The IRS is making major changes to modernize the agency, the Washington Post has reported.
Why it matters: These changes, which involve canceling Biden-era plans and outsourcing work to private contractors, poses risks to taxpayers on the eve of tax season, several experts told Axios.
Why it matters: Trump backed a plan to limit card rates to 10%, aligning himself with key Democrats who have long pursued a cap under the premise that steep rates hurt consumers.
DAVOS, Switzerland — President Trump announced on Wednesday that he will not follow through on his threat to impose tariffs on eight European allies on Feb. 1 over their opposition to his claim of Greenland.
Why it matters: Trump already dropped his threat to invade Greenland earlier Wednesday, and he's now reversed his tariff threat — which had triggered a crisis in the transatlantic alliance and rattled global markets.
The House Foreign Affairs Committee on Wednesday voted to advance the AI Overwatch Act, which would give Congress the power to block the Trump administration from exporting AI chips to adversaries.
Why it matters: The legislation has riled up the MAGA base, which views it as undermining President Trump's authority.
In his speech at Davos on Wednesday, President Trump noted that mortgage rates dropped below 6% last week — he didn't mention that they've since climbed back up.
Why it matters: The White House has floated a raft of policies meant to make homes more affordable — mostly by pushing for lower rates — but that only addresses one piece of the problem and may even be counterproductive.
Supreme Court justices expressed skepticism of President Trump's attempted firing of Federal Reserve governor Lisa Cook in sometimes-testy oral arguments on Wednesday.
Why it matters: The case is expected to set a precedent for how free a hand presidents have to install new leadership at America's central bank, in light of Congress' efforts to insulate the Fed from politics.
One of the most significant trade deals of the Trump era so far could fall apart: European lawmakers said on Wednesday that they would stop implementation of the U.S.-European Union trade deal in the wake of fresh tariff threats.
Why it matters: This is the world's new realization. A Trump trade deal means new tariffs are still an economic risk, a swift change from the agreements that underpinned the global economy in decades past.
It comes hours after President Trump's top trade negotiator told Axios that the trade deal was still intact.
Zipline raised more than $600 million in new funding and will expand its autonomous drone delivery service to Houston and Phoenix in early 2026, and more cities later in the year.
Why it matters: It's more proof that on-demand drone delivery is maturing, opening up new conveniences for American consumers.
President Trump said in Davos on Wednesday that Canada should be "grateful" to the U.S. for the "freebies" it receives because of the two nations' relationship.
Why it matters: Trump's dig at Canada came a day after Prime Minister Mark Carney delivered his own warning at the World Economic Forum over the "rupture" of the world order.
It's been nearly a year since BlackRock agreed to buy ports on either side of the Panama Canal from Hong Kong's CK Hutchison — a deal that President Trump touted during an address to Congress last March.
But what if the ports aren't Hutchison's to sell?
State of play: Panama's Supreme Court is expected to rule soon on whether Hutchison breached its concession contracts, including one renewed in 2021, thus allegedly harming taxpayers and violating the country's constitution.
President Trumpcalled onCongress to cap credit card interest rates at 10% for one year, he said Wednesday during a speech in Davosat the World Economic Forum.
Why it matters: House Speaker Mike Johnson was hesitant about Trump's initial pitch, while economists and bankers warned about downsides overshadowing any positives.
DAVOS, Switzerland — President Trump praised nuclear power in a speech in front of world leaders on Wednesday — while saying he previously hadn't supported the energy resource.
Why it matters: The comments reveal a less-known position from Trump on a technology whose growth is being fueled by the AI boom.
DAVOS, Switzerland — President Trump reiterated his determination to take control of Greenland from Denmark during a 72-minute tirade at the World Economic Forum — but seemingly ruled out using force to do so.
Why it matters: European allies have been bracing for a clash with Trump over Greenland this week in the Swiss Alps.
DAVOS, Switzerland — President Trump's tussle with Europe over Greenland won't impede looming U.S. deals with those countries, Trump's Greek ambassador Kimberly Guilfoyle predicted Wednesday.
Why it matters: Guilfoyle has been focused on increasing commitments from Greece and other European countries to buy American liquefied natural gas.
New data captures the scope of today's U.S. solar boom — and AI could help developers swimming upstream in the Trump era's next stages.
Why it matters: "Data center demand is helping offset some political headwinds for utility‑scale solar," Wood Mackenzie analyst Kaitlin Fung tells me via email.
Nvidia CEO Jensen Huang predicted Wednesday that drug research will shift from traditional labs to AI platforms, with pharma giants already making the leap.
Why it matters: The industry is betting the pivot could accelerate how fast new drugs reach patients.
The "Sell America" trade is in focus after President Trump has threatened to take over Greenland, leading to declines in the U.S. dollar, bonds and stocks.
Why it matters: The trade isn't being talked about because investors are so worried about that threat or because they think the American economy is crashing. It's because they think they can make more money abroad.
Gene Sperling — a top economic adviser to Presidents Clinton, Obama and Biden — is starting an Economic Dignity Lab at the McCourt School of Public Policy at Georgetown University.
Why it matters: Sperling, who'll be founder and executive director, tells me his lab will develop concrete, viable policy proposals that "provide an economic dignity response to AI job and economic disruption."
The government's health care watchdog identified more than $19 billion in wasteful or fraudulent federal payments and possible cost savings during a span that included the first nine months of President Trump's second term, a report provided exclusively to Axios shows.
Why it matters: The Trump administration often cites rampant waste, fraud and abuse as justification for deep program cuts.
President Trump told reporters in the White House briefing room Tuesday that his affordability message has a "public relations" problem.
The big picture: While Trump prepares to talk about affordability in Davos (an elite gathering of billionaires), his Cabinet officials are on TV talking about buying 10-12 houses for retirement and feeding a family three meals a day for about $15.
At the same time, the latest polls show voters are about as discontented with him on the economy and prices as they've ever been.
President Trump's historic disputes with the press have intensified in his second term as he uses his political power to set new legal and regulatory standards that threaten the media's independence long term.
Why it matters: Policy changes and new legal standards are much harder to unwind than harassment campaigns, even with a new party in power.
