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Business & Economy
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Business & Economy
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Trump faces crucial week on the economy
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President Trump is entering a critical week for the economy amid growing fears that his penchant for tariffs could stall growth and undercut progress on inflation.
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Trump has described Wednesday as “Liberation Day,” when his administration will impose sweeping reciprocal tariffs on other nations with duties on U.S. goods.
The March jobs report will also be released Friday, providing additional data about the strength of the labor market, particularly in the wake of thousands of federal government employees being fired by the administration.
Experts described the economy as at something of a crossroads. Data about the labor market and wages have been generally positive, economists said.
But the closely watched University of Michigan Survey of Consumers issued a report Friday that found consumer sentiment dropped to its lowest point since November 2022 amid fears of rising prices that could be worsened by tariffs.
“The big question is: Do the sentiment data converge to the hard data, or do the hard data converge to the sentiment data?” said Michael Strain, director of economic policy studies at the American Enterprise Institute (AEI). “Because that divergence can’t persist for very long.
Read the full report at TheHill.com.
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Welcome to The Hill’s Business & Economy newsletter, I’m Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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Former Sen. Kyrsten Sinema (I-Ariz.) is joining the Hogan Lovells’s global regulatory and intellectual property team as a senior adviser, the lobbying firm announced Monday.
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Nearly 60 percent of Americans disagree with President Trump’s handling of tariffs and trade negotiations two months into his second term, a new poll found, amid Trump’s escalating trade wars with Canada, Mexico and China.
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Investor Kevin O’Leary said he hasn’t seen any “recessionary trends” from President Trump’s tariff plan yet.
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Trump trade advisor claims tariffs will fund tax cuts
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Welcome to Tax Watch, a new feature focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year.
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Peter Navarro, a senior trade adviser to President Trump, said the president’s tariff plan will raise more than $6 trillion in federal revenue over the next decade.
Navarro joined “Fox News Sunday,” where host Shannon Bream noted Americans are concerned Trump’s tariffs are going to raise the price of everyday goods.
“First of all, we’re going to raise about $100 billion with the auto tariffs alone. What we’re going to do is, in the new tax bill that has to pass, it absolutely has to pass, we’re going to provide tax benefits, tax credits, to the people who buy American cars,” Navarro began. “This is a genius thing that President Trump promised on the campaign trail. So that’s going to happen.”
“In addition, the other tariffs are going to raise about $600 billion a year, about $6 trillion over a 10-year period, and we’re going to have tax cuts,” he continued. “It’s the biggest tax cut in American history for the middle class, for the blue collar.”
— Read more from The Hill’s Lauren Irwin.
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Upcoming news themes and events we’re watching:
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- The Labor Department on Friday will release the monthly employment report for March.
- Senate Republicans are eyeing potential consideration on a forthcoming compromise budget resolution this week to advance President Trump’s tax agenda.
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Branch out with more stories from the day:
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NEW YORK (AP) — President Donald Trump’s fast-approaching “Liberation Day” sent stock markets swinging …
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Business and economic news we’ve flagged from other outlets:
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- S&P 500 closes higher Monday after briefly touching six-month low (CNBC)
- Trump is about to test whether the Fed learned its inflation lesson (CNN)
- Slow US Tax Collections Spark Angst About Debt Ceiling X-Date (Bloomberg)
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Top stories on The Hill right now:
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Rep. Anna Paulina Luna (R-Fla.) announced Monday that she is leaving the House Freedom Caucus amid her battle with GOP leadership and hard-line Republicans over her push to allow proxy voting for new parents. Read more
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Podcaster Joe Rogan said it’s “horrific” that innocent people could be getting swept up in the Trump administration’s effort to deport gang members and send them to El Salvador’s notoriously dangerous mega-prison. Read more
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Opinions related to business and economic issues submitted to The Hill:
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You’re all caught up. See you tomorrow!
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