China Launches Big Tariff Retaliation on U.S. Goods; EU Retaliation Nears

USTR Greer on trade tariffs, China port fees | Brooke Rollins talks tariffs, trade, and eggs

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April 09, 2025 07:11 AM

Updates: Policy/News/Markets, April 9, 2025

— Trump order on higher tariffs on China, higher fees on de minimis items from China. The White House released
an executive order (link) signed by President Donald Trump to put the
higher tariffs in place on Chinese goods, moving the additional tariffs from 34% to 84%, reflecting the additional 50% duty that Trump ordered after China retaliated by imposing a 34% tariff on imports of US goods. The order also increases the tariffs on de minimis items (those with a value under $800) to 90% from a prior 30% and the dollar level from May 2 to June 1 from $25 to $275 and from June 1 forward from $50 to $150.

— China hits back: 50% tariff counterstrike deepens trade war. China has fired back at the U.S. with a sweeping 50% tariff on all American imports, mirroring President Donald Trump’s latest move to double tariffs on Chinese goods. The new U.S. tariffs, bringing the cumulative hike to 104% since Trump returned to office, have taken effect. In a strongly worded statement, China’s Ministry of Commerce declared its resolve to “fight the trade war to the end.” The countermeasures from Beijing are scheduled to go live at noon on Thursday and would raise China’s total additional tariffs to 84%. To stabilize domestic sentiment, Chinese authorities are also bolstering local markets by deploying their “national team” — a group of state-backed funds — to increase purchases of A shares. The tit-for-tat escalation marks a significant intensification in the trade standoff, with global markets bracing for broader fallout.

Chinese President Xi Jinping called for greater regional co-operation and emphasized China’s diplomatic and trade ties with its neighbors, as state media unleashed a barrage of criticism against the U.S. “Our country’s relations with its neighbors are currently at their best since modern times,” Xi said, calling for the “strengthening of industrial and supply chain co-operation.”

— Canada has imposed tariffs of up to 25% on vehicles imported from the United States — effective 12:01 a.m. ET today.

— EU set to hit back: Retaliatory tariffs on U.S. goods near approval. The European Union is on the brink of approving a phased package of retaliatory tariffs on U.S. goods, with implementation expected to begin on April 15 and roll out through Dec. 1. According to multiple reports, the tariffs will vary by product and may spare key American exports like bourbon, wine, and dairy — though these exemptions have not yet been officially confirmed. A Financial Times report suggests soybeans may face a 10% tariff, notably lower than the 25% rate expected for most other targeted goods. If accurate, the details of this phased approach could shape trade flows and bilateral relations significantly over the coming months. The final structure of the plan remains crucial for assessing the broader economic and geopolitical impact.

— Greer: No exemptions for new tariffs as U.S. trade stance hardens. U.S. Trade Representative (USTR) Jamieson Greer told the Senate Finance Committee that the new tariffs would take effect today, April 9, without exemptions or exclusions for any country. Greer warned that allowing carveouts would create a “Swiss cheese” trade policy, undermining enforcement. He emphasized that tariff removal would depend not just on reciprocal tariff cuts but also on the dismantling of broader trade barriers against U.S. goods. While over 50 countries have reached out for talks — including Japan and South Korea — Greer confirmed that no deals would be struck before the tariffs are implemented. See related item in the Trade Policy section.

— U.S. reciprocal tariffs kick in, markets jitter on China tensions. At 12:01 a.m. ET today, the U.S. officially enacted its new reciprocal tariffs, imposing levies of 10% or more on imports from countries that currently maintain higher tariffs on U.S. goods. This move, first announced by the Trump administration last week, marks a sharp escalation in global trade tensions.

China tariffs stack up. China now faces a total U.S. tariff burden of 104%, including:
· Two existing 10% tranches
· A newly implemented 34% reciprocal tariff
· An added 50% penalty tariff for failing to remove its own 34% tariff after the U.S. reciprocal action

Market reaction: Early optimism, but… U.S. equities initially surged in early trading on signs that countries like Japan and South Korea were seeking talks with Washington to avoid deepening trade friction.

