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Business & Economy
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Business & Economy
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President Trump sought to tamp down a trade war with China on Wednesday, appearing to be optimistic that he can strike a deal to calm nerves in the U.S. markets.
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“We’re dealing with a lot of countries right now and could be with China, but maybe we’ll make a special — you know, a deal — and we will see what it will be. Right now, it’s at 145 percent, that’s very high,” Trump said Wednesday, following remarks the day before when he suggested the China tariff “come down substantially.”
But Trump also gave no indication that the massive tariffs on Chinese goods would be going away anytime soon, something that is sure to keep the markets rattled.
A number of factors contributed to Trump’s decision to leave the door open to negotiating a lower rate with Beijing, including the market reaction and warnings from top business executives, sources who spoke to The Hill outlined.
The president met with CEOs of U.S. retailers, including Walmart, Target, Home Depot on Monday, which had a hand in his tone shift the next day. The negotiations are now also being led by Treasury Secretary Scott Bessent, as opposed to other administration officials.
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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Trump signals shift in tone on China tariffs
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President Trump sought to tamp down a trade war with China on Wednesday, acknowledging that the 145 percent duty he slapped on Beijing is “very high” while appearing to be optimistic that he can strike a deal with President Xi Jinping to calm nerves in the U.S. markets.
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Student loan borrowers at risk of garnished wages: What to know
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Defaulted student loan borrowers will need to come up with a plan in the next few weeks as the Trump administration plans to restart involuntary collections for those who have missed payments.
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China sends back Boeing planes amid increased tariffs
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Boeing CEO Kelly Ortberg said the company is working with China to take back planes the company sent to the country, amid the increased tariff war between China and the U.S.
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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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Budget cuts to present bigger hurdle for reconciliation
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Republicans in the House have set a substantially higher bar for budget cuts in their tax cut and spending package than their colleagues in the Senate.
The joint budget resolution passed earlier this month gives different instructions to the upper and lower chambers that will eventually need to be reconciled.
Legislative experts told The Hill that it will be up to the Senate to decide whether the more drastic cuts advanced by House committees are politically acceptable.
“There’s divergence on the pay-for side,” former Senate Finance Committee tax counsel Joseph Boddicker said. “Ultimately, the House will take the lead. The question is, are they going to be advancing offsets that are politically viable in the Senate? That’s the big question.”
— Tobias Burns
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Upcoming news themes and events we’re watching:
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- The University of Michigan’s next Surveys of Consumers report is set for release on Friday at 10 am E.T.
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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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Jury decides Norfolk Southern should pay for the $600 million settlement in 2023 Ohio derailment
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The company that owned the railcar that caused the devastating East Palestine train derailment in …
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Business and economic news we’ve flagged from other outlets:
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- Dow closes 400 points higher, but ends session well off the highs of the day (CNBC)
- Musk vs. Bessent dispute erupted into West Wing shouting match (Axios)
- Pastor calls for ‘full Target boycott’ over concerns about diversity, equity, inclusion (The Associated Press)
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Top stories on The Hill right now:
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DeSantis faces growing storm over Hope Florida controversy
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Editor’s note: This story was updated to reflect that Casey DeSantis launched Hope Florida, a community-based initiative that is distinct from the Hope Florida Foundation, which helps promote the initiative. Read more
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Trump signs executive order targeting college accreditation process
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President Trump signed an executive order on Wednesday to shake up the college accreditation process, a topic that rarely gets political sunlight but is immensely important to universities. Read more
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Opinions related to business and economic issues submitted to The Hill:
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- Crypto’s $10 trillion runaway train potentially threatens the financial system
- Looking for logic in Trump’s tariffs is a fool’s errand
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You’re all caught up. See you tomorrow!
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