Another week, another trade threat. As financial markets began gearing up for President Donald Trump’s promised reciprocal tariffs, the U.S. announced it would slap 25% tariffs on imported vehicles and auto parts. That’s likely to hit just about every major automaker, even senior White House advisor Elon Musk’s Tesla. The president this week also announced a new trade tool, the “secondary tariff,” which he’s putting to use to punish countries that buy Venezuelan oil with new tariffs. As those tariffs — and more — come down the pipeline, their impact is expected to broaden, impacting everything from toilet paper to avocados. Health and Human Services Secretary Robert F. Kennedy, Jr. is also looking to fire some 3,500 staffers at the Food and Drug Administration, even as employees are reportedly struggling to manage their existing workload. And at the Federal Trade Commission, two fired commissioners are suing to get their jobs back. Catch up on all that and more — including Delaware’s bid to keep Meta from following Musk and leaving the state — in this week’s politics roundup.
In less than 100 days, President Donald Trump has made major economic waves.
Two fired commissioners of the Federal Trade Commission (FTC) are now suing the regulator and its chair, alleging that their removal is unlawful.
Delaware lawmakers on Tuesday night passed a bill restructuring its corporate code, as the state tries to prevent companies like Meta (META) from exiting the state.
The U.S. Department of Health and Human Services (HHS) announced Thursday that it plans to eliminate approximately 3,500 positions at the Food and Drug Administration (FDA), even as the agency’s staff is reportedly struggling to meet product review deadlines. — Bruce Gil
President Donald Trump’s new auto tariffs will have a “significant” effect on Tesla (TSLA), CEO Elon Musk says.
World Liberty Financial, a cryptocurrency project backed by President Donald Trump’s family, announced plans for a stablecoin pinned to the U.S. dollar, just days after the president called on Congress to pass “commonsense” legislation to regulate that type of digital asset.
As the U.S. prepares to roll out rules that will affect global artificial intelligence development, foreign government officials and tech company leaders are asking the Trump administration to relax some rules around chips, according to Bloomberg. — Britney Nguyen
President Donald Trump said he would issue 25% duties on all imports from countries that continue to buy oil and gas from Venezuela, citing the presence of criminal gang members in the U.S.
The U.S. supply of toilet paper may come unspooled. President Donald Trump’s increased tariffs on Canadian softwood lumber could have the unintended effect of disrupting production of the bathroom essential, Bloomberg News reports. — Josh Fellman
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