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Business & Economy
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Business & Economy
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GOP rests hopes on Supreme Court over tariffs
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GOP lawmakers are quietly hoping the Supreme Court will hit the brakes on President Trump’s trade war, which has become a growing political liability for the party.
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Trump’s sweeping “reciprocal” tariffs against dozens of countries face new legal challenges after several businesses sued the administration in the U.S. Court of International Trade and a federal district court in Florida.
Most of those tariffs are on hold for a 90-day period to allow countries to negotiate with the Trump administration. China is the big exception. Many of its products now face tariffs at 145 percent.
Some Republican lawmakers, who privately oppose Trump’s tariffs but are afraid of criticizing the president publicly, hope the Supreme Court will ultimately curb Trump’s tariff authority.
“Members would love to have the courts bail them out and basically step in and assert the authority under the Constitution that taxes are supposed to originate in the House of Representatives,” said Brian Darling, a GOP strategist and former Senate GOP aide.
Jeffrey M. Schwab, senior counsel for the Liberty Justice Center, which has filed a lawsuit challenging Trump’s sweeping “Liberation Day” tariffs on behalf of U.S. businesses that import goods from the countries targeted by the levies, said the case is likely to reach the Supreme Court unless Trump reverses course.
The Hill’s Alex Bolton has 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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Did someone forward you this newsletter? Subscribe here.
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Key business and economic news with implications this week and beyond:
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Markets drop as Powell warns of stagflation
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Markets took a dive Wednesday after Federal Reserve Chair Jerome Powell painted a stagflationary picture of risks facing the economy, warning of both lower growth and higher prices as a result of the Trump administration’s tariff policies.
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Thomson Reuters drops ‘diversity’ for ‘inclusion’ as Trump pressures press
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Thomson Reuters said that it would be dropping “diversity” from company language and would replace it with the word “inclusion” in an effort to comply with a January executive order from President Trump on diversity, equity and inclusion (DEI).
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Zuckerberg underscores TikTok competition as Meta fights monopoly allegations
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Meta CEO Mark Zuckerberg emphasized Wednesday that his social media company faces stiff competition from TikTok, as Meta seeks to fend off accusations from the Federal Trade Commission (FTC) that it has a monopoly over social networking.
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Starbucks introducing new dress code for baristas, a move protested by some
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Baristas at your local Starbucks might soon be sporting a new, more consistent look after the company announced an update to its dress code this week.
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Welcome to Tax Watch, a new feature in The Hill’s Business & Economy newsletter focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year.
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Trump administration cancels Direct File IRS program
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The Trump administration is doing away with the Direct File program, the online tax filing tool rolled out by the Biden administration that allowed taxpayers to file their taxes for free online, the Associated Press reported Wednesday.
Republicans have been blasting the Direct File program since its creation in the 2022 Inflation Reduction Act, with Senate Finance Committee members calling it “illegitimate and unnecessary.”
The multibillion-dollar tax prep industry lobbied hard against the program. A consortium of tax prep companies once maintained a non-compete agreement with the IRS saying that the tax collector couldn’t offer a service comparable to their own.
Groups focused on making the government more tech savvy lamented the termination.
Code for America CEO Amanda Renteria said the cancellation of the service represents a “dark day.”
“Filing a tax return is one of the most fundamental interactions many Americans have with the federal government,” she said. “This isn’t just a step backward for tax administration—it’s a betrayal of public trust.”
Former IRS Commissioner Danny Werfel, a Biden appointee, said last year that Direct File would be made permanent.
“Starting with the 2025 filing season, the IRS will make Direct File a permanent option for filing federal tax returns,” he said.
— Tobias Burns
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Tomorrow’s news today: Stay ahead of the political trends by signing up for The Hill’s Evening Report newsletter. Click here to sign up
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Business and economic news we’ve flagged from other outlets:
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- Nasdaq drops 4% as tech sell-off accelerates, Dow slides 800 points (CNBC)
- ‘Pink tariffs’ cost women more than $2 billion a year (CNN)
- US Looks to Box In China by Recruiting Other Trading Partners (Bloomberg)
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Top stories on The Hill right now:
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White House embraces Abrego Garcia fight
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The White House is digging in on its refusal to bring back a Maryland man who was mistakenly deported to El Salvador, viewing the controversial fight as a political winner that keeps the focus on an issue of strength for President Trump. Read more
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Trade war shock hits US companies
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Opinions related to business and economic issues submitted to The Hill:
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- Why Trump’s supporters trust him on tariffs — for now
- Trump’s economic triple threat to America: DOGE, tax cuts, tariffs
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You’re all caught up. See you tomorrow!
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