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The Latest Breaking News from Scott Bessent

The Treasury may need to borrow extra $1.6 trillion to cover the hole left by tariff ruling, says CBO—adding $400 billion in debt interest by 2036

In total, deficits post-ruling will be $2 trillion larger than they were before the Supreme Court decision.

Fortune

US grants waiver to allow India to buy Russian oil amid Iran war

‘Stopgap measure’ designed to keep oil flowing into global market as Middle East crisis disrupts crude shipments

The Guardian - UK

US offers India 30-day waiver to buy stranded Russian oil amid Iran war shocks

The United States has issued a temporary 30-day waiver allowing Indian refiners to purchase Russian crude oil currently stranded at sea, as disruptions from the Iran conflict threaten global energy supplies.

Euronews

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US offers India 30-day waiver to buy Russian oil amid Strait of Hormuz disruption

Indian refiners, whose supplies were stuck in the Gulf, have started buying Russian oil

The Independent UK

Tehran warns Europe to stay out of conflict or face ‘retaliation’ – as it happened

This blog is now closed

The Guardian - UK

Trump touts tariffs as a budget fix. But the brutal truth is ‘they’re very weak’ and barely dent the $39 trillion national debt

An international tax policy expert told Fortune any form of tariff fails to “move the needle one way or the other.”

Fortune

Trump's loss of $1.7 trillion in tariff revenue will send the national debt to $58 trillion by 2036, think tank projects

The Supreme Court's invalidation of the president's sweeping import levies has blown a bigger hole in federal finances.

Fortune

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IRS’ new CEO dodges questions over why the agency gave taxpayer info to ICE

The IRS broke the law by disclosing confidential taxpayer information ‘approximately 42,695 times’

The Independent UK

Stocks recoup some lost ground as oil price cools

With the Middle East crisis entering its fifth day, the oil price cooled a touch.

Evening Standard

Stock Index Futures Higher as Investors Digest U.S. ADP Jobs Report

March S&P 500 E-Mini futures (ESH26) are up +0.38%, and March Nasdaq 100 E-Mini futures (NQH26) are up +0.58% this morning, giving up earlier gains after U.S. Treasury Secretary Scott Bessent said a proposed 15% global tariff could take effect this week.

Barchart

Ted Cruz Urges Scott Bessent to Go Around Congress and Enact $200B Tax Cuts

Republican Sens. Ted Cruz and Tim Scott formally urged Treasury Secretary Scott Bessent to enact roughly $200 billion in tax cuts without the approval of Congress.

International Business Times

Trump’s action against Iran is yet another wobble for government debt, warns UBS

“President Trump indicated attacks could go on for four or five weeks, and there are already reports of a need to urgently replenish weapons stockpiles. That potentially adds to the fiscal deficit,” noted Paul Donovan of UBS.

Fortune

Why Ray Dalio, Scott Bessent and others are rallying around a '3% solution' to the national debt

Bipartisan consensus is building in support of lowering the gulf between revenues and outlays to 3% of GDP.

Fortune

Trump’s $2K Dividend: Who Qualifies and How You’ll Get It

Here's who might qualify and how Americans could receive the money.

GOBankingRates

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Reason

Will the Trump Administration Pay the Tariff Refunds It Promised?

It said that if it lost in court, it would refund companies that paid unlawful tariffs. Now it says the process could take years.

Fortune

‘The state of our union is more indebted than ever’: Budget watchdog continues war of words with Trump White House

The Committee for a Responsible Federal Budget took heat over the weekend, with Scott Bessent saying its leader “should be ashamed.”

Fortune

‘Maya MacGuineas should be ashamed’: Scott Bessent launches war of words with the nonpartisan think tank that agrees with Trump on tariffs

For her part, MacGuineas said Bessent’s diatribe was “a bit of an odd response.”

The Independent UK

Democrats demand government refund billions in Trump tariff money

The measure would prioritize refunds for small businesses and encourages importers, wholesalers and large companies to pass the refunds on to their customers

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Fortune

Goldman Sachs says U.S. consumers are stuck with higher prices even after Supreme Court ruling opens door to $180 billion in tariff refunds

Treasury Secretary Scott Bessent expressed doubt that households would receive any money raised from tariffs: “I got a feeling the American people won’t see it.”

Fortune

Scott Bessent has ‘got a feeling’ that $175 billion raised under the IEEPA is lost to the American people for good

“My sense is that could be dragged out for weeks, months, years,” Treasury Secretary Scott Bessent said.

The Guardian - US

US tariff policy ‘hasn’t changed’ despite supreme court ruling, trade chief says

Jamieson Greer also said US won’t pull out of deals with UK, EU and others after court declared Trump tariffs illegal

The Guardian - UK

Trump’s trade war risks undermining his hopes of hefty US interest rate cuts

Upping tariffs may have lifted the president’s mood but it is a headache for the Federal Reserve and its next chair

The Texas Tribune

Texans shouldn’t expect Supreme Court ruling against tariffs to bring prices down soon, economists say

The order wiped out many of the Trump administration's tariffs, but Trump promised Friday to find other ways to restore them.

Barchart

Goldman Sachs CEO David Solomon Now Owns Bitcoin. Should You Buy the No. 1 Crypto Here?

Solomon, a longtime Bitcoin skeptic, now says he owns a small amount of BTC.

The Independent UK

The Latest: Trump addresses press after Supreme Court strikes down his sweeping tariffs

The Supreme Court struck down President Donald Trump’s far-reaching global tariffs on Friday, handing him a significant loss on an issue crucial to his economic agenda

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