EIW Today - April 9th, 2025

Prism Group's Daily Summary

PRESIDENT TRUMP AMPS UP THE PRESSURE ON GOP HOLDOUTS...

With House Republican leaders struggling to rally enough support for the Senate-passed budget resolution, President Trump weighed in at a GOP meeting yesterday, reportedly asking lawmakers to “close your eyes and get there” and “stop grandstanding.” Nonetheless, several House Republicans remain opposed—mainly due to the Senate’s smaller proposed spending cuts, as well as other disagreements regarding specific tax policy issues. With Congress facing a two-week recess, GOP leadership is considering keeping members in Washington until a deal is reached. 

DOES THE “MILLIONAIRE TAX HIKE” HAVE LEGS?... As reported by Bloomberg, House Freedom Caucus Chairman Andy Harris (R-MD) said he was open to the creation of a new 40% tax bracket for taxpayers earning over $1 million, possibly as a means of offsetting President Trump’s “no tax on tips” proposal. Several Republicans – including House Speaker Mike Johnson and Majority Leader Steve Scalise – quickly panned the proposal, insisting tax hikes were off the table. The proposal would affect the 37% top marginal tax rate faced by individuals and pass-through business owners, which for 2025 kicks in at $626,350 for individual filers ($751,600 for married couples filing jointly).  

LIBERATION DAY TARIFFS TAKE EFFECT... Last night, tariffs announced on “Liberation Day” by President Trump went into effect on many countries across the globe. This includes a 104% tariff on Chinese goods, causing China to implement an 84% retaliatory tariff on imports from the US. Markets are reacting negatively with 10-year bond yields increasing by 0.6% in a matter of days, meaning it will cost businesses more to borrow and finance debt. 

USTR GREER DEFENDS TARIFFS AMID BIPARTISAN PUSHBACK... U.S. Trade Representative Jamieson Greer faced bipartisan criticism yesterday during a Senate Finance hearing on President Trump’s new reciprocal tariff policy, which was implemented last night. Greer defended the sweeping tariffs as necessary to address long-standing trade deficits and non-tariff barriers, but admitted they wouldn’t resolve issues overnight and, in some cases, were about “running up the score.” When lawmakers pressed Greer on the recent stock market decline, he dismissed the concerns, saying he’s focused on “Main Street," not "Wall Street." Asked about the impact on small businesses, Greer said he would need more data before drawing conclusions. 

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: 

Just hours after the 2025 legislative session finished, Maryland Gov. Wes Moore and state leaders signed 92 bills into law. Among them were two key Moore priorities: creating a new Office of Registered Apprenticeship Development to strengthen the state’s apprenticeship pipeline, and establishing the Office of Disability Employment Advancement and Policy to improve job access for Marylanders with disabilities.  

Nevada lawmakers are addressing the growing issue of home insurance cancellations due to wildfire risk with two new bills. One bill proposes creating a state-managed insurance option which would serve as a backup for homeowners unable to obtain coverage from private insurers. Another aims to establish a "regulatory sandbox" for insurance companies to test new types of coverage, including standalone wildfire policies.  

LAWMAKERS... IN OR OUT? 

The House... convenes today at 12:00 PM. 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...  

Committee on Appropriations will hold over five member-day hearings this week.  

Committee on Ways and Means will hold a hearing, TODAY, 4/9 at 10:00 AM entitled, “The Trump Administration’s 2025 Trade Policy Agenda with United States Trade Representative Jamieson Greer.” 

Committee on Energy and Commerce will hold a hearing, TODAY, 4/9 at 10:00 AM entitled “Converting Energy into Intelligence: The Future of AI Technology, Human Discovery, and American Global Competitiveness." 

The Senate...      

Committee on Health, Education, Labor and Pensions will hold an executive session, TODAY, 4/9 at 10:00 AM on the following bills “S. 588, S. 163, and S. 932.” 

Committee on Judiciary will hold a hearing TODAY, 4/9 at 2:30 PM entitled, “A Time for Truth: Oversight of Meta’s Foreign Relations and Representations to the United States Congress.” 

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

Committee on Finance will hold a hearing Thursday, 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 Thursday, 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 

ICYMI: Secretary Chavez-Deremer kicks off ‘America at Work’ listening tour with union leaders, elected officials in Pennsylvania.

The U.S. Department of the Treasury 

Treasury Department Announces New Appointments. 

The U.S. Department of Commerce 

Check back tomorrow for possible updates. 

The U.S. Trade Representative  

Check back tomorrow for possible updates. 

The U.S. Small Business Administration 

Check back tomorrow for possible updates. 

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