Markets rallied following his remarks, with officials signaling progress towards a possible deal, though negotiations with China are expected to be challenging.
Elon Musk’s cost-cutting reforms through the Department of Government Efficiency (DOGE) have drastically reshaped the IRS, leading to operational challenges and employee concerns.
Trade tensions impact China’s economy, with GDP forecasts cut to 4% and millions of jobs at risk in export-dependent industries.
Treasury Secretary Scott Bessent highlighted risks to the U.S. bond market, prompting Trump to take swift action to safeguard economic stability.
Cruz and Paul emphasize the need for tariffs to be temporary and urge for congressional oversight, with Cruz highlighting the importance of free trade and Paul calling tariffs "a terrible mistake."
Discussions with allies like Israel and India are ongoing, but officials maintain a firm stance, emphasizing the need to tackle issues like currency manipulation and dumping.
Economists warn the aggressive policy could lead to job losses, higher unemployment, and a potential recession if trading partners retaliate.