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Gimme Gimme (More) Tariffs – President Trump (Probably)

In the words of President Trump, tariff “is the most beautiful word in the dictionary.” Since being sworn in, the President has proposed, introduced, implemented, and postponed a variety of tariffs against allies and adversaries alike, intended to increase revenue, create jobs, and bring manufacturing back to the U.S.

The widely anticipated and loudly touted reciprocal tariffs officially dropped yesterday: a 10% universal baseline tariff that goes into effect on Saturday, and adjusted-rate, country-specific tariffs to hit next Wednesday. Their inception has generated praise, condemnation, confusion, and uncertainty from officials, businesses, markets, and other countries. What are reciprocal tariffs and why are they so serious? Let’s take a look.
 
According to President Trump, other countries have imposed official and non-official trade barriers that have unfairly impacted the U.S., and the U.S. has too many trade deficits with our trade partners. The President argues that reciprocal tariffs, which impose a country-specific tariff rate on targeted nations, will rectify these grievances and generate a large amount of revenue and jobs for the U.S. The rationale is that countries with high barriers that limit access to U.S. products and have large trade imbalances with the U.S. will be tariffed at a higher rate.

The President announced the reciprocal tariffs would be imposed at adjusted rates depending on each country’s combined tariff rates, non-monetary barriers, and other forms of cheating. The resulting value will be halved, providing the final tariff rate (which he claimed technically means they are not fully reciprocal). The buffer time (of just a few days) will likely see companies and countries alike scrambling for negotiations with the administration to lower tariff rates as markets take a tumble and countries consider the strength of their retribution.

Over the past two months, both chambers passed their versions of a budget resolution, and continue to work on resolving differences. Leadership from both sides of the Hill have agreed that the Senate will return an amended budget resolution to the House the week of April 7th. These instructions, released Wednesday afternoon, give tax-writing committees enough room to build on the expiring Tax Cuts and Jobs Act (TCJA). They would allow Republicans to land a big victory by making President Trump’s 2017 tax law permanent.

Tax writers have been hard at work game planning how to implement the many “no tax on [insert campaign promise here]” President Trump made in the lead up to the election. They are also weighing alterations to provisions such as the SALT deduction cap. Many vulnerable 2026 Republicans will be very… salty… if the cap on the deduction is not raised or outright eliminated.

This week, Senators and staff met with the Senate parliamentarian to see if their interpretation of the Byrd Rule would fly, and it appears to have passed muster. Senate Majority Leader John Thune (R-SD) announced that the parliamentarian had chimed in, blessing the current policy baseline. This means the TCJA has no impact on the deficit (at least on paper), allowing it to become permanent. While Republicans are flying high, the Democrats are saying this is bye-bye Byrd Rule, decrying the decision to use the current policy baseline, against Senate rules and precedent.

Ferox is proud to welcome four new clients, the National Football League (NFL), Fresenius Kabi, Kohl’s, and the National Association for Latino Community Asset Builders (NALCAB).

The National Football League, composed of 32 national franchise football teams, hired Ferox to cover intellectual property, competition, security, broadcasting, and telecommunications issues. Fresenius Kabi is a global healthcare company specializing in lifesaving medicines and technologies for infusion, transfusion, and clinical nutrition. Kohl’s is a large American department store retail chain, offering a wide range of clothing, shoes, home goods, and more with both online and in-store shopping experiences. Finally, The National Association for Latino Community Asset Builders (NALCAB) is a nonprofit working to strengthen communities by supporting Latino-led organizations in building economic mobility. We welcome them all to the Ferox roster!

The National Retail Federation released its “State of Retail & the Consumer” report on April 2nd – The NRF just dropped its highly anticipated report exploring the health of American consumers and the retail industry. Congressional Members and industry met at the Cannon House Office Building on Wednesday to celebrate the success of retail. Make sure to check it out below and discover what’s shaping the future of retail.

Financial technology powerhouse, Intuit, spoke at Punchbowl News’ Fireside Chat on March 25 – Intuit CEO Sasan Goodarzi took the stage on behalf of the company in Washington, D.C to address the pressing need to simplify the tax code as well as Intuit’s exciting new AI tools empowering customers’ success. Now that’s what you call a new digital age!

Eli Lilly and Company announced expansion on February 26 – Big news! The company held a press conference in Washington, D.C. announcing their jaw-dropping $27 billion expansion in America. This game-changing investment will bring four new U.S. manufacturing sites, boost U.S. leadership in medicine, and create a whopping 13,000 jobs across the country. Here’s the kicker — it’s the largest pharmaceutical expansion investment in U.S. history.

On February 24, Ferox Strategies sponsored the bipartisan Celebration to Welcome the 119th Congress hosted by #DiversityAcrossTheAisle. The event recognized the diverse Republican and Democratic staff who shape federal policy on Capitol Hill and within the Beltway.

Last month, Principal Mark Williams’ insights into DOGE’s impact on the ever-changing Republican politics were featured in Punchbowl News. In tandem, Principal Cristina Antelo joined CBS New York to dissect President Trump’s tariff agenda.

Ferox Strategies is thrilled to announce the promotion of Michael Taggart to Principal! Since joining the firm in February 2024, Taggart has leveraged his decade of Capitol Hill experience to drive results for clients, particularly in the technology, telecommunications, healthcare, retail, and energy sectors. His deep relationships with GOP lawmakers and senior officials in the Trump administration have strengthened Ferox’s bipartisan strategy as the firm navigates a newly Republican-controlled Washington.

Previously serving as Policy Director for House Energy and Commerce Committee Republicans, Taggart played a key role in shaping major legislative initiatives. Now, as Principal, he will continue to provide strategic counsel and advocacy, reinforcing Ferox’s commitment to delivering top-tier results.

“I’m excited to step into this new role and continue delivering results for our clients in this evolving Republican landscape,” said Taggart. 

To learn more about the Ferox team, please visit our website at www.FeroxStrategies.com

Andrew LoCicero joins Ferox as a Policy Analyst, tracking legislation and summarizing policy on behalf of the firm’s clients.

Andrew earned his bachelor’s degree in History with a minor in Criminology from St. John Fisher College and holds a master’s degree in Security Policy Studies from The George Washington University’s Elliott School of International Affairs. Before working as a Policy Analyst, he was a former Intern and Fellow at Ferox Strategies.

Ferox Strategies is eager to welcome our 2025 spring interns!

Alex, is a senior at UC Riverside completing his B.A. in Political Science, joining Ferox this spring through the UC Washington Program.

Ashley, a graduate of Mount Holyoke College, received her B.A. in Economics and Psychology before interning with Rep. Darren Soto (D-FL) through the Congressional Hispanic Leadership Institute (CHLI) Global Leaders program.

Agladdé, is a junior at UCLA completing her B.A. in Political Science with a concentration in American Politics and a minor in Global Studies, joining Ferox this spring through the UC Washington Program.

Leila, is a recent graduate of American University receiving a B.A in International Studies.

Meghan, is a junior at Dartmouth College, completing her B.A. in Economics and Government.

Ferox Strategies is a boutique government relations firm that takes its name from the Latin word for “fierce,” reflecting the firm’s values of determination, dedication, and aggressive advocacy for our clients. Ferox’s bipartisan team of government relations professionals offers clients decades’ worth of policy and advocacy experience paired with the tenacity of a start-up firm. www.FeroxStrategies.com.

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