logo
In July 4 ceremony, Trump signs tax and spending bill into law

In July 4 ceremony, Trump signs tax and spending bill into law

Al Arabiya5 hours ago
US President Donald Trump signed into law a massive package of tax and spending cuts at the White House on Friday, staging an outdoor ceremony on the Fourth of July holiday that took on the air of a Trump political rally.
With military jets flying overhead and hundreds of supporters in attendance, Trump signed the bill one day after the Republican-controlled House of Representatives narrowly approved the signature legislation of the president's second term.
The bill, which will fund Trump's immigration crackdown, make his 2017 tax cuts permanent, and is expected to knock millions of Americans off health insurance, was passed with a 218–214 vote after an emotional debate on the House floor.
'I've never seen people so happy in our country because of that, because so many different groups of people are being taken care of: the military, civilians of all types, jobs of all types,' Trump said at the ceremony, thanking House Speaker Mike Johnson and Senate Majority Leader John Thune for leading the bill through the two houses of Congress.
'So you have the biggest tax cut, the biggest spending cut, the largest border security investment in American history,' Trump said.
Trump scheduled the ceremony on the South Lawn of the White House for the July 4 Independence Day holiday, replete with a flyover by stealth bombers and fighter jets like those that took part in the recent US strikes on nuclear facilities in Iran. Hundreds of Trump supporters attended, including White House aides, members of Congress, and military families.
After a speech that included boastful claims about the ascendance of America on his watch, Trump signed the bill, posed for pictures with Republican congressional leaders and members of his Cabinet, and waded through the crowd of happy supporters.
The bill's passage amounts to a big win for Trump and his Republican allies, who have argued it will boost economic growth, while largely dismissing a nonpartisan analysis predicting it will add more than $3 trillion to the nation's $36.2 trillion debt.
While some lawmakers in Trump's party expressed concerns over the bill's price tag and its hit to healthcare programs, in the end just two of the House's 220 Republicans voted against it, joining all 212 Democrats in opposition.
The tense standoff over the bill included a record-long floor speech by House Democratic Leader Hakeem Jeffries, who spoke for eight hours and 46 minutes, blasting the bill as a giveaway to the wealthy that would strip low-income Americans of federally backed health insurance and food aid benefits.
Democratic National Committee Chair Ken Martin predicted the law would cost Republicans votes in congressional elections in 2026.
'Today, Donald Trump sealed the fate of the Republican Party, cementing them as the party for billionaires and special interests, not working families,' Martin said in a statement. 'This legislation will hang around the necks of the GOP for years to come. This was a full betrayal of the American people. Today, we are putting Republicans on notice: you will lose your majority.'
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Vietnam Q2 GDP growth quickens on strong exports, US trade deal brightens outlook
Vietnam Q2 GDP growth quickens on strong exports, US trade deal brightens outlook

Al Arabiya

timean hour ago

  • Al Arabiya

Vietnam Q2 GDP growth quickens on strong exports, US trade deal brightens outlook

