President Donald Trump's tax cut and spending bill faces a critical stress test on Wednesday as Republicans in the U.S. House of Representatives try to overcome internal divisions about cuts to the Medicaid health program and tax breaks in high-cost coastal states. The gate-keeping House Rules Committee has scheduled an unusual 1 a.m. ET (0500 GMT) hearing that is expected to run well into daylight hours where members will debate details of the measure. If passed by Congress, it would reduce some health and food benefits for low-income Americans, cancel green-energy programs and provide...
The US House of Representatives is set to begin voting on a Republican tax and budget bill that largely contains many of President Donald Trump's wish list items. President Trump has informally referred to the tax and budget bill as his "big, beautiful bill," prompting Republican lawmakers to officially rename the document the "One Big Beautiful Bill Act." Key Republicans have been pushing back against the bill's opponents within their own party after some hardline Republicans voiced their displeasure with the broad outlines of the bill: some feel it doesn't include enough cuts to key...
U.S. President Donald Trump's massive tax and spending bill cleared an important procedural hurdle in the Republican-controlled House of Representatives on Wednesday, when a gatekeeper committee approved the measure and set up a floor vote for passage to occur within hours. Republicans have been deeply divided over the bill, which would extend Trump's signature 2017 tax cuts, create new breaks for tipped income and auto loans, end many green-energy subsidies and boost spending on the military and immigration enforcement. It would pay for those changes by tightening eligibility for food and...
China and the 10-member ASEAN bloc have concluded negotiations on an upgraded free-trade agreement, known as version 3.0, marking a key move to deepen Beijing's regional ties amid ongoing U.S. trade disputes. The deal, which updates a 15-year-old agreement, awaits ratification and could be signed within the year. "China stands ready to work with ASEAN to ensure the stability of global supply chains, advance shared development, and safeguard fairness and justice," said Commerce Minister Wang Wentao. He criticized U.S. trade policies, warning that "there are no winners in a tariff war or...
The Eurozone manufacturing sector remained in contraction, while services sector also followed suit in May, according to data from the HCOB's latest Purchasing Managers' Index (PMI) Survey, published on Thursday. The Eurozone Manufacturing Purchasing Managers Index (PMI) improved to 49.4 in May from 49 in April, beating the market estimate of 49.3. The bloc's Services PMI fell to 48.9 May from 50.1 in April. The data came in below the expected 50.3 print and hit a 16-month low. The HCOB Eurozone PMI Composite contracted to 49.5 in May, following April's 50.4. The market forecast was...