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Monday, February 10, 2025

Trump orders 25% tariffs on steel and aluminum — without exceptions for allies

President Trump imposed sweeping 25% tariffs on steel and aluminum Monday night — with White House trade adviser Peter Navarro heralding the start of the “Trump 2.0 tariffs” as more levies loom.

“It’s a big deal. This is the beginning of making America rich again,” Trump said while signing the proclamations in the Oval Office — building upon duties on the same metals that he implemented in 2018.

“I’m simplifying our tariffs and steel and aluminum so that everyone can understand exactly what it means. It’s 25%, without exceptions or exemptions,” the president added.

“And that’s all countries, no matter where it comes from, all countries. If it’s made in the United States of America, there is no tariff, zero.

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“We don’t need it to be made in Canada,” Trump went on. “That’s why Canada should be our 51st state.”

Trump, 78, said moments after signing the documents that he would consider granting tariff exemptions to Australia in response to a request from Prime Minister Anthony Albanese.

“You’re going to ultimately have a price reduction, because they’re going to make their steel here. There’s not going to be any tariff,” the president insisted in response to a reporter’s question.

“These foreign companies will move to the United States, will make their steel and aluminum in the United States. Ultimately, it’ll be cheaper, but we’ll also have jobs — many, many more jobs.”

Trump’s first-term tariffs, which were kept in place by his successor, Joe Biden, slapped 25% charges on steel and 10% on aluminum, but most of the top importers were exempted.

“The Trump 2.0 tariffs are a direct response to the failed policies of the Biden administration, which allowed China, Russia, and many of our allies like Canada, Mexico, Brazil and the EU to manipulate trade and cripple US industry,” Navarro told reporters ahead of the signing ceremony.

“This isn’t just about trade, it’s about ensuring that America never has to rely on foreign nations for critical industries like steel and aluminum,” Navarro added.

America’s top four foreign steel sources are Canada (19% of imports), Brazil (18%), Mexico (13%) and South Korea (9%), according to the International Trade Administration. Japan, Russia and Germany each account for about 4% of US steel imports.

Canada accounted for almost 80% of US aluminum imports last year.

Trump has said that he also plans to impose copper tariffs in the near future.

Trump resumed his tariffs campaign after pausing plans to impose across-the-board 25% tariffs on Canada and Mexico — granting both countries a reprieve until March 5 after they pledged to crack down on fentanyl smuggling and illegal immigration.

A 10% tariff on Chinese goods is moving forward as Beijing responds with retaliatory import taxes.

Trump also plans to announce as early as this week a policy of imposing reciprocal tariffs on any country that tariffs American imports and has hinted at plans for charges on pharmaceuticals and computer chips — arguing that while consumer costs may increase, it would be a long-term economic benefit.

The steel and aluminum tariffs, meanwhile, are being tightened from their prior iterations.

“Importantly, President Trump is expanding the tariffs to include key downstream products, including fabricated structural steel, pre-stressed concrete strand and similar types of products in the aluminum industry, like extrusions,” a White House official told reporters ahead of the signing.

“And the idea here is, if you think about the strategic game that these foreign nations play to exploit us, if you put a tariff on semi-finished steel, for example, then the next thing foreign countries will do is take the semi-finished steel and make it into maybe a more likely finished product, and ship it over and it’s, it’s, it’s a game of trying to hit the gopher.”

The official added that “separately, when the Trump tariffs were imposed [in 2018], we had a product exclusion process, and that got completely out of control in the Biden years. There has been literally hundreds and hundreds of thousands of product exclusions approved, and millions of metric tons of steel and aluminum, as a result, have not been properly tariffed.

“So President Trump is hereby ending completely the product exclusion process,” the official said.

“The last problem we have is that a lot of countries will miss label their products to engage in tariff invasion. So President has directed US Customs and Border to dramatically increase its oversight of this and allow for strict penalties for misclassification and circumvention tactics.”

https://nypost.com/2025/02/10/us-news/trump-orders-25-tariffs-on-steel-and-aluminum-without-exceptions-for-allies/

Trump warns Hamas to free hostages by noon Saturday or he would ‘let hell break out’

President Trump warned the Hamas terror group Monday night to release all remaining hostages by noon Saturday, or he would allow Israel to cancel the ongoing cease-fire and “let hell break out” in the Middle East.

