Tuesday, April 22 | By Alexis Simendinger & Kristina Karisch |
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| ▪ Controversies dog Trump ▪ President, first lady to attend Pope's funeral ▪ Democrats defend deportees' due process ▪ Putin open to direct Ukraine talks |
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©️ The Associated Press | Alex Brandon |
Markets, media trail Trump as he digs in |
Wall Street on Monday registered a persistently bleak verdict on President Trump's tariff policies as Trump again badgered the nation's independent central bank to slash interest rates. Investors' dour assessments are on a continuous feedback loop, registered against a backdrop of other controversies that trail the president as he nears his 100-day report card next week. Trump's public pressure on the Federal Reserve, coupled with the uncertainty of economic war aimed at China, sent stocks, bonds, oil and the U.S. dollar tumbling on Monday. Gold prices surged today above $3,500 an ounce for the first time as traders searched for a safe haven. The Hill's Niall Stanage notes that Trump remains a magnet for anxious headlines: The economy sags, financial markets have the jitters, administration deportations are tangled in courts, the Pentagon's secretary is back in the hot seat and efforts by Republicans in Congress to anchor the president's agenda in a mammoth budget have hit some headwinds. Trump's freeze on billions of dollars in federal grants to major universities sparked yet another round of coverage Monday as Harvard University sued the government and accused the president of "overreach." Some Trump advisers have attempted, with limited success, to smooth over the president's ire for Federal Reserve Chair Jerome Powell, whom he appointed. Trump complains using social media broadsides that the chair is too "slow" to cut the central bank's benchmark interest rates, calling Powell a "major loser" on Monday. Powell last week said Trump's tariffs inject significant uncertainty into business and consumer decision-making, explaining why the Fed will be patient while assessing impacts on prices, hiring and U.S. growth. Powell, whose term ends next year, has said Fed chairs cannot be fired for anything other than "cause." National Economic Council Director Kevin Hassett referenced the White House's displeasure with Powell on Friday when financial markets were closed, saying officials were studying a possible removal of the chair. GOP lawmakers have largely been silent as Trump blasts Powell, The Hill's Alexander Bolton reports. But there are exceptions. "I don't know that we need any extra excitement in the markets right now," Rep. Frank Lucas (R-Okla.), leader of a House task force focused on the Fed, told Axios during a Monday interview. "We have enough stuff going on. Every Treasury sale of debt instruments — whether it's bills, bonds, notes, whatever — is a 'hold your breath' moment," he added. "Generally when we're operating under great moments of stress, the more stability we can project in the system, the better off we are." A long-recognized norm that presidents don't comment publicly on the Fed's monetary decisions has gone out the window with Trump. The combination of trade policy and freewheeling commentary from the president has rattled the bond market, which is a condition that threatens the U.S. dollar's status, GOP strategists warn. Bloomberg News: Trump on Monday met with executives from major retailers Walmart and Target at the White House as corporations seek relief from sweeping tariffs. TARIFF TURMOIL: The administration's three-month pause on global "reciprocal" tariffs to allow time for country-by-country negotiations with trading partners is largely opaque and in the early stages. Japan suggests odds of a grand deal with the U.S. over the yen aren't going anywhere. Mexican President Claudia Sheinbaum on Monday acknowledged talks with Trump last week about tariffs on Mexican steel, aluminum and auto exports. The two leaders did not reach any agreements, but they "did put forward arguments," she said. The Hill: The administration's threat of tariffs on pharmaceuticals risks political backlash, worsening drug shortages and future battles over who pays. |
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Smart Take
with Blake Burman |
| Could we learn more about the future of Elon Musk and the Department of Government Efficiency later tonight? Perhaps. That's because after markets close this afternoon, Tesla will report its first-quarter earnings. CEO Musk, as usual, is expected to play a role in the earnings call. Musk's eventual exit from government is expected at some point because he is currently a special government employee, which limits his annual government service to 130 days. What Musk is asked tonight from analysts and investors, and what he potentially says about his future in government, could reveal just how much we see the world's wealthiest man at the White House in the near term. |
Burman hosts "The Hill" weeknights, 6p/5c on NewsNation. |
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- Pope Francis's remains will lie in state in Saint Peter's Basilica in Vatican City following his Monday death from a cerebral stroke at age 88. Trump said he and first lady Melania Trump will attend the Saturday funeral in Rome.
- Roche, the Swiss pharmaceutical company, announced plans to invest $50 billion in the U.S. over the next five years, focused on high-tech research and development sites and new manufacturing facilities, including in California, Indiana, Massachusetts and Pennsylvania.
