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Trump says tariffs will finally take effect tomorrow
The president told reporters on Monday that 25% tariffs on Canadian and Mexican goods It was implemented on Tuesdayno matter what either country is doing to avoid them.
“Taxes, they're all set, they'll come into effect tomorrow,” he said, adding that “there's no rooms left in Mexico or Canada” to make a deal by midnight.
Trump warned last week that tariffs would move forward after him. I delayed them for a month Conversations with Canadian and Mexican leaders have been agreed to actions to address the drug flow at the border.
The president also announced that Mutual Tariffs It will start on April 2nd. This covers imports from all countries that collect import taxes on US goods.
“So all they have to do is, frankly, build their car plants, and the rest of the US.
The stock market was a hit after Trump's announcement on tariffs. The Dow Jones industrial average has dropped by more than 700 points since Trump's announcement.
Read the full report at thehill.com.
Welcome to the hill Business and Economy NewsletterI'm Sylvan Lane – Covers the intersection of Wall Street and Pennsylvania Avenue.
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A real reading
Major business and economic news with more impacts than this week:
O'Malley: Doge Cuts could quickly trigger the social security system “collapse”
Martin O'Malley, a former commissioner for the Social Security Agency (SSA), said on Monday that the recent cuts made by tech billionaire Elon Musk's government efficiency (DOGE) at the agency “clashes” could “result in the next 30-90 days.”
The complete story
OPEC+ begins long-term oil production hikes
A group of oil producers known as OPEC+ will advance long-term increases in oil production.
The complete story
TSMC invests $100 million in US chip manufacturing
The Taiwanese Semiconductor Manufacturing Company (TSMC) is planning to invest $100 billion to build a chip manufacturing plant in the United States, President Trump announced Monday.
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Tax Watch
Welcome to Tax WatchThe Hill's Business & Economy Newsletter's new feature focuses on the fight for tax reform and pushing forward to extending this year's 2017 Trump tax cut.
Taxes may partially offset the cost of tax reductions
Trump's decision to advance new tariffsAccording to a University of Pennsylvania forecast, it comes after the House passed a budget resolution in February for a tax cut and spending bill that could add trillions of dollars to the deficit.
Tariffs on Canada and Mexico could effectively contribute to offset some of these costs that are concentrated on the extension of the Tax Cuts and Employment Act (TCJA) of 2017, but official estimates would probably not be considered if they are being levied by administrative rather than Congressional actions.
“Previous implementation of tariffs could significantly reduce the TCJA's forecast costs and allow for a larger tax cut than it is included in the baseline, which would offset some of the drugs from the trade war.”
President Trump I'll deliver address to a joint session of the council on Tuesday night.
In other news
Fork in more stories of the day:
The Dow drops nearly 650 points on worries that Trump's latest tariffs will slow the economy down further
NEW YORK (AP) – US stocks fell on Monday, wiping out even more profits since the president…
The complete story
It's good to know
Business and Economic News we flagged from other outlets:
Two car manufacturers with problems Nissan and Stellantisit could be hit hardest by tariffs (NYT))
why Bitcoin Bulls Not satisfied with Trump's plan for something they've longed for: Crypto-safe “MarketWatch))
I have this boba chain you've never heard of More outlets More than McDonald's (CNN))
What others are reading
Top story on the Imahigashi:
The Canadian Prime Minister says, “I'll cut off electricity exports with a smile on my face.”
Ontario Prime Minister Doug Ford said he was ready to cut off electricity exports to the US on Monday if President Trump's 25% tariffs on Canadian goods are passed. read more
Bondy says she was misled by the Epstein Documents
Attorney General Pam Bondy was fooled for thinking that there were all the files involved in the investigation of dishonest financier and convicted sex offender Jeffrey Epstein, she told Fox News host Mark Levin over the weekend, defending Thursday's widely mimicked document dump. read more
What do people think
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