In less than 100 days, President Donald Trump has made major economic waves.

His tariffs — both those he’s actually implemented the threat of more — have roiled financial markets and thrown the U.S. into a new trade war. Several key economic partners have retaliated with their own, making further escalation a possibility.

Tariffs — taxes paid by businesses importing foreign goods from designated countries — are poised to slam major American businesses, from automakers and retailers to technology companies. Several major companies have said they will likely need to raise their prices, while others are pulling out all the stops to try to keep costs manageable.

Here’s where things currently stand, and what’s on the horizon for the $24 trillion global merchandise trade.

Mexico and Canada

The U.S. on March 4 imposed 25% duties on imports from Mexico and Canada, with a carveout of 10% tariffs on Canadian energy oil and all potash. Then, just two days later, the U.S. said that all products covered under the USMCA trade agreement would not be tariffed.

That deal, which covers about half of all imports from Mexico and 37% of imports from Canada, lasts for one month and is meant to coincide with the president’s next slew of tariff announcements.

The agreement prevented Mexican President Claudia Sheinbaum from following through on plans for retaliatory tariffs, which could kick in following the next round of tariffs. It’s expected that they would likely focus on U.S. products such as beer and vegetables.

Read More: Trump says tariffs will help car companies. Here’s why he’s wrong

According to Trump’s orders announcing his tariffs, the duties are being used to force Canada and Mexico to do more to prevent the flow of undocumented immigrants and illegal drugs through the U.S.’s southern and northern borders. Almost 87,000 Americans died from drug overdoses in the 12-month period that ended in September 2024.

The vast majority of fentanyl seized by Customs and Border Patrol was intercepted at the U.S.’ southwest border with Mexico. According to the Committee for Foreign Relations, just 43 pounds of fentanyl was seized at the Canadian border, a fraction of the almost 21,900 pounds seized last year.

Europe

The Trump administration’s recent trade spats with Europe threaten some $9.5 trillion worth of business each year, according to the American Chamber of Commerce to the EU.

In response to the U.S.’ new 25% duties on steel and aluminum, the European Union hit back with two phases of proposed tariffs on some $28 billion worth of American exports, including whiskey and soybeans. Although initially designed to be separate, both phases are now set to take effect on April 13. Trump had responded to that proposal by threatening to spike U.S. tariffs on European spirits to 200% unless the tariffs on whiskey were nixed.

The E.U.’s trade commissioner, Maros Sefcovic, met with top U.S. trade officials on Tuesday, including Commerce Secretary Howard Lutnick.

“The hard work goes on. The EU’s priority is a fair, balanced deal instead of unjustified tariffs,” Sefcovic wrote on X. “We share the goal of industrial strength on both sides.”

Two days later, Trump threatened to hike tariffs on Canada and the E.U. if they work together to do “economic harm” to the U.S.

“[L]arge scale Tariffs, far larger than currently planned, will be placed on them both in order to protect the best friend that each of those two countries has ever had!” Trump warned.

The United Kingdom exported about $151 billion worth of aluminum and steel to the U.S. last year, according to the Global Trade Alert. Prime Minister Keith Starmer has said he will “keep all options on the table” when it comes to responding to the tariffs.

President Trump’s reciprocal tariffs set to be announced next month could slash the British economy by up to 1%, according to the Office for Budget Responsibility, an independent fiscal watchdog. A 20% increase in U.S. tariffs on the rest of the world would “almost entirely eliminate the headroom against the fiscal mandate, as additional tariff revenue is more than offset by lower receipts from income, corporation, and consumption taxes,” the group said.

China

China was initially hit with 10% tariffs in February, which grew to 20% the following month. On both occasions, the U.S. cited a failure on China’s part to reduce the flow of fentanyl into the U.S.

Beijing retaliated on March 4 with its own tariffs designed to slam U.S. farmers. Major food exports to China, including chicken, wheat, corn, and cotton were hit with a 15% rate. A 10% duty was added to imports of “sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables, and dairy products.”

