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Category: Economy
April 10, 2025
Jack Montgomery
Economy
World

EU Cracks, Suspends Retaliatory Tariffs Against U.S.

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❓What Happened: The European Union (EU) has suspended its planned retaliatory tariffs against the United States to pursue trade negotiations.

👥 Who’s Involved: European Union, European Commission President Ursula von der Leyen, U.S. President Donald Trump.

📍 Where & When: Announcement made in Brussels, April 7, 2025.

💬 Key Quote: Ursula von der Leyen stated, “We want to give negotiations a chance.”

⚠️ Impact: The 90-day suspension aims to facilitate a trade agreement, which could end U.S. reciprocal tariffs against the EU and dissuade the EU from retaliating.

IN FULL:

The European Union (EU) has backed down from its planned retaliatory tariffs against U.S. goods, to allow time for trade negotiations. This follows President Donald J. Trump’s announcement of a 90-day reduction of his April 2 “Liberation Day” tariffs against most countries to 10 percent while talks proceed.

President Trump initially imposed a 20 percent reciprocal tariff rate on the EU, higher than the 10 percent imposed on the likes of the United Kingdom but below some other countries, with the highest reciprocal tariff standing at 50 percent. All reciprocal tariffs have now been reduced to the 10 percent base rate—except for China, which faces a total tariff of 125 percent after retaliating against the U.S.

EU Commission President Ursula von der Leyen confirmed on Thursday that the EU had backed down from its own retaliatory tariffs, emphasizing a preference for diplomacy over trade conflict. This followed the White House issuing a statement declaring, “DO NOT RETALIATE AND YOU WILL BE REWARDED!”

Notably, the EU’s limited response, targeting specific U.S. goods such as orange juice and motorcycles, was not a response to the 20 percent reciprocal tariff, but to earlier, sector-specific tariffs President Trump imposed on products such as steel—which are unaffected by his 90-day reciprocal tariff reduction.

Image: European Union 2023 – Source: EP.

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April 10, 2025
William Upton
Economy
Politics

BREAKING: House Passes Trump’s ‘Big, Beautiful’ Budget and Tax Cut Bill.

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❓What Happened: The United States House of Representatives voted to concur with changes made by the Senate to a budget bill that will extend President Donald J. Trump’s 2017 tax cuts. This comes on the heels of the White House’s Council of Economic Advisers (CEA) releasing a report indicating that extending the Trump Tax Cuts could benefit Americans after prolonged economic difficulties.

👥 Who’s Involved: President Donald J. Trump; Council of Economic Advisers; U.S. Congress.

📍 Where & When: United States; April 10.

💬 Key Quote: President Trump urges Congress to “pass the one, big, beautiful bill” to enact both an extension of the tax cuts and his budget priorities.

⚠️ Impact: Extending the tax cuts could raise real wages by up to $3,300 per year, increase take-home pay for median-income households by up to $5,000 annually, and spur GDP growth. Failure to extend could have resulted in the largest tax hike in U.S. history, potentially harming job numbers and investments in distressed areas.

IN FULL:

The House of Representatives has passed a revised budget framework—concurring with changes made by the Senate—that will extend tax cuts enacted by President Donald J. Trump in 2017, avoiding a massive tax increase on most Americans at the end of the year. With House members voting almost entirely along partisan lines—Rep. Thomas Massie (R-KY) was among just two Republican dissenters in the 216-214 vote—the budget framework was narrowly adopted. Democrats in the House, however, have said they will continue to oppose the budget measure, with Rep. Steve Horsford (D-NV) going so far as to claim extending the tax cuts will “screw America.”

“The Speaker is rushing to the floor to pass a budget reconciliation, to screw America by passing the biggest tax cut in history,” the Nevada Democrat shouted during a Congressional hearing with U.S. Trade Representative Jamieson Greer on Wednesday. He continued: “W.T.F! Who is in charge?!”

Despite the Democrats’ claims, most economic analyses show that extending the 2017 cuts would benefit the economy. Conversely, letting Trump’s tax cuts expire could have had severely negative implications for American workers and investors.

