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May 23, 2025

Today's Highlights

President Trump says talks with EU are 'going nowhere,' threatens 50% tariff starting in June

President Trump Friday threatened imports from the European Union with a sweeping 50% tariff, posting online that trade talks with the bloc are "going nowhere." Trump wrote he was "recommending a straight 50% Tariff on the European Union, starting on June 1," That rate would be higher than the 39% Trump promised to hit the bloc with on April 2's so-called Liberation Day. The post risked reigniting the trade war that had cooled down in recent weeks. The Trump administration had been speaking positively about ongoing trade talks, though it has so far secured few concrete economic wins. (NBC)

President says a 25% tariff ‘must be paid by Apple’ on iPhones not made in the US

President Trump said in a social media post Friday morning that Apple will have to pay a tariff of 25% or more for iPhones made outside the U.S. Production of Apple’s phone happens primarily in China, but the company has been shifting manufacturing to India in part because that country has a friendlier trade relationship with the U.S. Some Wall Street analysts have estimated that moving iPhone production to the U.S. would raise the price of the Apple smartphone by at least 25%. (CNBC)

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Tax bill passed by House would gut Biden-era clean energy tax credits

The multitrillion-dollar tax breaks package passed by House Republicans Thursday would gut clean energy tax credits that Democrats approved three years ago while supporting increased mining, drilling and other traditional energy production. A marathon session that began Wednesday resulted in legislation that curbs billions of dollars in spending across food assistance, student loans, Medicaid and action to address climate change. The bill, which now heads to the Senate, repeals or phases out more quickly clean energy tax credits passed in the 2022 Inflation Reduction Act during former President Biden’s term. (The Associated Press)

US Senate vote puts in jeopardy NJ’s plan to ban sales of new gas-powered cars

New Jersey’s quest to ban the sale of new gas-powered vehicles by 2035 has been a bumpy road. Now, it appears the federal government has potentially upended the plan. The U.S. Senate on Thursday voted to block California‘s electric car rule, which serves as a model for EV requirements in New Jersey and 11 other states. President Trump, who has opposed clean car mandates in the past, must now sign off on the resolution. If that happens, New Jersey would lose the ability, as directed by the Murphy administration, to require all new cars sold to be fully electric starting in 2035. (nj.com)

New Jersey Economic Development Authority launches platform connecting startups and investors

The New Jersey Economic Development Authority this week launched a digital platform designed to connect entrepreneurs and investors. The platform, called INC-NJ, allows emerging New Jersey-based companies to showcase their businesses and build relationships with investors. Investors can use it to discover companies that fit their investment criteria. All users can view curated funding and incentive resources. (New Jersey Economic Development Authority)

DEP accepting nominations for annual recycling awards

The New Jersey’s Department of Environmental Protection, in partnership with the Association of New Jersey Recyclers, is accepting nominations for its annual recycling awards program. Businesses, individuals and others who go above and beyond to advance recycling can be nominated now through July 25. See categories and information on how to nominate. (BINJE)

Stop making cents: US Mint moves forward with plans to kill the penny

The U.S. Mint has made its final order of pennies, and plans to stop producing the coinwhen those run out, a Treasury Department official confirmed. The move comes as the cost of making pennies has increased by upward of 20% in 2024, according to the Treasury. (The Associated Press)

SJI raises $50,000 for the American Heart Association

SJI recently participated in the Heart Walk of Southern New Jersey in Ocean City, gathering 130 participants and exceeding its goal of raising $50,000 for the American Heart Association. (BINJE)

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June 3 – Reporters Forum: Previewing New Jersey’s Gubernatorial Primaries and Key Economic Issues (Free Virtual Event)

9 a.m. – 10 a.m.

An insightful discussion on N.J.’s upcoming gubernatorial primaries and the major economic issues shaping the race. Our panel will explore the state's business climate, tax policy, and budget outlook – offering analysis and context for the months ahead.

More information and register

June 12 – 28th Annual NJ Chamber Open House and Reception

New Jersey State Museum, Trenton, 4 p.m. to 7 p.m.

More information and register

June 18 – Winning the Talent War – Recruitment and Retention Strategies

Free webinar, 9 a.m. to 10 a.m.

More information and register

July 16 – Young Professionals Networking Mixer

5:30 p.m. to 8 p.m.

More information and register

Sept. 18 – Women of Inspiration Awards Reception

National Conference Center, East Windsor, 5 p.m. to 8:30 p.m.

More information coming soon

Sept. 25 – Member Networking Breakfast (Free to members)

New Jersey Audubon, Bernardsville, 9 a.m. to 10:30 a.m.

More information coming soon

Oct. 22 – NJ Chamber Legislative & Business Awards Reception

EisnerAmper, Iselin, 5 p.m. to 8 p.m.

More information coming soon

Nov. 6 – DE&I Trailblazer Awards Reception

Co-Hosted by African American Chamber of NJ and NJ Chamber

Pines Manor, Edison, 5:30 p.m. to 8 p.m.

More information coming soon

Dec. 11 – Annual Member Holiday Party (Free to members)

Calandra's Italian Village, 5 p.m. to 8 p.m.

More information coming soon

Were you forwarded this newsletter? For more information about the N.J. Chamber, email Patrick.Daily@njchamber.com.

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The New Jersey Chamber of Commerce is staying on top the issues important to business. For news media requests, please email Scott Goldstein.

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