Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Kailey speaks with:

• Bloomberg Washington Correspondent Tyler Kendall and Bloomberg Chief Political Correspondent Annmarie Hordern.
• Center for Strategic and International Studies Middle East Program Senior Fellow Natasha Hall.
• S-3 Group Partner Ashley Davis.
• Bipartisan Policy Center Senior Vice President Bill Hoagland.
• Stonecourt Capital Partner Rick Davis and Bully Pulpit International Managing Director Adam Hodge.

See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump’s campaign tax pledges — no taxes on tips and overtime pay, plus new tax breaks for car buyers and seniors — are the centerpiece of a multitrillion dollar package that will serve as Republicans’ signature legislative effort.

In a draft version of the tax bill released on Monday, House Republicans highlighted the president’s populist priorities in a package that would enact those cuts through 2028. The bill would also make the lower individual tax rates Trump signed in 2017 permanent.

The bill addressed a tax issue that has been dividing lawmakers since it was first restricted by Trump in 2017: the $10,000 cap on the state and local tax deduction. The plan raises the SALT limit to $30,000, but with limits for individuals earning more than $200,000 or couples making twice that.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Kailey speaks with:

• Spokesman for the Alliance for Competitive Taxation and Former Chair of the House Ways and Means Committee Kevin Brady.
• Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino.
• Bloomberg's David Gura following his interview with Former US Ambassador to China Nicholas Burns.
• Groundwork Collaborative Senior Fellow Kitty Richards.
• Democratic Candidate for US Senate in Michigan Abdul El-Sayed.

See omnystudio.com/listener for privacy information.

Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF.

The US and China will temporarily lower tariffs on each other’s products in a dramatic ratcheting down of trade tensions that buys the world’s two largest economies three months to work toward a broader agreement.

The combined 145% US levies on most Chinese imports will be reduced to 30% including the rate tied to fentanyl by May 14, while the 125% Chinese duties on US goods will drop to 10%, according to a joint statement and from officials in a briefing Monday in Geneva.

“Both sides agree we do not want a generalized decoupling,” Treasury Secretary Scott Bessent said in a Bloomberg Television interview Monday. “The US is going to do a strategic decoupling in terms of the items that we discovered during Covid were of national security interests — whether it’s semiconductors, medicine, steel,” he said.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Kailey and Bloomberg Senior Editor Michael Shepard speak with:

• Bloomberg Washington Correspondent Tyler Kendall.
• Bloomberg Economics Chief US Economist Anna Wong.
• Yale University Professor of China Studies Samm Sacks.
• Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino.
• Bloomberg Contributor and Former Republican Congressman Patrick McHenry.

See omnystudio.com/listener for privacy information.