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Business & Economy
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Business & Economy
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Trump nixes plans for tariffs on Canadian steel
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President Trump scrapped plans Tuesday to increase steel and aluminum tariffs on Canada after the Ontario government canceled a surcharge on US energy exports.
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The move came after the government of Ontario on Tuesday backed off its threat to impose a surcharge on electricity to three U.S. states amid broader trade talks.
In a joint statement from Ontario Premier Doug Ford and Commerce Secretary Howard Lutnick, the two leaders said they had a “productive conversation about the economic relationship between the United States and Canada.”
Last year, the United States imported more steel and aluminum from Canada than from any other country.
Earlier in the day, Trump also threatened additional tariffs against Canada in the coming weeks, pointing to plans for his administration to impose reciprocal tariffs beginning April 2 on all countries with duties on U.S. products.
The uncertainty around Trump’s tariff plans have led to a downturn in the stock market, and the president has not ruled out the possibility of a recession this year.
While markets briefly rebounded on Tuesday, then ended well in the red again. The Dow Jones was down 478 points or 1.13 percent for the day.
The Hill’s Brett Samuels has more here.
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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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The House on Tuesday passed a funding bill to avert an end-of-the-week government shutdown, teeing up the measure for consideration in the Senate.
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President Trump is doubling down on his widespread tariffs threats despite a stock market downturn that has helped fuel anxiety the nation could slide into a recession.
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Senate Majority Leader John Thune (R-S.D.) said he supports President Trump using tariffs to stop the flow of fentanyl into the United States but said the tariffs should be temporary, citing the growing uncertainty that is roiling the financial markets.
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Welcome to Tax Watch, a new feature in The Hill’s Business & Economy newsletter focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year.
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Senate keeps options open on reconciliation
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The extension of the 2017 Trump tax cuts is in the hands of the Senate now as the upper chamber weighs the House budget resolution that sketches out $4.5 trillion in revenue cuts along with $1.5 to $2 trillion in spending cuts.
Senate Republicans are feeling pressure from moderate Republicans in the House regarding the nearly $900 billion in spending cuts the resolution requires from the Energy and Commerce Committee, much of which will likely come from Medicaid.
But the Senate is keeping its options open and may still move forward with its own budget resolution, which puts off extending the Trump tax cuts and prioritizes energy and border security, a senior Republican Senate aide told The Hill.
“Committees are hard at work preparing the budget resolution for ‘one big beautiful’ bill as well as getting text finalized for the targeted bill, in the event that there’s a need to pivot. We are maintaining full optionality to deliver on President Trump’s agenda,” the person said.
— Tobias Burns
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Upcoming news themes and events we’re watching:
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- Congress is staring down a Friday midnight deadline to pass legislation to keep the government funded or risk a shutdown. Republicans are seeking to approve a Trump-backed plan that would fund programs through September.
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Business and economic news we’ve flagged from other outlets:
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- S&P 500 rebounds slightly as traders deal with sell-off aftermath, latest tariffs (CNBC)
- Trump administration backs off mandate addressing housing segregation and discrimination (CNN)
- House Republicans Move to Block Potential Challenges to Trump Tariffs (Bloomberg)
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Top stories on The Hill right now:
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The Department of Education announced Tuesday it was firing nearly half of its workforce, the latest Trump administration move to shrink the federal government that could face swift legal challenge. Read more
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A House Foreign Affairs subcommittee hearing ended abruptly Tuesday after Rep. Keith Self (R-Texas) referred to Rep. Sarah McBride (D-Del.), the first transgender person elected to Congress, as “mister.” Read more
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Opinion 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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