“As far as I’m concerned, if all of the hostages aren’t returned by Saturday at 12 o’clock — I think it’s an appropriate time — I would say, cancel it and all bets are off and let hell break out,” the president told reporters in the Oval Office, without specifying what time zone the deadline would apply to.

“I’d say they ought to be returned by 12 o’clock on Saturday. And if they’re not returned — all of them, not in dribs and drabs, not two and one and three and four and two – by Saturday at 12 o’clock. And after that, I would say, all hell is going to break out.”

Trump did not rule out sending US troops to the region — telling reporters “we’ll see what happens” — and did not expand on what he meant by “all hell is going to break out.”

“You’ll find out, and they’ll find out too. Hamas will find out what I mean,” he said, also without revealing whether he was referring to Israeli or US military force.

Trump later said he was speaking for “myself” and emphasized that Israel had the right to “override” any statement he made.

“But from myself, Saturday at 12 o’clock, and if they’re not, they’re not here, all hell is going to break out,” the president reiterated.

Trump said he feared many, if not all, of the dozens of remaining hostages are dead and accused Hamas of mistreating those who had been released.

Eli Sharabi, Ohad Ben Ami and Or Levy — three Israelis who were given freedom by Hamas on Saturday — were severely malnutritioned and had lost significant weight while being held captive during the last 16 months.

“Based on what I saw over the last few days, they’re not going to be alive for long,” Trump said, after previously comparing the released men’s state to that of “Holocaust victims.”

Hamas announced earlier Monday it was scrapping a scheduled hostage release for this weekend, arguing that Israel had not lived up to its side of the deal.

Abu Obeida, a spokesperson for Hamas’ military section, said the terror group wanted something in return for Israel allegedly breaking its cease-fire agreement.

“Hostages who were scheduled to be released next Saturday … will be postponed until further notice, and until the occupation commits to and compensates for the entitlements of the past weeks retroactively,” Obeida wrote on X.

Hamas’ propaganda office in Gaza accused Israel Monday of not sending adequate humanitarian supplies to the Mediterranean territory — especially in the north, where much of the infrastructure is destroyed.

Israeli Defense Minister Israel Katz criticized Hamas’ message as an “outright violation of the cease-fire,” per the Times of Israel.

Trump, 78, made his comment while signing executive orders in the Oval Office, repeating a line he has used before to directly threaten the terror group controlling the Gaza Strip.

The comments come five days after the president said he was looking to take control of the Gaza Strip and develop property on the territory, while moving Palestinians to neighboring countries without granting them right of return.

Trump has previously said he wants Egypt and Jordan to take in the more than 2 million Palestinians — and suggested Monday night that he may withhold aid to those countries if they refuse.

Egypt and Jordan are both in the top five of countries receiving US aid, coming in behind only Ukraine and Israel in fiscal year 2023.

“I do think he’ll take [them], and I think other countries will take also. They have good hearts,” Trump said of Jordan’s King Abdullah II, who the president is set to meet Tuesday at the White House.

But Trump later seemed open to the idea of withholding aid when questioned by a reporter, saying: “Yeah, maybe, sure why not? If they don’t, I would conceivably withhold aid, yes.”

https://nypost.com/2025/02/10/us-news/trump-warns-hamas-all-hell-is-going-to-break-loose-if-hostages-arent-freed-by-noon-saturday/

Justice Department Orders Dismissal Of Charges Against NYC Mayor Eric Adams

by Tom Ozimek via The Epoch Times,

Acting Deputy Attorney General Emil Bove has directed federal prosecutors to drop charges against New York City Mayor Eric Adams, who was accused of accepting illegal campaign contributions and lavish travel perks.

Bove stated in a two-page memo dated Feb. 10 that the decision to dismiss is based on the timing of the charges and recent public actions by the former U.S. attorney who initiated the case, Damian Williams, who resigned from the post in December and was replaced by Danielle Sassoon shortly after President Donald Trump assumed office.

Specifically, Bove wrote that these actions have jeopardized the fairness of the proceedings, particularly by generating prejudicial pretrial publicity that could influence witnesses and the jury pool.

