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Welcome to The Hill’s Business & Economy newsletter
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Business & Economy
Business & Economy
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The Big Story
Trump signs orders to scale back auto tariffs
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.
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.
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.
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.
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.
Democratic negotiators say Trump has targeted at least $430 billion in funding
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
The Ticker
Upcoming news themes and events we’re watching:
The Commerce Department releases the first estimate of first quarter gross domestic product growth at 8:30 a.m. Wednesday
Tomorrow’s news today
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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
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
What People Think
Opinion related to business and economic issues submitted to The Hill:
