Trump Talks Taxes, Tariffs, Taiwan: What to Know in Washington

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Takeaways From Businessweek’s Chat With Trump

Donald Trump sat down with Bloomberg Businessweek for a wide-ranging, 90-minute interview about the state of the US economy and business—and his agenda for a potential second White House term.

Trump was clear about his intentions if returned to power in the interview, which was conducted just weeks before he was set to formally receive the Republican Party’s nomination for president. He boiled his economic agenda down to “low interest rates and taxes,” claiming there was a “tremendous incentive to get things done and to bring business back to our country.”

Tariffs and Taxes: If reelected, Trump pledged to institute new tariffs — and squeeze both American allies and adversaries for trade concessions—as well as renew expiring tax cuts.
Regulatory Rollbacks: Trump said he would allow more drilling to bolster domestic energy production, scale back regulations and unleash the crypto industry while reining in big technology companies.
Foreign Policy: He also made clear his willingness to upend long-standing US foreign policy doctrines, such as protecting Taiwan from Chinese threats.

With Democrats mired in turmoil over whether to replace President Joe Biden on the ticket and polls showing Trump gaining ground in the swing states that will determine the outcome of November’s election, Republicans stand poised to potentially have control of the White House and both chambers of Congress, allowing them to usher in a sweeping slew of policy changes.

Bloomberg’s Nancy Cook delves into five takeaways from the June 25 sit-down interview conducted at the former president’s Mar-a-Lago golf resort in Florida. Read More

BIDEN’S SCHEDULE

3:15 p.m. — Biden will participate in a radio interview with Univision in Las Vegas.
4:30 p.m. — Biden will deliver remarks at the UnidosUS Annual Conference.
6:15 p.m — He will then participate in a campaign community event Las Vegas before heading to Delaware.

CONVENTION AGENDA

For the latest on the RNC, read BGOV’s special edition Convention Tracker newsletter.

Trump Security Tightened on Iran Plot Intelligence

The Secret Service boosted security around Trump after picking up intelligence in recent weeks of an Iranian plot to assassinate him, people familiar with the matter said, adding that the threat was separate from the attempt on his life last weekend.

There’s no sign of any link between the Iranian plot and Thomas Matthew Crooks, the 20-year-old man accused of shooting at and wounding Trump at a rally in Pennsylvania on Saturday. The Iranian threat appeared to be tied to a wider pattern of threats against ex-Trump officials stemming from the US killing of Qassem Soleimani in 2020, when Trump was president, the Biden administration said.

“We have been tracking Iranian threats against former Trump administration officials for years, dating back to the last administration,” National Security Council spokesperson Adrienne Watson said in a release. “These threats arise from Iran’s desire to seek revenge” for killing Soleimani, the head of Iran’s Revolutionary Guard Corps, she said.

Secret Service Scrutiny: Probes into the security failures that allowed Saturday’s attack on Trump face political and bureaucratic hurdles that threaten to undermine the growing web of investigations. Read More
Assassination Attempt Briefing: The Justice Department, Secret Service, and FBI will brief senators today on the attempted killing of Trump, Senate Majority Leader Chuck Schumer’s (D-N.Y.) office said. Read More
Internal Probe: The Homeland Security’s inspector general also has opened an investigation into the Secret Service’s protection plan for Trump’s campaign rally July 13. Read More

Trump’s One-Time Rivals Praise Him in Orchestrated Show of Unity

Nikki Haley once called Donald Trump “totally unhinged” and “diminished.” Florida Governor Ron DeSantis previously said the former president would embrace the most “worthless Republicans” if they “kiss the ring.”

Future GOP Senate Leaders Pitch Their Campaigns in Milwaukee

GOP lawmakers vying for their party’s top job in the Senate have been busy in Milwaukee wooing their fellow lawmakers, donors, and party loyalists as they seek to build political capital for their bids to replace Senate Minority Leader Mitch McConnell (R-Ky.).

GOP Expands Battleground Map as Party Warns Against Victory Lap

Republican National Committee Chairman Michael Whatley warned against complacency when his party concludes its official nominating jamboree this week with polls predicting ex-President Donald Trump prevailing over President Joe Biden in the November election.

