Business & Economy
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Business & Economy
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Trump greenlights reciprocal tariffs |
President Trump signed off on proposed reciprocal tariffs that he says will crack down on unfair and discriminatory tariffs from adversaries and allies alike. |
The tariffs will be tailored to each foreign trading partner across five different areas: Tariffs the nation imposes on U.S. products; unfair taxes imposed; cost to U.S. businesses and consumers from another country’s policies; exchange rates; and any other practices the trade representative’s office determines is unfair.
The import taxes won't be immediately imposed, but by signing of the presidential memorandum, Trump paves the way for his administration to begin a review process to initiate them. White House officials said Trump wants to move quicky to impose the tariffs, suggesting it would be “weeks” and no longer than “a few months” until they are in place.
The president in the memo directs Commerce secretary nominee Howard Lutnick and U.S. trade representative nominee Jamieson Greer to consult with Treasury Secretary Scott Bessent and Homeland Security Secretary Kristi Noem, among others, and “quickly” submit a report detailing their proposals for each country.
Office of Management and Budget head Russell Vought would then submit a report within 180 days to assess the fiscal impact of the tariffs.
Lutnick on Thursday predicted the study would wrap up by April 1 and Trump would be able to impose the new tariffs by April 2.
The Hill's Alex Gangitano has more here. |
Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — 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 introduced a pair of bills on Wednesday aiming to strip the country of its electric vehicle (EV) tax credits and instead replace it with an obligatory $1,000 tax payment to be used for repairing roads. |
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Hard-line conservatives and House GOP leadership struck an agreement on the conference’s budget resolution shortly before a key vote Thursday, putting the measure on a path to advance out of committee if it holds. |
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Professional golfer Rory McIlroy said he recently faced off with President Trump on the green, where the current president admitted he’s not a fan of the LIV Golf circuit and prefers the PGA Tour. |
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Senators insist on making Trump tax cuts permanent |
Welcome to Tax Watch, a new feature focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts. |
Republican senators dropped a banana peel in the path of House Republicans Thursday as they charged ahead with a budget resolution to fulfill President Trump’s wide-ranging agenda, which includes the extension of his 2017 tax cuts.
Senate Majority Leader John Thune (R-S.D.), Senate Finance Committee Chair Mike Crapo (R-Idaho) and others told Speak Mike Johnson (R-La.) and top tax writer Jason Smith (R-Mo.) they would only vote for a permanent, rather than temporary, extension of the 2017 tax cuts.
“We will not support a tax package that only provides temporary relief from tax hikes,” the senators wrote. "A temporary extension of these pro-growth and pro-family policies is a missed opportunity.”
A GOP aide told The Hill senators were concerned the House was rushing and would produce a “flawed product” in their push to deliver the “big, beautiful bill” preferred by Trump. GOP senators instead want to move on two separate bills to achieve their agenda.
“The House is rushing because the Senate moved before they did. There is a real, growing concern over here that the House is going to end up with a flawed product that won’t fully deliver on the president’s tax agenda,” a Senate GOP aide told The Hill.
— Tobias Burns |
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Upcoming news themes and events we're watching: |
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The U.S. Census Bureau releases U.S. retail sales data for January on Friday at 8:30 a.m. ET.
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Branch out with more stories from the day: |
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WASHINGTON (AP) — President Donald Trump on Thursday rolled out his plan to increase U.S. tariffs … |
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Business and economic news we've flagged from other outlets: |
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Dow closes more than 300 points higher as Trump holds off on imposing new tariffs, Nvidia jumps (CNBC)
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Americans are finding it harder and harder to pay off their debt (CNN)
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‘Risk of a Collision and Loss of Life’: D.C. Crash Warnings Were Years in the Making (The New York Times)
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Top stories on The Hill right now: |
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Office of Personnel Management (OPM) officials met with agency leaders across government Thursday and directed them to begin firing employees still in their probationary period a year or more after being hired. Read more |
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President Trump’s ascension to chair of the Kennedy Center on Wednesday led to multiple departures from the Washington, D.C., institution. 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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