Sorry, but prices will still go up
Happy Thursday! It’s Rebecca Morin here. What’s the latest news? House Republicans narrowly approve their blueprint to start work on President Donald Trump's agenda.
What Trump’s 90-day pause really means
Don’t breathe a sigh of relief just yet. President Donald Trump on Wednesday announced he was putting a 90-day pause on some targeted tariffs he announced last week to all countries except China. A universal 10% tariff on all imports remains in place, and tariffs on goods from China total 145% – the 125% tariffs that the president announced Wednesday on top of the previously imposed 20% tariffs on Chinese goods. Mark Zandi, chief economist for financial services company Moody's Analytics, said there will still be big price increases from clothing to cars to cell phones. How tariffs will still hurt your wallet.
- What are other products that could be affected in Trump’s tit-for-tat with China? Apple iPhones, your orders from Shein and Temu, and even some of your furniture.
- While the United States' standoff with China shows no signs of cooling, some headway on trade deals are being made with some nations. National Economic Council director Kevin Hassett said the U.S. has already received "serious" trade deal offers from almost 20 nations and that two deals were "almost closed.”
- U.S. stocks dropped Thursday despite the market soaring Wednesday afternoon after Trump’s pause announcement.
- And what about the midterm election? With the brewing trade war and uncertain markets, Republicans are already thinking about how Trump’s tariffs could impact their reelection efforts during the 2026 midterms.
- Amid the tariff chaos, Trump saw a big win from Congress after Republicans passed a resolution that will act as the blueprint to pass the president's agenda. The move came a day after almost a dozen GOP lawmakers delayed the vote over concerns that it would lead to a skyrocketing national debt.
A politics pit stop
- House Democrats tell RFK Jr. Trump’s deportations could cause health care worker shortage
- A DOGE pothole? Seniors scared Meals on Wheels could be on chopping block
- Will tariffs on China impact a TikTok deal?
- Senate confirms staunch pro-Israel conservative Mike Huckabee as U.S. ambassador to Israel
- House votes to require proof of citizenship for voter registration
Inside the 'effort to cover' Biden's health decline
Joe Biden's aides put fluorescent tape on the floor to guide an aging president. Kamala Harris' team had the vice president convinced she'd win the election. And a tearful, pre-assassination premonition from Trump’s chief of staff. Those revelations are from "Fight: Inside the Wildest Battle for the White House,” where journalists Jonathan Allen and Amie Parnes pull the curtain back on one of the most unprecedented (I know we use that word a lot) presidential elections of modern times. Parnes and Allen sat down with Paste BN about their top takeaways from the book. Read their Q&A here.
Michelle Obama hits back at divorce rumor
She missed Jimmy Carter’s funeral. She was absent from Trump’s second inauguration. Both of which her husband, Barack Obama, attended. But now Michelle Obama is speaking out about rumors that she and the former president are heading for divorce. The former first lady said society can’t fathom “a grown woman just making a set of decisions herself.” What Michelle Obama said about the rumor.
Got a burning question, or comment, for On Politics? You can submit them here or send me an email at rdmorin@usatoday.com.