A recent Agriculture Department study projected China to be the third-largest agricultural market this year, with exports falling by $1.3 billion from a prior projection due to increased competition for soybeans, corn, sorghum, and cotton. Overall trade in fiscal year 2025 is set to reach $22 billion.

China’s Ministry of Commerce placed 15 U.S. companies on its export control list, including several drone companies. It also added 10 companies to its “unreliable entity” list, including Wisconsin-based S3 AeroDefense and Calvin Klein owner PVH Corp. (PVH) Biotechnology firm Illumina (ILMN) was added to the list and barred from exporting gene sequencers to China, which accounts for 7% of sales.

China also issued anti-dumping duties on U.S. companies that export single-mode optical fiber to the market. Tariffs on those firms range from between 33.3% to 78.2%.

Read More: The trade war is just part of a bigger fight. An expert on how to wage economic warfare

Trump on Monday implemented what he called a secondary tariff, a novel approach that seeks to tariff countries for doing trade with a third party. Duties of 25% will be imposed on all goods imported into the U.S. from a nation that either indirectly or directly imports oil from Venezuela, according to an executive order.

The move comes as Trump has sought to crack down on the Venezuela-based Tren de Aragua gang with measures that include deportations. A federal judge on Monday ruled that migrants must be allowed to challenge the decision to remove them.

The potential tariffs could have a big effect on China, which was the largest export market for Venezuelan oil and gas last year, according to Reuters. China took 351,000 barrels per day, down 18% year-over-year.

“That’s on top of existing tariffs,” the president said Monday in response to questions from a reporter.

The Department of Commerce also added more than 50 Chinese organizations to an entity list, barring American firms from supplying to those firms without government permits. That includes 11 entities working on advanced artificial intelligence and supercomputers, as well as Huawei, a major smartphone maker.

Everyone else

During his presidential campaign, Trump proposed universal tariffs of between 10% and 20% on imports from more than 190 countries, which could have major implications for the U.S. economy. Although that plan has seemingly taken the backseat, Treasury Secretary Bessent has discussed universal tariffs that would start at 2.5%.

Just about a week away is the potential launch of the president’s so-called “reciprocal” tariffs, duties that are meant to equalize the U.S.’ tariffs with those imposed by other nations. Much is still unclear about the size and scope of those tariffs. Top federal economic officials have said some tariffs may go into effect immediately, while others won’t become active for weeks or months.

Goldman Sachs (GS) analysts said this week that Trump administration officials have said initial duties are meant as a basis for talks — which incentivizes them to set high rates. A recent survey shows market participants expect an initial 9% reciprocal tariff rate, but it may be double that level, Goldman’s Alec Phillips said in a note.

“I’ll probably be more lenient than reciprocal, because if I was reciprocal, that would be very tough for people,” Trump said in a Tuesday night interview on Newsmax. A day earlier he said that he “may give a lot of countries breaks.”

The Trump administration is focusing on issuing tariffs on the countries with the highest goods trade imbalances with the U.S., what Treasury Secretary Scott Bessent has called the “dirty 15.” Although an official list hasn’t been made public, it would likely include Vietnam and Taiwan, among others.

Earlier this month, the U.S. levied a 25% tariff on imports of aluminum and steel, a move welcomed by the domestic steel industry, which has historically welcomed tariffs. The Trump administration is expediting its investigation into potential copper tariffs, which Bloomberg News reports appears to be more of a formality than an actual fact-finding operation.

The president on Wednesday announced that 25% duties on foreign vehicles and auto parts would go into effect on April 3, which will impact just about every automaker, from Tesla and General Motors to Volkswagen (VWAGY) and Ferrari.

According to the Bureau of Economic Analysis, the majority of passenger cars the U.S. imported last year came from Mexico (48,704), followed by Japan (39,933), South Korea (37,385), Canada (27,675), and Germany (25,352).

