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Vice President JD Vance traveled to Capitol Hill late Wednesday to cast a tie-breaking vote in the Senate that killed a bipartisan effort to rebuke President Donald Trump’s trade policy.

Earlier in the evening, the Senate rejected the resolution that would have effectively blocked Trump’s global tariffs by revoking the emergency order the president is using to enact them. Two senators who were set to vote for the resolution, Republican Mitch McConnell and Democrat Sheldon Whitehouse, were absent, allowing the resolution to fail 49-49.

In March, President Trump issued an executive order aiming to eliminate the data silos that keep everything separate. Historically, much of the data collected by the government had been heavily compartmentalized and secured; even for those legally authorized to see sensitive data, requesting access for use by another government agency is typically a painful process that requires justifying what you need, why you need it, and proving that it is used for those purposes only. Not so under Trump.

The U.S. dollar dropped in value by about a tenth against a basket of currencies in the last few weeks, including against the euro, pound, Swiss franc, and yen.

"There have been embarrassing accounting errors, lots of public statements that turned out to be false or misleading, or actions slapped back by the courts."

"The spending savings are so small that they will be undoubtedly overwhelmed by the significant tax revenue losses which result from gutting IRS tax enforcement," Riedl tells Axios.

Turmoil on financial markets deepened on Friday, as China hit back at tariffs announced by Donald Trump, raising the likelihood of an extended trade war and damage to the global economy.

All three major stock indexes in the US plunged more than 5%, with the S&P 500 ending the day almost 6% lower, as the sell-off sparked by the tariffs announcement spread.

In the UK, the FTSE 100 plunged almost 5% - its steepest fall in five years, while Asian markets also dropped and exchanges in Germany and France faced similar falls.

The global stock market has lost trillions in value over two days, a rout sparked by Trump's announcement of sweeping new 10% import taxes on goods from every country.

Analysts say the moves, some of which are due to go into effect as soon as Saturday, amount to the biggest tax increase in the US since 1968.

They expect the measures to lead to a contraction in trade, and have warned they could drive many countries into an economic recession. In a note to investors, JP Morgan said it now put the odds of a global economic recession this year at 60%

Stocks nosedived Thursday, sending the S&P 500 back into correction territory and toward its biggest one-day loss since 2020, after President Donald Trump unveiled sweeping tariffs, raising the risk of a global trade war that plunges the economy into a recession.

The broad market index dropped 5%, putting it on track for its worst day since June 2020. The Dow Jones Industrial Average tumbled 1,630 points, or 3.9%. The Nasdaq Composite plummeted nearly 6% for its biggest decline since March 2020. The slide across equities was broad, with decliners at the New York Stock Exchange outnumbering advancers by six to one.

Thursday’s moves sent the S&P 500 to its lowest level since before Trump’s election win in November, and also erased nearly $2 trillion from the index. The benchmark now sits about 12% from its record close touched in February.