EIW Today - April 10th, 2025

Prism Group's Daily Summary

PRESIDENT TRUMP ANNOUNCES TARIFF PAUSE... President Trump announced a 90-day pause on tariffs for over 75 countries that chose not to retaliate against his earlier trade measures; there remains some confusion however regarding Mexico and Canada, which a White House official said yesterday will still have their exports hit with a 25% tariff. Meanwhile, China—having responded with steep tariffs of its own—now faces an even higher 125% levy on its goods. Markets rallied on the news, with stocks surging after a turbulent week. Notably, President Trump also told reporters he was open to exempting certain specific companies from any future tariff regime.  

HOUSE PUSHES KEY VOTE TO THURSDAY MORNING... Speaker Mike Johnson yesterday was forced to delay a vote on the Senate-passed budget resolution after facing strong resistance from conservative hardliners demanding deeper spending cuts than the upper chamber has proposed. The standoff highlights a major rift between House and Senate Republicans, with Senate leaders aiming for cuts that will likely be far lower than the House’s $1.5 trillion target. In a press conference this morning with Senate Majority Leader John Thune, Johnson told reporters he had the necessary support among his conference to move the measure. That vote is scheduled for 10AM today. As Speaker Johnson urges the House to move quickly, it is possible that the House may have to be called back to session, interrupting Congress' previously scheudled two-week recess.

NEW POLLING SHOWS STRONG SUPPORT FOR 20% SMALL BUSINESS DEDUCTION... A new poll released yesterday by the National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, shows broad, bipartisan support for America’s small businesses along with overwhelming support for keeping the 20% Small Business Tax Deduction in the tax code. 

WHITE HOUSE DIRECTS AGENCIES TO REPEAL ‘UNLAWFUL’ AND ANTI-COMPETITIVE RULES... The White House issued two directives yesterday instructing federal agencies to accelerate the repeal of regulations officials view as unlawful or anti-competitive. One memo tells agencies to focus on rules that may conflict with recent Supreme Court decisions and allows repeals to bypass the normal rulemaking process using the “good cause” exception under administrative law. A separate executive order directs agencies to identify rules that could limit competition or create barriers to market entry, and to recommend whether they should be modified or eliminated. Agencies have 70 days to report anti-competitive regulations and 90 days to coordinate on next steps with the Office of Management and Budget. Prism Group will continue to monitor the implications of these regulatory changes.  

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS: 

Thirty-nine states are in regular session. Maine is in special session. 

WHAT WE'RE WATCHING: 

California Assemblymember Buffy Wicks (D) has introduced legislation to allow ride share drivers working for Uber and Lyft to join a union. The bill is the first major effort to regulate the ride-hailing industry after voters approved Proposition 22, a 2020 measure classifying drivers as independent contractors. 

The Arkansas Senate Insurance and Commerce Committee has advanced legislation barring pharmacy benefit managers from operating retail pharmacies. The bill passed the House last week by a wide, bipartisan margin. 

LAWMAKERS... IN OR OUT? 

The House... convenes today at 9:00 AM. The full schedule may be found here. 

The Senate... convenes today at 10:00 AM. The full schedule may be found here. 

HAPPENING ON THE HILL  

The House...  

Stay tuned for possible updates. 

The Senate...      

Committee on Banking, Housing and Urban Affairs will hold a hearing TODAY, 4/10 at 10:10 AM entitled, “Nomination Hearing.” 

Committee on Finance will hold a hearing TODAY, 4/10 at 10:00 AM entitled “Hearing to Consider the Nominations of William Kimmitt, of Virginia, to be Under Secretary of Commerce for International Trade, vice Maria Louise Lago, resigned, and Kenneth Kies, of Virginia, to be an Assistant Secretary of the Treasury, vice Lily Lawrence Batchelder.” 

Committee on Judiciary will hold a hearing TODAY, 4/10 at 10:15 AM entitled, “Executive Business Meeting.” 

BILLS OF INTEREST 

S. ____ The Trade Review Act of 2025 

The bill restores Congress’ authority and responsibility over tariffs as outlined in Article I, Section 8 of the Constitution by placing the following limits on the president’s power to impose tariffs: 

• To enact a new tariff, the president must notify Congress of the imposition of (or increase in) the tariff within 48 hours. 

• The Congressional notification must include an explanation of the president’s reasoning for imposing or raising the tariff, and 

• Provide analysis of potential impact on American businesses and consumers. 

• Within 60 days, Congress must pass a joint resolution of approval on the new tariff, otherwise all new tariffs on imports expire after that deadline. 

• Under the bill, Congress has the ability to end tariffs at any time by passing a resolution of disapproval. 

AT THE AGENCIES  

The U.S. Department of Labor 

The U.S. Department of Labor released its unemployment insurance weekly claims report.  

The U.S. Department of the Treasury 

The U.S. Department of the Treasury (Treasury), including the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN), will take immediate action to eliminate 15 rules and guidance materials. This is in addition to two rules recently rescinded by the Office of the Comptroller of the Currency (OCC). 

The U.S. Department of Commerce 

Stay tuned for possible updates. 

The U.S. Trade Representative  

Stay tuned for possible updates. 

The U.S. Small Business Administration 

Stay tuned for possible updates. 

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