JPMorgan (JPM) analysts expect the auto industry to take a $82 billion annual hit, up from an initial estimate of $41 billion, assuming that automakers absorb the cost of the tariffs. If they decide to pass the costs on to consumers, light vehicle prices could rise by up to 11.4%.

Good morning, Quartz readers!

Here’s what you need to know

A global mood swing. A survey from Bank America shows that investor sentiment is bouncing back to pre-Liberation-Day levels (but mostly overseas) and that recession fears are dropping.

AI’d like a lawyer? OpenAI is reportedly considering whether to accuse Microsoft of anticompetitive behavior as the future of their partnership hangs in the balance.

Enlisting OpenAI’s bots. The Defense Department just awarded a one-year, $200 million defense contract to the ChatGPT-maker for “frontier AI capabilities.” 

Prime cuts coming. Amazon CEO Andy Jassy said in a company-wide email that AI will bump up the company’s efficiency and productivity — but likely decrease its headcount.

A factory reset. Chipmaker Intel will reportedly lay off up to 20% of its factory workforce in what the CEO called “difficult actions but essential to meet our affordability challenges.”

Tesla gets Cyberstuck again. The company’s stock slumped on news that Cybertruck and Model Y production will be suspended at its Austin plant for a week — the third pause in the past year.

Hold, please

The Federal Reserve began its June meeting Tuesday with interest rates expected to stay exactly where they are: elevated and immovable. Markets are betting on a less-than-1% chance of a cut.

The (likely) decision to hold rates steady puts the Fed squarely at odds with President Donald Trump, who has made his position on monetary policy characteristically loud and clear — calling Fed Chair Jerome Powell a “FOOL,” among other insults. But Powell, a Trump appointee, isn’t budging. Inflation may be down from its peak, but it’s still above the Fed’s 2% target. The Fed worries that if it cuts rates too soon, it could trigger another inflationary spiral… just as Americans are unclenching their wallets.

Meanwhile, the economic mood board is decidedly mixed. GDP dipped in Q1 and might do so again in Q2, job growth is slow, and consumer confidence is recovering from its April slump — a.k.a. “Liberation Day,” when Trump announced his wave of tariffs — but remains shaky.

The president wants rate cuts now — to stimulate growth, boost markets, and take pressure off his economy. But Powell is playing the long game. He’s reluctant to repeat the Fed’s 2021 mistake, when it underestimated inflation’s staying power and moved too slowly to correct course. This time, he’s doing the opposite: refusing to move too quickly.

It’s a delicate position.

Powell risks damaging the labor market if rates stay high for too long. But he could risk something bigger — the Fed’s credibility — if he caves to political pressure. When Trump last floated the idea of firing Powell, the market dropped 1,000 points. Investors, it seems, prefer a Fed that acts like it is above politics, even if it means sitting on its hands through some turbulence. Quartz’s Catherine Baab has more on how the Fed is holding firm while markets are holding their breath. 

Deductions, deductions, deductions

Senate Republicans just dropped their version of Trump’s sprawling tax-and-spending megabill — all 549 pages of it — setting off a phase of negotiations that could determine the size, shape, and shelf life of the next generation of GOP tax policy.

The proposal aims to extend Trump’s 2017 tax cuts and pay for them with steep reductions to safety net programs such as Medicaid and clean energy tax credits. The legislation leans into Trump’s campaign-season promises (No taxes on tips! Deductions for overtime! Bigger breaks for seniors!) — though most of those perks vanish in 2028, just as his term expires.

The Senate’s version includes stricter income phaseouts than the House-passed version and delegates enforcement details to the Treasury Department. Another key difference? Permanence. While the House bill took a short-term approach to tax extenders, Senate Republicans are aiming to make several key business breaks permanent, including immediate expensing of capital investments and full deductions for R&D.