A new report from the White House Council of Economic Advisors (CEA) breaks down the advantages of extending the 2017 tax cuts. Among the projections are significant increases in real wages by up to $3,300 annually and enhancements in take-home pay for median-income households, potentially rising by $5,000 each year.

The analysis further anticipates a short-term GDP boost between 3.3 percent and 3.8 percent, with long-term projections showing growth from 2.6 percent to 3.2 percent.

Notably, the CEA report suggested that unless the cuts were extended, the U.S. could lose 4.1 million jobs. Meanwhile, renewing the tax cut provisions could bring an estimated $100 billion in investment into American communities that have suffered economically.

Image by Gage Skidmore.

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April 9, 2025
William Upton
Economy

Dow Jones Sees Largest Single Day Point Jump in History, S&P Posts Biggest Gain Since 2008.

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❓What Happened: President Trump has overseen a historic Wall Street surge, with the Dow jumping 2,962.86 points and the S&P up nearly 10 percent as he continues to steer his America First tariff strategy.

👥 Who’s Involved: Donald J. Trump, U.S. markets, China, 75 negotiating countries, Wall Street traders.

📍 Where & When: U.S. markets, late Wednesday, April 9, 2025.

💬 Key Quote: “Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!). Be Strong, Courageous, and Patient, and GREATNESS will be the result!” — President Trump, April 7.

⚠️ Impact: Record 30 billion shares traded, markets soar after tariff relief, but China’s U.S. debt dump and 4.5 percent Treasury yield spike signal a brewing economic showdown.

U.S. markets surged late Wednesday following an announcement by President Donald J. Trump that he would ease tariff measures against most of America’s trading partners as the White House begins bilateral negotiations with around 75 countries—except for China, which saw tariff rates on its goods increase to 125 percent.

The Dow Jones closed at 40,608.45, a gain of 2,962.86 points on the day—the single largest daily point gain in history. Meanwhile, the S&P 500, which saw significant volatility over the past week, saw nearly a 10 percent gain, closing at 5,456.90.

An estimated 30 billion shares were traded on Wednesday, marking the heaviest—by volume—trading day in Wall Street’s history. The surge in trading almost entirely came after President Trump posted on Truth Social that he would pause his reciprocal tariffs—although not sector-specific tariffs on products such as steel—on all foreign nations, except China, with only the 10 percent global tariff remaining in effect while his White House begins negotiations with a number of countries on a new, more equitable trade system accounting for the interests of the United States.

The prospect of a long-term trade war between the United States and most nations worldwide rattled markets following President Trump’s “Liberation Day” tariff announcement on April 2. However, it appears the most concerning development for the Trump White House occurred Tuesday evening as the 10 Year Treasury Bond yield rate began to increase to over 4.5 percent, signifying that either foreign governments or institutional investors were moving to dump U.S. debt. By early Wednesday morning, it became apparent that China was selling off the U.S. Treasuries as it was forced to defend its currency from the tariff effects by purposefully devaluing it.

On April 7, President Trump urged people fretting over the short-term reaction to tariffs to stay the course, writing, “Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!). Be Strong, Courageous, and Patient, and GREATNESS will be the result!”

Jack Montgomery contributed to this report.

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April 9, 2025
Economy
World

EU Hits America with $21 Billion in Retaliatory Levies Hours Before Trump Tariff Pause.

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❓What Happened: On Wednesday, before President Donald J. Trump announced he would be reducing tariffs on countries that have not “retaliated in any way, shape, or form against the United States,” the European Union (EU) approved an estimated $21 billion in retaliatory tariffs against a number of American exports.

👥 Who’s Involved: The European Union, the European Commission, and U.S. President Donald J. Trump.

📍 Where & When: Brussels, Belgium on Wednesday, April 9.

💬 Key Quote: “The EU considers U.S. tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy. The EU has stated its clear preference to find negotiated outcomes with the U.S., which would be balanced and mutually beneficial,” the European Commission said in a statement.