Reversal: Markets turned sharply lower after a conflicting report claimed that the full China tariff package was already in effect. Though the White House clarified that additional tariffs would only begin collecting as of 12:01 a.m. today, investor confidence was already shaken.

The next 72 hours could be critical as global trading partners assess their response. Markets may remain volatile depending on whether diplomatic overtures gain traction — or if China retaliates in kind.

— Brooke Rollins talks tariffs, trade, and eggs on Fox News. In an April 8 interview with Bret Baier on Fox News’ Special Report, USDA Secretary Brooke Rollins delivered a comprehensive defense of President Trump’s sweeping tariff policy, while addressing its effects on agriculture, supply chains, and global trade.

· Realigning trade: Tariffs with a purpose. Rollins backed the administration’s aggressive tariff strategy — including a new 10% blanket tariff on all imports and higher rates for targeted nations. She emphasized the move as essential to protecting U.S. interests and combating unfair foreign trade barriers, especially those impacting key American exports like beef and corn. “We’re prioritizing American farmers,” Rollins said, noting that over 70 countries are currently in talks with the U.S. to strike new trade agreements — some of which could be finalized by the end of this week.
· Egg prices hold steady despite supply strain. On domestic issues, Rollins sought to reassure Americans about food prices, stating that egg prices are expected to remain stable. This comes despite ongoing shortages from avian flu outbreaks and a drop in domestic egg production. To stabilize supply, the U.S. is increasing imports from Turkey, Mexico and other countries. USDA is also deploying resources to contain the avian flu, ease burdensome regulations inherited from the previous administration, and assist poultry repopulation — already helping stabilize prices.
· China, allies, and global trade friction. Rollins acknowledged that China’s retaliatory tariffs had intensified trade tensions, prompting a 104% U.S. tariff on Chinese imports, effective today. She conceded that global markets are feeling the strain, but emphasized ongoing outreach to key allies like Japan and South Korea to buffer the shock. Diplomatic moves are also underway, with Italy’s Prime Minister Giorgia Meloni expected to visit Washington soon for trade talks — a signal of the administration’s active engagement in reshaping trade dynamics.
· Risks vs. rewards: Tariff fallout. While admitting concerns about a possible recession and disruptions to global trade systems, Rollins remained optimistic. She reiterated the administration’s belief that short-term pain could yield long-term gain for U.S. agriculture and the broader economy. “We’re playing the long game,” she said, underscoring confidence in new deals and a more self-reliant agricultural future.

Bottom line: Rollins’ remarks signal the administration’s determination to reshape U.S. trade policy — even at the risk of short-term instability. While critics warn of economic fallout, the USDA Secretary framed the tariffs as a necessary reset to prioritize American farmers and regain leverage on the global stage.

— Yuan slides toward 17-year low as Trump renews currency manipulation accusations. The Chinese yuan slipped to 7.35 per dollar, its weakest level since December 2007, amid escalating trade tensions between the U.S. and China. President Donald Trump accused Beijing of currency manipulation, claiming China is using a weaker yuan to blunt the impact of recent tariffs. The offshore yuan touched 7.42 per dollar on Tuesday night, while the onshore yuan remains bound to a 2% range around the People’s Bank of China (PBOC) daily reference rate. On Wednesday, the PBOC set the reference rate at 7.2066, slightly weaker than Tuesday’s 7.2038, suggesting a controlled weakening — not a full devaluation.

Trump’s tariff escalation: Last week, Trump announced a 34% “reciprocal” tariff on Chinese goods. In response to Beijing’s retaliation, Trump added another 50%. When combined with earlier anti-fentanyl tariffs, the total tariff rate now exceeds 104%.

Despite recent yuan weakness, the PBOC’s fixings remain stronger than analyst forecasts, according to Bloomberg, signaling restraint rather than a full-blown currency war. Gavekal Dragonomics’ economist Wei He noted that a weaker dollar should ease pressure on the yuan, yet the PBOC appears more tolerant of currency softness to support exports.

Economists expect continued downward pressure on the yuan as the PBOC shifts toward monetary easing to buffer economic fallout from the intensifying trade war.

