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Business & Economy
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Business & Economy
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Trump nods to economic worries as pressures rise
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The president is switching up his messaging on the economy amid growing concern from voters and even fellow Republicans about his trade agenda.
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After months of expressing unabashed confidence in his plans to impose sweeping tariffs, Trump is acknowledging the pain the U.S. economy may face under steep import taxes.
The latest economic blow to Trump came through Wednesday’s disappointing report on economic growth, which fell sharply in the first quarter due to a surge of imports ahead of the president’s tariffs.
While Trump and his top economic officials touted the strength of other areas of the economy and brushed off the tariff impact, the president also attempted to blame the decline on former President Biden.
Trump also conceded that tariffs could push up prices and potentially lead to goods shortages, urging business leaders Wednesday to be patient with him and acknowledging that American consumers might just have to grin and bear it.
Trump’s tariff comments run counter to his previous positions on their economic effects and represent a departure from his pledge to lower costs following the highest levels of inflation in 40 years.
Read the full report at TheHill.com.
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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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Stephen Miller claims Americans likely ‘willing to pay more’ for US-made dolls
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Top White House aide Stephen Miller claimed Thursday that Americans are likely to be “willing to pay more” for American-made dolls.
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Almost half of layoffs this year driven by DOGE: Report
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Nearly half of all layoffs so far in 2025 have been driven by cuts related to the Department of Government Efficiency’s (DOGE) efforts to slash government funding and reduce the size of the federal workforce, according to a new report from outplacement firm Challenger, Gray and Christmas.
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Trump Media moves incorporation to Florida
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Trump Media and Technology Group, Truth Social’s parent company, announced Thursday that it has moved its incorporation to Florida, becoming the latest firm to leave the popular corporate home of Delaware.
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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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SALT caucus passes on $25,000 cap as talks heat up
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Rep. Nicole Malliotakis (R-N.Y.), one of the blue-state Republicans working to raise the state and local tax (SALT) deduction cap that was enacted as part of the 2017 Trump tax cuts, insisted Wednesday that lifting it to $25,000 wouldn’t be enough.
“$25,000 is not going to cut it,” she said, declining to name the level necessary to win her support.
Whether Republicans will pursue a higher cap for individuals at the expense of joint filers, or whether joint filers will be prioritized, is something that’s currently under discussion, she said.
“The question is, do we want a higher individual number? Or do we want to eliminate the marriage penalty, which would make the number lower for individuals? That’s the question we have to agree [on],” Malliotakis said.
The SALT deduction, a popular tax break among wealthy taxpayers in higher tax states that was limited to $10,000 in 2017, is among the most contentious provisions that Republicans are now debating.
— Tobias Burns
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Upcoming news themes and events we’re watching:
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The Labor Department releases the April jobs report Friday at 8:30 a.m. EDT
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Branch out with more stories from the day:
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Vance heralds ‘industrial renaissance’ in his visit to a South Carolina steel plant
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HUGER, S.C. (AP) — Vice President JD Vance visited a steel plant in South Carolina on Thursday as …
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Business and economic news we’ve flagged from other outlets:
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Stock futures slip after Amazon and Apple post earnings, big jobs report looms (CNBC)
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Home Builders Are Piling on Discounts as They Struggle to Entice Buyers (CNBC)
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Microsoft Drops Law Firm That Made a Deal With Trump From a Case (NYT)
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Top stories on The Hill right now:
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Trump taps Mike Waltz as UN ambassador, names Rubio as national security adviser
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President Trump is tapping national security adviser Mike Waltz to be his ambassador to the United Nations following reports of his ouster in the midst of a controversy over a group text chat. Read more
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Trump administration asks Supreme Court to end protected status for 600,000 Venezuelans
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The Trump administration asked the Supreme Court on Thursday to end deportation protections for more than 600,000 Venezuelans, the administration’s latest plea for the justices to intervene in President Trump’s sweeping immigration agenda. Read more
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Opinions related to business and economic issues submitted to The Hill:
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The next 100 days will reveal how the White House handles debt
- Trump’s economic suicide mission is driving America off a fiscal cliff
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