In a departure from earlier GOP efforts, the Senate plan doesn’t entirely go scorched earth on Biden-era clean energy programs. Instead, the plan is giving solar, wind, nuclear, and geothermal projects more time before the plug is pulled — while quietly phasing out EV tax credits and adding protections to keep Chinese components out of clean-energy supply chains.

Negotiations with the House will be tense. The math is tight. The rhetoric will be looser. And if nothing else, this guarantees one thing: The next few weeks on Capitol Hill will be loud, long, and lousy with tax metaphors. Quartz’s Joseph Zeballos-Roig has more on how the tax bill became a policy Rorschach.

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✈️ JetBlue is cutting flights as it expects to lose big this year

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Our best wishes on a safe start to the day. Send any news, comments, and more to [email protected].

Tesla’s Austin factory will pause production of its Cybertruck and Model Y vehicles the week of June 30, Business Insider reported. Workers were told the shutdown would be for maintenance on the production lines, to ensure future optimization. 

Shares of the EV company slumped 4% on the news. While such a pause is routine for many automakers, particularly in summer, this is the third time Tesla has done so in the past 12 months: once in May, when workers attended seminars on company morale, and once in December, due to a battery shortage. For this latest pause, employees have the option of either taking paid time off or coming in for voluntary training — and to help with cleaning. 

The production pause comes after Tesla’s first-quarter numbers were dismal. A new Model Y in January was expected to provide a boost, but sales were at their lowest since 2022, a 13% year-over-year decline. Some of the lower sales numbers are attributed to consumer boycotts in the wake of Elon Musk’s controversial role in President Donald Trump’s administration. Last month, Tesla shareholders wrote Musk an open letter demanding that he do his actual job.

The company also issued a massive recall of Cybertrucks in March because their exterior trim panels could easily be dislodged and cause traffic hazards.

Meanwhile, Tesla is preparing to launch its Model Y robotaxis in Austin on June 22, after almost a decade of Musk promising that such a launch was imminent.

Tesla’s second-quarter results are expected in July. 

Amazon CEO Andy Jassy had a message for the company’s corporate workforce on Tuesday: The AI era is here — and while it’s going to make things faster and more efficient, it’s also going to mean fewer humans in the loop.

In a company-wide memo, Jassy said Amazon’s deepening investment in generative AI won’t just reinvent customer experiences — it will change the way the company operates internally. And, over time, that likely will mean fewer white-collar jobs. 

“As we roll out more Generative AI and agents, it should change the way our work is done,” Jassy wrote. “We will need fewer people doing some of the jobs that are being done today and more people doing other types of jobs. It’s hard to know exactly where this nets out over time, but in the next few years, we expect that this will reduce our total corporate workforce as we get efficiency gains from using AI extensively across the company.”

Under Jassy, Amazon has already shown that it’s not afraid to make cuts. Since late 2022, the company has laid off more than 27,000 employees, part of a wave of post-pandemic belt-tightening that has swept across Big Tech. Now, even as revenue bounces back and capital spending surges, a hiring rebound hasn’t followed — especially not for corporate roles.

Jassy’s comments suggest that’s by design. Even beyond the office, Amazon’s workforce is flattening: The company now deploys more than 750,000 robots across its fulfillment network, and its latest model, “Vulcan,” is designed to handle heavier loads once managed by human hands.

At the same time, Amazon is rapidly embedding AI across nearly every part of its operations. More than 1,000 generative AI tools are already live or in development. Alexa is being retooled as “Alexa+,” a smarter assistant that can take action rather than just respond to prompts. On the shopping side, new features such as “Lens” (visual search), “Buy for Me” (cross-site purchasing), and automated sizing recommendations are being rolled out. The company’s generative AI shopping assistant is, according to Jassy, being used by tens of millions of customers.

Under the hood, AI is driving Amazon’s fulfillment strategy: managing inventory, forecasting demand, and working on robot efficiency. Customer service chatbots are getting an AI overhaul, and product listings are increasingly auto-generated. But the real breakthrough, according to Jassy, is the emergence of AI “agents” — software assistants capable of scouring the web, writing code, finding anomalies, and even handling research. 

