Congress Could Unravel Biden's Climate Law. Here's What to Watch.
The Republican-led House of Representatives has narrowly passed a giant tax and spending bill that would end Inflation Reduction Act subsidies for clean power years early.
The proposed changes threaten to unravel a variety of incentives that would result in higher prices for everything from electricity to solar panels.
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New York Times
12 minutes ago
- New York Times
Tariffs Make the World Poorer and More Perilous
President Trump's on-again-off-again tariffs have disrupted the global trading system and caused whiplash for businesses and consumers. He has vacillated mightily, announcing tariffs on imports from practically every U.S. trading partner and then pausing or rolling some back. Legal challenges have added to the turmoil. No matter where the tariffs eventually settle, they will have repercussions that go far beyond trade. Raising tariffs, or at least the constant looming threat of that happening, undermines trade and weakens economic links that stabilize international relations. By shredding rules that have governed trade and by disregarding free trade agreements, Mr. Trump has undercut the entire international rules-based order. This includes ignoring the rules of the World Trade Organization, hindering its work and threatening to abandon it. Denying low-income countries with growing young work forces the opportunity to develop their economies through trade could lead to a surge of migrants that will put pressure on the countries that receive them. A retreat from free trade will hurt consumers worldwide through higher prices and more limited choices, raising the prospect of political discontent in their countries. Whatever their ostensible objectives, the Trump tariffs will make the world a poorer and more perilous place. A full-scale retreat from global trade is unlikely, but international commerce is already shifting in ways that can deepen geopolitical fissures. Business interests have long kept relationships between rivals on an even keel. In the past two decades, for instance, U.S.-China frictions have been smoothed by the eagerness of American companies to sell their products and services to China's rapidly growing middle class and to use Chinese suppliers. American investors keen to gain access to China's financial markets played a similar role. When China manipulated its currency during the 2000s to gain a competitive advantage for its exports, the presence of U.S. commercial interests ensured that the United States did not take punitive action. For China, the benefits from opening up to American businesses and investors pushed Beijing, for a while, at least, to align its own economy with U.S. free market principles. It eased restrictions on investments flowing into and out of the country, and even took steps to reduce government intervention in foreign exchange and other financial markets. Want all of The Times? Subscribe.
Fox News
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- Fox News
Binder Transitions
President Trump hosts a summer soirée for the ages, while Karine Jean-Pierre stabs former President Biden in the back and ditches the Democrat party. Learn more about your ad choices. Visit FOX News Radio
San Francisco Chronicle
30 minutes ago
- San Francisco Chronicle
Thune's first big test as Senate leader has arrived with Trump's tax bill
WASHINGTON (AP) — Only six months into the job, Senate Majority Leader John Thune faces a massive challenge as he tries to quickly push President Donald Trump's sprawling tax and spending cuts package to passage with the support of a divided GOP conference. While most Republican senators are inclined to vote for the bill, Thune can stand to lose only four votes in the face of united Democratic opposition — and many more Republicans than that are critical of the version sent over by the House. To get it done by July 4 — Trump's deadline — Thune has to figure out how to balance the various, and sometimes conflicting, demands emerging from his members. And he has to do it in a way that doesn't endanger Republican support in the House, which passed the legislation by only one vote last month after weeks of contentious negotiations. It's a complicated and risky undertaking, one that is likely to define the first year of Thune's tenure and make or break his evolving relationship with Trump. 'This is when John's leadership is going to be desperately needed,' said North Carolina Sen. Thom Tillis, one of the Republican holdouts who is pushing back on the bill's quick phaseout of certain energy tax credits. 'You can say no all you want, as long as you don't say no to the wrong 51 people.' So far, the well-liked South Dakota Republican is in a good place, both with colleagues and the White House. Thune has worked closely with Trump, despite a rockier relationship at the end of Trump's first term. While acknowledging that the Senate will likely change the bill to address concerns about changes to Medicaid and other programs, Thune has repeatedly said that 'failure is not an option.' 'Individual pieces of it people don't like,' Thune said Tuesday. 'But in the end, we have to succeed.' To get there, Thune has been meeting in his office with senators to hear them out, bringing in his colleagues individually and in small groups to discuss portions of the bill. Republican senators say the outreach is a stark change from his predecessor, Mitch McConnell, who was more feared than loved and kept a tight circle of advisers. McConnell stepped down from the leadership post in January after almost two decades amid a series of health episodes and growing criticism from senators on the right flank, who felt that he consolidated power and ignored their concerns. 'It's very much a change,' said North Dakota Sen. Kevin Cramer. Thune has 'already made a lot of people happier by the listening part,' he said. One happier senator is Florida Sen. Rick Scott, who sparred openly with McConnell and ran against Thune to replace him. Scott, who criticizes the bill as not doing enough to cut federal spending, has also met with the new leader. 'I'd be very surprised if anybody doesn't believe he's receptive to their ideas,' Scott said of Thune. And when people feel heard, Scott said, 'there's a greater chance they will go along with something.' Thune has also carefully navigated his relationship with the president, after sharply criticizing Trump in 2020 for trying to overturn his election defeat. Trump declined to endorse Thune's reelection bid two years later. Thune endorsed South Carolina Sen. Tim Scott over Trump in the presidential primary before eventually endorsing Trump. The two made amends in the final months of Trump's presidential campaign and have since forged a working relationship of mutual benefit. Thune has stayed in close touch with the White House, visiting Trump several times to discuss the bill, including on Wednesday. While the collaborative approach has won favor from Trump and colleagues who were agitating for a change, Thune has a long way to go in a short time. Passing the legislation will require hard choices, and not every demand can be met. Still, Thune's South Dakota colleague, Republican Sen. Mike Rounds, says he has already proved himself a 'winner' with Trump and the conference by quickly moving the president's Cabinet nominations through the Senate mostly without controversy. The Senate also recently blocked California air regulations that Republicans have long opposed after Thune delayed the vote for weeks to assuage procedural concerns from GOP moderates like Maine Sen. Susan Collins. 'Everybody wants to work with John,' Rounds said. 'He's not making anybody mad right now.' Rounds says Thune has also learned how to crack down when he needs to. Since taking power, Thune has shortened Senate vote times that were sometimes stretching for hours to just 15 minutes, in most cases. It was a hard lesson for some senators, but it won him respect from Republicans and, privately, even some Democrats. But as they were adjusting to the change, some senators unexpectedly missed votes because of Thune's new policy, Rounds said. 'Did he get yelled at a little bit? Yeah,' he said. 'But once they got cut off once or twice, pretty soon they realized, if you want to vote, make it on time.'