— Judge rules AP White House ban unconstitutional. A federal judge ruled Tuesday that the Biden administration’s decision to penalize the Associated Press — by limiting its access to President Trump’s events, the Oval Office, and Air Force One — was unconstitutional. The conflict stemmed from the AP’s refusal to adopt President Trump’s rebranding of the “Gulf of Mexico” as the “Gulf of America.” In response, the White House curtailed the AP’s coverage rights. However, the judge emphasized that while the AP is not entitled to permanent “first-in-line” press pool status, it must be treated equally to its peer wire services. “The Court merely declares that the AP’s exclusion has been contrary to the First Amendment, and it enjoins the Government from continuing down that unlawful path,” the ruling stated. The White House has one week to appeal the decision.

— Trump to undergo first physical of second term on Friday. President Donald Trump is scheduled to receive his first physical of his second term this Friday at Walter Reed National Military Medical Center. At 78, Trump becomes the oldest U.S. president to begin a second term — matching the age at which Joe Biden started his presidency. While Biden faced scrutiny for his visible signs of aging during his tenure, Trump’s own health has been a topic of public interest, especially during the 2024 campaign. However, in recent years, Trump has been notably less forthcoming about his medical records and health transparency, making Friday’s check-up a point of renewed attention.

PERSONNEL

— IRS leadership exodus amid controversial data-sharing deal with DHS. In a continued shake-up at the Internal Revenue Service (IRS), Acting Commissioner Melanie Krause announced Tuesday her plan to depart the agency. Krause’s resignation follows a contentious agreement that allows the IRS to share sensitive taxpayer data with the Department of Homeland Security (DHS), a move aimed at aiding the Trump administration’s expanded deportation efforts targeting undocumented immigrants. Krause becomes the third top IRS official to exit since President Trump returned to office. Former Commissioner Danny Werfel stepped down on Inauguration Day. His successor, Acting Commissioner Doug O’Donnell, declined to approve the data-sharing agreement in February and chose to retire shortly thereafter. Krause assumed the role in the interim.

Despite internal resistance, Treasury Secretary Scott Bessent intervened to finalize the deal, signing the memorandum of understanding with DHS himself—bypassing traditional IRS oversight.

The resignations underscore mounting tensions within federal agencies as the administration escalates its immigration enforcement strategy, raising new concerns about data privacy, interagency boundaries, and institutional independence.

FINANCIAL MARKETS

— Equities today: European and Japanese stocks slumped anew on the worsening trade war, while Dow futures tumbled 700 points as China hit back at Trump’s tariffs. In Asia, Japan -3.9%. Hong Kong +0.7%. China +1.3%. India -0.5%. In Europe, at midday, London -3%. Paris -3.1%. Frankfurt -3.1%.

Equities yesterday:

— The steep selloff in U.S. government bonds overnight has alarmed investors, leading to speculation that China is unloading Treasuries in retaliation for Trump’s punishing tariffs. There is talk that big hedge funds are having to unwind huge interest rate swap positions that included being heavily long U.S. Treasuries, due in part to notions the Trump administration would loosen U.S. bank regulations regarding Treasury holdings, which has not occurred.

— Cal-Maine said it was cooperating with a Justice Department probe into the jump in egg prices, which Cal-Maine attributed to the avian-flu epidemic. The egg supplier also posted higher quarterly revenue and profit. Shares dropped nearly 5% before the bell.

— Fed minutes in focus: Pre-tariff debate takes center stage. The Federal Reserve will release minutes today from its March 18–19 FOMC meeting, drawing keen attention to the level of internal debate surrounding tariffs and their possible economic impact. While the session took place before the official April 2 announcement of new tariffs, the recap is expected to offer a window into policymakers’ early mindset as they anticipated looming trade pressures.

Although the minutes won’t reflect updated tariff details, they could help clarify the Fed’s outlook on how such measures might influence future monetary policy. Fed Chair Jerome Powell, speaking last week, acknowledged lingering uncertainty about how tariffs might affect inflation and growth. He also flagged a potential risk of stagflation—a toxic mix of rising inflation and slowing economic momentum.

