Happy Fat Tuesday, which also happens to be National Pancake Day (free pancakes at IHOP today!). Today's forecast in DC: ⛅ 55° (Find your weather here)

In today's issue:

• Trump address preview
• White House’s guest list
• Retaliatory tariffs shock U.S. markets
• GOP senators ‘disappointed’ over Ukraine

President Trump is delivering his joint address to Congress today, and this will be his time to defend his often dizzying strategy of flooding the zone with executive orders and contentious early policy moves.

^Fun fact: It’s not called a State of the Union address right after an election!

Like, the economy: Trump campaigned heavily on the economy, arguing former President Biden’s policies increased inflation and hurt the economy — that was a top reason voters elected him. But in his first 43 days, his focus hasn’t been on lowering those prices.

This morning, Trump’s 25 percent tariffs against the U.S.’s two neighbors kicked in, sending the stock markets into a tumble, sparking retaliatory tariffs and causing likely price increases on groceries, gasoline and cars.

And then there’s Ukraine: Trump abruptly paused all U.S. military aid going to Ukraine after his fiery spat with Ukrainian President Volodymyr Zelensky on Friday. Republican senators in particular will be watching to see how Trump discusses Ukraine. The Hill’s Alexander Bolton reports that some Republicans are “disappointed” with the Zelensky blowup and are hoping Trump will salvage the relationship. (FWIW, the White House press secretary said she found Trump’s fight “refreshing.”)

Other things to watch:

• Elon Musk: Will Trump mention tech billionaire Elon Musk, who has taken the lead in purging the federal government?
• DEI: Trump is likely to highlight his administration’s effort to purge diversity, equity and inclusion (DEI) efforts.
• Transgender athletes: The White House invited a woman who sustained a concussion after a transgender athlete spiked the ball during high school volleyball. Trump will likely highlight his administration’s priority to bar transgender athletes from competing in women’s sports. Senate Democrats blocked a bill Monday that would do just that.
• The government shutdown: Government funding runs out on March 14, and congressional negotiators still seem far from reaching a deal. Both parties are averse to being tied to a shutdown. And with GOP control of Washington, expect Trump to try to get ahead of it.

What’s the schedule?: Trump will leave the White House at 8:30 p.m. and begin his address in the House chamber at 9:10 p.m. Per the White House schedule, he isn’t scheduled to leave the Capitol until 11:20 p.m., so expect a potentially long speech. (Most recent addresses have been roughly 60-90 minutes long.)

How to watch: We will be livestreaming it at TheHill.com. It will also air on major networks and cable news.

Who will be sitting with Melania Trump?: The White House invited 15 people to sit with the first lady, including family members of people killed by migrants and a former Russian prisoner who was released in a Trump-brokered prisoner swap.