Stocks surge after U.S. and China announce pause on most tariffs
Dow stocks soared over 1,100 points after the U.S. and China announced they would lower tariffs for 90 days. Meanwhile, President Trump defended his move to accept a potential offer from Qatar to provide a new Air Force One jet. NBC News' Gabe Gutierrez reports.
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WASHINGTON — Sen. Josh Hawley, R-Mo., introduced a bill with Sen. Peter Welch, D-Vt., on Tuesday to raise the federal minimum wage to $15 per hour, making him a rare congressional Republican to endorse the historically liberal cause. The Higher Wages for American Workers Act would set the nationwide minimum wage to $15 on Jan. 1 of the first year after it is enacted, and raise it annually on the basis of inflation. 'This is a populist position,' Hawley told NBC News in the Capitol on Tuesday. 'If we're going to be a working people's party, we have to do something for working people. And working people haven't gotten a raise in years. So they need a raise.' The federal minimum wage is currently $7.25, and hasn't been raised since 2009. Democratic presidents and lawmakers have since attempted to lift it, but each time failed to clear the 60-vote threshold to break a filibuster in the Senate. 'We're in the midst of a severe affordability crisis, with families in red and blue states alike struggling to afford necessities like housing and groceries. A stagnant federal minimum wage only adds fuel to the fire. Every hardworking American deserves a living wage that helps put a roof over their head and food on the table–$7.25 an hour doesn't even come close,' Welch said in a statement. 'Times have changed, and working families deserve a wage that reflects today's financial reality.' Hawley said the current level is 'really, really, really, really low.' 'The truth is — people can't afford to have a family. Families can't support themselves. I mean, if you're pro family, as I am, if you are a populist, if you're pro-worker, you've got to do something for working people,' he said, while noting that various states, including Missouri, have since stepped in to lift it. It represents the latest attempt by Hawley to stake out economic populist ground that has long been associated with liberals. Other recent moves include teaming up with Sen. Bernie Sanders, I-Vt., on a bill to cap credit card interest rates at 10%, and voting with Democrats this year on a budget amendment to prohibit tax cuts for the wealthy if Medicaid funding is cut. Still, Hawley admitted he's an outlier in his party, and it's far from clear the wage legislation will reach the Senate floor, let alone find the 60 votes needed to advance in the chamber, where the GOP controls 53 seats. 'I'd love to get a vote on it. I think it's hard to vote against,' he said. 'I say that, but probably most of my Republican colleagues vote against it happily.' Sen. Ron Johnson, R-Wis., said he opposes Hawley's measure, expressing the longstanding GOP stance that minimum wage hikes distort markets and make it harder for employers to hire. 'I wouldn't support it,' Johnson said. 'Because the real minimum wage is $0 when you don't have a job. The minimum wage impacts just a small sliver of people — most people that want entry-level jobs. And so you raise the cost of an entry-level job and you don't have them.' Hawley has another obstacle: President Donald Trump, who has not endorsed any increase in the federal minimum wage. Trump dodged questions about the issue during his 2024 campaign. 'I think he understands the needs of working people really well,' Hawley said. 'I would hope he would support this.'
