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Trump’s milestone account passes the house
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China criticizes the trade agreement in Vietnam, USA
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Pakistan’s strategy to pursue the American president
Donald Trump achieved a political victory after the House of Representatives had given the final approval of his flagship tax and expenditure legislation.
What happens? With the passage of the bill, Trump intends to sign the law today at 5 p.m. (local time), according to the Minister of White House, Karoline Leavitt. The 218 to 214 votes came through the house yesterday after the Democratic minority leader Hakeem Jeffries contradicted what he called the “ugly” legislation for a record of eight hours and 44 minutes, in a symbolic act of resistance.
What’s in the bill? The legislation is expanding enormous tax cuts on Trump’s first administration, partly paid by steep cuts to Medicaid, the public health insurance policies for low incomes and disabled Americans and other social welfare programs. The bill will also reverse tax credits from the Biden era for clean energy, while the investments in the army and funds for Trump’s occurrence are scaled up against immigration. It is expected to add more than $ 3TN to the American debt in the long term, which means that the concerns of economists are concerned.
Read more about Trump’s “Big, Beautiful Bill”, who has already set the political battle lines for next year’s interim elections.
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More American news: The American economy exceeded the expectations to add 147,000 jobs in June, causing investors to reduce their bets on interest rates.
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Interview: Abbe Lowell, the star lawyer who defended Jared Kushner and Hunter Biden, has warned that Trump is pushing American democracy to a breaking point.
This is what we keep an eye on today and at the weekend:
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Economic data: The Philippines publish the inflation figures for June and Singapore reports can be able to sell the retail trade. On Sunday, Vietnam releases a number of data, including June inflation and the second quarter of GDP.
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Relations between India-Argentina: Indian Prime Minister Narendra Modi meets the Argentinian President Javier Milei in Buenos Aires.
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Brics annual top: A two -day meeting of the group of developing countries starts on Sunday in Rio de Janeiro, Brazil, with India’s modes and Chinese Prime Minister Li Qiang among those present.
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Birthday: The Dalai Lama will be 90 on Sunday. The Tibetan Buddhist leader recently claimed “only authority” about a follow -up process disputed by China.
How well did you keep the news this week? Take our quiz.
Five more top stories
1. China has beaten the trade agreement in the US-Vietnam, In the midst of worries in Beijing that Trump uses his tariff negotiations “Liberation Day” with third countries to curb his export machine. The focus of the US President on the punishment of “transfer” of goods-all generally considered a focused on Chinese re-exporting for the US has drawn the anger of Beijing.
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US-China Trade: The three largest developers of Chip design software have said that the US have removed recent restrictions on sale in China.
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More trade news: The president of South Korea has spoken Pessimism in the match of a deal with the US before the self-imposed deadline of Washington next week.
2. The Central Bank of China has asked European financial institutions for advice on dealing with the effects of low interest rates. The relocation suggests that the People’s Bank of China is concerned about a multi -year deflatory environment that would threaten bank profits and financial stability – similar to what many European countries have experienced in recent decade.
3. The privatization of $ 33 billion of a large Toyota supplier has been called as a “coverage study” by a group industry group. Asian Corporate Governance Association, based in Hong Kong, released a burning attack from Japan’s largest management yesterday, and said that it would “serve as a referendum on the credibility of the Japanese revolution in Corporate Governance”.
4. Trump and Volodyymyr Zenskyy will discuss the abrupt stop in some important American weapons to KYIV In a call on Friday or the coming days, the Ukrainian president said yesterday. Ukraine called on a senior American diplomat on Wednesday after it was overwhelmed by the Pentagon decision to stop delivering various advanced weapon systems.
5. Fast-Fashion Retailer Shein has been fined € 40 million by French supervisors, A record fine, for misleading consumers about price reductions and environmental obligations. This is what the 11 -month study into the Retailer -based retailer has found.
News
Pakistan with cash hopes to be on the right side of Donald Trump and to prevent substantial trading rates. His strategy? Pitching himself as a Bitcoin -MyHub, a source of rare earths and offers its support for a Nobel Peace Prize for the US President. Humza Jilani has more about Islamabad’s efforts to pursue the White House.
We read too. . .
Graph of the day
American tariff income rose almost four -time from a year earlier to a record of $ 24.2 billion in May, the first full month in which Trump’s 10 percent worldwide rate was in force.
Take a break of the news
Don’t miss Htsi’s Guide to Bali, where “everything feels like a ritual”, as told by Ronald Akili, the founder of Beach Club Desa Potato Head.
