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Business & Economy
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Business & Economy
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5 takeaways from Trump’s major tariff announcement
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President Trump reset U.S. trade policy Wednesday by announcing a 10-percent general tariff on all imports to the U.S. except for Canada and Mexico, along with targeted tariffs on dozens of additional countries.
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The move makes good on one of the central promises of Trump’s presidential campaign and represents a course-correction in U.S. trade posture that Trump started during his first term.
Trump’s general tariff follows two months of stop-and-start tariff announcements from the new administration and contains many shades of gray, including new ways of calculating costs that have left some economists scratching their heads.
“Our country and its taxpayers have been ripped off for more than 50 years, but it’s not going to happen anymore,” Trump said during a speech in the White House Rose Garden.
Businesses and many trade groups reacted with harsh criticism, and futures markets took a dive on the announcements, which took place after markets closed.
Here are five takeaways from Trump’s tariff announcement.
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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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Senate Republicans on Wednesday rolled out a 70-page blueprint to advance President Trump’s tax agenda, along with directions that could pave the way for more than a trillion dollars in cuts to government spending.
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President Trump on Wednesday said that the 1930s Great Depression wouldn’t have happened if tariffs had continued, while announcing his massive tariff plan to hit trading partners.
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Rand Paul: ‘Fallacy’ to think tariffs will help country
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Sen. Rand Paul (R-Ky.) said Wednesday that it is a “fallacy” to think tariffs will help the country’s economy as President Trump geared up to impose massive reciprocal tariffs on U.S. trading partners.
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Analysts described President Trump’s latest slate of tariffs Wednesday as “worse than the worst case scenario” for tech investors.
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Senate budget blueprint empowers GOP chair to decide if Trump tax cuts add to deficit
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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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Senate Republicans on Wednesday unveiled a 70-page budget resolution that they say would give Senate Budget Committee Chair Lindsey Graham (R-S.C.), a staunch ally of President Trump, the power to determine whether extending the 2017 Trump tax cuts officially adds to the federal deficit.
Republicans say the bill empowers Graham to use a “current policy” budget baseline to score an extension of the 2017 Tax Cuts and Jobs Act as not adding to the deficit, neither in the 10-year budget window from 2025 to 2034 nor in the years beyond that window.
That would set the stage for advancing Trump’s legislation agenda around a Democratic filibuster, and would, if it survives a Democratic procedural challenge, enable Republicans to make Trump’s 2017 tax cuts permanent.
Graham in a statement said he has authority under Section 312 of the Congressional Budget Act “to determine baseline numbers for spending and revenue.”
“Under that authority, I have determined that current policy will be the budget baseline regarding taxation. This will allow the tax cuts to be permanent — which will tremendously boost the economy,” he said.
— Read more here.
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Upcoming news themes and events we’re watching:
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- Senate GOP leaders hope to adopt their budget resolution this week to advance key parts of President Trump’s tax agenda.
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Branch out with more stories from the day:
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WASHINGTON (AP) — The Senate passed a resolution Wednesday night that would thwart President Donald …
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Business and economic news we’ve flagged from other outlets:
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- Dow futures tumble 1,000 points on fear Trump’s tariffs will spark trade war (CNBC)
- Nintendo’s Switch 2 has big shoes to fill – at a much higher price (CNN)
- Canada to Announce Trump Tariff Counter-Measures Thursday (Bloomberg)
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Top stories on The Hill right now:
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A group of Republican senators voted along with Democrats on Wednesday for a resolution to undo President Trump’s 25 percent tariffs on Canadian imports, dealing an embarrassing blow to Trump. Read more
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Sen. Cory Booker (D-N.J.) set a new record for the longest Senate speech in history on Monday and Tuesday by holding the upper chamber’s floor for more than 25 hours. 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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