⚠️ Impact: The EU retaliatory trade measures were to be imposed in three phases from April 15, impacting a number of American goods, including soybeans, motorcycles, orange juice, meat, tobacco, steel, and aluminum. Their fate is unclear now that President Trump has announced he will drop reciprocal tariffs—but not tariffs specific to certain tariffs, such as steel—to 10 percent for everyone but China for 90 days while trade negotiations are conducted.

IN FULL:

The European Union (EU) has cleared the way to impose an estimated $21 billion in retaliatory tariffs on American goods in response to steel and aluminum tariffs enacted by U.S. President Donald J. Trump last month. The European Commission—the EU’s unelected, quasi-executive body—announced the decision on Wednesday, noting that 26 of its 27 member states approved the trade measures. Viktor Orbán’s Hungary was the only EU country to oppose the tariff package.

“The EU considers U.S. tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy. The EU has stated its clear preference to find negotiated outcomes with the U.S., which would be balanced and mutually beneficial,” The European Commission said in a statement.

The EU tariffs on U.S. goods are to be enacted in three phases, the first of which will take effect next week. Additional tariff measures will be imposed in May, and the final phase will be imposed in December. As of the time of publication, this timeline does not appear to have been changed as a result of President Trump’s pause.

The EU’s retaliatory measure consisted mainly of a 25 percent trade duty on American goods such as soybeans, motorcycles, orange juice, meat, tobacco, steel, and aluminum. However, the list of products hit with the trade levy could grow, if the EU moves forward with retaliatory measures next week in response to President Trump’s 25 percent tariff on European automobiles and the now paused 20 percent reciprocal tariff on all EU goods. It is unclear, now that Trump has paused the reciprocal tariffs, whether the Europeans will move forward with additional retaliatory measures.

Following the EU’s approval of the retaliatory measures, President Trump announced he would reduce U.S. reciprocal tariffs on countries that have not imposed any new import duties on America to a universal 10 percent tariff for 90 days, while they negotiate bilateral trade agreements with the White House. China was the one named exception by Trump, and will instead face a 125 percent tariff for imposing retaliatory levies on the U.S.

Notably, sector-specific U.S. tariffs on products, including steel, aluminum, and automobiles, appear unaffected by this pause.

Image: European Union 2017 – European Parliament.

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April 9, 2025
Economy
World

CCP Announces Another Retaliatory Tariff Against U.S. After Trump Raises Duties on China to 104%.

PULSE POINTS:

❓What Happened: The United States raised tariffs on Chinese goods to 104 percent at midnight. In retaliation, China announced a further 50 percent tariff on American goods, raising its total tariff on U.S. imports to 84 percent.

👥 Who’s Involved: President Donald J. Trump, U.S. Treasury Secretary Scott Bessent, Chinese President Xi Jinping, Chinese Foreign Ministry spokesman Lin Jian.

📍 Where & When: The tariffs were enforced at midnight on Tuesday, April 8, with China’s retaliatory measures scheduled to start on Thursday, April 10.

💬 Key Quote: “They are the surplus country. Their exports to the U.S. are five times our exports to China. So, they can raise their tariff, but so what?” — U.S. Treasury Secretary Scott Bessent.

⚠️ Impact: The additional tariff imposed by China on American goods marks a continued escalation in the trade conflict between the two nations and will likely increase global market volatility. However, China’s position as a heavy net exporter means their tariff is likely to have little effect on the American economy overall.

IN FULL:

The People’s Republic of China will impose an additional 50 percent tariff on American goods beginning Thursday after U.S. President Donald J. Trump raised the tariff on all Chinese imports to 104 percent yesterday at midnight. American goods exported to China will now face an 84 percent tariff in total. The Chinese retaliatory tariff will likely have little effect as the communist state exports far more goods than it imports.

“I think it’s unfortunate that the Chinese actually don’t want to come and negotiate because they are the worst offenders in the international trading system. They have the most imbalanced economy in the history of the modern world. And I can tell you that this escalation is a loser for them,” U.S. Treasury Secretary Scott Bessent said on Wednesday after China announced the new trade duties. He explained: “They are the surplus country. Their exports to the U.S. are five times our exports to China. So, they can raise their tariff, but so what?”

