to New York and took a job with a fur trader. By 1800, he'd built up his own fur business and was worth $250,000, or about $6.2 million in 2024, according to Encyclopedia Britannica.

John Jacob Astor also bought and sold acres upon acres of land in and around New York City, including what is now Times Square. 

In 1785, he married Sarah Todd. They had three children: Magdalena, John Jacob II, and William.

He was one of the wealthiest men in the US upon his death in 1848, according to the Library of Congress.

William Backhouse Astor continued his father's real-estate ventures and philanthropy.

He continued to invest in real estate by building over 700 stores and residences in New York City, according to Encyclopedia Britannica.

He also bequeathed thousands of dollars to St. Luke's Hospital on the Upper West Side and the Astor Library, which eventually became the New York Public Library.

William and his wife, Margaret, had seven children — John Jacob Astor III and William Backhouse Astor Jr. were the most prominent.

William Jr. had some success as a developer in Florida.

John Jacob Astor III, along with his wife Charlotte Gibbs, was a major philanthropist who founded the Children's Aid Society.

The iconic Waldorf Astoria hotel in New York City was the result of a family feud between John III and William Jr.'s descendants.

John III's son, William Waldorf Astor, built the 13-story Waldorf Hotel in 1893 on 33rd Street and Fifth Avenue.

Waldorf Astor's cousin and rival, John Jacob Astor IV, built a taller hotel next door four years later to outdo him.

Eventually, the two hotels were joined with a marble corridor, resulting in the first Waldorf Astoria.

The simmering tensions prompted William Waldorf Astor to move to London in 1891.

There, he bought and restored the 125-acre Hever Castle in 1903, purchased the British newspaper The Observer in 1911, and obtained the rank of Viscount in 1917.

William Jr.'s son, John Jacob Astor IV, perished in the sinking of the Titanic in 1912.

John Jacob Astor IV was the only son of William Backhouse Astor Jr.

As well as his part in the creation of the Waldorf Astoria, John Jacob Astor IV built another iconic New York hotel, the St. Regis, which opened in 1904. He was also a published author and patented multiple inventions, such as a bicycle brake and a turbine engine.

After divorcing his first wife, 47-year-old Astor married 18-year-old Madeleine Talmage Force, in what was considered a scandal at the time. While Madeleine was pregnant, the couple booked tickets for the Titanic — he was believed to be the wealthiest passenger aboard the doomed ship.

Two weeks after the Titanic sank in April 1912, a search crew found his body in the water. He was identified by the initials stitched into his suit and his gold pocket watch. The watch sold at auction for $1.5 million in 2024.

His young wife and their unborn son survived.

Still, the Astors remained a force. In 1931, the modern Waldorf Astoria opened on Park Avenue and became legendary for its service.

The Waldorf Astoria has hosted US presidents, dignitaries, and countless celebrities.

In 2014, the historic hotel was purchased by Chinese insurance group Anbang for $1.95 billion. In 2017, it closed for renovations to convert 375 rooms into luxury condominiums called The Towers of the Waldorf Astoria. The hotel is expected to reopen in September, according to its official website.

Known for her charity work, Brooke Astor emerged as the matriarch of the American Astors.

Brooke Astor married Vincent Astor, the first son of John Jacob Astor IV. It made her the great-great granddaughter, by marriage, of John Jacob Astor.

She donated over $195 million to hospitals, cultural institutions, and community service programs in New York City through the Vincent Astor Foundation, according to The New York Community Trust. President Bill Clinton awarded her the Presidential Medal of Freedom in recognition of her philanthropy in 1998.

Brooke Astor died in 2007 at age 105 and was the subject of a four-page obituary in The New York Times.

Her son, Anthony Marshall, was convicted of stealing millions of dollars from her in 2009 and sentenced to prison.

The British side of the Astor family continued to hold positions of power, as well.

Nancy Astor, Viscountess Astor, who was married to Waldorf Astor, 2nd Viscount Astor, became the first woman in the House of Commons in the chamber's history in 1919.

Her son, David Astor, rose to prominence as the longtime editor of The Observer and an anti-apartheid activist, the Los Angeles Times reported.

