The past week has been a whirlwind of economic and political news, with President Donald Trump’s tariff threats, Treasury Secretary Scott Bessent’s economic ‘detox’ remarks, and a federal judge’s block on Trump’s freeze of billions in congressional funds making headlines. Here’s a quick round-up of the top stories:
Canada Responds to Trump’s Tariff Threats
President Donald Trump’s threats to impose reciprocal tariffs on Canadian lumber and dairy products have reignited trade tensions with the northern neighbor. Trump accused Canada of “ripping us off for years” with a 250% tariff on U.S. dairy, which he said hurts American farmers. He warned that Canada would face matching tariffs unless it reduced its own.
U.S. Economy Enters ‘Detox Period’
Treasury Secretary Scott Bessent acknowledged signs of economic weakness in the U.S., citing a necessary adjustment as the country shifts from government-driven to private sector-driven growth. Bessent suggested the economy had become “addicted” to public spending and would undergo a “detox period.”
Federal Judge Blocks Trump’s Freeze on Congressional Funds
A federal judge extended an order that prevents the Trump administration from freezing billions in congressionally approved funds to 22 states and the District of Columbia. Judge John J. McConnell Jr. found the administration had overstepped in trying to stop the agencies from using money appropriated by Congress.
Bessent Supports Trump’s Tariffs
Treasury Secretary Bessent defended President Trump’s tariffs, asserting that previous trade agreements neglected American workers. Trump announced a 25 percent tariff on imports from Canada and Mexico, citing the need for “reciprocal” trade relationships.
Trump Delays Mexico Tariffs Amid Economic Uncertainty
President Trump temporarily postponed the enforcement of a 25% tariff on most imports from Mexico, offering a one-month reprieve amid economic uncertainty. The move follows a conversation between Trump and Mexican President Claudia Sheinbaum, during which they agreed to exempt all trade covered under the USMCA agreement from immediate tariff hikes.
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This story was generated using Benzinga Neuro and edited by Rounak Jain
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