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First Post
14 minutes ago
- First Post
7 ways Trump's Big Beautiful Bill will impact non-Americans
Framed as a bill to restore American strength, reduce inflation, and fund US priorities, Trump's new legislative proposal also carries significant consequences for the rest of the world, particularly non-Americans read more Speaker of the House Mike Johnson, R-La, surrounded by Republican members of Congress, signs US President Donald Trump's signature bill of tax breaks and spending cuts, July 3, 2025, at the Capitol in Washington, DC, US. File Image/AP US President Donald Trump's newly passed legislative package, also known as the One Big Beautiful Bill Act, marks one of the most sweeping overhauls of America's tax, trade, and immigration systems in recent times. While the bill is pitched as a way to 'restore American strength' and redirect national spending to domestic priorities, its global consequences are wide-ranging, particularly for non-Americans across the world. Here are 7 key ways the bill is expected to shape lives and economies outside the United States: STORY CONTINUES BELOW THIS AD 1. Remittance tax to hit foreign households The bill imposes a 1% tax on cash remittances sent from the US to other countries. This will affect millions of families in major remittance-dependent economies like India, Mexico, and the Philippines, potentially reducing their annual income by billions of dollars. The tax does not apply to wire or bank-based transfers. 2. Withholding uncertainty for foreign investors While the bill does not impose new withholding taxes on foreign investors, it includes broad corporate tax changes that could affect foreign-owned US assets. Global banks, pension funds, and sovereign wealth entities are bracing for potential regulatory changes that could erode returns on US-linked investments. 3. Trade tensions may escalate The repeal of the 'de minimis' exemption means that small shipments from foreign retailers into the US, previously untaxed if valued under $800, will now be subject to tariffs. This could disproportionately hit exporters in China, the EU, and Latin America, possibly sparking retaliatory trade measures. 4. Climate commitments rolled back The bill rolls back key clean energy tax credits established under the Inflation Reduction Act, including subsidies for electric vehicles, solar panels, and wind energy projects. This may stall momentum in global green supply chains, particularly among US-EU climate partnerships and Asia-based component suppliers. 5. Tighter US immigration access STORY CONTINUES BELOW THIS AD The legislation ramps up funding for ICE and Border Patrol and introduces a minimum $100 fee on asylum applications. Although lower than earlier proposals, the new cost barriers could impact international students, temporary workers, and refugees, making the path to the US more expensive and bureaucratic. 6. Ripple effects in global markets From taxes on remittances to regulatory changes in energy and trade, the bill could cause a shift in global investment strategy, increased dollar volatility, and a realignment of financial exposure away from the US by emerging economies. 7. Concerns over US global commitments While the bill does not explicitly cut foreign aid, critics warn that its massive domestic spending increases — including over $170 billion for immigration enforcement — could lead to future reductions in US contributions to global health, development, and humanitarian programs. President Trump's 'big beautiful' promise is already reshaping the US economy, and its effects will be felt far beyond American borders. From higher remittance costs and tighter visa controls to new barriers for global trade and climate cooperation, the bill signals a sharp turn inward, with real consequences for the rest of the world. STORY CONTINUES BELOW THIS AD
Economic Times
21 minutes ago
- Economic Times
Trade pact: Jakarta's $34 billion play to secure tariff deal with US
The US and Indonesia will sign trade and investment pacts worth $34 billion as part of Jakarta's efforts to secure a tariff deal ahead of a July 9 deadline. Indonesia plans to invest in the US and purchase American agricultural goods and $15.5 billion of energy products under a memorandum of understanding to be signed on July 7, Coordinating Economic Minister Airlangga Hartarto told reporters in Jakarta on Thursday. While the MoU is part of Indonesia's negotiations to secure lower US tariffs, it doesn't represent a final agreement, Hartarto said. "We have to see later the final announcement by our US counterparts," he added when asked about a tariff rate deal. The planned MoU involves Danantara, a new sovereign wealth fund under President Prabowo Subianto that manages Indonesia's state-owned enterprises, and private entities including flag-carrier Garuda Indonesia, instant noodle maker Indofood CBP Sukses Makmur and a local feed mills association, he said. Hartarto, who is leading Indonesia's efforts to reduce Washington's planned 32% tariffs on Indonesian imports, said Southeast Asia's largest economy aims to secure more favorable terms than neighboring Vietnam. Hanoi, which had a $123.5 billion trade surplus with the US last year, struck a deal late Wednesday for a tariff rate of 20%, down from a proposed 46%. Southeast Asian nations, among the hardest hit by US President Donald Trump's planned tariffs, have been racing to seal trade deals with Washington before the July 9 cutoff to avoid increased has already eased or eliminated some import restrictions as part of a bid to shrink its $18 billion trade surplus with the US. Jakarta has also pledged to remove non-tariff barriers and boost imports of US products, potentially including oil, liquefied petroleum gas and also said the US has no concerns about transshipment involving Indonesia and hadn't broached the topic in trade discussions, unlike in Vietnam.
Economic Times
21 minutes ago
- Economic Times
Indian team back from US; trade talks to continue
Representative image The Indian team, led by chief negotiator Rajesh Agrawal, has returned from Washington after concluding another round of talks on an interim trade pact, but discussions will continue as certain issues in the agri and auto sectors still need to be resolved, an official said. The official said that the talks are in the last phase and its conclusion is expected to be announced before July 9. "Indian team is back from Washington. Negotiations will continue. There are certain issues which need to be resolved in agriculture and auto sectors," the official said. The Indian team was in Washington for negotiations on an interim trade agreement with the US from June 26 - July 2. These talks are important as the suspension of Trump's reciprocal tariffs is ending on July 9. The two sides are looking at finalising the talks before that. India has hardened its position on giving duty concessions to American farm and dairy products as these are politically sensitive sectors. On April 2, the US imposed an additional 26 per cent reciprocal tariff on Indian goods but suspended it for 90 days. However, the 10 per cent baseline tariff imposed by America remains in place. India is seeking full exemption from the additional 26 per cent tariff. India has not opened up the dairy sector for any of its trading partners in free trade pacts the country has signed so far. The US also wants duty concessions on certain industrial goods, automobiles, especially electric vehicles, wines, petrochemical products, and agricultural items like apples, tree nuts, and genetically modified crops. India is seeking duty concessions for labour-intensive sectors like textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, grapes, and bananas in the proposed trade pact. The two countries are also looking to conclude talks for the first tranche of the proposed bilateral trade agreement (BTA) by fall (September-October) this year. The pact is aimed at more than doubling bilateral trade to USD 500 billion by 2030 from the current USD 191 billion. Before the first tranche, they are trying for an interim trade pact. The US team was here last for the talks. India's merchandise exports to the US rose by 21.78 per cent to USD 17.25 billion in April-May this fiscal, while imports rose by 25.8 per cent to USD 8.87 billion.