Modern members of the Astor family remain influential figures.

William Astor, 4th Viscount of Astor, is a member of the House of Lords and the stepfather of Samantha Cameron, the former British first lady married to David Cameron.

John Jacob Astor, 3rd Baron Astor of Hever, also sat in the House of Lords from 1986 until his retirement in 2022, according to the UK Parliament's official website.

William Waldorf Astor's great-great-granddaughter, Rose Astor, married Prince William's close friend, Hugh van Cutsem, in 2005. Their daughter, Grace van Cutsem, is perhaps best known as the young bridesmaid who appeared grumpy at Prince William and Kate Middleton's wedding in 2011, pictured above on the left.

Another great-great-grandchild of William Waldorf Astor, Harry Lopes, married Queen Camilla's daughter, Laura Parker-Bowles, in 2006.

This story was originally published in April 2012. It was updated in July 2024 and July 2025.

• During trips to Iceland, I visited both the Blue Lagoon and Sky Lagoon.
• The Blue Lagoon was otherworldly, but the popular tourist attraction was very busy.
• The Sky Lagoon is only a 15-minute drive from downtown Reykjavik, but it felt very peaceful.

In the past year, I've been to Iceland three times.

There's so much I love about the country, but one of the highlights of each of my trips has been soaking in the lagoons that Iceland is known for.

I've been to two different lagoons, but there's only one I want to visit again and again.

The Blue Lagoon is one of Iceland's most popular destinations.

During my first trip to Iceland, I visited the Blue Lagoon, one of the country's most famous tourist attractions. With its milky-blue waters set in a black lava field, it's easy to see why it draws so many visitors — the landscape truly feels otherworldly.

Plus, it's close to Iceland's international airport, making it a convenient stop for travelers who need to kill time after landing or before departure.

The cost of admission varies depending on the time of day and package booked, but starts at about $124. My ticket came with a silica mud mask that I wore in the water.

I was also interested in enhancing my experience by visiting the onsite spa, which includes a multistep wellness ritual. However, full-day admission starts at over $1,300 per couple, which was too pricey for my budget.

The Blue Lagoon is beautiful, but I probably won't be going back.

Although the lagoon is undeniably pretty, it's big and often crowded. In fact, I was left with the impression that the Blue Lagoon might be a victim of its own success.

I still had a nice experience and can see why it's so popular. However, after going to other lagoons and hot springs in Iceland, it isn't my first choice for a return visit.

I also visited the Sky Lagoon, which has an upscale feel.

The Sky Lagoon is only a 15-minute drive from downtown Reykjavik, so it was more convenient to access during my trip.

Unlike at the Blue Lagoon, I immediately felt a sense of calm when I walked in. It has a serene atmosphere that I thought felt closer to a traditional spa, incorporating elements of Iceland's unique natural environment throughout.

Basalt lava rocks and moss-covered hills surround the warm waters, and even the swim-up bar is camouflaged by natural elements.

This spot has the feel of an infinity pool with stunning views of the Atlantic Ocean, and the beautiful, wild Icelandic landscape I flew across an ocean to experience.

My admission to the Sky Lagoon felt like a great value.

I would've been happy just sitting back, enjoying the view, and soaking up the peaceful atmosphere at the Sky Lagoon.

However, admission (which starts at about $133) also comes with access to the Skojl Ritual, which is a seven-step process that draws on Iceland's history of wellness practices. It includes a series of alternating hot and cold circuits, including a cool-mist rain shower and a sauna with stunning views.

I don't usually enjoy saunas because the heat makes me feel lightheaded. However, I pushed my limits and stayed to enjoy the view. I also really enjoyed the salt scrub.

For me, the Sky Lagoon stands out as my favorite.

For me, the one downside to visiting the Sky Lagoon is that children under 12 aren't allowed in. That means I couldn't go when I visited Iceland with my children.

However, the nearly adult-only atmosphere is a definite plus for many people and adds to the upscale environment that helps the Sky Lagoon stand out.

I hope to one day visit some of Iceland's other lagoons, but for now, the Sky Lagoon is my top pick.

