The Daily Money

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Thu Feb 27 2025

Daniel de Visé | Personal Finance Reporter

Good morning! It's Daniel de Visé with your Daily Money.

The House narrowly advanced the GOP spending plan for President Donald Trump's legislative agenda, kickstarting a process that could push forward Trump's "no tax on tips" pledge and other campaign promises.

The budget resolution sets up a reconciliation bill that would extend Trump's 2017 tax cuts and new cuts worth $4.5 trillion over the next decade. While the plan offers a budget blueprint, it does not specify which taxes to trim. It's up to lawmakers to sort out whether they'll have the leeway to cut taxes on tips.

Here's what we know so far.

How EU tariffs might affect prices

President Donald Trump's plan to impose 25% tariffs on goods from the European Union is likely to provoke retaliatory action from the group's 27 member countries and could raise prices for American consumers.

Trump announced the sweeping import taxes during a cabinet meeting Wednesday, in which he said the EU was created to "screw" the United States. The announcement comes as Trump continues to threaten tariffs on goods from Mexico and Canada, and in the wake of previously imposed 10% tariffs on imports from China.

Here's what it means for Americans.

DEI attacks deal a setback to Black workers

One month after George Floyd's 2020 murder, the U.S. Chamber of Commerce launched a national initiative to address America's deep racial divides. The message: "Equality of opportunity" is everybody's business.

But shortly before President Donald Trump took office in January, the high-profile campaign vanished. The webpage touting the Equality of Opportunity Initiative now redirects to the Chamber of Commerce's home page.

The retreat by the nation's powerful business lobby shows how dramatically corporate America has shifted in less than five years.

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About The Daily Money

Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.

Daniel de Visé covers personal finance for USA Today.