“There will be billions of these agents, across every company and in every imaginable field,” he wrote. “There will also be agents that routinely do things for you outside of work, from shopping to travel to daily chores and tasks. Many of these agents have yet to be built, but make no mistake, they’re coming, and coming fast.”

But perhaps the most telling part of Jassy’s vision is in an “agentic” future — one where AI software agents will handle much of the legwork that once filled certain jobs. The CEO thinks research, summarization, anomaly detection, translation, coding, and more will soon be delegated to bots that get smarter over time, leaving humans to “focus less on rote work and more on thinking strategically.” 

“Agents will allow us to start almost everything from a more advanced starting point,” he wrote, adding that they’ll “change the scope and speed at which we can innovate for customers.”

Jassy encouraged employees to “get more done with scrappier teams,” attend training sessions, and adopt an AI-first mindset. In his words, those who embrace AI and help Amazon build its future will be “well-positioned to have high impact and help us reinvent the company.”

Jassy has floated this ethos before.

In his April shareholder letter, the CEO urged Amazon to operate like the “world’s largest startup” — prioritizing speed, invention, and risk-taking over headcount and hierarchy. Tuesday’s memo sharpened that idea: In an AI-driven workplace, fewer people may be part of the equation.

Amazon is far from alone. Microsoft and Google have both leaned into AI while slowing hiring and cutting thousands of roles. Startups like Harvey and Adept are pitching AI agents as the future of office work. And Anthropic CEO Dario Amodei recently warned AI could wipe out 50% of entry-level jobs and drive unemployment up by as much as 20% within five years. Others, including Nvidia’s Jensen Huang and billionaire Paul Tudor Jones, have argued that the shift will improve job quality and create new kinds of work — but even they acknowledge it will require significant retraining and regulatory oversight.

For now, Amazon is moving fast, scaling AI across its business — and signaling that headcount growth is no longer a prerequisite for progress.

Investor sentiment is back — well, at least, among global fund managers. According to Bank of America’s June 2025 Global Fund Manager Survey, optimism has has swelled to pre‑tariff‑shock levels, wiping out the dips stirred by President Donald Trump’s “Liberation Day” tariffs.

The headline numbers pack a punch: 66% of fund managers now anticipate a “soft landing” for the global economy, up from 37% in April. And while 82% of respondents in April predicted weakening growth, only 46% hold that view in June. That’s the largest two-month sentiment swing since last year’s presidential election. Recession fears have diminished drastically — now, 36% of respondents think a downturn is "unlikely."

So what’s behind this mood swing? The survey, which was conducted from June 6 to June 12 and captures responses from 190 fund managers overseeing over $520 billion in assets, says diffusing trade tensions, rolled-back and somewhat stabilizing tariffs (expected by about 75% of investors to be an average of 15% or lower), and better-than-feared U.S. economic data are the big factors. 

This resurgence in confidence is reflected in a significant shift in investment strategies. Fund managers are lowering cash allocations to a three‑month low while boosting positions in emerging‑market equities, energy, banks — and leaning especially into Eurozone stocks, supported by a recent Germany fiscal stimulus.

But there’s a twist.

While the world warms up, sentiment toward U.S. assets is increasingly bearish. The U.S. dollar is now the most underweighted currency in at least 20 years, making it one of the hottest “crowded trades,” alongside gold and tech. The dollar index has tumbled nearly 9.6 % this year, and more than half (54%) of fund managers predict international stocks will outperform U.S. equities over the next five years.

Concerns over the sustainability of U.S. fiscal policy are also prevalent, with 81% expecting recent spending bills to significantly add to national debt. Treasury yields are predicted to climb, possibly reaching 5%.

