4/9 Torchbearer Weekly Policy Update
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- Americans back Trump on immigration, sour on his economy: Poll
- Indiana's new diploma pathways
- Trump's bold tariff strategy
- U.S. labor market adds 228,000 jobs
- Understanding tariffs: a primer
- Share the Torchbearer Newsletter with Your Network!
- Important Dates
Americans back Trump on immigration, sour on his economy: Poll
Nearly half of American adults approve of President Trump's harsh immigration crackdown, but his economic policies are unpopular, according to a Monday poll from Associated Press-NORC Center for Public Affairs Research.
Why it matters: Trump's multipronged efforts to curb immigration are the most popular aspect of his second term, but most respondents oppose his tariffs and economic policies.
By the numbers: Respondents view Trump's overall performance more negatively than positively, the poll found.
- Nearly half (49%) of those polled approve of Trump's handling of immigration, followed by 46% approval for government spending.
- At the low end, 38% support his trade negotiations with other countries.
State of play: Trump has prioritized a harsh approach toward immigration in his first two months in office, following through on a campaign promise.
Zoom out: Consumer confidence recently reached a 12-year low, with consumers most worried about inflation.
- The Trump administration is set to institute tariffs on Wednesday, but it's unclear how aggressive these measures will be. The uncertainty has already tanked the stock market and economic sentiment.
Flashback: In 2023, a low of 3 in 10 Americans approved of former President Biden's handling of the economy.
- Both immigration and the economy were priorities for voters who supported Trump. (Axios)
Indiana's new diploma pathways:
Indiana students will soon have new pathways to success with the introduction of the Enrollment Honors Plus diploma.
Why it matters: This initiative opens doors for students by guaranteeing acceptance to the state's public colleges and offering career opportunities.
- Students who earn the second-tier "plus" level diploma receive automatic admission to all state public colleges.
- Those pursuing employment or enlistment pathways gain access to interviews and apprenticeships with major companies and the Indiana National Guard.
The big picture: The initiative reflects a shift in educational priorities, balancing academic and work experiences.
- It aligns Indiana with states like California and New York, which offer similar college admissions policies.
- This approach caters to diverse student goals, whether college-bound or workforce-oriented.
What's next: Schools can start offering these diplomas before the Class of 2029, and students may begin applying with the Honors Plus seal soon.
- The program is expected to attract interest from both students and private colleges.
- More detailed guidelines on required work experiences will be provided to ensure clear expectations. (Chalkbeat)
Trump's bold tariff strategy:
President Trump's "Liberation Day" tariff plan marks one of the most daring economic moves in recent history, aimed at revitalizing U.S. industry.
Why it matters: The tariffs, effective in one week, could hike consumer prices, disrupt business, and reshape global trade.
- By targeting key trading partners, these tariffs introduce massive levies, aiming to strengthen domestic industry and economic independence.
🌐 The big picture: Trump seeks to overhaul the global economy to usher in a golden age for U.S. industry.
- This move aligns with an ambitious economic realignment, showcasing a commitment to American economic priorities despite widespread opposition.
- While risks exist, the potential for a revitalized industrial landscape is significant.
🌡 Between the lines: Trump's approach defies conventional advice, embracing bold strategies for economic change.
- A 2.3 percentage point rise in inflation is expected, impacting households by about $3,800 annually, but the long-term goal is economic self-sufficiency.
🔎 Zoom in: The U.S. trade policy shift represents a substantial realignment, with a 10% global baseline and higher tariffs for strategic leverage.
- Chinese imports face 54% tariffs, and other nations like Vietnam face increased rates as well.
The bottom line: For decades, Americans have benefited from cheap global goods. Now, they face a pivotal moment to seek U.S.-made alternatives and embrace economic transformation. (Axios)
U.S. labor market adds 228,000 jobs:
The U.S. labor market showed resilience in March, adding 228,000 jobs despite looming economic challenges.
Why it matters: This better-than-expected performance comes amid concerns over a trade war, federal workforce cuts, and consumer sentiment.
- The unemployment rate rose slightly to 4.2% as more job seekers entered the market, attracted by higher wages.
- Wage growth remained steady, with a 0.3% increase to $36 an hour, outpacing inflation.
The big picture: Economists note the strong job gains are a rebound from previous losses due to severe weather and strikes.
- Transportation and warehousing drove job growth, adding 23,000 positions, suggesting employers are stocking up ahead of anticipated tariffs.
- Health care led with 54,000 new jobs, driven by demand from an aging population.
🌡 Between the lines: While tariffs may not yet impact the labor market, economists warn of potential long-term effects, including higher consumer prices and slower job creation.
- The federal workforce continues to shrink, with significant cuts expected, potentially affecting the broader economy.
- Economists fear that reductions in federal jobs could further strain the labor market.
The bottom line: Despite challenges, the labor market remains steady with historically low unemployment rates.
- Job seekers, especially in white-collar sectors, face increasing challenges due to economic uncertainty and employer caution.
- Economists advise watching for further impacts from tariffs and federal spending cuts, which could dampen economic growth and hiring.
👀 What to watch: President Trump's tariff plans and federal workforce reductions may lead to increased volatility in the job market.
- The administration's policies aim to bolster domestic manufacturing, but the immediate impacts on employment remain uncertain. (Washington Post)
Understanding tariffs: a primer
🚢 What's a tariff? A tariff is a tax on imported goods. When items like bananas or Toyotas arrive at a U.S. port, a tariff is paid as part of the import process.
🏛 When did America start using tariffs? From the colonial era through the early 1900s, tariffs were the main source of federal revenue. They were easy to enforce, even before modern technology, and were integral until the 16th Amendment allowed income tax in 1913.
💰 Why did the government back off tariffs? Tariffs had problems: they hurt exporters, disproportionately affected lower-income individuals, and didn't raise enough revenue for modern government needs. The Smoot-Hawley Act in 1930 worsened the Great Depression, leading to reduced tariffs post-WWII to promote global peace.
🧐 Then why do we still have any tariffs? Tariffs never disappeared, staying at 1.5% in 2017 before Trump's previous term increased them to 3% and now potentially 22.5%. If enacted, these will be historically high.
📜 How can Trump impose tariffs? Previously, tariffs had legal limitations and a manageable scale. Now, Trump uses an emergency authority for broader tariffs, affecting nearly all goods globally.
🛍 When can I expect prices to go up? Companies are rushing to import goods before tariffs hit, but prices could rise shortly after they take effect. (Axios)
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Important Dates:
Thursday, April 10th - House and Senate Committee Report Deadline
Monday, April 14th - House and Senate Second Reading Deadline
Tuesday, April 15th - House and Senate Third Reading Deadline
April 16th - April 24th - Conference Committees
Thursday, April 24th - Anticipated Sine Die
Tuesday, April 29th - Sine Die