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Business & Economy
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Business & Economy
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Trump threatens reciprocal tariffs on Canada
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President Trump threatened reciprocal tariffs on Canada for dairy products and lumber amid a mounting trade war between the two nations.
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“They make it impossible for us to sell lumber or dairy products into Canada. But our numbers are a tiny fraction of that. Almost nonexistent,” Trump said.
The president claimed Canada is charging Americans a tariff of more than 200 percent on dairy products and a “tremendously high tariff” on lumber exports.
Trump warned Canada will “be met with the exact same tariff unless they drop it.”
“And we may do it as early as today, or we’ll wait till Monday or Tuesday, but that’s what we’re going to do. We’re going to charge the same thing. It’s not fair.”
Access to dairy and lumber markets have long been two of the biggest points of contention in the otherwise strong economic relationship between the U.S. and Canada.
The president’s remarks are the latest salvo in what has been a back-and-forth trade dispute between the United States and its neighbor to the north. Trump in February announced 25 percent tariffs on all imports from Mexico and Canada.
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 Small Business Administration (SBA) announced it will relocate six of its regional offices out of often-called “sanctuary cities,” arguing that the existing locations are bad for small business communities and not complying with federal immigration law.
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Former Vice President Mike Pence criticized Treasury Secretary Scott Bessent on Friday over his remark that the “essence” of the American dream was not about “access to cheap goods.”
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Fox Business Network host Charles Payne said the apparent decline in consumer spending was “shocking” on Friday, and he claimed a return to “boom times” was not on the horizon.
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CEOs of leading American steel companies sent a letter to President Trump on Friday, urging him not to provide any exceptions or exclusions to the planned steel tariffs set to go into effect on March 12.
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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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Dynamic feedback for tax cuts will be muted: Analysis
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The economic growth effects of extending the Trump tax cuts won’t be anywhere close to what’s needed to offset their federal revenue losses, a new analysis has found.
The report released Thursday by the non-partisan Committee for a Responsible Federal Budget looks at the dynamic projections from several Washington think tanks for extending the Trump cuts, as well as the Congressional Budget Office (CBO), the official legislative scorer.
It finds that the CBO dynamic score adds an additional 2 percent to the cuts’ revenue losses. The rosiest think tank projection, which is from the conservative Tax Foundation, finds a 16 percent revenue loss reduction when adjusting for economic growth effects.
The cuts “will not produce nearly enough economic growth to offset their revenue loss,” the group concluded.
Trump’s 2017 tax cuts grew the economy in 2018 — which is the year they would have been most pronounced — by 0.2 percent, according to the Congressional Research Service, citing the CBO. Growth projections from Goldman Sachs and other financial firms ranged from 0.3 percent to 0.8 percent GDP growth.
In order to pay for themselves in 2018, the Trump tax cuts would need to have grown the economy by 6.7 percent.
— Tobias Burns
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Upcoming news themes and events we’re watching:
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- House Republicans are expected to roll out text of their plan to avert a shutdown this weekend, as Congress stares down a March 14 deadline to prevent a funding lapse.
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Branch out with more stories from the day:
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TORONTO (AP) — Canada looks set to pick a measured former central banker to deal with the threats …
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Business and economic news we’ve flagged from other outlets:
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- S&P 500 closes higher in volatile trading Friday, but index posts worst week since September (CNBC)
- 7-Eleven’s Japanese owner appoints American CEO to fend off $47 billion takeover bid (CNN)
- Putin Ready to Agree to Ukraine Truce With Conditions (Bloomberg)
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Top stories on The Hill right now:
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Secretary of State Marco Rubio clashed with tech billionaire and close Trump adviser Elon Musk during a contentious Cabinet meeting hosted by President Trump. Read more
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A medical examiner confirmed Friday that Betsy Arakawa, a concert pianist and wife of Gene Hackman, died of illness caused by hantavirus. 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 next week!
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