- Collections on defaulted federal student loans will restart on May 5, including potential garnishment of wages for millions of workers, the Department of Education announced Monday.
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Want to cut government waste? |
The federal student loan system is a magnet for fraud, waste and abuse. Protecting borrower defense protects students and taxpayers. Stand up for borrower defense. |
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©️ The Associated Press | Alex Brandon |
MIXED SIGNALS: Amid mounting criticism of Defense Secretary Pete Hegseth following new revelations that he shared sensitive military information with family members on a Signal group chat, Trump World is circling the wagons. Hegseth lashed out at the media and what he claimed were "disgruntled former employees" Monday for the chorus of criticism for his handling of battle plans. Beyond the chats, the Department of Defense also saw a series of high-profile suspensions in recent days over an internal investigation into leaks, and a former top spokesperson penned an op-ed Sunday saying chaos reigns at the Pentagon under Hegseth. Rep. Don Bacon (R-Neb.), a member of the House Armed Services Committee, on Monday became the first Republican to suggest Hegseth is not fit to lead the Pentagon. "If it's true that he had another [Signal] chat with his family, about the missions against the Houthis, it's totally unacceptable," Bacon said. "I'm not in the White House, and I'm not going to tell the White House how to manage this … but I find it unacceptable, and I wouldn't tolerate it if I was in charge." Reports circled Monday that the White House has begun the process of looking for a new leader at the Pentagon to replace Hegseth, NPR reports. But even with the surge of damning headlines, Trump on Monday publicly backed Hegseth, who he claimed is "doing a great job." Hegseth said Monday he had spoken to the president about the chat leaks and that they were "on the same page all the way." Karoline Leavitt, the White House press secretary, denied the NPR report and told reporters that Trump "absolutely has confidence" in the defense secretary. ▪ Politico: Hegseth could "implode on his own" even as Trump sticks by him. ▪ The Hill: Sen. Tammy Duckworth (D-Ill.) a former Black Hawk helicopter pilot and combat veteran, said Hegseth's "singular stupidity" is putting troops in harm's way and demanded his resignation. ▪ The Providence Journal: Sen. Jack Reed (D-R.I.), the ranking member of the Senate Armed Services Committee, called for the Department of Defense Office of Inspector General to investigate whether Hegseth shared classified intelligence in a second Signal chat. ▪ CNN: A thief stole a purse belonging to Department of Homeland Security Secretary Kristi Noem containing $3,000 in cash, blank checks, her passport, her driver's license and other possessions on Sunday night while she was dining in a D.C. restaurant. The Secret Service provides security for Noem. IRS: The Internal Revenue Service has become ground zero for some of the most heated political battles of Trump's first 100 days in office — ranging from the use of taxpayer data for an immigration crackdown, access to Americans' financial information by a government cost-cutting panel, an audit review request for one of Trump's friends, and the tax-exempt status of Harvard University, reports The Hill's Tobias Burns. |
- The House and Senate are out this week.
- The president will participate in a White House swearing-in ceremony at 4 p.m. for Securities and Exchange Commission Chair Paul Atkins. Trump will have dinner with Qatari Prime Minister Mohammed bin Abdulrahman Al Thani at 7:30 p.m.
- Vice President Vance and his family are in Jaipur, India, where they visited Amber Fort this morning. He delivers remarks at the Rajasthan International Center in Jaipur in the afternoon, local time.
