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Here's your midday brief for Wednesday, July 30th. I'm Alex O'Sullough for the Wall Street Journal.

The U.S. economy returned to growth in the second quarter of the year after contracting in the first.

The Commerce Department said U.S. gross domestic product rose at a seasonally and inflation-adjusted 3% annual rate, exceeding economist expectations.

However, there were soft spots beneath the positive headline number. Consumer spending, the engine of the U.S. economy, increased from the

first quarter, but was offset by weaker business spending. President Donald Trump welcomed the GDP

reading and in a post on truth social, called for the Federal Reserve to lower interest rates.

Meanwhile, President Trump said that India will face a 25% tariff on its imports to the U.S.

starting August 1st, plus a penalty for purchasing Russian arms and energy.

In a post on social media, Trump said India was a friend of the U.S., but criticized high Indian tariffs.

The president also said he wouldn't extend his August 1st deadline for countries to reach trade deals with the U.S.

And we're exclusively reporting that Amazon will pay the New York Times between 20 and $25 million per year for a multi-year AI content licensing deal.

The agreement allows Amazon to use the content

from the Times as news and cooking products along with its sports property The Athletic, to train

its AI models and feature excerpts in products like Alexa. The deal, which was announced in May,

but the financial terms of which haven't been previously disclosed, offers a window into how

...