Close Thank you for signing up! Subscribe to more newsletters here The latest in politics and policy. Direct to your inbox. Sign up for the 12:30 Report newsletter Subscribe {beacon} 12:30 REPORT It’s Tuesday of Thanksgiving week. Things are starting to quiet down in Washington. Here’s what’s happening: Trump says he will impose new tariffs on the goods from China, Mexico and Canada.Will he follow through or are the tariff threats a bluff?Trump’s expanding business ties come under ethics spotlight. The Bidens leave for Nantucket; Harris returns to D.C.  I’m Cate Martel with a quick recap of the morning and what’s coming up. Send tips, commentary, feedback and cookie recipes to [email protected]. Did someone forward this newsletter to you? Sign up here.   💸 Trump’s Incoming Administration This is either a big bluff or an even bigger deal: President-elect Trump said Monday that he would impose massive tariffs on the U.S.’s three biggest trading partners: Canada, Mexico and China. The proposed tariffs: A 25 percent tariff on all Canadian and Mexican goods; an additional 10 percent tariff on all Chinese goods on top of the existing tariffs from his first administration.  What Trump wants to accomplish: Trump wants all three countries to bolster security and stop the flow of fentanyl exports to the U.S. He has signaled support for China imposing the death penalty for people dealing fentanyl.   The big question: Is Trump bluffing? He’s threatened massive tariffs, including more than 200 percent tariffs on Mexican cars, while on the campaign trail. If he goes through with it, these tariffs would raise the price of goods and could damage the U.S. economy. After all, Mexico, Canada and China account for roughly 42 percent of all imports to the U.S. this year, according to The Wall Street Journal.  ➤  RELATED READS:The Wall Street Journal: Trump Fires Salvo on North American Trade Pact The New York Times: After Trump’s Tariff Threat, Is a China Currency War Next? The Washington Post: What the U.S. imports from Canada, Mexico and China, as Trump vows tariffs National Review: Here Come the Trump Tariffs The Trump team is investigating one of their own:President-elect Trump’s team is investigating a top adviser, who may have accepted money from potential appointees in exchange for helping them get jobs in the incoming Trump administration. Who?: Boris Epshteyn, who worked in both Trump’s legal defenses and the transition  An example: “According to the review, Mr. Epshteyn met with Mr. Bessent in February, at a time when it was widely known that he was interested in the Treasury post, and proposed $30,000 to $40,000 a month to ‘promote’ Mr. Bessent around Mar-a-Lago, Mr. Trump’s estate in Florida. Mr. Bessent declined.” (The New York Times)   Read more on what we know: ‘Trump team reviews Boris Epshteyn ‘consulting agreements’ to push potential nominees’  Reaction from Eric Trump: “My father’s been incredibly clear: You do not, you do not do that under any circumstance and, believe me, there will be repercussions if somebody was,” Trump’s son told Fox News’s “The Ingraham Angle.” “I certainly hope the reporting’s false. I can also tell you if it’s true, the person will probably no longer be around.” The Season 2 crew: In less than four weeks, President-elect Trump has filled out most of his incoming administration.  One thing most of his picks have in common: Most of them have made regular appearances on Fox News or have other television experience. A source close to the Trump transition told The Hill’s Brett Samuels that Trump reviewed TV clips before making his final decision on some picks. Diversity within the Cabinet?: “Trump’s Cabinet choices exhibit some diversity, including two Latino nominees, a Black nominee to lead the Department of Housing and Urban Development and an openly gay nominee for Treasury secretary. But perhaps most notable is the number of women poised to take on top jobs in the next Trump administration.”  Who will have the toughest time getting confirmed?: Pete Hegseth, the nominee for Defense secretaryTulsi Gabbard, Trump’s choice to serve as director of national intelligencePlus:Robert F. Kennedy Jr., Trump’s Health and Human Services nominee, is expected to face questions surrounding his controversial views. Pam Bondi, Trump’s pick for attorney general, may face tough questions from Democrats around Trump’s pledge to go after his political rivals.  