Tag: Federal Budget (US)

Tariffs Will Long Outlive Trump

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Donald Trump’s most consequential construction project may not be a ballroom or an arch, but his tariff wall. His latest threat to raise tariffs to 50 percent on some Canadian goods, as drastic as it is, is not nearly as significant as what’s coming next. By the end of this month, the administration is expected to introduce major tariffs on dozens of countries intended to ensure what once was a temporary regime lasts well beyond this presidency. Unlike most previous rounds of tariffs, including the ones just threatened on Canada,…

Iran War Has Drained U.S. Supplies of Critical, Costly Weapons

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Since the Iran war began in late February, the United States has burned through around 1,100 of its long-range stealth cruise missiles built for a war with China, close to the total number remaining in the U.S. stockpile. The military has fired off more than 1,000 Tomahawk cruise missiles, roughly 10 times the number it currently buys each year. The Pentagon used more than 1,200 Patriot interceptor missiles in the war, at more than $4 million a pop, and more than 1,000 Precision Strike and ATACMS ground-based missiles, leaving inventories…

Republican Bill to End E.V. Tax Credit Could Hurt G.M. and Ford

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Sales of electric vehicles have been rising in recent years, partly because of a $7,500 tax credit from the federal government that helps lower the cost of buying one. But a budget bill that House Republicans released on Monday would end that tax credit. Their proposal would also put new restrictions on other tax breaks that have encouraged automakers to invest tens of billions of dollars in new battery plants in the United States. By next year, the bill would do away with the $7,500 tax credit for buyers of…

Today’s Top News: White House Issues Shutdown Warning, and More

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The New York Times Audio app is home to journalism and storytelling, and provides news, depth and serendipity. If you haven’t already, download it here — it’s available to Times news subscribers on iOS — and sign up for our weekly newsletter. The Headlines brings you the biggest stories of the day from the Times journalists who are covering them, all in about 10 minutes. Hosted by Annie Correal, the new morning show features three top stories from reporters across the newsroom and around the world, so you always have…

Biden to Announce Nuclear-Powered Submarine Deal with Australia and Britain

Chin@Strategy

WASHINGTON — President Biden plans to announce on Monday a landmark agreement with the leaders of Britain and Australia to develop fleets of nuclear-powered attack submarines that the three nations would use to strengthen their naval forces across the Asia-Pacific region as China bolsters its own navy. The purchase and training agreements on submarines amount to the first concrete steps taken by the three English-speaking nations to deepen the ambitious strategic partnership called AUKUS that they announced 18 months ago. The military deal, centered on Australia first buying the attack…

Plans in Congress on China and TikTok Face Hurdles After Spy Balloon Furor

Chin@Strategy

WASHINGTON — Republicans and Democrats are pressing for major legislation to counter rising threats from China, but mere weeks into the new Congress, a bipartisan consensus is at risk of dissipating amid disputes about what steps to take and a desire among many Republicans to wield the issue as a weapon against President Biden. In the House and Senate, leading lawmakers in both parties have managed in an otherwise bitterly divided Congress to stay unified about the need to confront the dangers posed by China’s militarization, its deepening ties with…