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Business & Economy
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Business & Economy
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Trump signs orders to scale back auto tariffs
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President Trump signed executive orders Tuesday scaling back his 25 percent tariffs on imported automobiles and auto parts that are scheduled to go into effect May 3.
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The Trump administration will spare foreign auto parts from facing a double hit from the president’s auto tariffs and his previously imposed import taxes on foreign metals, instead charging the highest available rate per product.
The administration will also allow automakers to apply for 15 percent price offsets in the first year of the tariffs and a 10 percent offset in the second year in a bid to get companies to increase domestic production of automobiles.
The cost reductions for carmakers — which the administration is calling offsets and distinguishing from rebates — will be phased out in the third year, by which time officials expect auto supply chains to be sufficiently reshored.
After the end of the second year, the 25 percent import tax on auto parts will be levied in full.
Read the full report at TheHill.com.
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Welcome to The Hill’s Business & Economy newsletter, I’m Sylvan Lane — 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 unleashes crypto ‘sea change’ in first 100 days
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The Trump administration in nearly 100 days reversed Washington’s tone on cryptocurrency, making good on many of its promises to the industry in a blitz of executive orders and regulatory shake-ups.
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Novo Nordisk partners with Ro, Hims and LifeMD to sell low-cost Wegovy
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Novo Nordisk is partnering with online telehealth companies to sell a direct-to-consumer, lower cost version of its popular weight-loss drug Wegovy.
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Von der Leyen rips Trump’s ‘unpredictable tariff policy’
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President Trump’s tariffs will rattle countries across the world, European Commission President Ursula von der Leyen said Tuesday at the European People’s Party annual congress in Valencia.
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Trump says Bezos ‘did the right thing’ by not displaying tariff costs on Amazon
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President Trump said Amazon CEO Jeff Bezos did the right thing after the e-commerce giant pushed back on reports that it was planning to display how much tariffs add to costs.
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Democratic negotiators say Trump has targeted at least $430 billion in funding
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Top Democratic funding negotiators in the House and Senate on Tuesday published a tracker they say is aimed at documenting federal funding blocked under President Trump, while accusing his administration of targeting at least $430 billion in funds.
Sen. Patty Murray (Wash.) and Rep. Rosa DeLauro (Conn.), top Democrats on the Senate and House appropriations committees, released the tracker early Tuesday in an effort they say is intended to “shine a light on President Trump’s vast, illegal funding freeze and how it is hurting people in every zip code in America.”
The tracker comes as Republicans in both chambers have been pushing for legislation to codify cuts pursued by Trump’s Department of Government Efficiency.
Those cuts could play a critical role in giving Republicans more budgetary room to cut taxes in their upcoming reconciliation bill.
— Aris Folley
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Upcoming news themes and events we’re watching:
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- The Commerce Department releases the first estimate of first quarter gross domestic product growth at 8:30 a.m. Wednesday
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Stay ahead of the political trends by signing up for The Hill’s Evening Report newsletter. Click here to sign up
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Branch out with more stories from the day:
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Senate confirms former Sen. David Perdue as Trump’s US ambassador to China amid tariff showdown
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WASHINGTON (AP) — The Senate on Tuesday confirmed former Sen. David Perdue as ambassador to China, …
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Business and economic news we’ve flagged from other outlets:
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- Retailers Fear Toy Shortages at Christmas as Tariffs Freeze Supply Chain (NYT)
- Starbucks stock falls as sales disappoint (CNBC)
- Billionaire investor Ray Dalio says it’s ‘too late’ to escape damage from Trump’s tariffs (CNN)
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Top stories on The Hill right now:
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Hegseth ‘proud’ to end Women, Peace and Security program
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Defense Secretary Pete Hegseth declared Tuesday that he had begun to shutter a Pentagon program meant to advance women’s participation in peace-building and conflict prevention, which was created by a law written by GOP lawmakers and signed by President Trump during his first term. Read more
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Trump’s federal return-to-office orders are massively backfiring
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Chaos, frustration, and a deep sense of unease have swept through countless federal offices ever since President Trump announced a blanket return-to-office mandate. Read more
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Opinion related to business and economic issues submitted to The Hill:
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- Unlocking homeownership: A bipartisan approach to building affordable housing
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You’re all caught up. See you tomorrow!
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