Business
Here we bring you business news affecting both our economy and our daily lives. ___________________________________________________________________________________________
Treasury Secretary Bessent warns tariff ruling would be ‘loss for the American people’
Eric Revell / FOXBusiness
Treasury Secretary Scott Bessent on Wednesday said that if the Supreme Court strikes down a key portion of the Trump administration’s tariff regime it would be a “loss for the American people.”
Bessent spoke at the New York Times DealBook Summit and spoke about the Supreme Court’s hearings on the tariffs imposed by the president under the International Emergency Economic Powers Act (IEEPA). Federal courts struck down the IEEPA tariffs, prompting the administration to appeal to the Supreme Court.
He said that he’s “optimistic” about the administration getting a favorable outcome, though he warned that a ruling that strikes down the tariffs would ultimately hurt Americans.
“Everyone says it will be a loss for the administration. I think it’ll be a loss for the American people,” Bessent said.
The treasury secretary emphasized that the IEEPA tariffs have helped the…Read more and see video here.
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Trump says Americans may soon pay ‘no income tax’ as White House explores alternative revenue streams
By Jasmine Baehr – FOXBusiness
President Donald Trump suggested Tuesday that Americans may “not even have income tax to pay” in the near future, saying tariff-driven revenue could allow for the historic elimination of the federal income tax under his tenure.
Trump told a press gaggle after his cabinet meeting that “at some point in the not too distant future you won’t even have income tax to pay,” arguing that revenue the government is collecting under his administration is now “so great… so enormous.”
“Whether you get rid of it or just keep it around for fun or have it really low, much lower than it is now, but you won’t be paying income tax,” Trump added.
If enacted, abolishing income tax would mark the most ambitious overhaul of the American tax system in more than a century. Trump’s repeated public support for replacing income tax with tariffs makes this the most explicit endorsement yet. Read more here.
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Trump says he’s chosen next Fed chair as affordability pressures rise
Amanda Macias / FOXBusiness
President Donald Trump said over the weekend that he has chosen the next Federal Reserve chair, a decision unfolding as affordability pressures continue to mount.
“I know who I am going to pick, yeah. We’ll be announcing it,” Trump told reporters on Sunday evening.
Likely frontrunners include Trump’s top economic advisor Kevin Hassett, current Federal Reserve Board Governor Christopher Waller and ex-Fed board governor Kevin Warsh. Hassett told “Fox & Friends Weekend” that he would be “happy to serve” if tapped to succeed Federal Reserve Chairman Jerome Powell.
Powell, who was appointed by Trump in 2017, is slated to complete his term in May 2026.
The looming appointment comes as persistently high living costs test his administration’s economic agenda.
The Fed plays a central role in affordability by setting interest rates that…Read more and see video here.
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USDA calls SNAP benefits program ‘out of control,’ plans major overhaul
By Madison Colombo – FOXBusiness
The U.S. Department of Agriculture says it’s working to reform what it calls the “out of control” SNAP benefits program.
The agency plans to redirect more of its nutrition budget toward healthier, American-grown food options, including specialty crops, fruits and proteins. Agriculture Secretary Brooke Rollins said the effort is part of the “Make America Healthy Again” movement championed by Health and Human Services Secretary Robert F. Kennedy Jr.
“More coming on that early next year as we begin to shift how we’re buying food, and really supporting the American farmers,” Rollins said Wednesday on “Mornings with Maria.”
Rollins noted that part of the shift will include using the USDA’s food purchasing power to get more American-grown fruits and specialty crops into school lunches and food banks.
She explained that the USDA spends roughly “$400 million a day across 16 nutrition…Read more here.
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