EIW Today - February 3rd, 2025

2 days ago

Prism Group's Daily Summary

STEEP LEVIES ON TARGETED FOREIGN IMPORTS SET TO TAKE EFFECT ... A trio of executive orders signed over the weekend by President Donald Trump will impose tariffs on America’s three biggest trading partners – to the tune of an additional 25% on Canadian and Mexican and 10% on Chinese goods – starting Tuesday. In response, Mexico and Canada announced retaliatory tariffs, while China vowed countermeasures and a lawsuit with the World Trade Organization. Beijing has condemned the tariffs as a violation of international trade rules, escalating tensions between the world’s largest economies. Economists at Yale estimate that these tariffs could cost the average American household between $1,000 and $1,200 annually.

CLOSING OF IMPORT “LOOPHOLE” COULD IMPACT SMALL BUSINESSES... In addition to the headline numbers unveiled yesterday as part of the new tariffs, the Trump administration announced it was halting a so-called de minimis provision which allows packages valued at under $800 to be shipped to the U.S. duty-free. Lawmakers have been split on the exemption for years, with some panning it for allowing foreign companies to undercut domestic ones, while others have praised it as a boon to small businesses.

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS:

Forty-six states are in regular session.

WHAT WE'RE WATCHING:

Utah lawmakers delayed action on legislation to bar public employee unions from collective bargaining with state agencies on Friday, allowing labor leaders the weekend to consider a new draft. The Senate is expected to pick up the bill today.

Advocates for slowing down the AI regulation drive are cheering on “right to compute” legislation in two states. A bill in Montana and a proposed constitutional amendment in New Hampshire are the face of a libertarian-aligned response to the bipartisan effort to establish AI guardrails across state legislatures. Both measures aim to protect access to computing technology, such as hardware, software, networks and algorithms.

LAWMAKERS... IN OR OUT?

The House... is not in session today.

The Senate... convenes today at 3:00 PM. The full schedule may be found here.

HAPPENING ON THE HILL

The House...

Committee on Energy and Commerce Energy Subcommittee will hold a hearing Wednesday, 2/5 at 10:15 AM entitled “Powering America’s Future: Unleashing American Energy.”

Committee on Energy and Commerce Health Subcommittee will hold a hearing Thursday, 2/6 at 10:00 AM entitled “Combatting Existing and Emerging Illicit Drug Threats.”

Ways and Means Committee will hold a hearing Thursday, 2/6 at 2:00 PM entitled “Time’s Running Out: Prosecuting Fraudsters for Stealing Billions in Unemployment Benefits from American Workers.”

The Senate...

Committee on Finance will hold an executive session Tuesday, 2/4 at 10:00 AM entitled “Open Executive Session to Consider Favorably Reporting the Nomination of Robert F. Kennedy, Jr., of California, to be Secretary of Health and Human Services.”

Committee on Judiciary will hold a hearing Tuesday, 2/4 at 10:30 AM entitled “The Poisoning of America: Fentanyl, its Analogues, and the Need for Permanent Class Scheduling.”

Committee on Small Business and Entrepreneurship will hold a hearing Wednesday, 2/5 at 10:00 AM entitled “The Committee on Small Business and Entrepreneurship will hold a Business Meeting to consider pending business of the committee.”

Committee on Banking, Housing, and Urban Affairs will hold a hearing Wednesday, 2/5 at 10:00 AM entitled “Investigating the Real Impacts of Debanking in America.”

Committee on Finance will hold a hearing Thursday, 2/6 at 10:00 AM entitled “Hearing to Consider the Nomination of Jamieson Greer, of Maryland, to be United States Trade Representative, with the rank of Ambassador Extraordinary and Plenipotentiary.”

BILLS OF INTEREST