📝 More takeaways from Trump’s Cabinet ➤  WHERE DID THE PROJECT 2025 FOLKS END UP?: “President-elect Trump contended he knew nothing about Project 2025 — but several of his Cabinet picks certainly do. … Trump has plucked a number of officials straight from the pages of the 900-plus-page Heritage Foundation-backed blueprint, which laid out plans to dramatically expand executive power and implement hardline conservative policies.” (Axios)  ➤  POTENTIAL CONFLICTS OF INTEREST?: “President-elect Trump is entering office with a wider array of investments and potential conflicts of interest than was seen during his first term, setting the stage for greater scrutiny of his dealings,” The Hill’s Rebecca Beitsch reports.How so?: “Trump generally has the same empire of hotels and real estate holdings from the first term that sparked criticism that foreign governments could seek to influence him through his business ties.” “But since leaving office, Trump has augmented his business ventures, launching a social media platform that stands to benefit from his return to the White House while getting involved in cryptocurrency and signing new deals across the globe.” Read Beitsch’s full reporting: ‘Trump’s expanding business ties come under ethics spotlight' ➤  MORE READS: The Washington Post: Medicare proposes covering weight-loss drugs, teeing up clash with RFK Jr. The New Republic: Why Did Trump Win? James Carville Has Discovered an Unsettling Answer. Real Clear Politics: How Trump Voters Learned To Love, and Turn Out, the Mail-In Ballot Axios: How RFK Jr. could use levers of HHS to shape vaccine and drug outcomes 🤝 In Congress  What’s happening with the Trump tax cuts?: Republicans on Capitol Hill are debating how long to extend President-elect Trump’s tax cuts, which will expire at the end of 2025.  What Senate Republicans want: To extend the tax cuts for at least another 10 years  What House Republicans want: Extending them for just four years. House conservatives are more concerned about what it would do to the deficit.  Keep in mind: “A tax package with a smaller price tag would be easier to pass through the House and would require fewer offsets to placate conservatives worried about the political optics and fiscal implications of adding more than $4 trillion to the debt.” Read Alexander Bolton’s reporting: ‘House, Senate GOP battle over length of Trump tax cut extension’⚖️ Trump’s Legal Battles Put it on ice or throw it away?: “New York Judge Juan Merchan faces a choice of freezing President-elect Trump’s hush money case in place until he leaves the White House or tossing it entirely, underscoring how Trump’s election win has changed the dynamic of his legal travails,” The Hill’s Zach Schonfeld and Ella Lee reports.  “Legal experts agree Trump’s election victory changes the trajectory of the prosecution and dooms the possibility he will serve punishment, while Trump’s team is fighting to dismiss the case entirely.” The latest: “Merchan has indefinitely adjourned what was to be the president-elect’s Tuesday sentencing, after delaying the date multiple times, while the judge stares down the conundrum of the case’s future.” Read more: ‘Trump’s hush money case in limbo after judge adjourns sentencing’  ➤  WHAT ABOUT TRUMP’S OTHER CRIMINAL CASES?:“President-elect Trump’s legal strategy of delay is paying off, with his election victory changing the trajectory of his four criminal prosecutions.” Here’s a brief explainer on where each case stands  ➤  FOR WHAT IT’S WORTH: Sen.-elect Adam Schiff (D-Calif.) thinks special counsel Jack Smith’s decision to dismiss the federal cases against Trump is a “serious mistake.” (The Hill) 🐝 Internet Buzz  🎂 Celebrate: Today is National Cake Day! 🍽️ Which restaurants will be open on Thanksgiving?: Starbucks, Panera Bread, McDonald’s, Dominoes and Dunkin’ are among the restaurant chains that will be open on the holiday. Here’s the full list 🖼️ The best photos of 2024: Time magazine published its list of the “Top 100 Photos of 2024.” 📆 On The Agenda  The House and Senate are out. President Biden is in Washington, and Vice President Harris is in San Francisco. (all times Eastern) 12:10 p.m.: Secretary of State Antony Blinken holds a news conference from Italy. 💻 Livestream 1:45 p.m.: Biden leaves for Nantucket, Mass., arriving around 3:20 p.m.4:10 p.m.: Harris and second gentleman Doug Emhoff leave San Francisco and fly to Washington.👋 And Finally… Because you made it this far, watch this audition to be a jingle singer. Stay Engaged  Send comments, story ideas and events for our radar to [email protected]. A friend forward this to you? Subscribe here.   View past issues of 12:30 Report here and check out other newsletters from The Hill here. See you next time!