• Several things surprised me about visiting Dublin for the first time.
• The Irish city was cleaner, kinder, and more vegetarian-friendly than I imagined it would be.
• I was surprised how lax local tipping culture differed from what I was used to in the US.

I've felt a connection with Dublin just about my entire life — and it's not because of ancestral history.

My last name (Dubin) is just one letter away, and most of my mail comes misspelled in the name of the city instead. True story.

Despite that similarity, and the fact that I've flown all around the world in my role as a travel writer, I'd never actually been to the Irish capital city until this year.

When I finally got the chance to visit, I was impressed and felt inspired to visit again. Here's what I was surprised to discover during my first trip to Dublin.

Locals I encountered seemed incredibly warm — but not in a performative way.

I've heard many people rave about Irish hospitality, and Dublin didn't disappoint on that front.

However, what really stood out to me was how genuine the friendliness from locals felt. It wasn't the kind of overly rehearsed, customer-service-polished vibe you sometimes find in touristy cities.

People I encountered felt kind, helpful, and funny in a natural, unforced way. Our driver cracked jokes and gave us tons of travel tips that had rich local flavor, but didn't feel like a shtick.

The whole city gave off a low-key, welcoming energy that stayed with me long after I left.

More restaurants had vegetarian options than I expected.

As a vegetarian, I came in with pretty low expectations for the variety of foods I'd get to eat when it came to dining out in Dublin. Local cuisine tends to rely heavily on meat, from Irish breakfasts to pies and stews.

Many menus I browsed had lots of meat dishes and it initially looked like plant-based options would be few and far between. However, once I asked restaurant staff in person, I was surprised by how accommodating most places were.

Some servers brought out full vegetarian menus that weren't printed and only available to customers who requested them. Others happily offered to have something special prepared from the kitchen or make vegetarian-friendly menu swaps.

Local tipping culture felt more low-key than what I was used to back home.

In the US, tipping feels mandatory. In Dublin, it just didn't seem like the norm.

Like many Americans, I'm conditioned to tip generously (sometimes even going way above what's suggested) in restaurants or service settings.

Aside from tossing down a few extra euros, tipping didn't seem to be expected at casual cafés or bars. Even at sit-down restaurants, tipping our server 10% seemed ample, whereas 20% feels like the typical minimum back at home in California.

The more lax tipping culture definitely took some getting used to, but once I adjusted, it felt refreshingly pressure free.

I was surprised by how clean the city felt.

Dublin's streets were some of the cleanest I've seen in a major European city. This was an especially impressive feat, given that I visited the city during St. Patrick's Day.

Even though it had hosted a massive parade and beers and crowds spilled out of every pub the cleanup was surprisingly swift and civilized.

I was expecting a bit more grit — especially in high-traffic areas around the city center or Temple Bar — but even those looked remarkably tidy.

Sidewalks were free of litter, public trash bins weren't overflowing, and I never once encountered the kind of mess that can be common outside of crowded, late-night spots.

For a city with so much foot traffic (and so many pubs), it was honestly impressive.

The city feels cozy and cosmopolitan at the same time.

Dublin hits that rare sweet spot: it's a capital city with real cultural and historical heft, but it still feels approachable and easy to navigate.

With a greater area population around a million (and a Dublin city population substantially smaller), I never felt overwhelmed by crowds or traffic.

Plus, many major sights were walkable. Even when the city center was packed for the holiday events, it was easy to navigate in and around the area.

I had no trouble making my way to several sights outside the urban area, from Avoca Mill (the country's oldest working hand-weaving mill) to Kildare Village (a luxury shopping outpost).

There's a strong creative energy in the air — from bookstores and galleries to street musicians — but the overall pace is slower and more relaxed than what I've experienced in bigger European capitals.

Americans live in separate economic realities: Those with a job are likely to stay employed, but those without one are likely to stay unemployed.

Why it matters: Welcome to the low-hire, low-fire labor market. Private-sector layoffs are at historic lows, but that masks a dreadful outlook for unemployed workers or those unhappy with their current positions.

Driving the news: The labor market surprised in June with a better-than-expected payroll gain of 147,000, the government said on Thursday.

