
GOP tariff woes, Musk's unforced error, Booker's speech
President Donald Trump holds a chart as he announces a plan for tariffs on imported goods during an event at the White House. (Demetrius Freeman/The Washington Post)
With the stock market roiling following the announcement of new tariffs, Republicans are confronting a challenge. Will they support President Donald Trump's economic plans, even if they don't believe in them? Or will they seek to temper his moves and draw criticism from a president who hates disloyalty?
Senior reporter Aaron Blake talks with Post congressional correspondent Liz Goodwin and Senate reporter Theodoric Meyer about the mixed reactions to this week's bombshell economic news. They also discuss how special elections in Florida, and a state Supreme Court race in Wisconsin, provide Democrats with some positive data points after their stinging 2024 defeat. In particular, Elon Musk's spending push in support of the conservative candidate in Wisconsin may have backfired, motivating liberal voters to turn out en masse. Plus, what Cory Booker's more than 25-hour speech from the Senate floor did and didn't accomplish.
Today's show was produced by Laura Benshoff. It was edited by Reena Flores and mixed by Sean Carter.
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Forbes
8 minutes ago
- Forbes
Trump Budget Drops Protections For State Medical Cannabis Programs
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Time Magazine
12 minutes ago
- Time Magazine
How Doubling Tariffs on Steel and Aluminum Will Hit U.S. Businesses and Consumers
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The United States is highly reliant on steel imports, bringing in more of the material from abroad than any other country in the world, according to the International Trade Administration. More than 26 million metric tons of steel were imported last year, most of which came from Brazil, Canada, Mexico, South Korea, and China. 'We are equally dependent on aluminum,' says Jonathan Colehower, managing director at consulting company UST. The domestic steel industry has voiced support for the increased tariffs, saying they will help it weather increased competition from foreign steel manufacturers. 'Chinese steel exports to the world have more than doubled since 2020, surging to 118 million MT in 2024—more than total North American steel production,' the American Iron and Steel Institute, one of several trade associations representing the American steel industry, said in a statement after Trump announced the higher rate. 'This tariff action will help prevent new surges in imports that would injure American steel producers and their workers.' But experts worry about the industry's ability to meet increased demand as businesses, facing the additional import costs, seek cheaper alternatives for their products. While the U.S. once dominated the steel industry, the boom has died down in the last century. 'With domestic capacity not necessarily being able to produce what we might need…there is going to be a transitory effect,' says Beiri, referring to the adjustment period the steel industry will have to navigate as the supply chain changes. Colehower says the domestic steel supply may tighten as a result of the increased tariffs, which could cause domestic prices to rise amid high demand. 'There's absolutely no way it's going to be able to make up the difference immediately,' he says of the domestic steel industry. The Aluminum Association, a trade group that represents both U.S.-based and foreign companies, said it supports tariff-free Canadian aluminum, pointing to the American aluminum industry's reliance on the country's northern neighbor. 'Aluminum is a critical material for our economy and national defense – used in everything from cars to beverage cans to fighter jets. Today, the United States is investing significantly and will need both smelted and recycled aluminum to meet growing demand,' the association said. 'In the years if not decades it will take to build new U.S. smelter capacity, our metal needs must be met by importing.' How will the higher tariffs impact the prices of goods? Steel and aluminum are used in various products, from beer cans and office supplies to automobiles—the prices for all of which are likely to rise as a result of the doubled import taxes. 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A European Commission official on Friday said the decision 'adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic.' The U.K. has been spared from the tariff hike; Mexico announced Wednesday that it plans to ask for a similar exemption. Canada, Mexico, and the European Union were previously exempt from steel and aluminum tariffs Trump imposed during his first term in 2016, but are subject to the current levies.


Washington Post
12 minutes ago
- Washington Post
Tracking Trump: The budget bill's projected cost; steel tariffs double; CDC coronavirus adviser quits; and more
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