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Everyone is focusing on tariffs. But there's another force roiling the US economy & driving a slowdown: A new austerity driven by Trump's federal funding cuts. The great Ted Mann, Nazmul Ahasan & I are tracking it for Bloomberg & Bloomberg Economics. bloomberg.com/news/features/…

Our analysis, with Shawn Donnan and Ted Mann, shows signs of a pullback in funding under Trump: “The US in February made just $4.3 billion in new, binding funding commitments to state and local governments, a 57.5% decline from the same month a year earlier.”bloomberg.com/news/features/…

AMERICA'S TOP AUTO IMPORTER: Is General Motors! Long gone are the days when an imported car meant a foreign car. No company proves that more than $GM, which imported 1.2 million cars last year, more than Toyota Motor Corp. & Hyundai USA $F $STLA David R. Baker Bloomberg bloomberg.com/news/articles/…

States, Cities Face Funding Collapse Threat With Trump Cuts via Nazmul Ahasan Shawn Donnan Ted Mann bloomberg.com/news/features/…

State and local governments reliant on $1 trillion a year in federal support are preparing for deep budget cuts: bloomberg.com/news/features/… by Ted Mann Shawn Donnan Nazmul Ahasan #muniland

Team Trump is heading into weekend China talks seeking deescalation & mulling a dramatic cut in tariffs. The issue: Tariffs are so high at 145%+ that even a massive cut won’t stop economic damage. My latest with a battalion of Bloomberg colleagues: bloomberg.com/news/articles/…

China says 60% tariffs, Trump says 80%. Empty shelves and rare earths in the mix. All eyes are on Geneva as Treasury Secretary Scott Bessent travels to Switzerland to start talks with the Chinese. Good look at what's at stake from my colleague Shawn Donnan bloomberg.com/news/articles/…

US & Chinese officials have been talking for hours today. Does that mean substantive talks? Maybe. Though this is first time they have sat down face to face. They’ve got lots of grievances to air… Team Trump’s goal this weekend 👇👇👇👇👇👇👇👇👇👇👇 bloomberg.com/news/articles/…

Countries like Cambodia, Lesotho and Mauritius are on the priority list. So striking how few major US trading partners are on this list…

Such a great piece of reporting from Heather Long here. The big takeaway: Even the tariff winners aren’t convinced they are the answer. washingtonpost.com/opinions/2025/…

When Trump pulled out of the TPP in 2017 he started the process of ripping up the free trade playbook. The combined cost of that & Trump’s tariffs? A global economy that’s $1tn smaller and a US with 690k fewer jobs. The Bloomberg Big Take: bloomberg.com/news/features/…

Ripping up the free trade playbook comes with $1 trillion cost bloomberg.com/news/features/… via Shawn Donnan Eleonora Mavroeidi Maeva Cousin Enda Curran 柯恩达

US strikes on Iran come at a fragile moment for the global economy bloomberg.com/news/articles/… via Shawn Donnan Swati Pandey

The idea that Trump Always Chickens Out (TACO) seems quaint after US attacks on Iran’s nuclear facilities. So if TACO is dead what does that mean for Trump’s trade wars with big deadlines looming? My latest for Bloomberg Supply Lines newsletter. bloomberg.com/news/newslette…

Joined Stephanie Flanders & John Authers for the latest Bloomberg Bloomberg Economics #Trumponomics podcast to discuss what comes next for Trump’s tariffs. Takeaway: Markets are strangely sanguine about Trump cementing in his tariffs & what will come July 9. bloomberg.com/news/articles/…

.Shawn Donnan Trump's tariffs target US trading ties both big and small Bloomberg bloomberg.com/news/newslette…