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Business & Economy
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Business & Economy
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Trump relieves GOP, markets with tariff reversal
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President Trump’s decision to lift hefty tariffs on most U.S. trading partners with a 90-day pause, even while keeping in place a 125 percent tariff on China, is a significant reversal.
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The Dow Jones Industrial Average, rocked since last Thursday by Trump’s tariff announcement, rose 2,962 points or 7.87 percent on Wednesday — a shot of relief at Trump’s pause heard around the country.
The Nasdaq closed with a gain of 12.1 percent and the S&P 500 index ended the day 9.5 percent higher
Though huge tariffs remain on China, one of the largest exporters to the United States, markets saw the pause on most of the tariffs on other countries as reason for hope after several cloudy days.
Trump acknowledged the markets played into his decision.
Asked why he decided to implement the pause, Trump replied, “I thought that people were jumping a little out line,” adding that people were getting “a little bit yippy, a little bit afraid.”
“The bond market is very tricky, I was watching it. But if you look at it now it’s beautiful,” Trump said. “I saw last night where people were getting a little queasy.”
Read more here from The Hill’s Alex Gangitano and Sylvan Lane.
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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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Did someone forward you this newsletter? Subscribe here.
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Key business and economic news with implications this week and beyond:
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Trump refocuses trade war to China
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President Trump increased tariffs on China to 125 percent on Wednesday, focusing his trade war for the time being on the world’s two largest economies and seeking to rally other countries against China.
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Horsford berates US trade rep as Trump makes tariff announcement: ‘WTF, who’s in charge?’
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Rep. Steven Horsford (D-Nev.) grilled the White House’s top trade negotiator on the administration’s trade strategy during a hearing on Wednesday, asking the official “who’s in charge” as President Trump announced a pause on tariffs for most countries.
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5 takeaways from the Trump tariff drama
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Financial markets soared on Wednesday after President Trump issued a 90-day pause in almost all the tariffs that had roiled the global economy during the past week.
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High prices top list of economic worries: Poll
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Nearly half of voters say they are most worried about increased costs for food and other goods, among current economic concerns, according to a Quinnipiac University poll released Wednesday.
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Why Trump’s tariffs may do little to pay for tax cuts
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The White House is arguing that revenue from President Trump’s tariffs on U.S. importers is going to help pay for domestic tax cuts.
But there is a lot more to this argument than simple addition and subtraction.
The tariffs’ inflationary effects could undercut savings for American households spurred by the tax cuts, undermining revenue gains from higher consumer spending.
Looked at another way, tax cuts for consumers could end up effectively subsidizing cost increases spurred by tariffs.
And Trump’s tariffs —if they work as intended — could shrink their own tax base as businesses import fewer goods from abroad and Americans shift their spending away from higher-tax foreign goods.
On top of that, projected tariff revenues are just a fraction of the cuts Trump is seeking legislatively.
Read more here.
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The Hill’s Evening Report breaks down the day’s big political stories and looks ahead to next week. Click here to sign up & get it in your inbox
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Upcoming news themes and events we’re watching:
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- The Labor Department on Friday is set to release the March 2025 producer price index (PPI) at 8:30 am E.T.
- House GOP leadership is pushing to adopt legislation this week to kick off work on President Trump’s sweeping tax agenda.
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Business and economic news we’ve flagged from other outlets:
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- Dow surges 2,900 points, S&P 500 posts biggest gain since 2008 on Trump tariff reversal (CNBC)
- The next round of Trump’s tariffs could hurt even more. Here’s what to expect (CNN)
- China files new complaint to WTO over Trump tariffs (Reuters)
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Top stories on The Hill right now:
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Ackman on Trump tariff pause: ‘Brilliantly executed’
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Billionaire hedge fund investor Bill Ackman on Wednesday praised President Trump’s decision to implement a 90-day pause on reciprocal tariffs against foreign trading partners, with the exception of China. Read more
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DOJ planned to send US marshals to ex-employee’s home over Mel Gibson discussion
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The Department of Justice (DOJ) was preparing to send U.S. marshals to a former employee’s home ahead of an appearance she is set to make with two high-profile Democrats over restoring actor Mel Gibson’s gun rights. Read more
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Opinions related to business and economic issues submitted to The Hill:
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- The world is shocked by Trump’s tariff tantrums — it shouldn’t be
- Republicans’ dishonesty on deficit reduction
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You’re all caught up. See you tomorrow!
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