Vietnam's economy grew at a faster pace in the second quarter of this year led by strong exports, in an encouraging sign just days after US President Donald Trump said he would place lower-than-threatened 20 percent tariffs on many Vietnamese products. Concerns over the Southeast Asian manufacturing hub's outlook had been growing in the run up to the trade deal announced on Wednesday, particularly as the United States is Vietnam's biggest export market. Gross domestic product growth in the April-June quarter accelerated to 7.96 percent year-on-year, from the 6.93 percent in the first quarter, government data showed on Saturday. It was just short of Hanoi's full-year growth target of at least 8 percent. 'Economic performance in the first half of this year was positive and close to our target amid global and regional economic uncertainties,' the National Statistics Office said. Exports were a bright spot in the last quarter, rising 18.0 percent to $116.93 billion from a year earlier, while imports were up 18.8 percent at $112.52 billion, translating into a trade surplus of $4.41 billion, the NSO data showed. Industrial production in the period rose 10.3 percent, while June consumer prices rose 3.57 percent. Trump announced on Wednesday the United States and Vietnam reached a trade deal, under which Vietnamese goods would face a 20 percent tariff, with trans-shipments from third countries through Vietnam also facing a 40 percent levy. Vietnam could import US products with a zero percent tariff. The tariff rates were lower than an initial 46 percent rate threatened by Trump in April. Vietnam hailed the deal as a boost for business and said negotiators were working to finalize details, as business groups awaited clarity on the finer points to assess the impact of the new tariffs. The United States is the largest export market for Vietnam, a regional manufacturing hub housing several multinational companies such as Samsung Electronics and Foxconn. The United States recorded a trade deficit of $123 billion with Vietnam last year, one of its highest globally. Vietnam is also home to several Chinese companies, which analysts said are likely the main targets for the 40 percent tariff on trans-shipments. China is Vietnam's largest two-way trading partner on which it relies heavily for components and materials for its manufacturing industries. Fitch Solutions said in a note on Friday that Vietnam's exports and investment will remain strong for the rest of the year and signaled upside risks for its 2025 GDP growth forecast of 6.4 percent. 'With the new 20 percent tariff, we think the government will speed up industrial upgrading and shift exports from low-margin goods to higher value-added products such as semiconductors,' it said in a note. Dominic Scriven, founder and chairman of investment firm Dragon Capital, said the trade deal is 'net-positive' and the potential GDP hit is less severe than feared. 'With external trade risk now moderating, attention can return to the country's core growth engine, the domestic and private sector economy,' he said.

Trump ‘very unhappy' with Putin on Ukraine, hints at sanctions
Trump ‘very unhappy' with Putin on Ukraine, hints at sanctions

Al Arabiya

time3 hours ago

  • Al Arabiya

Trump ‘very unhappy' with Putin on Ukraine, hints at sanctions

US President Donald Trump said Friday he was 'very unhappy' about his telephone call with Vladimir Putin on the war in Ukraine, saying the Russian leader just wanted to 'keep killing people.' 'It's a very tough situation. I told you I was very unhappy with my call with President Putin. He wants to go all the way, just keep killing people, it's no good,' Trump told reporters aboard Air Force One. Trump also hinted that he may finally be ready to toughen sanctions against Russia, having held off for the past six months while he tried to persuade Putin to end the war. 'We talk about sanctions a lot,' Trump said. 'He understands that it may be coming.' Trump added that he and Ukrainian President Volodymyr Zelenskyy meanwhile had a 'very strategic call' on Friday, as concerns mounted in Kyiv over US military aid deliveries. Zelenskyy said earlier that the two leaders had agreed to work to 'strengthen' Ukraine's air defenses, following Russia's largest drone and missile barrage of the invasion so far. Trump said he had also discussed sending Patriot interceptor missiles to Ukraine in a separate call with German Chancellor Friedrich Merz on Friday, although he had not yet agreed to do so. Merz 'feels they have to be protected,' Trump said.

Trump says US will start talks with China on TikTok deal this week
Trump says US will start talks with China on TikTok deal this week

Al Arabiya

time4 hours ago

  • Al Arabiya

Trump says US will start talks with China on TikTok deal this week

US President Donald Trump said on Friday he will start talking to China on Monday or Tuesday about a possible TikTok deal. He said the United States 'pretty much' has a deal on the sale of the TikTok short-video app. 'I think we're gonna start Monday or Tuesday… talking to China, perhaps President Xi or one of his representatives, but we pretty much have a deal,' Trump told reporters on Air Force One. Last month, Trump extended to September 17 a deadline for China-based ByteDance to divest the US assets of TikTok. A deal had been in the works this spring to spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors, but it was put on hold after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods. Trump said the United States will probably have to get a deal approved by China. When asked how confident he was that China would agree to a deal, he said, 'I'm not confident, but I think so. President Xi and I have a great relationship, and I think it's good for them. I think the deal is good for China and it's good for us.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store