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Business & Economy
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Business & Economy
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Trump eyes trade deal with China, talks with Xi
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President Trump said Tuesday that the hefty tariff rate on China will significantly be reduced after he negotiates with Chinese President Xi Jinping, expressing optimism about a trade deal.
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“145 percent is very high. It won’t be that high, it’s not going to be that high… it won’t be anywhere near that high,” Trump told reporters in the Oval Office.
“It will come down substantially, but it won’t be zero,” he added.
The overall tariff level currently imposed on China is 145 percent, which remained in place after Trump delayed the “reciprocal” tariffs on other trading partners for 90 days and reduced them to 10 percent.
“We’re going to be very nice. They’re going to be very nice, and we’ll see what happens. But ultimately, they have to make a deal because otherwise they’re not going to be able to deal in the United States,” Trump said, referring to China.
He cited his relationship with Xi as his reason for being optimistic about a deal.
The White House earlier Tuesday said that it was “setting the stage for a deal with China,” seeking to reassure nervous financial markets and investors that progress with Beijing could be imminent.
The Hill’s Alex Gangitano takes us to the Oval Office here.
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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: I have ‘no intention’ to fire Powell
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President Trump said Tuesday he has no intention of firing Federal Reserve Chair Jerome Powell, after he has escalated his criticism over the independent agency’s decision to not lower interest rates.
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Trump says tariff on China will ‘come down substantially’ from 145 percent
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President Trump said Tuesday that the hefty tariff rate on China will significantly be reduced after he negotiates with Chinese President Xi Jinping, expressing optimism about a trade deal.
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Tesla earnings plunge 71 percent in first quarter
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Tesla’s quarterly earnings dropped by 71 percent, the company announced Monday, marking the latest sign of bad news for Elon Musk’s electric vehicle manufacturer as scrutiny of the tech billionaire persists.
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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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Trump’s campaign promises will be the hard part for the committee phase of reconciliation
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Starting next week, lawmakers will be on the Hill for four weeks in a row as GOP committees meet to hash out the particulars of their tax cut and spending bill.
The extension of the 2017 Tax Cuts and Jobs Act (TCJA), which is the centerpiece of the legislation, won’t pose nearly as much of a challenge as how to incorporate the additional tax cuts that President Trump proposed while campaigning last year. They include getting rid of taxes on tips and overtime pay and creating a credit for family caregivers, among others.
Some reports suggest Republicans are considering sunsetting those proposals after a few years to limit the cost of the package.
However Republicans decide to handle them, legislative experts say that’s where their attention will be focused.
“The expiring stuff is expiring — that’s easy. The TCJA orphans — that’s not that hard to draft. Even the expansion of the child tax credit — the levers and the dials available there are pretty well known … But the president’s campaign proposals are the ones that require the most new intellectual capital,” Rohit Kumar, a former top aide to former Senate majority leader Mitch McConnell, told The Hill earlier this month.
— Tobias Burns
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Upcoming news themes and events we’re watching:
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- Treasury Secretary Scott Bessent will address the Institute of International Finance on the “state of the global financial system” Wednesday at 10 a.m. EDT
- The Beige Book, which includes reporting on economic conditions from the 12 Federal Reserve Districts, comes out Wednesday afternoon.
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In today’s Evening Report: Some Republicans itch to speak out against President Trump’s trade war as the dollar falls and the Dow is on pace for its worst April since the Great Depression. Click here to sign up
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Branch out with more stories from the day:
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Musk says he’ll dedicate more time to Tesla starting in May as company sees big drop in Q1 profit
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NEW YORK (AP) — Elon Musk says he’ll dedicate more time to Tesla starting in May after the company …
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Business and economic news we’ve flagged from other outlets:
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- Dow jumps 1,000 points Tuesday to snap four-day string of losses (CNBC)
- Tesla profit falls sharply as it fights backlash tied to Musk’s role in Trump administration (The Associated Press)
- Bessent Expects Tariff Standoff With China to De-Escalate (Bloomberg)
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Top stories on The Hill right now:
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Judge orders Trump administration to restore Voice of America
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A federal judge on Tuesday found the Trump administration’s efforts to dismantle Voice of America (VOA) and affiliated news services likely were unlawful, indefinitely blocking the shuttering of the government-funded news outlet and affiliated news services. Read more
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Trump blasts Supreme Court while arguing trials for migrants ‘not possible’
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President Trump complained Monday of being “stymied at every turn” by the courts, arguing the administration can’t hold trials for migrants it plans to deport amid accusations they are gang members. Read more
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Opinions related to business and economic issues submitted to The Hill:
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- Jerome Powell’s Fed won’t rescue Trump from his tariff mess
- Economic consensus is out — fiscal feelings rule the day
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You’re all caught up. See you tomorrow!
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