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Welcome to The Hill’s Business & Economy newsletter
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Business & Economy
Business & Economy
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OPEC+ will start long-delayed oil production hike
A group of oil-producing countries known as OPEC+ will proceed with a long-delayed hike in oil production.
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TSMC will invest $100B in US chip manufacturing
Taiwan Semiconductor Manufacturing Company (TSMC) plans to invest $100 billion to build chip manufacturing plants in the U.S., President Trump announced Monday.
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Tax Watch
Welcome to Tax Watch, a new feature in The Hill’s Business & Economy newsletter focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year.
Tariffs could partially offset cost of tax cuts
Trump’s decision to go forward with new tariffs comes after the House passed a budget resolution in February for a tax cut and spending bill that could add trillions to the deficit — as much as $5.1 trillion over the next decade, according to a projection by the University of Pennsylvania.
Tariffs on Canada and Mexico could effectively contribute to offsetting some of those costs — which center on an extension of the 2017 Tax Cuts and Jobs Act (TCJA) — though they probably won’t factor into official estimates if they’re levied through administrative rather than congressional actions.
“An earlier implementation of tariffs could meaningfully lower the projected costs of the TCJA, potentially allowing for larger tax cuts than were included in our baseline, which would, in turn, offset some of the drag from the trade war,” Brett Ryan and other Deutsche Bank analysts wrote in a Sunday to investors.
The Hill’s Evening Report breaks down the day’s big political stories and looks ahead to tomorrow. Click here to sign up & get it in your inbox
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The Ticker
Upcoming news themes and events we’re watching:
President Trump delivers an address to a Joint Session of Congress on Tuesday night.
In Other News
Branch out with more stories from the day:
Dow drops nearly 650 points on worries that Trump’s latest tariffs will slow the economy more
NEW YORK (AP) — U.S. stocks tumbled Monday and wiped out even more of their gains since President …
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Good to Know
Business and economic news we’ve flagged from other outlets:
2 Troubled Carmakers, Nissan and Stellantis, Could Be Hit Hardest by Tariffs (NYT)
Why bitcoin bulls aren’t happy about Trump’s plans for something they’ve long wanted: a crypto reserve’ (MarketWatch)
This boba chain you’ve never heard of has more outlets than McDonald’s (CNN)
What Others are Reading
Top stories on The Hill right now:
Canadian premier says he will cut off electricity exports to US ‘with a smile on my face’
Ontario Premier Doug Ford said Monday he is prepared to cut off electricity exports to the U.S. if President Trump’s 25 percent tariffs on Canadian goods go through. Read more
Bondi says she was misled on Epstein documents
Attorney General Pam Bondi was duped into thinking she had all the files related to investigations into disgraced financier and convicted sex offender Jeffrey Epstein, she told Fox News host Mark Levin over the weekend while defending Thursday’s widely mocked document dump. Read more
What People Think
Opinions related to business and economic issues submitted to The Hill:
What I would tell Elon Musk to get DOGE back on track
