The Hardwood Federation produces a “D.C. Cheat Sheet” newsletter to keep the industry up-to-date on the latest news from Washington D.C. Check out the May 8th edition below and sign up to receive your copy.
Hardwood Federation Board to Meet with White House and USTR Officials: Next week, as part of the Hardwood Federation Fly-In to D.C., members of the Federation and HFPAC Board of Directors will meet with officials from the White House and the U.S. Trade Representative’s Office to communicate the extreme impacts the tariff battle between the U.S. and China is having on our exporters. Board members will also be meeting with Senate Agriculture Committee staff. A meeting with the Department of Commerce staff is also in the works.
Trade Talks with China this Weekend: Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer will travel to Geneva over the weekend to meet with the Chinese officials in the first formal discussions regarding the ongoing tariff battle between the two countries. Secretary Bessent has indicated this is the first step towards a de-escalation of tensions and perhaps tariff levels rather than the start of formal trade deal negotiations.
First Trade Deal Announced: Today the Trump Administration is expected to announce that they have reached an agreement with the United Kingdom, completing the first of multiple ongoing negotiations.
Killing the Death Tax: Senate Republicans surprised many in D.C. by signaling that elimination of the estate tax is on the table in reconciliation talks, focusing on the benefits to S-Corps and farmers. Senate Majority Leader John Thune has stated his support, and 46 other Republicans have signed on in support. However, figuring out how to make up for the loss of this funding stream into federal coffers remains a challenge. Further complicating discussions on the “pay for” side of the ledger are talks in progress to cap or eliminate the deduction for business state and local taxes (B-SALT) to help offset the cost of extending the Tax Cuts and Jobs Act tax benefits. This proposal is overwhelmingly opposed by the business community as evidenced by a letter sent this week to leadership signed by more than 350 national, regional, and state organizations, including the Hardwood Federation. The Federation team is keeping close tabs on these negotiations and will keep you updated on developments.
Source: Hardwood Federation