President Donald Trump’s burgeoning clashes with some of the U.S.’ top trade partners aren’t just trade disputes — they could be part of an economic war, according to one expert. Tariffs — which are set to slam most U.S. industries, including tech and media companies — are just part of that.
Those duties on imports from foreign countries are also expected to hinder economic growth and potentially lead to a recession, which the president has yet to rule out as a possibility. The Federal Reserve has also raised its forecast for inflation and unemployment, even as uncertainty clouds its economic projections.
Catch up on all that and more — including how the White House is trying to give Elon Musk’s Tesla a helping hand and what Trump’s push to weaken the Education Department could mean for millions of Americans — in this week’s politics roundup.
As protests — peaceful and violent — against Tesla (TSLA) and its CEO Elon Musk show no signs of slowing down, the White House is stepping in.
In the first few weeks of his second administration, President Donald Trump has followed through — then pulled back — on tariff threats, sending stocks tumbling into correction territory. — Britney Nguyen
With the U.S. Department of Education on the chopping block, the agency is getting more scrutiny than usual. But what does the Department of Education do? Experts lament the impact the Department’s demise will have on some of its lesser-known roles. — Kevin Williams
President Donald Trump’s ever-shifting trade war could cost the U.S. technology, media, and telecommunications (TMT) industry billions of dollars annually, according to a new PwC report analyzing the impact of ongoing tariffs. With heightened duties — particularly on imports from China — companies are scrambling to assess financial risks and rethink supply chains. — Bruce Gil
Commerce Secretary Howard Luntick made a direct public recommendation on Wednesday that Americans should buy shares of Tesla (TSLA), the company run by Elon Musk.
President Donald Trump’s policies on trade, government employment, and immigration will cause an unnecessary economic recession if they’re fully or almost fully enacted, while also boosting inflation, according to the UCLA Anderson Forecast. — Josh Fellman
As Wall Street grapples with the increasing likelihood of a U.S. recession, the Trump administration has gone to bat defending President Donald Trump’s stock market-slamming trade policies.
The Federal Reserve kept interest rates on hold on Wednesday as expected, but it raised its inflation and unemployment forecasts, trimmed its GDP projection, and slowed the pace of the sale of some assets from its balance sheet. The CPI outlooks for this year and next are now 2.7% and 2.2%, respectively. — Josh Fellman
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