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©️ The Associated Press | Lynne Sladky |
DEPORTATION: Four House Democrats arrived in El Salvador on Monday to push for the return of Kilmar Abrego Garcia, the Maryland man who was mistakenly deported to the country. Democratic Reps. Robert Garcia (Calif.), Maxwell Frost (Fla.), Yassamin Ansari (Ariz.) and Maxine Dexter (Ore.) said they were in El Salvador to advocate for Abrego Garcia's release and spotlight what they say is Trump's noncompliance with a Supreme Court order directing his administration to "facilitate" the Maryland man's return. The group of House Democrats said they were denied a meeting with Abrego Garcia and are now demanding daily "proof of life." "We are demanding the Trump Administration abide by the Supreme Court decision and give Kilmar and the other migrants mistakenly sent to El Salvador due process in the United States," Garcia said in a statement. As Abrego Garcia has dominated the political conversation for the last week, the White House and some Republicans are not shying away from battling with Democrats over the case, writes The Hill's Emily Brooks. Leavitt said that Abrego Garcia will "never live in the United States again." The White House's social media accounts have leaned in, too, saying that he will not come back — despite the Supreme Court's order. A few Democrats have warned that the White House sees this as a winning issue. "They have picked out this case and this man because it's about a subject that they want to keep in the news," Sen. Amy Klobuchar (D-Minn.) said on CNN's "State of the Union" on Sunday. "So, it's even more cynical than just flaunting the law." ▪ The Hill: Salvadoran President Nayib Bukele proposed a prisoner exchange with Venezuela on Sunday, offering to release Venezuelans deported to his country from the U.S. in exchange for political prisoners in Venezuela. ▪ The Hill: Trump blasts the Supreme Court while arguing trials for migrants are "not possible." POLITICS: A Democratic intra party dispute in Arizona is threatening to upend the state party ahead of several key elections next year. The infighting played out over the weekend when the recently elected state Democratic Party chair, Robert Branscomb, alleged in a letter to the Arizona Democrats' committee members that several personnel moves he made within the state party had angered Democratic Sens. Mark Kelly and Ruben Gallego. That prompted Kelly, Gallego and several statewide Democrats to respond, saying in their own letter that Branscomb offered "many false claims" and called his statement a "bad-faith response." The Hill's Caroline Vakil reports the extraordinary public bickering between the two sides comes as the state Democratic Party is bracing for several competitive elections in 2026 as it defends its governor, attorney general and secretary of state. ▪ CBS News: A New York City jury convicted Nadine Menendez, the wife of convicted former Sen. Bob Menendez (D-N.J.), for her role in a years-long bribery scheme with her husband. ▪ Michigan Advance: Rep. Haley Stevens (D-Mich.) announced her bid for Senate, becoming the third Democrat seeking to succeed Sen. Gary Peters (D-Mich.), who is not running for another term. ▪ The Hill: House Oversight and Accountability Committee Chair James Comer (R-Ky.) on Monday asked the Justice Department to criminally prosecute former New York Gov. Andrew Cuomo, the leading candidate in the Democratic primary for New York City mayor, for allegedly making false statements to Congress. |
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Want to cut government waste? |
The federal student loan system is a magnet for fraud, waste and abuse. Protecting borrower defense protects students and taxpayers. Stand up for borrower defense. |
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©️ The Associated Press | Denes Erdos |
ISRAEL: Qatari and Egyptian mediators have proposed a new plan to end the Israel-Hamas war in Gaza, the BBC reports. The plan proposes a truce lasting between five and seven years, the release of all Israeli hostages in exchange for Palestinian prisoners, a formal end to the war, and a complete Israeli withdrawal from Gaza. Meanwhile, a far-right Israeli politician said on Monday that freeing the hostages was not Israel's "most important goal" in the war, further stoking the debate in Israel over its objectives for the war. The head of Israel's domestic intelligence service said Monday in an affidavit that Prime Minister Benjamin Netanyahu's bid to fire him came after he refused to fulfill requests that included spying on Israeli protesters and disrupting Netanyahu's corruption trial. Ronen Bar alleged that Netanyahu's March decision to dismiss him was not based on professional grounds but prompted by unmet expectations of personal loyalty. Netanyahu dismissed the affidavit as "full of lies." The Washington Post: Israel's anti-war protests avoid Gaza. These women are changing that. UKRAINE: Russian President Vladimir Putin is open to the possibility of bilateral talks with Ukraine for the first time in years, he said Monday, as pressure from the United States builds on both sides to agree to a quick peace deal. U.S. negotiators face multiple challenges on the way to a truce as they gear up for another round of talks in London. Kyiv is expected to respond to a new U.S. proposal starting Wednesday in talks that will include representatives from the U.S., Britain and France. "We are ready to continue moving forward in the most constructive way to achieve an unconditional ceasefire, followed by the establishment of a real and lasting peace," Ukrainian President Volodymyr Zelensky wrote on Telegram on Monday. "An unconditional ceasefire must be the first step toward peace, and this Easter has shown that it is Russia's actions that are prolonging the war." CNN: The Kremlin's 30-hour truce was designed to shift blame to Ukraine. Did Trump buy it? |
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- The Hegseth Pentagon chronicles, by The Wall Street Journal editorial board.
- Why is Justice Alito so trusting of the Trump administration? by Andrew Koppelman, opinion contributor, The Hill.
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©️ The Associated Press | NASA |
And finally … 🌎 It's Earth Day, marked since 1970 and observed by more than 190 countries. Regardless of international politics and the passage of time, it remains a day to ponder a cleaner planet; the preservation of oceans, air and species and the survival of future generations. "We move from awareness to action," Republican William Ruckelshaus, former administrator of the Environmental Protection Agency, said in a 1971 speech. Here's a taste of what's happening globally on Earth Action Day. And images from the planet's terrain supplied Google with its Earthly doodle today. |
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