These are the headlines you Need2Know:
* **Extreme Weather Continues Nationwide:**
As torrential rains drench the East, excessive heat engulfs the West. Dangerous wildfires have forced officials to close Yosemite Park, which will remain shuttered until at least Sunday. More on SoCal weather from the [LA Times](http://www.latimes.com/local/lanow/la-me-ln-socal-heat-wave-20180724-story.html).
* **Another Bailout?**
As trade tensions escalate, farmers may get some relief. The Trump administration announced a new aid package Tuesday to ease damages caused by the latest trade policies. Through the plan, affected farmers of crops like soybeans, cotton, and dairy would be issued a collective $12 billion in aid. Reuters with [the full story](https://www.reuters.com/article/us-usa-trade-farmers/trump-to-give-farmers-billions-in-aid-politico-idUSKBN1KE1YE).
* **Trump-Cohen Recordings Released:**
CNN obtained and released on Tuesday the much-discussed secret recordings of Donald Trump and former attorney Michael Cohen. In the tapes, recorded in 2016, the pair addresses Trump’s payoff of an ex-Playboy model who claimed she had an affair with the president. More at [CNN](https://www.cnn.com/videos/politics/2018/07/24/cohen-trump-audio-recording-cuomo-vpx.cnn).
* **Demi Lovato Reportedly in Stable Condition:**
Treated with the opioid suppresant-Narcan after an overdose Tuesday, the singer, flanked by friends and family, is stable. Many celebrities took to Twitter to wish Lovato the best in her battle with sobriety. In the past, Lovato has been open about her struggle with drugs and alcohol. People [with more](https://people.com/music/demi-lovato-overdose-hospitalized-stable/).
Cheddar's Jill Wagner gets into the latest.
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A new poll finds most U.S. adults are worried about health care becoming more expensive.
The White House budget office says mass firings of federal workers have started in an attempt to exert more pressure on Democratic lawmakers as the government shutdown continues.
President Donald Trump says “there seems to be no reason” to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea after China restricted exports of rare earths needed for American industry. The Republican president suggested Friday he was looking at a “massive increase” of import taxes on Chinese products in response to Xi’s moves. Trump says one of the policies the U.S. is calculating is "a massive increase of Tariffs on Chinese products coming into the United States." A monthslong calm on Wall Street was shattered, with U.S. stocks falling on the news. The Chinese Embassy in Washington hasn't responded to an Associated Press request for comment.
Most members of the Federal Reserve’s interest-rate setting committee supported further reductions to its key interest rate this year, minutes from last month’s meeting showed.
From Wall Street trading floors to the Federal Reserve to economists sipping coffee in their home offices, the first Friday morning of the month typically brings a quiet hush around 8:30 a.m. eastern, as everyone awaits the Labor Department’s monthly jobs report.
The Supreme Court is allowing Lisa Cook to remain as a Federal Reserve governor for now.
Rep. John Moolenaar has requested an urgent briefing from the White House after Trump supported a deal giving Americans a majority stake in TikTok.
A new report finds the Department of Government Efficiency’s remaking of the federal workforce has battered the Washington job market and put more households in the metropolitan area in financial distress.
A new poll finds U.S. adults are more likely than they were a year ago to think immigrants in the country legally benefit the economy. That comes as President Donald Trump's administration imposes new restrictions targeting legal pathways into the country. The Associated Press-NORC Center for Public Affairs Research survey finds Americans are more likely than they were in March 2024 to say it’s a “major benefit” that people who come to the U.S. legally contribute to the economy and help American companies get the expertise of skilled workers. At the same time, perceptions of illegal immigration haven’t shifted meaningfully. Americans still see fewer benefits from people who come to the U.S. illegally.
Shares of Tylenol maker Kenvue are bouncing back sharply before the opening bell a day after President Donald Trump promoted unproven and in some cases discredited ties between Tylenol, vaccines and autism. Trump told pregnant women not to use the painkiller around a dozen times during the White House news conference Monday. The drugmaker tumbled 7.5%. Shares have regained most of those losses early Tuesday in premarket trading.
