Business & Economy
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Business & Economy
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Trump rips China for ‘totally’ violating trade truce
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President Trump railed against China on Friday, saying Beijing violated a trade agreement with the U.S. amid ongoing tensions between the two countries.
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In a post on Truth Social, Trump claimed he saved China from “grave economic danger” thanks to “very high Tariffs I set” by agreeing to reduce import taxes on Chinese goods.
“I saw what was happening and didn’t like it, for them, not for us. I made a FAST DEAL with China in order to save them from what I thought was going to be a very bad situation, and I didn’t want to see that happen,” Trump wrote.
“The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!,” Trump continued without specifying the violation.
Treasury Secretary Scott Bessent said Thursday that talks with China over trade are somewhat in limbo, telling Fox News’s Bret Baier they are “a bit stalled.”
He also said there may be a call between Trump and Chinese President Xi Jinping at some point.
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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Key business and economic news with implications this week and beyond:
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JPMorgan Chase CEO Jamie Dimon said Friday that the U.S. needs to get its own act together before worrying about China.
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Sen. Elizabeth Warren (D-Mass.) on Friday backed President Trump’s call to abolish the nation’s debt ceiling, pressing for bipartisan action to “get rid of it forever.”
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A new lawsuit filed in the U.S. Court of International Trade seeks to force the Trump administration to return tariffs it collected under the president’s “Liberation Day” announcement now that the court has ruled them unlawful.
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Lawmakers in the California Senate plan to probe reports of a potential settlement between Hollywood giant Paramount and President Trump in connection with his ongoing lawsuit against CBS News.
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US Chamber launches 6-figure ad campaign behind GOP tax bill
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Congress’s bill cutting taxes and spending will receive an advertising campaign from a major business lobby as it faces widespread criticism for redistributing wealth and resources toward the upper strata of American society.
The U.S. Chamber of Commerce, one of the nation’s largest business lobbies, will run the six-figure campaign across various media in targeted states and congressional districts, though the group didn’t specify in a Friday release where exactly those would be.
“The campaign will include a total of 32 billboards across the country and matching paid digital advertising. This initial ad buy will run for at least the next month with the intention to expand to additional states and districts,” it said. The ads will mention 14 congressional representatives and two senators and will “[draw] attention to those
Members of Congress who are not supportive of the bill,” the group said.
The campaign likely has an eye toward the 2026 midterm elections, which could see Republicans lose their trifecta.
Tobias Burns has more here.
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Tax Watch is a regular feature focused on the fight over tax reform and extending the 2017 Trump tax cuts this year. Email a tip
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Upcoming news themes and events we’re watching:
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The Trump administration is expected to send Congress a rescissions package to claw back $9.4 billion in funding next week, as Republicans press to codifying cuts pursued by the Department of Government Efficiency (DOGE).
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Branch out with more stories from the day:
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WEST MIFFLIN, Pa. (AP) — President Donald Trump is holding a rally in Pennsylvania on Friday to celebrate …
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Business and economic news we’ve flagged from other outlets:
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Trump called it a disaster. Biden blocked it. Now Trump is traveling to Pittsburgh to celebrate Japan’s takeover of US Steel (CNN)
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Jamie Dimon Says Crack in the Bond Market Is ‘Going to Happen’ (Bloomberg)
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Wall Street glides to the end of its best month since 2023 (The Associated Press)
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Top stories on The Hill right now:
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President Trump will travel Friday afternoon to the Pittsburgh area for a rally and remarks on the “planned partnership” between U.S. Steel and Japan’s Nippon Steel, which he announced last month. Read more
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Iowa Sen. Joni Ernst (R) pushed back against constituents who shouted out at her recent town hall meeting that cuts to Medicaid and the Supplemental Nutrition Assistance Program (SNAP) would cause people to die, responding, “Well, we’re all going to die.” Read more
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Opinions related to business and economic issues submitted to The Hill:
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You’re all caught up. See you next week!
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