Welcome to The Hill's Business & Economy newsletter {beacon} Business & Economy Business & Economy   The Big Story  Senate GOP leader warns against undoing tariffs Senate Majority Leader John Thune (R-S.D.) is warning his party not to join a Democratic-led effort to undo President Trump’s 25-percent tariff on Canadian imports. © Greg Nash Thune defended the emergency order as necessary to address the nation’s fentanyl crisis, particularly as the anti-tariff resolution is expected to pick up support from a few GOP senators.   The resolution, which is sponsored by Democratic Sens. Tim Kaine (Va.), Amy Klobuchar (Minn.) and Mark Warner (Va.) would call for undoing Trump’s tariffs on Canadian goods.   It does not have the force of law, but it would be embarrassing to Trump if a significant number of Senate Republicans vote for the measure.   Trump on Tuesday took a swipe at Kaine over the effort and urged Republican senators to defeat the resolution.   “Sen. Tim Kaine, who ran against me with Crooked Hillary in 2016, is trying to halt our critical Tariffs on deadly Fentanyl coming in from Canada. We are making progress to end this terrible Fentanyl Crisis, but Republicans in the Senate MUST vote to keep the National Emergency in place, so we can finish the job, and end the scourge,” the president posted on Truth Social.   The Senate is expected to vote on the legislation later this week.   The Hill's Alex Bolton has more here.    Welcome to The Hill’s Business & Economy newsletter, I'm Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.   Did someone forward you this newsletter? Subscribe here.   Essential Reads  Key business and economic news with implications this week and beyond:   GOP rep says ‘tariff is a tax’: ‘No question’ Rep. Pete Sessions (R-Texas) on Monday said a “tariff is a tax,” a day before the Trump administration’s imposition of “Liberation Day” reciprocal tariffs.  Full Story   OpenAI closes $40B funding round OpenAI raised $40 billion from investors in its latest funding round, the ChatGPT maker announced Monday.   Full Story   Rahm Emanuel returns to Wall Street, but ‘not done with public service’ Rahm Emanuel, who served in the Biden administration as the U.S. ambassador to Japan, is returning to Wall Street for a new position but said he is “not done with public service.”  Full Story   GOP tax proposals could add $9 trillion to nation’s deficits: Analysis A menu of tax cut proposals made by President Trump and Republicans could add north of $9 trillion to the nation’s deficits over the next decade without offsets, a recent analysis from the Peter G. Peterson Foundation has found.   Full Story   Tax Watch  House demands steeper spending cuts from Senate Welcome to Tax Watch, a new feature focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year.   The Senate is looking to vote on a budget resolution for President Trump’s mainline tax cut and spending bill as soon as this week.   The Senate’s resolution has a much lower floor for budget cuts than the House version, which calls for $2 trillion in reduced spending.   Lawmakers in the House want the Senate to make steeper cuts.    Top appropriator Tom Cole (R-Okla.) said it was time for the Senate to “put up or shut up,” advocating for federal health care cuts that total nearly $1 trillion in the House budget resolution.   “We had a chance to repeal Obamacare, which the United States Senate couldn’t come up with the votes [to do] last time. This is the chance to finally do something on at least one of the mandatory programs,” he told reporters Tuesday.   “It’s time to put up or shut up if you’re serious about spending,” he added.   — Tobias Burns   COMING UP The Hill's Evening Report breaks down the day's big political stories and looks ahead to tomorrow. Click here to sign up & get it in your inbox     The Ticker  Upcoming news themes and events we're watching: President Trump announces his "Liberation Day" tariff plan at 4 p.m. EDT   In Other News  Branch out with more stories from the day: Stock market today: More swerves hit Wall Street as Trump’s “Liberation Day” nears NEW YORK (AP) — U.S. stocks swerved through another shaky day of trading Tuesday, with uncertainty … Full Story   What Others are Reading  Top stories on The Hill right now: House cancels rest of votes for week after GOP floor rebellion House Republican leaders on Tuesday canceled votes for the rest of the week after a band of GOP lawmakers staged a rebellion on the floor, bringing legislative action to a screeching halt. Read more Live results: Wisconsin Supreme Court race Wisconsin voters are heading to the polls Tuesday to determine the partisan tilt of their state’s top court in what is shaping up to be one of the first major referenda on President Trump’s second term. Read more   What People Think  Opinions related to business and economic issues submitted to The Hill: The White House’s mixed message on its tariff policy Trump’s ‘External Revenue Service’ can’t replace the IRS       You're all caught up. See you tomorrow!  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 Business and Economy newsletter Subscribe ...read more read less