Axios

Treasury Secretary Scott Bessent's tax-cut negotiators say big progress has been made on Capitol Hill, and are optimistic about final passage by summer despite the measure's complexity, Treasury officials tell Axios.

Why it matters: With markets plunging after President Trump's tariffs, top administration officials see the extension of Trump's first-term tax cuts — set to expire at year's end — as a chance to show consumers and businesses that he has a broad growth and affordability agenda to benefit them.

Millions of "Hands Off!" protesters, by organizers' count, took to the streets, state capitals, federal buildings, congressional offices and city centers to protest the Trump administration on Saturday.

Why it matters: President Trump's political, economic, social, health and legal changes have mobilized a wide cross-section of Americans.

Elon Musk blasted top Trump administration trade adviser Peter Navarro and told an Italian political gathering he wants more free trade, not less.

Why it matters: The two-day rout in the stock market this week, after Trump announced sweeping new tariffs backed by Navarro, cost Musk nearly $18 billion just on his Tesla stock.

The Senate approved a budget resolution early Saturday morning following a grueling overnight session with forced votes on more than 20 amendments.

Why it matters: It's an important step for Congressional Republicans seeking to pass President Trump's ambitious agenda on taxes, energy and the border. But the hard part is still to come.

President Trump on Saturday touted his tariff regime as an "economic revolution" and told businesses to "hang tough" in the face of widespread market panic.

Why it matters: Economists say a recession is highly likely, potentially even a dire stagflation scenario, as Trump fundamentally re-orders the global economy.

A nationwide anti-President Trump movement on Saturday, "Hands Off!," is expected to be the largest single-day protest since he entered office.

Why it matters: The Trump administration's wide-reaching and ground-shaking policies have mobilized a varied cross section of Americans affected by political, economic, social and legal changes.

In one 48-minute speech, President Trump scrambled every American's budget, every U.S. company's balance sheet and every global alliance.

• Tariffs, a sometimes obscure economic tool, have massive power, especially when enacted this expansively.

Why it matters: Think fundamental re-ordering of the economy. Americans are staring down a disruption to their standard of living. Companies are about to find out how bad bad can get. The ripple effects may be felt for years to come.

President Trump's tariff revolution is rooted in a simple thesis: America has been humiliated and exploited by foreign nations for decades, and only he has the guts to make them pay.

Why it matters: Trump's personal victim complex has powered much of its political career. Now it's going global — with the entire world, not just Trump's domestic enemies, feeling the weight of retribution.

Let's go back to basics. What is a tariff, what role do they play in the economy, and how have they been applied, both historically and now?

The big picture: Tariffs were once the primary way the United States collected tax revenue, but over time elected leaders and economists alike have rejected them for their many downsides. President Trump is seeking to reverse that long tide.

The Cybersecurity and Infrastructure Security Agency is looking to push out as much as a third of the agency's total headcount, in addition to contract personnel from a major threat hunting team, according to three sources familiar with the matter.

Why it matters: The cuts are likely to impact "every single part of the agency," one of those sources told Axios — dealing a huge blow to the country's cybersecurity posture following earlier rounds of layoffs and contract cuts.

President Trump announced sweeping tariffs on goods imported to the U.S., with potentially devastating impacts, while his administration fought aspects of his immigration agenda in court.

Here's our recap of major developments:

A House Republican is planning to introduce legislation that would give Congress the power to block tariffs imposed by the president.

Why it matters: It's a rare break with President Trump from a Republican lawmaker as markets continue to tumble in response to the White House's sweeping new tariffs.

The Supreme Court on Friday sided with the Trump administration, allowing it to withhold federal education grants for teacher training while the case proceeds at a lower court.

Why it matters: The decision marks a Supreme Court victory for President Trump as he slashes federal spending with the help of Elon Musk and his Department of Government Efficiency.

President Trump's tariffs have earned him a near-universal rebuke from Democrats, with the notable exception of top lawmakers from Michigan.

Why it matters: Trump's 25% tariffs on vehicles and auto parts not produced in the U.S. went into effect this week.

Senate Democrats are planning to set some traps for moderate Republicans during Friday's "vote-a-rama" on the mammoth budget reconciliation bill.

Why it matters: Senate Minority Leader Chuck Schumer (D-N.Y.) wants Democrats to hit six themes in their amendments during the vote-a-rama.

Sen. Ruben Gallego (D-Ariz.) had one of the best-ever fundraising debuts for a Senate Democrat, pulling in more than $1 million in his first quarter.

Why it matters: Gallego's victory in purple Arizona last year has positioned him as one of the party's most intriguing young voices in Congress.

President Trump's decision to target transgender care in a proclamation declaring April National Child Abuse Prevention Month "betrays" the month's purpose, LGBTQ advocates said.

Why it matters: Framing the trans youth experience as "abuse" further stigmatizes an already vulnerable community, as the Trump administration tries to erase trans people from American life through policies limiting access to health care, careers, sports, education and more.

A North Carolina appeals court sided with Republican state Supreme Court candidate Jefferson Griffin, ruling Friday that tens of thousands of voters were wrongfully counted, The Associated Press reports.

Why it matters: After two recounts, Griffin trails Democrat Allison Riggs by 734 votes for a seat on the N.C. Supreme Court — the only 2024 election race that has still not been decided in the country.

The Trump administration must return a man who was mistakenly deported to El Salvador to the U.S., a judge ordered Friday.

