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Welcome to The Hill’s Business & Economy newsletter

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Business & Economy

Business & Economy

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The Big Story

Trump proposes ‘merged’ US, Canada

President-elect Trump on Monday raised the idea of a “merged” United States and Canada after Prime Minister Justin Trudeau announced his resignation.

Trump wrote in a post on his Truth Social site that, if both nations were to become one, “there would no Tariffs” and that “taxes would go way down.”

He also said Canada would be “TOTALLY SECURE from the threat of the Russian and Chinese Ships that are constantly surrounding them,” and argued many Canadians would “LOVE” the idea of being the “51st State” of the U.S.

Trump added that the merger would be beneficial for the U.S., because it would “no longer suffer” from “massive Trade Deficits” and subsidies that it provides to Canada.

Trudeau, who has served as Canada’s prime minister for nine years, announced Monday that he would be resigning before general elections later this year.

His Liberal Party, which Trudeau has led for 11 years, is polling poorly, and the leader has faced mounting crises, including the resignation of a top minister and a confrontation with Trump’s 25 percent tariff plan, among other issues.

The Hill’s Tara Suter has more here.

Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.

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Essential Reads

Key business and economic news with implications this week and beyond:

McDonald’s rolls back diversity goals

Fast food giant McDonald’s has become the latest company to roll back diversity, equity and inclusion (DEI) commitments following the Supreme Court’s 2023 decision ending affirmative action in college admissions.

Full Story

CISA says ‘no indication’ other agencies impacted by Treasury hack

The Cybersecurity and Infrastructure Security Agency (CISA) said Monday that there is “no indication” other federal agencies were impacted by the recent breach at the Treasury Department.

Full Story

Trump: Washington Post report on tariff policy ‘wrong’

President-elect Trump is denying a report in The Washington Post that outlines how his top aides are exploring a tariff plan that would only cover critical imports.

Full Story

Nippon Steel and US Steel sue Biden administration over blocked merger

U.S. Steel and Japanese steelmaker Nippon Steel sued the U.S. government Monday in a last-ditch effort to move forward with their merger, which President Biden blocked Friday over national security concerns.

Full Story

The Ticker

Upcoming news themes and events we’re watching:

Richmond Fed President Thomas Barkin is slated to speak Tuesday at a Greater Raleigh Chamber economic forecast event at 8 a.m. ET.
The Labor Department releases job opening data for November at 10 a.m.

Good to Know

Business and economic news we’ve flagged from other outlets:

Biden killed US Steel deal even though some US officials rejected national security concerns (CNN)
Fed Vice Chair Says He’s Leaving Role Early to Avoid Fight With Trump (The New York Times)
Trump’s tax cuts are about to unleash chaos on the Hill. Here’s how. (Politico)

What Others are Reading

Top stories on The Hill right now:

5 things to know about Canada’s political crisis

Canadian Prime Minister Justin Trudeau’s resignation on Monday signals the extent of the unpopularity facing the country’s progressive Liberal Party, which has dominated its politics for decades … Read more

Trump pitches ‘merged’ US, Canada after Trudeau resignation announcement

President-elect Trump pitched the idea of a “merged” United States and Canada after Canadian Prime Minister Justin Trudeau announced his resignation, noting there would be no tariffs if the two countries were one. Read more

What People Think

Opinions related to business and economic issues submitted to The Hill: