Monday, May 12 | By Cate Martel |
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It's Monday. Get ready for a busy two work weeks on Capitol Hill. Everyone has their eye on the Memorial Day weekend prize. | - 90-day pause in Trump's China trade war
- Trump's controversial order to lower drug prices
- Qatar gifts Trump a luxury jet
- Trump leaves for Middle East trip
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Consumers can exhale for 90 days: |
The United States and China announced this morning that they have agreed to a 90-day pause on most retaliatory tariffs. The 90-day deal: The U.S. agreed to lower its tariff rate on Chinese imports from 145 percent to 30 percent. China agreed to lower its tariff rate from 125 percent to 10 percent. The stock market ❤️ this news: Stocks soared this morning following the announcement. The Dow Jones Industrial Average rose 2.6 percent after the opening bell. The S&P 500 increased by 3 percent, and the Nasdaq composite was up 4.1 percent. How this came about: Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer have been in Switzerland negotiating with Chinese officials. Now what?: Officials in both countries have pledged to continue negotiations for a lasting trade deal. |
Trump's next target — drug price caps: |
President Trump signed a controversial executive order this morning aimed at drastically lowering drug prices. For the next month, the Department of Health and Human Services will be able to negotiate with the pharmaceutical industry. Why?: "It is Trump's latest effort to try to rein in U.S. prescription drug prices, which are two to three times higher on average than those in other developed nations – and up to 10 times more than in certain countries, according to the Rand Corp., a public policy think tank." (CNBC) Omg: During Trump's announcement, he mentioned the "fat shot drug," referring to weight loss injectable medications. 📹 Watch the clip How it would work: It would cap prescription drug prices at the lowest price offered to any other country. Why it's controversial: Trump tried instating a similar rule in late 2020, but courts blocked it, and then-President Biden rescinded it. It's also unclear which payments and drugs this rule would apply to. CNN explainer Plus, some experts say this may not lower drug prices for patients. Why the pharmaceutical industry is unhappy with this plan: It is also bracing for Trump's planned tariffs on prescription drugs. |
➤ TIDBIT — WEGOVY VS. ZEPBOUND: |
The first major study to compare obesity drugs shows that people who took Zepbound lost roughly 50 percent more weight than people who took Wegovy, per The Associated Press. |
So, what exactly would these Medicaid cuts include?: |
House Republicans unveiled their portion of President Trump's tax bill ahead of Tuesday's marathon hearing. Millions of people would lose their health insurance under this plan, though it doesn't include the most controversial components conservatives have floated. |
What are the proposed Medicaid changes?: - It could significantly cut Medicaid spending.
- Medicaid recipients would have work requirements and more frequent eligibility checks.
- It would prohibit Medicaid funding for gender-affirming care for minors.
- It would also stop reimbursing community health providers (like Planned Parenthood) that provide abortion and family planning services.
What the bill does *not* include: - A cap on Medicaid spending per-beneficiary
- A reduction in the minimum of federal share to states
Democrats' rebuttal: Democrats released a Congressional Budget Office (CBO) score — a widely used nonpartisan analysis of congressional legislation — showing that at least 8.6 million more people wouldn't have health insurance in 2034 if this bill passes. Why are Republicans pushing for Medicaid cuts?: They want to extend Trump's 2017 tax cuts and pass his other priorities. But do that, they must find ways to pay for it. Their goal is to slash $1.15 trillion in total, and the committee that oversees Medicaid has been tasked with finding at least $880 billion in cuts. Now what?: The House Energy and Commerce Committee will consider this bill Tuesday. It's unclear whether this bill strikes the right balance between moderate and conservative Republicans. Read The Hill's Nathaniel Weixel's reporting on the proposed Medicaid cuts: 'Republicans unveil steep cuts to Medicaid in portion of Trump tax bill' |
Sen. Fetterman's colleagues are worried about him: |
"Democratic senators are having private conversations about how to help Sen. John Fetterman (D-Pa.) in the wake of an explosive report that the first-term Pennsylvania senator is behaving erratically and in a way that may pose a danger to himself or others, according to sources familiar with those discussions," reports The Hill's Alexander Bolton. What we know: "Two Democratic senators told The Hill they are talking with colleagues about how to best help Fetterman, who they fear is struggling to cope with the emotional rigors of serving in Congress, a stressful job even for the fittest individuals, who often find themselves the targets of political attacks." Read Bolton's reporting: 'Senate Democrats, worried about Fetterman, discussing ways to help' The explosive New York magazine report that started this discussion: 'All By Himself: John Fetterman insists he is in good health. But staffers past and present say they no longer recognize the man they once knew.' |
Now that's an expensive gift from a foreign country: |
ABC News reported on Sunday that President Trump is planning to accept a luxury Boeing 747-8 as a gift from the royal family of Qatar. Trump will then use the jumbo jet as Air Force One. Once he leaves office, it will be transferred to his eventual presidential library. Trump confirmed the report: He called it a "very public and transparent transaction." He bashed Democratic criticism of the high-dollar gift, calling Democrats "World Class Losers!!!" 🔎 Read Trump's post How they got the plane, a source told Axios's Marc Caputo: "So when they were searching for a plane … the emir of Qatar raised his hand and said: 'I got a plane for sale.' And so we've toured it. It came to Palm Beach [in February, shown in the photo above]. We toured it. It's perfect in every way because it was designed for a head of state." Read more: 'Backstory: How Trump got a free "palace in the sky"' Keep in mind: Trump is leaving for the Middle East today for his four-day trip. He will be stopping in Qatar, but the White House and Qatar both deny the timing. The New York Times published interesting analysis on his trip: 'Trump Heads to the Middle East Focused on Business Deals, Not Diplomacy' |
Hamas said it released the last known living American hostage from the Oct. 7, 2023, attacks, which set off the war in Gaza. What we know about Edan Alexander, an American-Israeli soldier |
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The House is out. The Senate is in. President Trump is on his way to the Middle East. (All times EST) |
Today: Trump travels to the Middle East for his 4-day trip to Saudi Arabia, Qatar and the United Arab Emirates.
5:30 p.m.: The Senate votes. 📆 Today's agenda
6:30 p.m.: Former Transportation Secretary Pete Buttigieg holds a town hall in Cedar Rapids, Iowa. 💻 Livestream
Tuesday: The House returns. 📆 Tomorrow's agenda |
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🍫 Celebrate: Today is National Nutty Fudge Day. |
📺 Miss Friday's newsletter? Catch up on the new pope here. |
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