The big picture: Kilmar Armando Abrego Garcia, a Salvadorian national living in Maryland legally, was detained by immigration officials and erroneously deported despite a prevailing court order saying he could remain in the U.S.

President Trump on Friday announced that he again would delay the ban on TikTok, scheduled for tomorrow, despite not having made a deal with the app's Chinese owner, ByteDance.

Why it matters: TikTok is used by millions of Americans, for both entertainment and livelihoods.

Top congressional Democrats on Thursday night spoke out over reports that Gen. Timothy Haugh has been fired as National Security Agency director.

The big picture: The Washington Post first reported that Haugh had been removed from the NSA role and as U.S. Cyber Command chief, along with his civilian deputy Wendy Noble, citing a former U.S. official and two current ones.

A federal judge in Rhode Island froze a Trump administration plan to cut more than $11 billion in public health grants to state and local health departments that Congress allocated during the pandemic.

Why it matters: The Health and Human Services Department said the move was on the grounds that the pandemic was over. But it cast doubt on states' ability to contain infectious diseases, ensure access to vaccines and continue substance use disorder programs, among other efforts.

Driving the news: Judge Mary S. McElroy granted a temporary restraining order Thursday in response to a lawsuit filed by 23 states and the District of Columbia.

• The states had argued HHS "arbitrarily" stopped the funding without advance notice.
• "This funding provides essential support for a wide range of urgent public health needs," they wrote.
• The cuts endanger the public and violate the Administrative Procedure Act by exceeding the agency's regulatory authority, they wrote.

HHS declined to comment, citing ongoing litigation.

Catch up quick: States have also sued to block caps on NIH grants covering overhead at universities and medical research centers. A judge also granted a temporary freeze in that case.

California Gov. Gavin Newsom said Friday he is pursuing agreements with other countries to ensure California is exempted from retaliatory tariffs stemming from President Trump's escalating trade war.

Why it matters: Trump's "Liberation Day" tariffs spurred global blowback. Newsom — a reported 2028 presidential hopeful — is looking to insulate his state from the fallout.

Federal Reserve chair Jerome Powell said Friday that bigger-than-expected tariffs will translate into higher inflation and slower economic growth — and that the higher inflation could be persistent, not temporary.

Why it matters: Powell's remarks suggest that the Fed will offer no imminent relief from plunging markets and scrambled supply chains.

Speaker Mike Johnson (R-La.) and Rep. Anna Paulina Luna (R-Fla.) may be closing in on a compromise in the proxy voting fight that has paralyzed the House floor.

Why it matters: The two were at an impasse until President Trump stormed his way into the conversation, siding with Luna that lawmakers who are new parents should be allowed to temporarily vote by proxy.

President Trump's head-in-the-sand approach to climate change during his second term could put Americans at greater risk of harm from its effects, some analysts warn.

Why it matters: Just three months into his tenure, his administration's actions may not be reversible given how many rollbacks are being pursued and how many scientific programs are being disbanded, some observers say.

China will impose 34% tariffs on all U.S. goods and also restrict exports of critical minerals, the nation's finance minister said on Friday.

Why it matters: It's a steep escalation in the U.S-China trade war, following President Trump's reciprocal tariffs on one of America's largest trading partners.

President Trump is betting his presidency on the biggest instant, unilateral, by-choice-not-necessity economic mandate in U.S. history.

Why it matters: He's gambling that generations of politicians, economists, CEOs, small-business owners, academics and even some of his own staffers are wrong — and that he's right.

• And he's doing it with an issue that hits every American.

South Korea's impeached President Yoon Suk Yeol has been removed from office over his brief martial law declaration last December that saw troops deployed to the National Assembly.

Why it matters: The South Korean constitutional court's unanimous ruling on Friday morning local time upholding Parliament's impeachment vote means the country must hold a snap election to replace Yoon within 60 days, per Yonyap news agency.

The Heritage Foundation is going to acquire the Abraham Accords Peace Institute (AAPI), which was established by President Trump's son-in-law and former senior adviser Jared Kushner, according to a statement shared with Axios.

Why it matters: The move by the conservative think-tank, which is considered highly influential on Trump administration policies, could reenergize the efforts to push for new normalization agreements between Israel and the Arab world — something the president has said he wants to do.

Democratic attorneys general in 19 states are suing President Trump over his sweeping changes to federal elections, which they say is a "blatantly unconstitutional attempt to legislate-by-fiat."

The big picture: The attorneys general argue in their lawsuit that was filed on Thursday that Trump has "no authority" to issue the order, which includes a proof of citizenship requirement and aims to prevent states from counting mail-in ballots that arrive after Election Day.

Elon Musk will "stay for a certain period of time" at the White House but is "going to want to get back to his business" after directing DOGE, President Trump told reporters Thursday.

The big picture: Trump's comments mark the first time he's provided a loose end date for the departure of SpaceX and Tesla CEO Musk.

The Senate GOP's outside political operation is using the huge upcoming sports weekends to unveil its first ad of the midterms, with Sen. Jon Ossoff (D-Ga.) as a target.

• The seven-figure campaign starts airing tomorrow and will appear during the Final Four men's and women's basketball games, the Masters tournament, and Atlanta Braves broadcasts.

Why it matters: This is very early in the cycle, but Republicans view the Georgia Senate seat as a top pickup opportunity.

White House deputy chief of staff Stephen Miller brought a one-two combo to his old Senate stomping grounds on Thursday, according to Senate aides.

Why it matters: With the market melting down, the White House wants to stay on offense on judges and ensure the GOP presents a united front on tariffs.