Of note: With markets already adjusting to the evolving global trade landscape, the minutes may provide a crucial backdrop for assessing the Fed’s balancing act in the face of renewed external pressures.

— U.S. budget deficit tops $1.3 trillion midway through FY 2025, CBO warns of debt ceiling crunch. The U.S. federal government ran a $163 billion budget deficit in March, according to a new report from the Congressional Budget Office (CBO). That’s $73 billion less than March 2024, though the CBO noted the decline was largely due to timing quirks: March 1 fell on a Saturday this year, pushing some scheduled payments into February. Adjusting for that, the deficit would have actually been $10 billion higher than last year. For the first half of fiscal year (FY 2025 (October–March), the deficit stands at a staggering $1.3 trillion, up from $1.07 trillion at the same point last fiscal year. So far, the federal government has collected $2.26 trillion in revenues while spending $3.57 trillion. The CBO in January projected a $1.9 trillion full-year deficit, unchanged from FY 2024, but the midyear pace raises the risk that spending continues to outstrip projections.

A key looming concern: the debt ceiling, which was reinstated on Jan. 2, 2025. The CBO warns that unless Congress raises or suspends the limit, the Treasury’s extraordinary measures could be exhausted by August or September 2025, potentially leading to a payment default. Lawmakers are eyeing the budget reconciliation process to address the debt ceiling, but political friction remains high heading into an election year.

AG MARKETS

— Ag markets today:

Grains calm as other markets melt down. Price action in the corn, soybean and wheat markets remained relatively calm overnight as other markets reacted sharply to the building tariffs war. As of 7:30 a.m. ET, corn futures were trading steady to fractionally higher, soybeans were within a penny of either side of unchanged, SRW wheat futures were a penny higher, HRW wheat was 5 to 7 cents higher and HRS wheat was 3 to 5 cents higher. Global stock markets and U.S. stock futures plunged overnight as frictions between the U.S. and China escalated. Importantly, there are increasing marketplace concerns about the U.S. Treasury market and its stability. Gold prices surged amid safe haven buying.
Livestock markets remain in liquidation mode. Cattle futures struggled to maintain modest corrective gains on Tuesday, while deferred hog futures gave up earlier advances into the close. Trade and recessionary concerns continued to hang over both markets.

— Ag trade: Algeria purchased an unspecified amount of durum wheat expected to be sourced from the U.S., Canada or Australia. Jordan tendered to buy up to 120,000 MT of optional origin milling wheat.

— Indonesia’s palm oil sector pushes for export tax removal to counter U.S. tariffs. Indonesia’s palm oil industry and farmer groups are urging the government to scrap export taxes and levies on crude palm oil in response to the U.S. imposing a 32% tariff on Indonesian goods. Although the government announced Tuesday it would adjust the palm oil export tax to reduce the tariff impact by 5%, industry representatives say this is insufficient. SPKS Chairman Sabarudin called for a full removal of the levy to help stabilize prices, while GAPKI, the country’s largest palm oil association, proposed a targeted $100/ton cost reduction for exports to the U.S.

— Bangladesh pledges purchases of U.S. cotton, other ag goods. Bangladesh plans to buy more U.S. cotton in hopes of persuading Trump not to maintain a 37% tariff on exports that threaten its vital garments sector, Financial Times reported. Alongside an offer to “significantly increase” imports of wheat, corn and soyabeans, Bangladesh would streamline customs procedures and build dedicated duty-free bonded warehouses for cotton “to improve speed to market.” Interim leader Muhammad Yunus asked for a three-month grace period on the tariffs to allow his government to “substantially increase U.S. exports to Bangladesh.” The country also promised to cut tariffs on American products such as gas turbines, semiconductors and medical equipment.

— Japan to sell rice stockpiles through July. The Japanese government will sell emergency rice stockpiles through July in an effort to rein in rising prices, the ag ministry said. Japan has so far released around 210,000 MT of rice stockpiles since March. The next auction of 100,000 MT will take place the week of April 21.

— Agriculture markets yesterday:

ENERGY MARKETS & POLICY

— Oil prices fell to a four-year low on Wednesday. Brent crude was down 2.5% at $60.31 a barrel, while West Texas Intermediate Futures were at $57.02.

