President Donald Trump’s tariff agenda has roiled the markets and raised fears of an economic slowdown, raising the stakes for the administration to pass stimulative tax legislation.
Trump on Wednesday announced 10% tariffs on all imports and higher rates on countries that have large trade surpluses with the United States. The Wall Street reaction to “Liberation Day” was swift, with stocks plunging the day after by the most since the pandemic. Some groups are warning economic growth could slow in the coming months as well.
This all puts some increased pressure on Republicans to extend the 2017 Tax Cuts and Jobs Act and further expand those tax cuts, which could please markets and spur economic growth.
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Stephen Moore, a Heritage Foundation economist and informal adviser to
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