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Follow the latest news on President Donald Trump and his administration | July 2, 2025

Senate Republicans hauled President Donald Trump’s big tax breaks and spending cuts bill to passage Tuesday by the narrowest of margins, pushing past opposition from Democrats and their own GOP ranks. (AP Video by Nathan Ellgren)

Republican leaders in the House are sprinting toward a Wednesday vote on President Donald Trump’s tax and spending cuts package, determined to seize momentum from a hard-fought vote in the Senate while essentially daring members to defy their party’s leader and vote against it.

It’s a risky gambit designed to meet Trump’s demand for a July 4 finish.

That sum could be potentially managed through price hikes, layoffs, hiring freezes or lower profit margins.

The analysis by the JPMorganChase Institute is among the first to measure the direct costs created by the import taxes on businesses with $10 million to $1 billion in annual revenue, a category that includes roughly a third of private-sector U.S. workers.

These companies are more dependent than other businesses on imports from China, India and Thailand — and the retail and wholesale sectors would be especially vulnerable to the import taxes being levied by the Republican president.

The findings show clear trade-offs from Trump’s import taxes, contradicting his claims that foreign manufacturers would absorb the costs of the tariffs instead of U.S. companies that rely on imports.

▶ Read more about the analysis on Trump’s tariffs

In a case seen as a challenge to free speech, Paramount has agreed to pay $16 million to settle a lawsuit filed by President Trump over the editing of CBS’ “60 Minutes” interview with then-Vice President Kamala Harris in October.

Paramount told media outlets the money will go to Trump’s future presidential library, not to the president himself. It said the settlement did not involve an apology.

Trump’s lawyer said the president had suffered “mental anguish” over the editing of the interview by CBS News, while Paramount and CBS rejected his contention that it was edited to enhance how Harris sounded. They had sought to get Trump’s lawsuit dismissed.

There was no immediate word from the White House about the settlement of the case, which Trump filed in Amarillo, Texas.

▶ Read more about Trump’s lawsuit over the “60 Minutes” interview

The encouragement comes as the Republican-controlled House sprints toward a vote Wednesday on the bill after it cleared the Senate by the narrowest of margins a day earlier.

Vice President JD Vance, in his role as Senate president, cast the tie-breaking vote on the measure.

Some House GOP members have voiced reservations about the bill. House Democrats are united in their opposition to the legislation.

“Republicans, don’t let the Radical Left Democrats push you around. We’ve got all the cards, and we are going to use them,” Trump said in a post on his social media site.