Business & Economy
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Business & Economy
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Trump ramps up as markets melt down
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The White House showed no signs Monday of backing off its implementation of sweeping tariffs on dozens of other nations, even as its approach rattled financial markets and raised the specter of an economic slowdown.
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President Trump was adamant that the aggressive tariffs, which are set to go into effect at 12:01 a.m. Wednesday, were a necessary tool to rebalance trade and reorient the U.S. economy after years of being taken advantage of.
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He also announced he would impose a new 50 percent tariff on imports from China in response to that country’s announcement last week of tariffs on the U.S.
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The latest announcement would essentially put U.S. tariffs on Chinese imports at 104 percent, a dramatic escalation of a potential trade war between the world’s two largest economies.
The president also warned that he would cut off negotiations with China about tariffs moving forward if it did not back off its retaliatory tariffs.
“We’re going to have one shot at this. And no other president’s going to do this, what I’m doing. And I’ll tell you what, it’s an honor to do it, because we have been just destroyed,” Trump told reporters in the Oval Office during a joint appearance with Israeli Prime Minister Benjamin Netanyahu, whose country is also getting hit with Trump tariffs.
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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7 GOP senators sign on to bill to check Trump’s trade authority
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Seven Republican senators, including Sen. Chuck Grassley (Iowa), the Senate’s president pro tempore, and Sen. Mitch McConnell (Ky.), the former Senate Republican leader, have signed on to a bipartisan bill that would require Congress to approve President Trump’s steep tariffs on trading partners.
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EU ‘ready to negotiate’ on Trump tariffs, von der Leyen says
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The European Union is “ready to negotiate” with the United States after President Trump issued sweeping tariffs last week, European Commission President Ursula von der Leyen said at a press conference Monday.
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Bessent: Trump will be ready to negotiate tariffs ‘at a point’
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Treasury Secretary Scott Bessent on Monday said President Trump will be ready for trade negotiations “at a point,” while the administration has showed no signs of backing off its implementation of sweeping tariffs.
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BlackRock CEO: Economy ‘weakening as we speak’
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BlackRock CEO Larry Fink warned Monday that the economy is “weakening as we speak,” amid widespread turmoil in the markets driven by the Trump administration’s sweeping new tariffs.
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Fiscal hawks balk at Senate GOP plan
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House Republican leaders are urging their members to adopt the Senate’s version of the budget resolution that will tee up President Trump’s ambitious legislative agenda, despite growing opposition from hardline conservatives.
In a “Dear Colleague” letter sent to members on Saturday, Speaker Mike Johnson (La.), House Majority Leader Steve Scalise (La.), House Majority Whip Tom Emmer (Minn.) and Conference Chair Lisa McClain (Mich.) got a head start on arguing in favor of the legislation.
“Adopting the Senate’s amendment to the House resolution will allow us to finally begin the most important phase of this process: drafting the reconciliation bill that will deliver on President Trump’s agenda and our promises to the American people,” they wrote in the letter.
But fiscal hawks and hardline conservative members are publicly balking at the Senate budget resolution instructions setting a much lower minimum for cuts than the House, saying they cannot support the legislation out of skepticism that the final product would have the steep cuts they are looking for.
“If the Senate can deliver real deficit reduction in line with or greater than the House goals, I can support the Senate budget resolution,” House Freedom Caucus Chair Andy Harris (R-Md.) said in a statement posted to social platform X on Saturday. “However, by the Senate setting committee instructions so low at $4 billion compared to the House’s $1.5-2 trillion, I am unconvinced that will happen.”
The trouble is getting near-unanimous support from Republicans in the House, when fiscal hawks are seeking assurances on substantial spending cuts in the early steps of the legislation.
— Read more here from Emily Brooks
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Upcoming news themes and events we’re watching:
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The National Federation of Independent Business’ latest Small Business Optimism Index is set for release on Tuesday at 6 am EDT.
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Branch out with more stories from the day:
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Chevron to survey east Mediterranean seabed for pipeline linking gas field to Egypt, Cyprus says
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NICOSIA, Cyprus (AP) — Energy company Chevron will begin a survey of the east Mediterranean seabed …
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Business and economic news we’ve flagged from other outlets:
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Dow slides more than 300 points as Trump tariffs rattle stocks for a third day (CNBC)
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This is the stock market’s worst start to a presidential term in modern history (CNN)
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Bogus report on tariff pause briefly lifted markets before White House denied it (The Associated Press)
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Top stories on The Hill right now:
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7 GOP senators sign on to bill to check Trump’s trade authority
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Seven Republican senators, including Sen. Chuck Grassley (Iowa), the Senate’s president pro tempore, and Sen. Mitch McConnell (Ky.), the former Senate Republican leader, have signed on to a bipartisan bill that would require Congress to approve President Trump’s steep tariffs on trading partners. Read more
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Trump planning military parade through DC for 79th birthday
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The Trump administration is planning a June 14 military parade through the streets of Washington, D.C., to mark the president’s 79th birthday. Read more
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Opinions related to business and economic issues submitted to The Hill:
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Trump needs black magic for his voodoo economics to work
- Don’t be misled about what’s driving our budget deficit
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