“Republicans are making progress toward a tax deal that can stop increases at the end of year and even deliver on some of President Donald Trump’s proposed new tax cuts,” Semafor reports.
“His new tariff regime threatens to eclipse all of that.”
“Trump’s party is nervously eyeing the short- and potential long-term economic and political fallout from his blanket new tariffs and escalating retaliatory tariffs against dozens of countries. Most in the party want to give the president time to cut new trade deals, but the blunt market downturn on Thursday and prospect of imminent price increases to everyday products are quickly sinking in on Capitol Hill.”
Said Sen. Rand Paul (R-KY): “If the market today is any indication … they are overshadowing everything else. The markets are roiled up, and I think expressing great dissatisfaction with the tariffs.”