Further, the memo notes that both the actions and the underlying case have improperly interfered with Adams’s campaign in the 2025 mayoral election, and impede his ability to crack down on illegal immigration and violent crime.

“We are particularly concerned about the impact of the prosecution on Mayor Adams’ ability to support critical, ongoing federal efforts ’to protect the American people from the disastrous effects of unlawful mass migration and resettlement,' as described in Executive Order 14165,” Bove wrote, referring to Trump’s executive action on securing the border.

Additionally, Bove noted that the decision to drop the charges was reached without an assessment of the strength of the prosecution and was not meant to call into question the attorneys who had filed the case.

A key condition for dismissal of charges against Adams is that Sassoon, who has replaced Williams as the U.S. attorney for the Southern District of New York, reviews all the relevant factors in the case, including the evidence and strength of the legal theories on which it was based.

“There shall be no further targeting of Mayor Adams or additional investigative steps prior to that review, and you are further directed to take all steps within your power to cause Mayor Adams’ security clearances to be restored,” Bove wrote.

The case will be dismissed without prejudice, meaning it can be refiled at a later date.

Williams did not respond to a request for comment by press time.

Adams’s attorney, Alex Spiro, hailed the Justice Department’s decision as a validation of the mayor’s innocence. “Now, thankfully, the mayor and New York can put this unfortunate and misguided prosecution behind them,” Spiro said.

The decision follows months of speculation that the Justice Department would intervene to halt the criminal case against Adams, who faced allegations of corruption. In December 2024, Trump suggested a possible pardon, telling reporters that the mayor had been “treated pretty unfairly.” The president also claimed that Adams was being persecuted by his own party for his criticism of former President Joe Biden’s policies on immigration.

Prosecutors alleged in an indictment that Adams, the first sitting New York City mayor to face criminal charges, accepted more than $100,000 in campaign contributions and luxury benefits from foreign nationals.

The accusations involved expensive flights, hotel stays, and other gifts, which Adams allegedly accepted in exchange for political favors benefiting Turkish officials and other foreign interests. Adams was also accused of fabricating false financial records and instructing associates on ways to disguise illegal activities. He has denied any wrongdoing.

The charges against Adams included conspiracy, wire fraud, bribery, and accepting foreign campaign contributions. Each charge carries potentially severe penalties, including fines and prison time. A conviction would also disqualify him from holding public office in the future.

https://www.zerohedge.com/political/justice-department-orders-dismissal-charges-against-nyc-mayor-eric-adams

DHS Asks For Deputized IRS Agents To Help Physically Boot Illegals, Bust Human-Traffickers

The Department of Homeland Security has asked to 'borrow' a few thousand deputized IRS agents to help arrest, detain, and transport illegal immigrants out of the United States.

In a Feb. 7 memo from DHS Secretary Kristi Noem to Treasury Secretary Scott Bessent, Noem said that her department needs additional personnel to implement President Trump's executive order to 'secure the Southern border and enforce the immigration laws.'

"It is D.H.S.'s understanding that the Department of the Treasury has qualified law enforcement personnel available to assist with immigration enforcement, especially in light of recent increases to the Internal Revenue Service's work force and budget," Noem wrote.

The IRS has 2,290 trained law enforcement officers in its criminal-investigation division (IRS-CI) who can investigate violations of tax law and other financial crimes (and has been buying tons of weapons and ammo for years). The agency's criminal investigators also work undercover to combat drug trafficking, money-laundering and corruption.

According to Noem, agents could also help audit employers believed to have hired illegals, and investigate human trafficking.

IRS-CI agents typically carry firearms, and are different from the agency's agents and revenue officers. They typically investigate criminal tax evasion and other financial crimes, and often work with the FBI and other agencies. Part of their work involves tracking financial flows, including fentanyl networks and fraud involving government programs.

https://www.zerohedge.com/political/dhs-asks-deputized-irs-agents-help-physically-boot-illegals-bust-human-traffickers

Medicare's Price Controls Today Mean Higher Healthcare Spending Tomorrow

The federal government just selected 15 more prescription drugs, including the blockbuster anti-obesity medications Ozempic and Wegovy, for Medicare's price control program.

