Today we’re covering:

• 💸 Donald Trump’s tax plan,

• 📉 Gov.Ron DeSantis PAC in trouble,

• And everything else you need to know.

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2024 ELECTION

Trump's proposal to impose a 10% import tax has sparked new discussion.

Here is what’s going on: Donald Trump, a former president, recently suggested imposing a 10% tariff (or tax) on all imports into the United States. If put into practice, it would be an extension of the protectionist trade policies he pursued while president.

The reaction: The idea was promptly criticized by the White House, think tanks, media outlets, and academia. The administration of President Joe Biden described it as a scheme that would result in "higher prices and higher inflation," while the Wall Street Journal contended that it would also result in fewer jobs. This is reminiscent of how people reacted to Trump's trade war in his first term.

Donald Trump’s response: in a letter to the editor, branding them "die-hard globalists." During his administration, he celebrated reductions in the trade deficit, notably with China, despite the fact that historically, trade deficits have not been a reliable indicator of an economy's health.

The main goal: Trump aims to minimize the U.S. trade deficit (i.e., how much more we spend on imports from other nations than they spend on our exports) and encourage domestic manufacturing by raising the cost of the commodities the U.S. buys through tariffs.

• The end results: According to studies by the Tax Foundation and the Federal Reserve Board of Governors, Trump's tariffs cost the U.S. $80 billion and 75,000 manufacturing jobs, respectively.

• At the same time: Data suggests there has been an industrial boom in America as CEOs relocated production out of China at the same time as Biden kept Trump's tariffs. Additionally, there is no concrete evidence that tariffs boosted consumer costs, despite the fact that polling data indicates that most Americans are generally ready to pay more for higher-quality products created in the United States.

Zoom out: In numerous locations during the past three decades, free trade has generated incentives for firms and industries to leave the United States, leaving hollowed-out towns in its wake. Free trade includes drawbacks, such as the possible offshore of factories and jobs, even though it can result in cheaper goods. Trump tapped into this reality in order to win over so many voters in 2016.

Brief News

📉 Super PAC linked with DeSantis shuts down, funders flee. Due to the "rookie s***" errors made by the Ron DeSantis campaign, Ron to the Rescue, a super PAC that had raised $50 million to support his campaign, was forced to close. The PAC's founder said he will now back Donald Trump. Never Back Down, DeSantis' primary political action committee, raised $130 million in three months while having $96.8 million left to spend.

💵 Donald Trump and Vivek diverge on economic matters. Even while Republican contender Vivek Ramaswamy avoids attacking former president Donald Trump and portrays himself as an outsider like Trump, the two candidates' economic philosophies are very different. Ramaswamy is in favor of extensive legal immigration as well as unrestricted international trade. These initiatives contrast with Trump's anti-globalization, anti-free trade, and anti-immigration stances, which helped him win the presidency.

😷 Trump declares that "we will not comply" with any potential COVID limits in the second round. Former President George W. Bush pledged to stop providing public assistance "to any school, college, airline, or public transportation system that imposes a mask mandate or a vaccine mandate." In his statement, Trump warned that "COVID hysteria" might result in "more lockdowns, more censorship, more illegal drop boxes, and more mail-in ballots."

On media brief:

📺 Mark Thompson, a former executive for the New York Times and BBC, will now run CNN after the network struggled for months to find a replacement for Chris Licht.

🚨 Migrants who entered the nation with the aid of a smuggler connected to the Islamic State are being looked into by the federal administration.

🗳️ According to reports, Blake Masters wants to run for Sen. Kyrsten Sinema's (D-Ariz.) seat in Congress in 2024.

🪖 Washington just unveiled a new security package for Ukraine that will include guided rockets, missile munitions, and small-caliber ammunition.

🔎 Senate Minority Leader Mitch McConnel, 81, froze for more than 30 seconds on Wednesday while responding to a question. He has frozen twice in the past month, raising concerns about his health.

🚔 Three armed men robbed a Chicago television news crew that was covering robberies.

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