The Treasury Secretary also warned the Chinese Communist Party (CCP) that what they “should not do is try to devalue their way out of this,” noting that the Chinese offshore yuan—the country’s internationally tradable currency—hit its weakest level since 2010 on Tuesday. Bessent emphasized that any attempt by China to devalue the yuan would force other nations to “keep raising their tariffs to offset the devaluation.”

China, however, contends the United States is using trade policy to attack its sovereignty and development interests. “We will not let anyone take away the Chinese people’s legitimate right to development. We will not tolerate any attempt to harm China’s sovereignty, security, and development interests, ” Lin Jian, a spokesman for the Chinese Foreign Ministry, said after the announcement of an additional 50 percent tariff on U.S. goods on Wednesday.

While China and a handful of other nations continue to resist President Trump’s moves to end unfair trade barriers against American products, at least 70 countries are set to begin negotiations with the White House on bilateral trade agreements.

Image via Wikimedia Commons.

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April 8, 2025
William Upton
Economy
Politics

Trump Ends Biden-Era Anti-Coal Policies to Boost American Energy Production.

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❓What Happened: President Donald J. Trump signed four Executive Orders to revitalize the U.S. coal industry.

👥 Who’s Involved: President Trump, relevant federal agencies, and the U.S. coal industry.

📍 Where & When: The announcement was made at the White House on Tuesday, April 8, 2025.

💬 Key Quote: President Trump stated, “Today, we’re taking historic action to help American workers, miners, families and consumers. We’re ending Joe Biden’s war on beautiful, clean coal once and for all. We’re going to put the miners back to work.”

⚠️ Impact: The order aims to increase energy production, support the economy, create jobs, and lower electricity costs.

IN FULL:

President Donald J. Trump signed a series of Executive Orders on Tuesday to increase American energy production by ending almost all restrictive regulations on coal. According to the America First leader, the Executive Orders will end all discriminatory policies against the coal industry, end the federal land leasing moratorium enacted by former President Joe Biden, and accelerate permitting and new funding for coal projects. Additionally, Trump signed an order placing a moratorium on Biden’s coal plant regulations—which would have effectively ended their use in the United States—preventing the restrictions from taking effect.

Trump signed two additional orders. The first directs federal agencies to prioritize electrical grid security by focusing on policies that promote secure and effective energy production and ending policies rooted in the woke green agenda that discriminate against reliable energy sources such as coal. The President also enacted an Executive Order directing the Department of Justice (DOJ) to investigate state governments that enact discriminatory environmental policies targeting the coal industry. The White House contends that many of these policies are unconstitutional and represent state governments impeding upon federal regulatory authority.

“Today, we’re taking historic action to help American workers, miners, families and consumers. We’re ending Joe Biden’s war on beautiful, clean coal once and for all,” President Trump said before signing the four executive actions. He stressed that the coal plants closed under the former Biden government will be reopened as part of an across-the-board American energy plan. Trump added: “We’re going to put the miners back to work.”

Under Biden, the federal government enacted a bevy of new environmental regulations targeting the coal industry and emissions standards as part of its embrace of the far left’s green agenda. The Trump White House has prioritized reversing those extreme Democratic policies.

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April 7, 2025
Economy

Americans Rally Behind Trump’s Trade Policies.

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❓What Happened: American workers are getting behind President Donald J. Trump’s tariff plan to help bring jobs back to America.

👥 Who’s Involved: President Trump, United Auto Workers, Steel Manufacturers Association, National Cattlemen’s Beef Association, Southern Shrimp Alliance, National Council of Textile Organizations, and various small business owners and industry leaders.

📍 Where & When: Across the United States, April 7.

💬 Key Quote: “To see those plants close, one after another, and just sit idle and then fall into disrepair and collapse, they become abandoned buildings… I’m glad to see Donald Trump finally standing up saying he’s going to do something about it,” said retired auto worker Brian Pannebecker.

⚠️ Impact: The Trump tariffs receiving support from industry figures and working-class Americans signals renewed hope for domestic manufacturing and economic growth, despite outcry from financiers.

