Trump has dialed back or paused many of his tariff threats in recent weeks, bringing some peace to markets which had been swinging wildly in both directions for weeks as Trump fired off tariff threats.
The proposal has widespread support from the public, but many critics say it would come with an enormous cost to the government while doing little to help the workers who need it most.
Republicans are trying to make permanent the individual income and estate tax cuts passed in Trump's first term plus enact promises he made in the 2024 campaign to not tax tips, overtime and interest on some auto loans.
The annual meetings of the Group of 7 finance ministers, known as the G7, are typically congenial and in previous years have produced joint commitments to combat inflation and counter the COVID pandemic. There may be less agreement this year.
After recovering from an initial jolt, U.S. stocks drifted through quiet trading following the latest reminder that the U.S. government may be hurtling toward an unsustainable mountain of debt.
Treasury Secretary Scott Bessent acknowledged Sunday that Walmart, the largest U.S. retailer, may pass along some of the costs from President Donald Trump's tariffs to its shoppers through higher prices.
U.S.-China trade talks in Geneva resulted in a temporary slash of tariff rates, but the ripple effect of this tit-for-tat escalation won't disappear anytime soon.
Treasury Secretary Bessent seemed to acknowledge Sunday that President Trump's tariffs may lead to some prices going up, but downplayed fears that it would fuel inflation. This past week, a closely watched measure of consumer sentiment slid to a near ...