• But a whopping 85% of those job gains came in just two sectors, according to calculations by Mike Konczal, a former Biden economic official: education and health care.
• Hiring in other sectors — including professional and business services, a catch-all category for white collar jobs — was little changed, the government said.

The big picture: That continues the "frozen job market" trend that has plagued the economy in recent years. The trend is being exacerbated by the rise of AI, as employers experiment with how to make their workforces more productive.

• Separate data released this week showed the number of layoffs fell by 188,000 in May, hovering above multi-decade lows.
• But the number of people hired into new jobs also fell by 112,000, to a rate significantly below its pre-pandemic levels.
• The number of workers continuing to collect unemployment benefits is at the highest level since 2021, a sign that it is taking jobless workers longer to find a job.

What they're saying: "We're in a complex jobs market —it's not falling apart but the lack of dynamism, the lack of churn and the lack of hiring has been punctuated in the first half of the year," says ADP chief economist Nela Richardson.

• "Many employers are loath to lay off workers until they see the whites of the eyes of a recession, having had such problems finding suitable workers in the first place," David Kelly, chief global strategist at J.P. Morgan Asset Management, wrote in a recent note.

The bottom line: If you look only at how many Americans are losing their jobs, this appears to be a pretty terrific labor market. If you look only at how many are being hired for new jobs, it is the weakest in years.

• The question ahead is how it gets unstuck — with a pick-up in hiring, or a pick-up in layoffs.

Go deeper: It's still a no-hire/no-fire job market

More Americans are going hungry, per new data from Morning Consult.

The big picture: It's a shocking data point for the wealthiest country in the world, and comes at a time when the stock market is hitting record highs and President Trump just signed a bill slashing food benefits.

• The rise is like a slow-moving train wreck, says John Leer, chief economist at Morning Consult. "There's such a disconnect now between record highs on Wall Street and elevated levels of food insecurity."

Zoom in: The share of adults who tell Morning Consult in monthly surveys that they sometimes or often don't have enough to eat — or are food insecure — has been creeping up over the past several years.

• In May, 15.6% of adults were food insecure, almost double the rate in 2021. At that time Congress had beefed up SNAP benefits and expanded the Child Tax Credit driving down poverty rates, and giving people more money for food.

Zoom out: The rate appears higher than pre-pandemic levels.

• Morning Consult's data only goes back to 2021. However, federal data that measures food insecurity, and roughly lines up with Morning Consult's findings, shows the numbers were already above pro-COVID levels back in 2023.

Demand for food is up 120% from three years ago at the Philadelphia-area food bank network where George Matysik is executive director.

• As soon as the government support pulled back in 2022, "we started to see the numbers go up," says Matysik, who is with the Share Food Network, which serves hundreds of thousands of people.
• Demand just continued to rise from there, along with grocery prices.

Between the lines: Congress just passed a huge cut to food benefits, or SNAP, that is likely to make the situation far worse, says Matycik.

• The "big, beautiful bill" pushes states to provide more funding for SNAP, and tightens work requirements for benefits.
• Before, adults over age 54 weren't required to work; now the age limit is 64. And fewer parents are exempted from working, as well.
• It's expected that millions will lose benefits, and more would receive less.
• People will have less money for food, further driving folks to food banks, which had already been dealing with different spending cuts from the White House.

Reality check: Some of the cuts to SNAP, involving state funding, don't take effect until 2028 — raising the possibility that they might not happen.

• The data also looks a bit volatile, bouncing around quite a bit — it spiked at the end of 2024, and it's not clear why.
• It is likely a reflection of how precarious it is to make ends meet for folks at the lower end of the wage scale — some are in hourly jobs with fluctuating schedules, which can be rough on one's personal finances.

The other side: The White House and congressional Republicans argue that cuts to these benefits are a way to push more people into the labor market and reduce dependence on government assistance, as well as an effort to reduce waste, fraud and abuse.

The bottom line: Americans are increasingly struggling to afford food, and the situation is expected to worsen in the coming years.

Mass surveillance. Pre-emptive military strikes in the Middle East. Shipping people to domestic and foreign prisons. Citing national security to hide information from the courts. Labeling people as "terrorists" as a political and legal strategy.