— Oil prices slid further on Tuesday, hitting four-year lows as U.S./China trade tensions escalated, fueling global recession concerns. Brent crude fell 2.16% to $62.82 per barrel, and WTI dropped 1.85% to $59.58. The decline followed Monday’s 14–15% plunge after President Trump unveiled sweeping 104% “reciprocal tariffs” on Chinese goods, effective Wednesday, prompting a combative response from Beijing. Analysts flagged deteriorating demand expectations, with Goldman Sachs and J.P. Morgan predicting further price drops into 2025. Separately, Trump announced indirect nuclear talks with Iran, while rising U.S. crude inventories added to bearish sentiment.

— Keystone Pipeline shut down after North Dakota spill. The Keystone Pipeline, which carries crude oil from Canada through the U.S. Midwest to the Gulf Coast, was shut down early Tuesday following a leak in Barnes County, North Dakota. The pipeline’s operator, South Bow, halted operations at 7:42 a.m. after detecting a drop in pressure. The leak occurred about three miles north of Fort Ransom State Park, in a farm field south of a pipeline pump station. The estimated spill volume is 3,500 barrels — approximately 147,000 gallons. The oil has been contained, according to the North Dakota Department of Environmental Quality. The contaminated area remains under investigation; acreage affected is still unknown. The federal Pipeline and Hazardous Materials Safety Administration is expected to begin an on-site investigation Wednesday. Cleanup oversight will remain under the DEQ’s Division of Water Quality. It remains unclear how long the 30-inch-diameter pipeline will be offline. South Bow responded swiftly, shutting the system down within minutes of detecting the pressure drop.

TRADE POLICY

— Bipartisan scrutiny and frustration greet Trump administration’s global tariff plan. Tensions flared during a Senate Finance Committee hearing Tuesday as lawmakers from both parties raised pointed concerns over the Trump administration’s sweeping new trade policy, which imposes a minimum 10% tariff on all U.S. trading partners (except Canada and Mexico) starting today. Jamieson Greer, testifying on behalf of the administration, faced sharp interrogation — particularly from Democrats but also from several Republicans — over the strategy’s potential inflationary impact, opaque formula for setting rates, and lack of country exemptions. Several lawmakers appeared more intent on making statements than receiving answers, leaving Greer with limited opportunity to respond.

Greer defended the policy as a bold step toward reducing the record $1.2 trillion U.S. trade deficit in 2024. He described the tariffs as part of a “global approach to a global issue,” asserting that the administration aims to negotiate with individual countries to remove both tariff and non-tariff trade barriers. “There will be no exclusions or exemptions,” Greer emphasized.

Concerns over rising consumer and business costs were top of mind, especially for import-heavy industries. Greer acknowledged the divide: “Some [companies] are excited about the prospects. Some are concerned because they’re import-dependent instead of U.S. product-dependent.”

Despite fears of retaliation from trading partners, Greer insisted this was not a trade war, noting many nations have indicated they won’t respond with countermeasures.

Political undercurrents: While partisan tensions were evident, some Republican lawmakers broke ranks to question the policy’s blunt design and economic consequences. The growing discomfort signals potential resistance to the administration’s aggressive trade realignment — even within its own party.

Greer returns for another round of testimony today before the House Ways & Means panel. If yesterday’s hearing is any indication, he can expect more heat than harmony as lawmakers continue pressing for clarity, concessions, or both.

— USTR Greer tempers fears over China port fees; not all proposed tariffs on Chinese ships will go into effect, says top trade official. U.S. Trade Representative (USTR) Jamieson Greer on Tuesday reassured lawmakers that not all proposed port fees — potentially as high as $1.5 million — on Chinese-owned or Chinese-built vessels will be implemented. Speaking before the Senate Finance Committee, Greer emphasized that the measures remain proposals and described them as “a series of potential remedies” aimed at incentivizing U.S. shipbuilding. “They’re not all going to be implemented. They’re not all going to be stacked,” Greer stated, signaling a more flexible approach amid growing concern from key industries.

