The president told reporters Monday that his 25 percent tariffs on Canadian and Mexican goods will be implemented Tuesday, no matter what either nation does to avoid them.
Key business and economic news with implications this week and beyond:
Martin O’Malley, the former commissioner of the Social Security Administration (SSA), said Monday the recent cuts made by tech billionaire Elon Musk’s Department of Government Efficiency (DOGE) at the agency could result in the “collapse” of the Social Security system “within the next 30 to 90 days.”
OPEC+ will start long-delayed oil production hike
Full StoryTrump's decision to go forward with new tariffs comes after the House passed a budget resolution in February for a tax cut and spending bill that could add trillions to the deficit — as much as $5.1 trillion over the next decade, according to a projection by the University of Pennsylvania.
Tariffs on Canada and Mexico could effectively contribute to offsetting some of those costs — which center on an extension of the 2017 Tax Cuts and Jobs Act (TCJA) — though they probably won’t factor into official estimates if they’re levied through administrative rather than congressional actions.
“An earlier implementation of tariffs could meaningfully lower the projected costs of the TCJA, potentially allowing for larger tax cuts than were included in our baseline, which would, in turn, offset some of the drag from the trade war,” Brett Ryan and other Deutsche Bank analysts wrote in a Sunday to investors.
— Tobias Burns
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Upcoming news themes and events we're watching:
President Trump delivers an address to a Joint Session of Congress on Tuesday night.Business and economic news we've flagged from other outlets:
2 Troubled Carmakers, Nissan and Stellantis, Could Be Hit Hardest by Tariffs (NYT) Why bitcoin bulls aren’t happy about Trump’s plans for something they’ve long wanted: a crypto reserve’ (MarketWatch) This boba chain you’ve never heard of has more outlets than McDonald’s (CNN)Top stories on The Hill right now:
Attorney General Pam Bondi was duped into thinking she had all the files related to investigations into disgraced financier and convicted sex offender Jeffrey Epstein, she told Fox News host Mark Levin over the weekend while defending Thursday’s widely mocked document dump. Read more
Opinions related to business and economic issues submitted to The Hill:
What I would tell Elon Musk to get DOGE back on track Trade wars are bad, and hard to win Read More Details
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