Why it matters: Donald Trump became president in part by running against the legacy of George W. Bush, the last Republican in the White House before him. But now Trump is supercharging many of the post-9/11 legal, tactical and political strategies Bush used.

Driving the news: Trump's push to deport "millions" of unauthorized immigrants and his strikes on Iran's nuclear facilities in particular have many parallels to Bush's "War on Terror."

• Trump's sending unauthorized immigrants to high-security prisons in the U.S. and abroad — sometimes denying them due process.
• Bush sent alleged terrorists — including undocumented people in the U.S. — to prisons around the world and the U.S. military facility at Guantanamo Bay, Cuba. The Trump administration is now using "Gitmo" for detainees it says have criminal histories.
• Trump preemptively, and unilaterally, attacked Iran with 14 bunker-buster bombs and launched missiles at an Iranian-backed proxy group in Yemen, killing dozens.
• He said he ordered the first attack out of concern Iran was close to gaining a nuclear weapon. Bush used a similar rationale for invading Iraq, though unlike Trump he got Congress' approval beforehand.

The similarities don't stop there:

• Surveillance: Trump has enlisted tech company and defense contractor Palantir to help surveil and track unauthorized immigrants in the U.S. Bush enlisted telecom companies such as AT&T and Sprint for most of his domestic surveillance in the name of stopping terrorists. Trump's "One Big Beautiful Bill" provides billions to expand such programs. (Palantir told Axios that its software doesn't proactively collect data, and said its work is in accordance with the law.)
• Executive orders: Trump's administration has invoked some of Bush's executive orders made after 9/11 to justify his immigration actions, as Semafor pointed out.
• Rhetoric: Trump has labeled alleged members of Latin American gangs as "terrorists" and "alien enemies" to justify expedited deportations. He has said his administration is focused mostly on "the worst of the worst" — the same phrase Bush's administration used in its anti-terror campaign.
• Courts: Trump and Bush's administrations both concealed information from judges and court hearings using the "state secrets privilege," claiming there would be a national security risk for transparency.
• Habeas corpus: Trump has floated suspending habeas corpus — suspects' right to use the courts to fight unlawful detentions. Bush tried to do that in 2006 before it was overturned by the Supreme Court.

Reality check: There are exceptions to the Trump-Bush parallels.

• Trump's immigration effort is far broader than Bush's, which focused largely on men suspected of having ties to terror groups. Trump's deportation efforts are targeted at millions more noncitizens in communities nationwide.
• Bush was also responding to the trauma of the 9/11 attacks and fearful of another mass attack.
• So far, Trump's attacks against Iran have been far more limited than the government-toppling invasions Bush embarked on.

What they're saying: A spokesperson for Bush declined to comment.

• Trump's team didn't respond to a request for comment.
• "Trump is saying out loud what the Bush administration did behind closed doors," said Vince Warren, executive director of the Center for Constitutional Rights, the first organization to represent detainees sent to Guantanamo Bay after 9/11.

Between the lines: Most Republicans have cheered Trump's aggressive immigration moves, while Democrats have been mostly muted in pushing back, recognizing that Joe Biden's handling of the border cost them politically.

• Some Trump supporters such as Tucker Carlson have criticized the president's military entanglements in the Middle East, given that Trump ran on a promise to avoid getting involved in wars such as those in Afghanistan and Iraq.
• Vice President Vance has said he understands such concerns and told NBC's "Meet the Press" last month that "the difference is that back then we had dumb presidents, and now we have a president who actually knows how to accomplish America's national security objectives. So this is not going to be some long, drawn-out thing."

Flashback: The Bush administration made mistakes in who it detained and accused of links to terrorism in the aftermath of the 9/11 attacks.

• The Bush administration preemptively detained hundreds of Arab and Muslim immigrants in the U.S., and some men were sent to foreign prisons.
• An inspector general report in 2003 said: "Even in the hectic aftermath of the September 11 attacks, we believe the FBI should have taken more care to distinguish between aliens who it actually suspected of having a connection to terrorism," and those "who, while possibly guilty of violating federal immigration law, had no connection to terrorism."