So while confidence largely rebounds abroad, it’s cooling off at home. The latest survey paints a clear picture: Global capital is rotating out of U.S. assets and chasing upside in Europe and emerging markets. Risk appetite is back — but it’s looking outward. Fund managers are shedding cash, leaning into higher-beta plays overseas. The bull case is building, but so are the tail risks — shaky fiscal paths, geopolitical sparks, and a market still on edge.

The price of Mitsubishi cars will rise 2.1% on average, the Japanese carmaker said Tuesday.

Mitsubishi temporarily suspended deliveries to U.S. dealers after President Donald Trump's announcement of sweeping tariffs in April, but resumed doing so last week, Reuters reports. The company said the new price hikes, which take effect on Wednesday, would not apply to any vehicles currently in dealers’ showrooms. 

A company spokesperson said that Mitsubishi "regularly reviews vehicle pricing in order to ensure we are in line with segment expectations and the latest market trends.

"Based on our most recent evaluation across the industry," the spokesperson said, Mitsubishi "will revise the Manufacturer’s Suggested Retail Price (MSRP) on select 2025 vehicles, effective June 18. There will be no adjustments to vehicles already in dealer inventory.”

Mitsubishi has had a strong 18-month performance: Its 2024 sales were up 26%, to 110,000, its best performance since 2019. And 2025 looks just as promising, with sales up 11% in the first three months of the year. The company will soon reveal updates to the new Outlander model and a new EV scheduled for 2026. 

Last week, Trump mused about hiking tariffs again, ostensibly to onshore more U.S. production. Yet auto tariffs have been enormously unpopular with the auto industry. Mitsubishi is not the first to hike prices: Both Subaru and Ford did so by as much as $2,000.

In March, the S&P Global downgraded its 2025 forecast for U.S. vehicle sales by 700,000. 

Meanwhile, Fitch Ratings data shows that the number of subprime automobile borrowers who are at least 60 days past due on their loans rose to 6.56%, the highest number since the agency began collecting data in 1994.

The rising delinquencies point to fundamental economic weaknesses, according to Mariano Torras, an economics professor at Adelphi University. He says what is happening among subprime auto borrowers is the “canary in the coal mine” and that the problems in subprime auto loans are likely to spread to other parts of the economy.

—Kevin Williams contributed to this article. 

Correction: An earlier version of this story misstated what Mitsubishi said about price increases. The company said it "regularly reviews vehicle pricing," and that the price hikes were in line with its "most recent evaluation across the industry." Mitsubishi did not say it was raising prices as a result of tariffs.

Intel is reported to be laying off up to 20% of its factory workforce as the struggling chipmaker tries to turn its business around.

“These are difficult actions but essential to meet our affordability challenges and current financial position of the company," Intel Vice President Naga Chandrasekaran wrote in a letter to employees obtained by Oregon Live, detailing that the company will make the 15% to 20% cut on factory jobs in July.

The company, which did not immediately return a request for comment, told the paper in a statement that “removing organizational complexity and empowering our engineers will enable us to better serve the needs of our customers and strengthen our execution." It did not comment on the specifics or reasons for the cuts.

In April, Intel had announced that it planned to purge 20% of its staff to pare back bureaucracy within the company, which would leave more than 20,000 people without a job. It wasn't immediately clear if the factory cuts are part of those plans or a separate downsizing initiative.

The previous layoff announcement was the first major action undertaken by chip veteran Lip-Bu Tan, who took the helm as Intel’s CEO earlier this year.

“Under my leadership, Intel will be an engineering-focused company. We will listen closely and act on your input. Most importantly, we will create products that solve your problems and drive your success,” Tan said in March.

The company has been struggling to keep pace with competitors like Nvidia, which replaced Intel on the Dow Jones Industrial Average in November 2024.

The company has also been the target of possible acquisitions and has been working with investment bankers at Morgan Stanley and Goldman Sachs to right its business, including by potentially splitting its foundry division.

