On Friday, President Trump announced he is terminating U.S.–Canada trade negotiations, citing an Ontario government television ad that uses excerpts from a 1987 Ronald Reagan radio address to argue that tariffs harm American workers; the Reagan Foundation criticized the ad’s use of Reagan’s remarks and said it was not authorized.
Last Thursday, the Senate approved its version of the annual defense policy bill (S.2296) in a 77-20 vote. The measure authorizes $925.8 billion in national defense spending, $32.1 billion above the levels requested by the Trump administration. The vote ends a nearly month-long impasse over the amendment process that had stalled the bill since early September.
The federal government officially shut down at 12:01 a.m. Wednesday, October 1, following the Senate’s failure to pass the House-approved continuing resolution (CR) [217 - 212]. The House remains in recess, leaving the Senate as the only chamber currently in session and capable of taking action to reopen the government.
It has been an eventful week in the world of tariffs and trade. From President Trump’s discussion of providing tariff revenue to farmers, the formalization of the US-EU tariff agreement to new tariffs placed on pharmaceuticals, trucks, and cabinets, this week has seen meaningful developments in the administration’s trade policy.
This week, we’ve compiled recent pieces that highlight the perspectives of industry leaders and their outlook on today’s rapidly changing economic landscape.
The threat of a government shutdown continues to loom over Washington after a week of dueling proposals. The Republican stopgap was rejected by Democrats on a 48-44 vote after passing the House on Friday morning. Sen. Fetterman (PA) was the only Democrat to vote for the GOP proposal, while Sen. Murkowski (AK) and Sen. Paul (KY) voted against it. The Democratic counterproposal was also rejected in a 47-45 vote. These outcomes were expected, The GOP bill does not extend the ACA subsidies slated to expire Dec. 31, and Democratic leaders vowed to oppose any bill that doesn’t extend them.
