Faster Labor Contracts Act
Last week, the Coalition for a Democratic Workplace sent a letter to congressional leaders opposing the “Faster Labor Contracts Act (S.844),” introduced by Sen. Josh Hawley, R-Mo., which could lead to the federal government mandating the terms of contracts between unions and companies. The legislation is nearly identical to a provision in Sen. Bernie Sanders’, I-Vt., PRO Act and similar to a provision in the Employee Free Choice Act, both of which Congress has repeatedly rejected on a bipartisan basis. As noted in the letter, the “bill is bad for American workers, employers, and the overall economy.” You can view more on this issue at NRF’s recent blog post.
Trump Imposes Sweeping Tariffs, Markets React with Uncertainty
On April, 2, 2025, President Trump announced a significant shift in U.S. trade policy, unveiling a sweeping tariff plan. The new policy includes a 10% baseline tariff on all imports, set to take effect on April 5, as well as higher rates for select nations deemed “bad actors” in trade. These nation-specific tariffs include a 34% duty on Chinese imports, 24% on Japanese goods, and 20% on products from the European Union, all of which will be enforced starting April 9. Additionally, a 25% tariff on all foreign-made automobiles took effect at midnight.
The announcement, which Trump called “Liberation Day” for U.S. trade, has already sent shockwaves through financial markets. U.S. stock futures dropped between 1% and 3% in post-market trading, with major companies like Apple, Amazon, and Nike seeing losses of 4% or more. Investors fear the tariffs could slow economic growth, increase inflation, and add volatility to global markets as they reopen on Thursday. The White House argues the move is necessary to level the playing field, but concerns remain about its broader economic impact.