Proponents claim these price controls will reduce Medicare spending. But my calculations suggest price controls will actually increase spending by at least $30 billion over ten years.

That's because while Medicare price controls -- which take effect in 2026 -- may reduce government spending on selected medications, they will also stifle research into drugs still in development. As a result, we'll end up spending more overall, since consistent use of drugs -- particularly for chronic conditions -- is proven to reduce total health care spending.

The Inflation Reduction Act's Medicare price controls seem designed to discourage investment into the medicines with the highest societal benefits. For one, the law doesn't actually target the most expensive drugs, but rather those with the highest total Medicare spending. This means that many of the selected medicines aren't niche, high-cost treatments but widely used, lower-cost medications for common conditions like diabetes, heart disease, and cancer.

In addition, the law makes "small-molecule" drugs, which typically come in pill form, eligible for price controls four years earlier than "biologics," which are typically given as injections.

Because of these adverse incentives, drug companies are shifting money away from research on common diseases and lower-cost pills. Instead, they are focusing more on expensive injectable drugs. James Foster, CEO of Charles River Laboratories, a major company that runs clinical trials for biopharma firms, called these research cuts "unusual" and "sudden." Since the IRA's enactment, firms have discontinued over 40 research programs and 22 drugs.

Those cuts have been focused on small-molecule treatments. Since the IRA was introduced, investment in small-molecule drug development has dropped by 70%. Research from our center at the University of Chicago estimates that over the next two decades, we'll lose out on 79 potential new small-molecule drugs -- medications that could have helped prevent heart attacks, slowed the progression of Alzheimer's, or better treated depression.

Those won't be the only losses. After securing an initial FDA approval, researchers typically try to find new uses, or "indications," for existing medicines -- including targeting entirely different diseases -- or roll out improved versions that are easier to take, more effective, and have fewer side effects.

But the IRA will discourage companies from investing in post-approval research by shortening the amount of time a drug has to recoup R&D costs and generate a return. We project that 109 new uses for both existing medicines and for medicines that would have otherwise been developed will never be discovered due to the IRA.

This implies that a total of 188 new small molecule treatments and indications will be lost.

Losing out on so many new drugs could mean we'll spend more -- not less -- on health care. That's because accessible medicines are the most effective way to manage the chronic illnesses, like cardiovascular disease, that account for the bulk of healthcare spending.

Consider Lipitor, first approved in 1996 and now widely available as a low-cost generic. Liptor and similar medicines significantly reduced the number of heart attacks and strokes. In fact, increased use of cardiovascular treatments accounted for about a quarter of the slowdown in Medicare spending growth between 1999 and 2012.

A recent study found that most cardiovascular medicines approved between 1995 and 2021 were small molecules. Had the IRA been in effect a generation ago, some may never have been developed.

Companies certainly wouldn't have invested as much in finding new uses for these drugs, since small molecules become subject to price controls just seven years after FDA approval. There wouldn't be enough time to recoup post-approval research costs and earn a return before price controls take effect.

In practice, this would have deprived American patients of dozens of lifesaving, cost-saving drugs. Nearly half of additional FDA-approved uses between 1995 and 2021 came seven or more years after a drug's initial approval.

Congress could partially fix this problem by passing the Ensuring Pathways to Innovative Cures (EPIC) Act. The bill would eliminate the "pill penalty" by giving small-molecule drugs the same 11-year reprieve from price control eligibility that biologic drugs receive. This adjustment would incentivize researchers to continue pursuing small-molecule treatments.

Our aging population means chronic diseases will continue to rise, placing an ever-growing strain on patients and the healthcare system. Steering innovation away from drugs that treat these conditions -- simply because their high usage makes them "expensive" in the aggregate -- will only add fuel to the fire.

The true measure of the IRA's price controls shouldn't be whether they lower prices today, but whether they improve the health of the elderly and keep federal spending in check in the long-term. On both of those crucial metrics, the IRA falls dangerously short.

Tomas J. Philipson is an economist at the University of Chicago who served on the White House Council of Economic Advisers as a member and acting chairman from 2017–2020.

https://www.realclearhealth.com/blog/2025/02/10/medicares_price_controls_today_mean_higher_healthcare_spending_tomorrow_1090260.html

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