IN FULL:

President Donald J. Trump’s robust tariff initiative, aimed at countering the impact globalization has had on American industries, is being praised by workers across America. The new direction is garnering support from several industry groups, including the United Auto Workers, Steel Manufacturers Association, and the National Cattlemen’s Beef Association, as well as local business leaders.

Support from American industry is evident across the nation. Illinois cattle farmer Alan Adams highlighted the long-standing issues with foreign tariffs, particularly in beef, noting, “We’d like the same chance to sell the great taste of American beef.”

Acy Cooper, a fourth-generation shrimp producer in Louisiana, underscored the importance of strong domestic production for national resilience, saying, “We’ve been suffering for over 20 years … this country can’t feed itself, this country can’t sustain its own way of life. If we get into a war with China, one of our big importers … how are we going to feed the people of this country? … It has to come [from] within this country.”

In Michigan, retired auto worker Brian Pannebecker said, “To see those plants close, one after another, and just sit idle and then fall into disrepair and collapse, they become abandoned buildings… I’m glad to see Donald Trump finally standing up saying he’s going to do something about it.”

Further support comes from business leaders such as Brian Riley, CEO at Guardian Bikes, who perceives Trump’s trade policy as a welcome shift away from a status quo that “prioritized offshoring production and cheap consumption.”

President Trump is pushing forward with his plan, emphasizing his desire to bolster American industries, create fair trade opportunities, and ultimately enhance the livelihoods of American workers. He urged Americans to stay strong through the market jitters attributed to the tariffs on Monday morning, writing on his Truth Social platform, “The United States has a chance to do something that should have been done DECADES AGO. Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!).”

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April 7, 2025
Economy
News

Trump Vows to Maintain Tariffs Until Trade Deficit Eliminated.

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❓What Happened: President Donald J. Trump stated that tariffs on other nations will remain until trade deficits with China, the European Union, and others are eliminated.

👥 Who’s Involved: President Trump, his economic advisers.

📍 Where & When: Remarks were made on Air Force One on Sunday; Trump was headed to his club in Jupiter, Florida.

💬 Key Quote: “Hundreds of billions of dollars a year we lose with China,” Trump said. “And unless we solve that problem, I’m not going to make a deal.”

⚠️ Impact: Global businesses, investors, and markets have been affected; American manufacturing will likely build strength over time with less competition from low-wage economies.

IN FULL:

On Sunday, President Donald J. Trump announced he would maintain tariffs on other nations until the United States’ trade imbalances with the likes of China and the European Union (EU) are addressed. Speaking to journalists aboard Air Force One, Trump emphasized the financial losses stemming from trade with China, stating, “Hundreds of billions of dollars a year we lose with China. And unless we solve that problem, I’m not going to make a deal.”

The America First leader’s remarks followed efforts by his senior advisers to bolster his broad-reaching tariff policy. As Trump traveled from his Mar-a-Lago property for a golfing day at his Jupiter, Florida club, key economic advisers dismissed the short-term market shock, asserting that the President’s approach to tariffs would yield benefits for American industry and workers.

Trump’s aides noted Sunday that more than 50 countries have already expressed interest in finding ways to avert U.S. tariffs. Commerce Secretary Howard Lutnick confirmed that the tariffs would indeed proceed, saying, “The tariffs are coming. Of course they are.”

Some countries have already retaliated against Trump’s tariffs, including China, which announced a 34 percent tariff on all U.S. imports last week. President Trump reacted to the retaliatory tariffs, saying, “China played it wrong, they panicked—the one thing they cannot afford to do!” He later announced China will be subjected to an increased 50 percent tariff if it does not back down.

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April 7, 2025
William Upton
Economy
World

BREAKING: Trump Gives China 24 Hours to Withdraw Retaliatory Trade Duties or Face New 50% Tariff.

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❓What Happened: President Donald J. Trump on Monday took to Truth Social, warning China that it has 24 hours to withdraw its 34 percent retaliatory tariff on American imports or else he will impose an additional trade duty of 50 percent on Chinese goods. Additionally, Trump indicated that should China refuse, he will break off all ongoing talks about a broader trade agreement.

