House Advances Trump's Tax Cuts Amid Opposition, Rising Debt

President Trump has suspended a series of tariffs on imports from many trading partners just hours before they were set to take effect, citing turmoil in financial markets as a key factor. The suspension includes a moratorium on reciprocal tariffs for nearly 60 countries but excludes China, where tariffs are set to increase significantly. Meanwhile, the House of Representatives narrowly advanced a measure to extend Trump's 2017 tax cuts, amidst a contentious debate over potential spending cuts that could impact Medicaid. Republicans are pushing for a $2 trillion reduction in spending to offset the projected increase in national debt resulting from the tax cuts. The extension of these tax cuts is seen as a high-stakes matter given their expiration by the end of 2025, and while Republicans advocate for stability, Democrats argue that the cuts primarily benefit corporations and the wealthy. The ongoing legislative battles reflect the significant economic implications of these policies amidst volatility from tariff threats and debt limit negotiations.