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Business & Economy
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Business & Economy
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GOP mood grows darker on as markets give up gains
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Glimmers of optimism surrounding President Trump’s tariffs quickly faded Tuesday as the White House dug in on the threat of new levies.
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As the markets erased their small morning gains, Republican lawmakers grew increasingly frustrated with what they see as mixed messages coming from administration officials.
The mood early Tuesday was more upbeat than in recent days as the market showed signs of life for the first time in days on the heels of Treasury Secretary Scott Bessent saying Trump is ready to negotiate with trading partners.
Trump helped matters by saying he had a “great call” with acting South Korean President Han Duck-soo and that South Korean officials are traveling to the U.S., while Bessent said Japanese and Vietnamese officials are also ready to strike deals.
That feeling did not last.
Trump doubled down on adding 50 percent tariffs on top of the 54 percent rate he announced for China last week, bringing the tariff set to hit at 12:01 a.m. EDT Wednesday to 104 percent and escalating the trade war between the two nations.
The Dow Jones Industrial Average fell more than 300 points, with the S&P 500 and the Nasdaq composite each posting losses in excess of 1.5 and 2 percent, respectively.
Read more 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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YouTube entrepreneur MrBeast slams Trump’s ‘brutal’ tariffs
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YouTube entrepreneur and star MrBeast slammed President Trump’s “brutal” tariffs in a post on the social platform X on Tuesday.
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Despite Trump’s fossil fuel embrace, some moves rankle industry
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While President Trump has pledged to be a friend to the fossil fuel industry and taken steps intended to bolster it, several of his recent moves have garnered pushback from oil, gas and coal executives.
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Microsoft fires employees who protested its support for Israel at 50th anniversary event
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Two Microsoft employees were fired for protests condemning the company’s support for Israel at a 50th anniversary event last week.
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Republicans question US trade representative on Trump tariff strategy
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Senators on both sides of the aisle pressed U.S. Trade Representative Jamieson Greer on Tuesday in the wake of President Trump’s sweeping tariff actions.
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Where does the parliamentarian stand on the ‘current policy baseline’?
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Republicans are plowing ahead with their plan to advance a tax cut and spending bill, with Speaker Mike Johnson (R-La.) encouraging hardliners in the House to adopt a Senate budget resolution that has a much lower floor for spending cuts.
The momentum raises questions about whether the Senate parliamentarian has approved Republicans’ preferred accounting assumption for the bill known as the “current policy baseline,” which allows Republicans to ignore the $4 trillion to $5 trillion cost of extending their tax cuts.
The Senate parliamentarian’s office could not be reached for comment.
“If [the parliamentarian] had provided a derogatory ruling with respect to the current policy baseline, Senate Democrats would know that,” Rohit Kumar, a former top aide to former Senate Majority Leader Mitch McConnell (R-Ky.), told The Hill. “If they knew that, they would not be holding that information back.”
Republicans have also signaled they plan to bypass the parliamentarian.
— Tobias Burns
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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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- 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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Branch out with more stories from the day:
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Keystone oil pipeline shutdown could quickly lead to higher gasoline prices
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BISMARCK, N.D. (AP) — The nearly 2,700-mile Keystone oil pipeline was shut down Tuesday morning after …
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Business and economic news we’ve flagged from other outlets:
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- Dow tumbles more than 300 points Tuesday as tariff-induced sell-off resumes (CNBC)
- Billionaires are turning on Trump (CNN)
- JPMorgan Sees More Pain Ahead for Junk and Private Lender Bonds (Bloomberg)
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Top stories on The Hill right now:
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GOP mood grows darker on Trump tariffs as markets give up their gains
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Glimmers of optimism surrounding President Trump’s tariffs quickly faded on Tuesday as the White House dug in on the threat of new levies, the markets erased their small morning gains and Republican lawmakers grew increasingly frustrated with what they see as mixed messages coming from administration … Read more
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Justice Barrett has set a new judicial ethics standard — and it’s about time
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Imagine a courtroom where judges can accept gifts from those bringing cases before them — where the judges themselves decide whether or not they have a conflict of interest in any given case, where transparency is basically non-existent, and where there is no accountability even for the most egregious … Read more
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Opinions related to business and economic issues submitted to The Hill:
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- What is Trump’s true motive behind his tariff plan?
- How Trump’s executive order complicates reciprocal tariff negotiations
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You’re all caught up. See you tomorrow!
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