One of the most vocal groups has been U.S. agricultural exporters, who fear the port fees could raise costs significantly and undermine global competitiveness. Greer acknowledged these concerns, assuring that President Trump will evaluate stakeholder input to balance industrial goals with economic impact. “I think the president will look very carefully to make sure that we have the right amount of time and the right incentives to create shipbuilding here without impacting our commodity exports,” he said. The hearing follows a wave of trade policy proposals targeting China in 2025, as Washington doubles down on domestic manufacturing while trying to protect key export sectors.

— Seoul seeks “big deal” with U.S. after Trump/Han call amid tariff turmoil. South Korea is urgently seeking a sweeping trade agreement with the U.S. following a last-minute phone call between President Donald Trump and Acting President Han Duck-soo. The outreach comes amid escalating economic strain from the Trump administration’s new tariff wave, which includes a punishing 25% duty on South Korean exports. Trump and Han discussed the U.S./South Korea trade balance, energy cooperation, shipbuilding, and defense cost-sharing. Trump hinted at a comprehensive approach to negotiations, calling it “one stop shopping.”

South Korea’s Industry Minister Ahn Duk-geun said the country is aiming for a “big deal” that addresses multiple issues beyond tariffs. Commerce officials from both nations are now tasked with hammering out the details.

Despite diplomatic progress, South Korea’s economy is feeling the heat:

The won fell sharply, hitting levels last seen during the 2008 financial crisis.
The KOSPI benchmark entered bear market territory, slumping over 20% from its July peak.

Ahn ruled out retaliation, emphasizing strategic cooperation over confrontation. Shipbuilding — an industry under scrutiny due to U.S./China tensions — was highlighted as a potential bargaining chip. He added that Seoul’s approach is a broad, sector-spanning negotiation.

South Korea, the sixth-largest U.S. trading partner, saw its trade surplus with the U.S. rise 25% in 2024 to $55.7 billion, drawing Trump’s ire. The sudden imposition of reciprocal tariffs prompted a diplomatic scramble in Seoul, compounded by a domestic leadership vacuum following the martial law crisis.

Trump’s strategy is part of a broader campaign to rebalance U.S. trade, particularly in Asia. National Economic Council Director Kevin Hassett confirmed that South Korea and Japan are top priorities. The outreach marks a rare direct channel between Seoul and Trump, signaling potential thaw in what had become a frayed alliance under economic pressure. South Korea’s Trade Minister Cheong Inkyo is in Washington. Minister Ahn plans to return to the U.S. for follow-up negotiations.

— Tech on the run: U.S. tariff chaos sparks airlift frenzy, global strategy reboot. Following President Donald Trump’s latest tariff blitz — “reciprocal” duties of up to 50% — top electronics brands are racing to beat the clock. Apple, Dell, Microsoft, and Lenovo have urgently instructed Asian suppliers to ship premium devices, especially those priced above $3,000, to the U.S. by air before new tariffs hit. “Clients asked us to ship as many devices by air as possible, but we’re limited by component shortages,” one supplier executive told Nikkei Asia. Freight companies described a frantic effort to clear customs before the April 8 deadline.

HP reverses course, others follow suit. Initially hesitant, HP quickly pivoted to emergency shipments. Meanwhile, Dell is lobbying both Washington and Hanoi, urging Vietnamese officials to negotiate with the U.S. Others, like Lenovo and Acer, are now pivoting away from the U.S. altogether, eyeing Belt and Road nations, Europe, and emerging markets. One tech executive noted that with 75–80% of global electronics demand outside the U.S., there’s “plenty of room to pivot.”

Supply chains shift again. HP is reportedly boosting capacity in Mexico. Asus has halted U.S. shipments altogether, citing ample inventory, while Dell and Apple continue evaluating options amid extreme uncertainty. Samsung is already cutting component orders for Q2 and Q3 2025. Nintendo delayed U.S. preorders for its Switch 2 console, awaiting clarity on tariff implications.