The chipmaker’s struggles have even caught the eye of President Donald Trump, who, according to Bloomberg, reported that Taiwanese contract manufacturer TSMC (TSM) is considering taking a controlling stake in chipmaker Intel’s factories at the request of Trump.

Trump’s team raised the idea of a deal between the two firms in recent meetings with officials from TSMC, and they were receptive, Bloomberg reported, citing a person familiar with the matter.

—Kevin Williams and Ece Yildirim contributed to this article.

JetBlue does not expect to break even this year due to falling travel demand. The company is also cutting costs by axing some off-peak flights. 

CEO Joanna Geraghty told staff that “even a recovery won’t fully offset the ground we’ve lost this year and our path back to profitability will take longer than we’d hoped,” in an internal memo on Monday, CNBC reports. “That means we’re still relying on borrowed cash to keep the airline running.” 

JetBlue is hardly alone; many airlines are citing a lack of consumer confidence in 2025 due to macro economic uncertainty, with fewer bookings even as fares plummeted. The domestic market is oversupplied, and several large airlines cut back their growth plans for the second half of the year.

JetBlue hasn’t posted a profit since 2019. Starting in 2021, it spent three years pursing a merger with Spirit Airlines, which was shot down in March 2024 when a federal judge blocked the deal. Geraghty had just stepped into the CEO job a month before; she called the Spirit affair a major “distraction.” Last August, JetBlue took on $2.75 billion in debt.

Cost-cutting measures will involve examining unprofitable routes, pausing plans to retrofit some older jets with new interiors, and reassess hiring plans, according to Geraghty’s memo. But the mid-range airline still plans to move ahead with offering premium experiences on high-demand flights to attract more business travelers.

Last month, a new partnership with United Airlines enabled cross-booking and shared frequent-flyer rewards.

Senate Republicans released their tax portion of President Trump’s megabill on Tuesday afternoon, kicking off what’s expected to be an intense period of negotiations to send the final version of the measure through the House and onto the White House.

The 549-page bill would extend the bulk of the GOP’s 2017 signature tax cuts, financed with steep cuts to safety net programs like Medicaid and clean energy tax credits.

“It powers the economy by permanently extending critical pro-growth provisions and introduces new incentives for domestic investment, providing certainty for American job creators to spur domestic economic activity and invest in their workers,” Senate Finance Chair Mike Crapo said in a statement accompanying the legislation.

Republican senators are racing to pass their megabill using a party-line reconciliation process to overcome united Democratic opposition. Here are 5 takeaways.

Trump’s campaign promises to get rid of taxes on tips and overtime pay are still in

The Senate GOP legislation includes Trump’s campaign promises to eliminate taxes on tips and overtime pay. It also would establish a tax deduction on auto loan interest and a larger standard deduction for seniors aged 65 and above. The latter is meant to replace a Trump promise to eliminate taxes on Social Security benefits. All would expire at the end of Trump’s term in 2028.

The House-passed tax-and-spending bill had identical measures, but GOP senators put more limits, presumably to cut the final price tag. On getting rid of tax on tips, the GOP bill would set up a maximum $25,000 deduction that starts phasing out at $150,000 for singles and $300,000 for couples. It applies for occupations that usually receive cash tips, such as bartenders or waitresses. A list of specified jobs that apply for the tax break will be released by the Treasury Department within three months of the bill being signed into law.

When it comes to no tax on overtime pay, the GOP legislation establishes a deduction that peaks at $12,500 for singles, and $25,000 for those filing joint tax returns. It has a larger phase out that begins at $150,000 for singles and $300,000 for couples filing jointly.

Republican senators opted for permanence over short ladders 

GOP senators are keen to restore a set of business tax breaks that expired three years ago and make them permanent. Past efforts to revive them in bipartisan negotiations failed, despite the support the provisions also attracted from Democrats and influential business groups.