👥 Who’s Involved: President Donald J. Trump, Chinese President Xi Jinping

📍 Where & When: April 7, 2025 in Washington D.C.

💬 Key Quote: “Therefore, if China does not withdraw its 34% increase above their already long-term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th, ” Trump announced.

⚠️ Impact: Further retaliatory tariffs could mark a significant escalation in the trade conflict.

IN FULL:

President Donald J. Trump is giving China 24 hours to end its retaliatory trade measures against the United States. Otherwise, he will impose an additional 50 percent tariff on top of those enacted on April 2. Following Trump’s imposition last week of reciprocal tariffs against nations that abuse their trade position against the United States, China announced they would escalate, enacting trade levies that have, in part, helped fuel global market volatility.

“Yesterday, China issued Retaliatory Tariffs of 34%, on top of their already record setting Tariffs, Non-Monetary Tariffs, Illegal Subsidization of companies, and massive long term Currency Manipulation, despite my warning that any country that Retaliates against the U.S. by issuing additional Tariffs, above and beyond their already existing long term Tariff abuse of our Nation, will be immediately met with new and substantially higher Tariffs, over and above those initially set,” Trump wrote on Monday. “Therefore, if China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th.”

He added: “Additionally, all talks with China concerning their requested meetings with us will be terminated! Negotiations with other countries, which have also requested meetings, will begin taking place immediately. Thank you for your attention to this matter!”

The move could mark a serious escalation in the trade conflict between the United States and China. For years, the Chinese communist government has used various tools, such as currency manipulation, state subsidies, and regulatory measures aimed at obstructing American exports, to prevent U.S. exporters from remaining competitive with Chinese firms. Ending this behavior is a key goal for the Trump White House.

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April 7, 2025
Jack Montgomery
Economy
News

Trump Admin Defends Pro-Worker, Anti-Cheating Tariff Policy.

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❓What Happened: Officials from the Trump Administration discussed the President’s reciprocal trade plan to counter global economic policies perceived as harmful to American workers.

👥 Who’s Involved: Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, National Economic Director Kevin Hassett, Secretary of Agriculture Brooke Rollins, Attorney General Pam Bondi, and Senior Counselor Peter Navarro.

📍 Where & When: Various news shows aired discussions on Sunday, including Meet the Press, Face the Nation, This Week, State of the Union, Fox News Sunday, and Sunday Morning Futures.

💬 Key Quote: Scott Bessent remarked on tariffs, “A 20 percent tariff on China led to a 0.7 percent price level increase over four years. I think that’s pretty good.”

⚠️ Impact: The administration aims to reduce reliance on foreign goods and protect American industries, citing national security and economic stability concerns.

IN FULL:

Several Trump Administration officials appeared on major news programs Sunday to outline its tariff strategy, intended to change the economic landscape to favor American workers and industries and mitigate distorted trade imbalances.

Secretary of the Treasury Scott Bessent recalled the tariffs imposed during President Donald J. Trump’s first term, noting that a 20 percent tariff on Chinese goods resulted in only marginal price increases and net real wage growth for American households. He added that the COVID-10 pandemic exposed the fact that “[America’s] supply chains are not resilient,” explaining that “President Trump has decided that we cannot be at risk like that for our crucial medicines, for our semiconductors, for shipping.”

Secretary of Commerce Howard Lutnick also emphasized the national security risks involved in outsourcing critical manufacturing: “We don’t make medicine in this country anymore. We don’t make ships. We don’t have enough steel and aluminum to fight a battle,” he warned.

Kevin Hassett, National Economic Director, explained that cheap foreign imports come at a cost, recalling how, in the years since China was admitted to the World Trade Organization (WTO), “real incomes declined about $1,200 cumulatively… We got the cheap goods at the grocery store, but then we had fewer jobs.”

Peter Navarro, Senior Counselor for Trade and Manufacturing, emphasized that many of America’s so-called trade partners have adopted practices beyond tariffs “that are designed, explicitly, to cheat us”—such as currency manipulation, to strengthen their export potential, and regulatory barriers against American produce —and that President Trump has determined to draw a line against this.

“We’re headed towards a strong America that makes things again,” he added.

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