Demand shock incoming. Retail prices for smartphones and PCs are expected to jump 20–25%, analysts warn, as companies pass on tariff costs. Canalys may slash its already-muted 2% growth forecast for U.S. PC shipments. “Even American brands can’t abandon the U.S., but they’ll be hit hardest,” said Bernstein analyst Alex Wong. Apple, for instance, earns ~40% of its revenue in North America but still manufactures most iPhones in China.

Bigger than supply chains: A shift in worldview. The long-term effect of Trump’s trade stance may be psychological and geopolitical. “It’s no longer China vs. non-China. It’s the U.S. vs. the rest of the world,” said a component supplier for Apple and HP. As uncertainty deepens, investment and hiring slow across Southeast Asia. “Our industry hates uncertainty —e specially alongside rising recession risks,” said IPC President John Mitchell.

CONGRESS

— Trump raises $35 million for GOP, but House budget standoff threatens his agenda. In a lavish, black-tie dinner at the National Building Museum, House Republicans raised $35.2 million for their re-election campaigns, bolstered by an energetic appearance from former President Donald Trump. The money haul is the largest single-night event this cycle for the GOP — but the celebration was shadowed by deep internal tensions that could derail Trump’s legislative ambitions.

Trump’s speech took a sharp turn toward frustration. “Close your eyes and get there. It’s a phenomenal bill. Stop grandstanding,” Trump told the room, referencing the Senate-revised budget resolution now facing resistance from House hardliners.

Trump’s bottom line: “We are one big, beautiful bill signing away from the greatest economy in the history of the world.” He promised that enacting his economic agenda would net House Republicans “40, 50 or even 60 seats.” But to get there, he warned, internal GOP infighting must end.

Trump’s fiercest criticism was reserved for members of the House Freedom Caucus and other conservative holdouts, including Reps. Andy Harris (R-Md.), Chip Roy (R-Texas), Scott Perry (R-Pa.), Thomas Massie (R-Ky.), and others. These lawmakers are blocking the GOP’s path to adopting the Senate-passed budget resolution — a necessary step to unlock the fast-track reconciliation process that would enable massive federal spending cuts and Trump-backed tax reform.

On Tuesday, Trump tried the soft sell, hosting roughly two dozen skeptical Republicans at the White House. By Wednesday night, his tone had hardened — and GOP leaders made clear: there’s no more time for patience.

The House Rules Committee will meet this morning, a first step toward getting the resolution on the House floor. If Republicans can pass the rule governing debate, they are expected to pass the underlying budget resolution as well. House Speaker Mike Johnson (R-La.) is under pressure to act fast. Any further delay could derail the schedule and force the House to cancel its upcoming recess, with Passover beginning Saturday night and many members planning overseas trips.

HPAI/BIRD FLU

— Mexico reports first human death from H5N1. Mexico on Tuesday logged its first human death from H5N1 avian influenza, a three-year-old girl in the northern state of Coahuila, according to the state’s health minister.

WEATHER

— NWS outlook: Below normal temperatures continue across the East while well above normal and near-record warmth builds across the West... ...Severe weather expected across portions of the Mid/Deep South and Tennessee Valley on Thursday... ...Pair of low-pressure systems to bring increasingly unsettled weather to much of the East Thursday into Friday.

KEY DATES IN MARCH & APRIL

9: Crop Production Historical Track Records
10: CPI | Crop Production | WASDE
10: The Masters (golf)
11: PPI-FD | Consumer Sentiment
13: Passover begins
14: Crop Progress
15: 2024 income taxes due; last day for 2024 IRS, HSA contributions; first quarter 2025 taxes due
16: Retail Sales
17: Housing Starts and Permits; Cattle on Feed; National Hemp Report
18: Good Friday
20: Easter
21: Crop Progress | Chickens and Eggs
21: Boston Marathon
22: Existing Home Sales | Milk Production
23: New Home Sales
24: Durable Goods Orders | Cold Storage
25: Food Price Outlook | Consumer Sentiment
28: Crop Progress
29: International Trade in Goods | JOLTS | Consumer Confidence | Meat Animals - Prod., Disp., and Income | Milk - Prod., Disp., and Income | Poultry - Production and Value
30: ADP Employment | Employment Cost Index | GDP | Personal Income and Outlays incl. PCE Price Index | Ag Prices

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