President Donald Trump has promised to hike nearly all of his tariffs on foreign steel and aluminum to a punishing 50% on Wednesday, a move that would hammer businesses from automakers to home builders, and likely push up prices for consumers.

Meanwhile, the White House has officially asked Congress to claw back $9.4 billion in already approved spending, taking funding away from programs targeted by Elon Musk’s Department of Government Efficiency . It’s a process known as “rescission,” which requires Trump to get approval from Congress to return money that had previously been appropriated. ×

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