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In a move that could upend American foreign relations across the globe, President Trump announced Wednesday that he is imposing what he calls “reciprocal tariffs” on virtually every nation the U.S. engages with in trade. From April 5, all imports to the U.S. will be subject to a baseline tariff of 10%. Then, beginning April 9, about 90 countries that the Trump administration says currently impose unfair barriers on imported U.S. goods will be hit by additional “reciprocal” taxes.Some of the Asian nations from which the U.S. has long imported vast quantities of consumer goods will be subjected to the…

What to know about Trump’s major “Liberation Day” tariff announcement – CBS News Watch CBS News After much anticipation and intrigue, President Trump has finally unveiled his plan for sweeping reciprocal tariffs. He announced that goods from every nation the U.S. trades with will be subject to import taxes. He and his supporters argue the move will help bring manufacturing back to the U.S. CBS News’ Kelly O’Grady, Olivia Rinaldi, Caitlin Huey-Burns and Lana Zak break it all down. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On Source…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldThe US’s federal debt burden is set to surpass the peak it reached in the wake of the second world war in coming years, Congress’s fiscal watchdog has warned, underscoring growing concerns over America’s public finances. The Congressional Budget Office said on Thursday that the US’s debt-to-GDP ratio would reach 107 per cent during the 2029 fiscal year — exceeding the 1940s era peak — and continue rising to 156 per cent by 2055. The debt-to-GDP ratio is forecast to…

DOGE representative Sam Corcos and Treasury Secretary Scott Bessent break down the Trump administration’s department to end wasteful spending on ‘The Ingraham Angle.’ Republican Iowa Sen. Joni Ernst has asked Treasury Secretary Scott Bessent for the IRS to improve its technology so that people starting a business can apply for an employer identification number (EIN) all day every day. The senator, who chairs the Senate Department of Government Efficiency (DOGE) Caucus, made the request on Tuesday in a letter to the Treasury Secretary that also asked the IRS to “eliminate the duplicative auditing of all taxpayers and entities” and “hold…

DOGE representative Sam Corcos and Treasury Secretary Scott Bessent break down the Trump administration’s department to end wasteful spending on ‘The Ingraham Angle.’ A representative for the Department of Government Efficiency (DOGE) on Thursday said that the IRS’ modernization program was significantly over budget and behind schedule.  Levels CEO and U.S. Treasury special advisor Sam Corcas told host Laura Ingraham on “The Ingraham Angle” that he has been brought in by President Donald Trump and Tesla CEO Elon Musk’s DOGE to “look at the IRS modernization program in particular, as well as the operations and maintenance budget.”ELON MUSK SAYS DOGE…

Treasury Secretary Scott Bessent discusses the promotions of the Hunter Biden IRS whistleblowers to leadership roles in the department, tariff strategy, recession concerns and more during a ‘Mornings with Maria’ exclusive. Treasury Secretary Scott Bessent on Tuesday announced that two Internal Revenue Service (IRS) whistleblowers who faced political persecution over their roles in the tax evasion investigation of Hunter Biden will return to the agency as advisors. Bessent said that Gary Shapley and Joseph Ziegler will join the Treasury Department as senior advisors after they were wrongfully targeted for their role in the investigation. Shapley was a senior supervisory special agent…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldRepublicans in Congress are seeking to extract billions of dollars in taxes from the endowments of top private US universities by raising rates on investment returns amid a broader attack on elite academia.At least three bills proposed since January aim to raise the tax rate on investment returns to as much as 21 per cent, from 1.4 per cent currently. Two of the bills would also lower the threshold to universities with as little as $200,000 in assets per student,…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldThe writer is an FT contributing editor, chief economist at American Compass and writes the Understanding America newsletter An arcane budgetary sleight of hand is poised to take central stage in the US debate over tax and spending cuts. Magic tricks can at least entertain, and sometimes even inspire awe. But the budget trick is, in the words of Congressman David Schweikert, oversight chief for the tax-writing House ways and means committee, just “a fraud”. Most of the tax cuts passed by Republicans…

Forbes Media chairman Steve Forbes discusses President Donald Trump’s meeting with bank executives and the impact of tariffs on ‘The Bottom Line.’ The Internal Revenue Service (IRS) announced this week that more than a million taxpayers are running out of time to submit their tax returns and get unclaimed tax refunds from 2021. More than 1.1 million taxpayers have unclaimed tax returns for tax year 2021 and face a looming deadline of April 15 to submit their tax returns, the IRS said Tuesday in a release. The IRS estimated that over $1 billion in tax refunds remain unclaimed by taxpayers who haven’t…

Sen. Rick Scott, R-Fla., weighs in on a major leak from a former IRS contractor and argues there is a double standard for accountability on The Bottom Line. New data from the Internal Revenue Service (IRS) shows that the average tax refund received by American taxpayers in the 2024 tax filing season so far is higher than those disbursed a year ago. IRS data through Feb. 28, 2025, show that the average tax refund amount for tax returns filed through that date was $3,382. That’s about 6.3% higher than the average refund of $3,182 through Mar. 1, 2024.The data also showed that…