Trump updates: President claims tariffs ‘great’ for Republicans as trade war roils Asian markets
Beijing says it will ‘fight to the end’ as president’s 104% China tariffs take effect
Stock markets in Asia fell at the opening on Wednesday, continuing the drop seen earlier on Wall Street, amid fears over Donald Trump’s 104% tariff on imports from China. In Tokyo, the Nikkei fell 3.5% on the opening, and the Hang Seng in Hong Kong was down 4%.
Speaking in Washington on Tuesday night, the president claimed the massive import taxes he is imposing on Americans will help usher in victory for his Republican Party in next year’s midterm elections.
During 90 minutes of meandering remarks before GOP lawmakers and deep-pocketed donors at the National Republican Congressional Committee’s annual fundraising gala, Trump said the stage is now “set for a monumental victory for the Republicans in the midterms,” which most mainstream economists and business experts say will supercharge inflation and threaten America’s status as the world’s leading economy with a grievous self-inflicted wound.
“I know what the hell I'm doing. I know what I'm doing, and you know what I'm doing too,” he said.
The president also warned of impending tariffs on imported pharmaceuticals in an effort to bully companies into moving production to the U.S.
Trump promises to raise military budget to $1 trillion even as DOGE hacks other agencies to the bones
Trump plants new ‘MAGAnolia’ sapling to replace 200-year-old White House tree
Republicans look for an exit ramp on tariffs
China hits back at JD Vance after he calls workers there ‘peasants’ amid tariff standoff
Watch LIVE: Trump delivers remarks at the National Republican Congressional Committee Dinner
Trump tells Republican holdouts on budget 'just stop grandstanding'
In his remarks at tonight’s NRCC dinner, President Donald Trump says of the Republican budget resolution holdouts in the House: “We had a great meeting today, I think we are there. But in case there are a few Republicans out there, just close your eyes and get there… just stop grandstanding.”
Trump claims tariffs will help Republicans in midterms
President Donald Trump remarked about how the tariffs might impact the midterm elections in 2026.
He added that many countries have “ripped us off, left and right.”
“But now it's our turn to do the ripping,” he added.
White House releases amended tariffs on China
The White House has officially released the amendment to President Donald Trump’s reciprocal tariffs “applied to low-value imports" from China.
At 12:01 a.m., the order will be “amended by deleting ‘34%’ each place that it appears and by inserting ‘84%’ in lieu thereof.”
That's on top of the 20% tariff rate already in place on Chinese imports into the U.S., taking the total to 104%.
Trump administration says it cut funding to some life-saving UN food programs by mistake
The State Department said Tuesday that it had rolled back an undisclosed number of sweeping funding cuts to U.N. World Food Program emergency projects in 14 impoverished countries, saying it had terminated some of the contracts for life-saving aid by mistake.
“There were a few programs that were cut in other countries that were not meant to be cut, that have been rolled back and put into place,” State Department spokeswoman Tammy Bruce told reporters.
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Trump administration says it cut funding to some life-saving UN food programs by mistake
Official says Pentagon has no authority for drone strikes against drug cartels in Mexico
A top Pentagon official said special operations forces do not have the authority to launch drone attacks at drug cartels in Mexico.
Colby Jenkins, who is currently assistant defense secretary for special operations, told a Senate committee that President Donald Trump’s move to designate drug cartels as foreign terrorist organizations does not automatically convey authority for direct action against them.
Under questioning from Sen. Elissa Slotkin, D-Mich., Jenkins said Trump’s designation “helps us unlock the doors” for a broader approach to drug cartels.
Slotkin noted that billionaire government adviser Elon Musk has said the foreign terrorist designation means the U.S. can conduct drone strikes against the cartels. Musk posted that Feb. 19 on the social platform X.
Jenkins said it does not, but now the military can provide options and be ready if Trump needs more done to protect the border.
There are manned and unmanned surveillance flights over Mexico’s airspace.
Watch: Trump claims countries are 'kissing my ass' and 'dying to make deal' on tariffs
IRS chief to quit over deal to share data with immigration officials, report says
The acting head of the U.S. Internal Revenue Service plans to resign over a new agreement to share the tax data of undocumented immigrants with Homeland Security personnel, The Washington Post reports, citing two people familiar with the situation.
Acting IRS Commissioner Melanie Krause will participate in the deferred resignation program recently offered to agency employees, the newspaper said.
Trump says tariff situation ‘is great’ for midterms as markets continue to tumble
Andrew Feinberg reports from Washington, D.C.:
As stock markets around the world continue to drop amid fears over his attempt to blow up the world’s trade system, Donald Trump says the massive import taxes he is imposing on Americans will bring about a massive victory for his Republican Party in next year’s midterm elections.
Speaking to a group of GOP officeholders and deep-pocketed Republican donors at the National Republican Congressional Committee’s annual fundraising gala in Washington, Trump said the stage is now “set for a monumental victory for the Republicans in the midterms” on account of his policies, which most mainstream economists and business experts say will supercharge inflation and threaten America’s status as the world’s leading economy with a grievous self-inflicted wound.
“I really think we’re helped a lot by the tariffs situation. It’s great,” he said.
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