President Donald Trump made good on his threats to impose tariffs on some of the U.S.'s trading partners, announcing Saturday that he will levy 25% tariffs on some goods from Canada and Mexico and 10% on Chinese goods.
Experts have warned that tariffs of this magnitude will likely increase prices paid by U.S. and Trump appeared to acknowledge that “some pain” might be possible in the U.S.
Meanwhile, the Senate Finance Committee announced it will meet Tuesday, when it is expected to vote on the controversial nomination of Robert F. Kennedy Jr. for secretary of Health and Human Services.
Confirmation hearing set for Tulsi Gabbard, Trump's DNI pick
Former Rep. Tulsi Gabbard's hearing for director of national intelligence will be held on Thursday, Jan. 30, sources told ABC News.
President-elect Donald Trump's nominee to be Director of National Intelligence (DNI) Tulsi Gabbard arrives for a service at St. John's Church on Inauguration Day of Donald Trump's second presidential term in Washington, Jan. 20, 2025.
Jeenah Moon/Reuters
Gabbard's nomination has been scrutinized over her lack of intelligence experience and her echoing of Russian disinformation.
If confirmed, Gabbard would oversee a sprawling network of 18 agencies and a $100 billion budget. She's been making the rounds on Capitol Hill to shore up support among lawmakers.
Secretary of State Marco Rubio's 1st international trip will include Panama
Secretary of State Marco Rubio will take his first international trip in office next week, visiting Panama, Guatemala, El Salvador, Costa Rica and the Dominican Republic, according to the State Department.
Secretary of State Marco Rubio waits to speak to employees upon arrival at the State Department in Washington, Jan. 21, 2025.
Andrew Caballero-Reynolds/AFP via Getty Images
Immigration is expected to be a key focus of the Trump administration. Rubio will encourage leaders to accept more of their deported nationals.
Trump warns economic leaders: Make products in America or face tariffs
"My message to every business in the world is very simple," Trump said as he virtually addressed the World Economic Forum.
"Come make your product in America and we will give you among the lowest taxes of any nation on earth ... But if you don't make your product in America, which is your prerogative, then very simply you will have to pay a tariff," Trump said.
"Differing amounts but a tariff which will direct hundreds of billions of dollars and even trillions of dollars into our treasury to strengthen our economy and pay down debt," he added.
While Trump has claimed tariffs won't adversely impact the U.S., economists generally agree that consumers will face higher costs for goods.
President Donald Trump makes a special address remotely to the World Economic Forum attend the 55th annual World Economic Forum meeting in Davos, Switzerland, Jan. 23, 2025.
Michael Buholzer/EPA-EFE/Shutterstock
Jan 23, 2025, 11:38 AM EST
Trump's first call to a foreign leader was with Saudi crown prince
Trump's first call with a foreign leader was with Saudi Arabia's Mohammed bin Salman Al Saudi, the White House confirmed. The conversation happened on Wednesday, with the two leaders discussing conflicts in the Middle East and economic issues.
While speaking to the World Economic Forum on Wednesday, Trump confirmed reports that Saudi Arabia is looking to invest $600 billion in the U.S. over the next four years. He said he would be asking the crown prince to "round it out to around $1 trillion."
President Donald Trump makes a special address remotely to the World Economic Forum attend the 55th annual World Economic Forum meeting in Davos, Switzerland, Jan. 23, 2025.
Michael Buholzer/EPA-EFE/Shutterstock
He then said he'd be asking the country and OPEC (Organization of the Petroleum Exporting Countries) to bring down oil prices.
"You got to bring it down, which, frankly, I'm surprised they didn't do before the election. That didn't show a lot of love by them not doing it," he said. "I was a little surprised by that. If the price came down, the Russia-Ukraine war would end immediately. Right now, the price is high enough that that war will continue. You got to bring down the oil price."