‘I Don’t Like China:’ What JD Vance Has Said About Beijing

Presidential candidate Donald Trump’s pick for running mate is JD Vance, a memoirist turned senator who has been very critical of China across a range of issues.

JD Vance Pick Hardens GOP Swing to Protectionist Trade Stance

Donald Trump’s pick of Senator JD Vance as his running mate Monday hardens the Republican party’s shift toward trade protectionism and positions a successor to entrench the viewpoint for years to come.

Trump Running Mate Vance Faces New Drive to Deliver Rail Measure

Groups lobbying for rail reform see Vance’s new profile and House lawmakers introducing similar legislation last week as providing momentum for the measure.

Andreessen, Horowitz Latest Tech VCs to Throw Support to Trump

Venture capital investors Marc Andreessen and Ben Horowitz plan to donate a significant amount to Donald Trump’s campaign for president, according to a person familiar with their plans, making the famous VC duo the latest tech investors to throw their support to the Republican.

Politics & Probes

Biden Pivots Back to Politics at NAACP After Trump Shooting

President Joe Biden said condemnation of the assassination attempt on Donald Trump should be joined by criticism of violence against Black Americans, rejection of political extremism and support for gun control, as he returned to the campaign trail in search of a path forward for his beleaguered campaign.

Musk to Move X, SpaceX to Texas in Deepening Rightward Shift

Elon Musk said he will relocate the headquarters for X and SpaceX to Texas, adding more fuel to the billionaire’s efforts to align himself with the political right and distance himself from left-leaning California.

Elon Musk’s ‘Final Straw’ Moment Marks Political Transformation

Elon Musk is going all in on right-wing politics.

Newark Council President En Route to House After Key Primary Win

The winner of Tuesday’s Democratic primary will be a shoo-in to fill out the unexpired term of the late Rep. Donald Payne Jr.

A Menendez Ouster From the Senate Could Set Off an NJ Scramble

Sen. Bob Menendez (D-N.J.) faced a chorus of calls to resign after his corruption conviction.

Taiwan Touts Defense Progress as Trump Demands Island Pay US

Taiwan’s premier touted his island’s moves to better defend itself, after Donald Trump declared the chip hub “should pay” for US protection against Chinese military aggression.

Three Lawmakers, Two Billionaires Back Gaetz’s Primary Opponent

Three members of Congress, at least two billionaires, and one former vice president are among the newest donors to Rep. Matt Gaetz’s Republican primary opponent.

Sen. Markwayne Mullin (Okla.) and Reps. Dave Joyce (Ohio) and Max Miller (Ohio) joined billionaires Paul Singer and Stan Druckenmiller and former Vice President Dan Quayle in donating to Aaron Dimmock, a Navy veteran opposing Gaetz in the Aug. 20 primary in Florida’s 1st District.

All three members donated to Dimmock through their leadership PACs; Joyce also donated from his campaign committee. Republican megadonor Harlan Crow and ex-Sen. John Danforth (R-Mo.) also donated to Dimmock, Federal Election Commission reports show.

Gaetz, who’s seeking a fifth term, engineered the ouster of Kevin McCarthy (R-Calif.) as speaker last fall.

Also in the News

Israel-Hamas Truce Talks Said to Face Four Key Sticking Points

Negotiations aimed at winding down Israel’s nine-month war on Hamas in Gaza face four key sticking points, including which hostages should be released, according to people with knowledge of the talks.

Biden to Propose Supreme Court Reforms, Including Term Limits

President Joe Biden is planning to unveil proposals that could dramatically reshape the Supreme Court, including term limits on justices who now sit on the court for life, according to a person familiar with the deliberations.

US Floats Tougher Trade Curbs in Chip Crackdown on China

The Biden administration, facing pushback to its chip crackdown on China, has told allies that it’s considering using the most severe trade restrictions available if companies such as Tokyo Electron Ltd. and ASML Holding NV continue giving the country access to advanced semiconductor technology.

To contact the editors responsible for this story: Kayla Sharpe at ksharpe@bloombergindustry.com; Giuseppe Macri at gmacri@bgov.com

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