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

President Donald Trump dug in on his threat to impose a 50% tariff on the European Union and said a potential 25% charge on imported Apple Inc. smartphones would also apply to Samsung Corp. devices if they do not move production to the US. 

Trump said Friday in a social media post that the higher charge on the EU would start on June 1 because “our discussions with them are going nowhere,” adding that he saw the bloc as “very difficult to deal with.” 

The president later downplayed the EU’s ability to broker a lower rate, complaining about its trade practices and negotiating tactics and stating “I’m not looking for a deal. I mean, we’ve set the deal. It’s at 50%.”

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, Joe and Kailey speak with:

• Bloomberg's Tyler Kendall.
• US Fleet Forces Commander Admiral Daryl Caudle.
• Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino.
• Former House Financial Services Committee Chairman and Bloomberg Contributor Patrick McHenry.

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

President Donald Trump’s signature tax bill narrowly passed the House Thursday morning, advancing a sprawling multi-trillion dollar package that would avert a year-end tax increase at the expense of adding to the US debt burden.

The bill now heads to the Senate, where groups of Republicans are pressing for extensive change. Lawmakers plan to vote on approval by August. The bill includes a $4 trillion increase in the US debt ceiling, which the Treasury Department forecasts could otherwise force a default as soon as August or September, adding urgency to the timeline.

The 215-214 House vote, with one abstention, was met with cheers from Republicans in the chamber. It followed a furious offensive by Trump, who visited the Capitol to rally Republicans, worked lawmakers by phone late into the night and summoned holdouts to the Oval Office. His budget office released a statement branding any GOP lawmaker who failed to support the package guilty of the “ultimate betrayal.”

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, Joe and Kailey speak with:

• Republican Congressman Chuck Edwards of North Carolina.
• Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino.
• US Ambassador to NATO Matthew Whitaker.
• Bloomberg's Liz Capo McCormick.
• Republican Main Street Partnership President and CEO Sarah Chamberlain.

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The White House amped up the pressure on Republicans on Wednesday urging lawmakers to quickly approve President Donald Trump’s signature tax bill, adding that a failure to do so would be the “ultimate betrayal.”

“The House of Representatives should immediately pass this bill to show the American people that they are serious about ‘promises made, promises kept.’ President Trump is committed to keeping his promises,” the White House’s Office of Management and Budget wrote in a memo endorsing the legislation.

Republicans made some headway in advancing Trump’s bill on Wednesday. House Speaker Mike Johnson announced that he had an agreement with lawmakers from high-tax states to increase the limit on the state and local tax deduction to $40,000, winning over a key faction of members who had threatened to block the legislation. 

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, Joe and Kailey speak with:

• Republican Congressman Mike Lawler of New York.
• Republican Congressman Kevin Hern of Oklahoma.
• ROKK Solutions Partner Kristen Hawn and Former RNC Communications Director Lisa Camooso Miller.
• Former US Ambassador to South Africa Patrick Gaspard.

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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, Joe and Kailey speak with:

• Bloomberg Washington Correspondent Tyler Kendall.
• Bloomberg Deputy Capitol Influence Team Lead Mike Dorning.
• Republican Congressman Bryan Steil of Wisconsin.
• Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino.
• Republican Congresswoman Nicole Malliotakis of New York.

President Donald Trump is growing frustrated with demands to significantly boost the cap on the state and local tax deduction, according to a senior administration official, signaling a deadlock as Republicans aim to quickly pass a giant tax-cut bill.

Trump told lawmakers in a meeting on Tuesday not to let the SALT deduction or differences over social safety-net cuts impede the bill. But afterwards members of warring factions told reporters they were still dug in in opposing the bill unless their changes are made. 

Trump urged Republicans from New York and other high-tax states to wait to try to raise the SALT limit further until after Congress is done with the tax legislation, the official said, a proposal that is likely to draw backlash from SALT lawmakers who see the president’s “one big, beautiful bill” as their sole shot to address a political priority that dates back to 2017.

Trump is also losing patience with a faction of conservative hardliners pushing for deeper cuts to Medicaid health coverage for the poor and disabled, the official said. The president implored Republicans to stick together and pass the bill the official said, adding that Trump expects every Republican to vote for the bill on the floor.
Trump told lawmakers in a closed-door meeting on Tuesday he wants to keep the SALT deduction limit at $30,000, the level in the draft legislation. That’s three times the current $10,000 cap.

In that meeting, Trump singled out the lawmakers from New York, New Jersey and California who have rejected the $30,000 deduction limit, saying it is insufficient to win their votes.

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President Donald Trump said that Moscow and Kyiv would begin talks “immediately” on ending the war in Ukraine after a phone call with Russian President Vladimir Putin on Monday. 

“Russia and Ukraine will immediately start negotiations toward a Ceasefire and, more importantly, an END to the War,” Trump said in a social-media post. “The conditions for that will be negotiated between the two parties, as it can only be, because they know details of a negotiation that nobody else would be aware of.”

The US president said he had also briefed European leaders on his two-hour call with Putin and that the Vatican had offered to host the negotiations. He described “the tone and the spirit of the conversation” as “excellent. If it wasn’t, I would say so now, rather than later,” Trump added.

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:

• Ipsos US Public Affairs President Cliff Young.
• Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino.
• Bloomberg US National Security Team Lead Nick Wadhams.
• Atlantic Council Eurasia Center Senior Fellow Melinda Haring.

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House Republicans’ reconciliation package hit a wall in the Budget Committee, where conservatives may block the measure today over complaints that it front-loads tax cuts and delays spending reductions.

There are at least three conservative members on the panel who oppose the bill, barring changes. GOP members can only afford to lose one vote, partly because Rep. Brandon Gill (R-Texas) has been out of Washington on paternity leave.

Reps. Ralph Norman (R-S.C.), Chip Roy (R-Texas), and Andrew Clyde (R-Ga.) all plan to oppose the measure, unless their problems are resolved. There are a handful of other fiscal hawks on the panel who could jeopardize the vote including Reps. Josh Brecheen (R-Okla.) and Lloyd Smucker (R-Pa.)

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:

• Republican Congressman Nick LaLota of New York.
• Bloomberg Washington Deputy Bureau Chief Laura Davison.
• Former RNC Communications Director Lisa Camooso Miller and Democratic Strategist Roger Fisk.
• Committee for a Responsible Federal Budget President Maya MacGuineas.
• Former Republican Congressman Denver Riggleman.

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

House Republicans are close to reaching an agreement on the state and local tax deduction, aiming to pass the tax bill next week, Speaker Mike Johnson says.

Talks over SALT are on track to continue over the weekend, he tells reporters.

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 Government Congress Reporter Jack Fitzpatrick.
• Republican Congressman Marlin Stutzman of Indiana.
• Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino.
• Republican Congressman Ryan Mackenzie of Pennsylvania.
• Bloomberg Editor in Chief Emeritus Matthew A. Winkler.

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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.

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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.

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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.