The three business tax provisions include extending rules allowing companies to deduct the capital expense costs immediately, instead of spreading them over years; establishing a bigger interest deduction; and restoring the ability for businesses to immediately write off research and development expenses.

“Holding the ultimate cost of the bill constant, making these three provisions permanent is critical to achieving the growth needed to bring in more revenue,” George Callas, once a senior tax aide to former House Speaker Paul Ryan and currently with advocacy group Arnold Ventures, wrote on X.

Other provisions such as scholarship tax credits are also made permanent, in contrast to the House GOP’s short-ladder approach. “It's not just the business extenders: there's a lot more permanency in the Senate tax bill across the board,” said Andrew Lautz, a tax expert at the Bipartisan Policy Center.

Biden’s climate-era programs get a longer shelf life (for now)

Some GOP senators are hesitant to immediately scrap clean energy tax credits that Democrats approved under former President Joe Biden. That skepticism was channeled into the Senate GOP tax bill.

Senate Republicans would give wind and solar projects more time to qualify for the credits and not shut them off abruptly. The bill is also friendlier to geothermal, nuclear, and hydropower projects, while imposing new limits to prevent Chinese products from entering U.S. supply chains.

Still, other clean energy measures are eliminated outright. The $7,500 clean vehicle credit expires six months after the bill is enacted.

'Trump accounts' for newborns are left unchanged and modestly increase child tax credit

One big GOP priority hasn’t been changed from the House bill. The Senate GOP bill would establish a tax-preferred savings account with a $1,000 contribution from the federal government for children born during Trump’s term, known as "Trump accounts." They’re able to access the cash for certain purposes after turning 18, and have full control of the money at the age of 30.

Senate Republicans would increase the child tax credit to $2,200 and make it permanent. It’s a modest increase from the current level of $2,000, which is set to revert back to $1,000 at the end of this year if Congress doesn’t step in.

GOP senators low-balled House Republicans on SALT

Republican senators drastically scaled back a $40,000 limit on the state and local tax deduction, a provision allowing individuals or married couples to subtract the amount paid in state tax from their federal tax bill. Republicans put the limit in place to help finance the 2017 tax cuts, and most of the SALT deduction flows to high-earners in predominantly Democratic states.

SALT had been the center of tense negotiations in the lower chamber and the policy changes triggered anger among Republicans hailing from states like New York. GOP Rep. Mike Lawler of New York called the SALT changes “dead on arrival” in an X post.

If you feel like you're working from the moment you wake up to the time you go to sleep, you aren't alone.

According to new analysis from Microsoft, more and more office workers are experiencing an "infinite workday," where they are online or doing some form of work from morning to night.

Analyzing data from the 365 suite, Microsoft found that the workday starts earlier than ever, with 40% of people already online and reviewing emails at 6 a.m. That's probably because the average worker using 365 receives 117 emails and 153 Teams messages per workday.

The company also found that it's hard for workers to get much done between 9 and 5, with 57% of meetings called in the moment without a calendar invite. Plus, most workers have only two minutes of focus time before being interrupted by a meeting, email, or message during those core work hours.

Microsoft revealed that "meetings hijack prime focus time," since 50% of meetings take place from 9-11 a.m. and 1-3 p.m., which is when research has shown people are mostly able to be productive.

And after 5 p.m., things aren't looking better, with the workday increasingly bleeding into evenings and weekdays. Data show that 29% of active employees check their emails again around 10 p.m. and the average worker sends or receives 50 Teams messages outside of core work hours each day.

Microsoft also saw a 16% year-over-year increase in evening meetings and reported that 20% of workers are actively working over the weekend.

The company said its data "points to a larger truth: the modern workday for many has no clear start or finish."

"As business demands grow more complex and expectations continue to rise, time once reserved for focus or recovery may now be spent catching up, prepping, and chasing clarity," Microsoft said. "It's the professional equivalent of needing to assemble a bike before every ride. Too much energy is spent organizing chaos before meaningful work can begin. "