Business & Economy
|
Business & Economy
|
|
|
Trump says tariffs will finally take effect tomorrow
|
The president told reporters Monday that his 25 percent tariffs on Canadian and Mexican goods will be implemented Tuesday, no matter what either nation does to avoid them.
|
“The tariffs, they’re all set. They go into effect tomorrow,” he said, adding there’s “no room left for Mexico or Canada” to make a deal before midnight.
Trump had warned last week that the tariffs will go forward after he delayed them for a month following conversations with the Canadian and Mexican leaders, during which they agreed to action to address the flow of drugs at the border.
The president also announced that reciprocal tariffs will start April 2, which will cover imports from all nations that levy import taxes on U.S. goods.
“So, what they have to do is build their car plants, frankly, and other things in the United States, in which case they have no tariffs,” Trump said Monday.
The stock market took a hit after Trump’s announcements on tariffs. The Dow Jones Industrial Average was down more than 700 points after Trump’s announcement.
Read the full report at TheHill.com.
|
Welcome to The Hill’s Business & Economy newsletter, I'm Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.
|
|
|
Key business and economic news with implications this week and beyond:
|
|
|
Martin O’Malley, the former commissioner of the Social Security Administration (SSA), said Monday the recent cuts made by tech billionaire Elon Musk’s Department of Government Efficiency (DOGE) at the agency could result in the “collapse” of the Social Security system “within the next 30 to 90 days.”
|
|
|
|
A group of oil-producing countries known as OPEC+ will proceed with a long-delayed hike in oil production.
|
|
|
|
Taiwan Semiconductor Manufacturing Company (TSMC) plans to invest $100 billion to build chip manufacturing plants in the U.S., President Trump announced Monday.
|
|
|
|
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.
|
Tariffs could partially offset cost of tax cuts
|
Trump's decision to go forward with new tariffs comes after the House passed a budget resolution in February for a tax cut and spending bill that could add trillions to the deficit — as much as $5.1 trillion over the next decade, according to a projection by the University of Pennsylvania.
Tariffs on Canada and Mexico could effectively contribute to offsetting some of those costs — which center on an extension of the 2017 Tax Cuts and Jobs Act (TCJA) — though they probably won’t factor into official estimates if they’re levied through administrative rather than congressional actions.
“An earlier implementation of tariffs could meaningfully lower the projected costs of the TCJA, potentially allowing for larger tax cuts than were included in our baseline, which would, in turn, offset some of the drag from the trade war,” Brett Ryan and other Deutsche Bank analysts wrote in a Sunday to investors.
— Tobias Burns
|
|
|
{{if !contains(profile.lists,"Evening Report")}
{/if}}{{if !contains(profile.lists,"Evening Report")}
{/if}}
Upcoming news themes and events we're watching:
|
-
President Trump delivers an address to a Joint Session of Congress on Tuesday night.
|
|
|
Branch out with more stories from the day:
|
|
|
NEW YORK (AP) — U.S. stocks tumbled Monday and wiped out even more of their gains since President …
|
|
|
Business and economic news we've flagged from other outlets:
|
-
2 Troubled Carmakers, Nissan and Stellantis, Could Be Hit Hardest by Tariffs (NYT)
-
Why bitcoin bulls aren’t happy about Trump’s plans for something they’ve long wanted: a crypto reserve’ (MarketWatch)
-
This boba chain you’ve never heard of has more outlets than McDonald’s (CNN)
|
|
|
Top stories on The Hill right now:
|
|
|
Ontario Premier Doug Ford said Monday he is prepared to cut off electricity exports to the U.S. if President Trump’s 25 percent tariffs on Canadian goods go through. Read more
|
|
Attorney General Pam Bondi was duped into thinking she had all the files related to investigations into disgraced financier and convicted sex offender Jeffrey Epstein, she told Fox News host Mark Levin over the weekend while defending Thursday’s widely mocked document dump. Read more
|
|
|
Opinions related to business and economic issues submitted to The Hill:
|
|
|
|
You're all caught up. See you tomorrow!
|
Save story
-
Citing the unchecked flow of fentanyl, he plans to levy a 25 percent tariff on most products from our northern and southern neighbors. China faces an additional 10 percent levy.
Inc. - 4d
-
Announcement leads to sharp sell-off on Wall Street as Trump also vows tariffs on farm products starting in April. The US will press ahead with steep tariffs on Canada and Mexico from Tuesday, ...
The Guardian - 6h
-
Ukrainian President Volodymyr Zelenskyy said yesterday that he believes he will be able to salvage his relationship with the United States after President Donald Trump and Vice President JD Vance ...
NBC News - 17h
-
During a White House press conference, President Trump told reporters that his administration would move forward with planned tariffs on Canada and Mexico.
NBC News - Feb. 24
-
President Donald Trump said sweeping tariffs on Canada and Mexico "will go forward" when a monthlong delay on their implementation expires next week.
CNBC - Feb. 24
-
Stocks fell after President Trump confirmed 25% tariffs on nearly all goods from Mexico and Canada are set to begin. CBS MoneyWatch correspondent Kelly O'Grady reports.
CBS News - 7h
-
President Donald Trump said Thursday that 25% tariffs on goods imported from Canada and Mexico would go into effect Tuesday, alongside yet another 10% layer of duties on China following one that ...
NBC News - 4d
-
President Trump on Monday said tariffs are "all set" to go into effect overnight, and that there is "no room" for Mexico and Canada to avoid them.
CBS News - 7h
-
Legendary investor Warren Buffett likened tariffs to "an act of war" in a new interview as President Trump doubles down on his embrace of the economic strategy. In an interview that aired Sunday on ...
The Hill - 58m
-
Rep. Greg Murphy (R-N.C.) on Monday defended the budgets and workforce cuts at the Department of Veterans Affairs, as he said he “can’t guarantee” veterans’ benefits and care would be immune from ...
The Hill - 1h
-
Vice President JD Vance on Monday knocked Ukrainian President Volodymyr Zelensky for "a certain sense of entitlement" during a clash with the Kyiv leader and President Trump in the Oval Office last ...
The Hill - 2h
-
The Pentagon, in initial work with Elon Musk's Department of Government Efficiency (DOGE), has found some $80 million in what it's deemed wasteful spending, according to the building's top ...
The Hill - 2h
-
House Minority Leader Hakeem Jeffries (D-N.Y.) called for Democrats to have a “strong, determined and dignified” presence at President Trump’s address to a joint session of Congress on Tuesday. ...
The Hill - 3h
-
Legendary investor Warren Buffett likened tariffs to "an act of war" in a new interview as President Trump doubles down on his embrace of the economic strategy. In an interview that aired Sunday on ...
The Hill - 58m
-
Rep. Greg Murphy (R-N.C.) on Monday defended the budgets and workforce cuts at the Department of Veterans Affairs, as he said he “can’t guarantee” veterans’ benefits and care would be immune from ...
The Hill - 1h
-
The Trump administration is pausing military aid to Ukraine, according to two U.S. officials, following last week's public clash between President Donald Trump and Ukrainian President Volodymyr ...
NBC News - 1h
-
Vice President JD Vance on Monday knocked Ukrainian President Volodymyr Zelensky for "a certain sense of entitlement" during a clash with the Kyiv leader and President Trump in the Oval Office last ...
The Hill - 2h
-
The Pentagon, in initial work with Elon Musk's Department of Government Efficiency (DOGE), has found some $80 million in what it's deemed wasteful spending, according to the building's top ...
The Hill - 2h
| | |
