Brics leaders criticise US tariffs; Xi and Putin absent from summit
Emerging nations, which represent about half the world's population and 40% of global economic output, are set to unite over
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NZ Herald
16 hours ago
- NZ Herald
Brics leaders criticise US tariffs; Xi and Putin absent from summit
Brics leaders meeting in Rio de Janeiro from Sunday are expected to decry US President Donald Trump's 'indiscriminate' trade tariffs, saying they are illegal and risk hurting the global economy. Emerging nations, which represent about half the world's population and 40% of global economic output, are set to unite over
1News
21 hours ago
- 1News
Trump branded, browbeat and prevailed — but his big bill may come at a cost
Barack Obama had the Affordable Care Act. Joe Biden had the Inflation Reduction Act. President Donald Trump will have the tax cuts. All were hailed in the moment and became ripe political targets in campaigns that followed. In Trump's case, the tax cuts may almost become lost in the debates over other parts of the multitrillion-dollar bill that Democrats say will force poor Americans off their health care and overturn a decade or more of energy policy. Through persuasion and browbeating, Trump forced nearly all congressional Republicans to line up behind his marquee legislation despite some of its unpalatable pieces. He followed the playbook that had marked his life in business before politics. He focused on branding — labelling the legislation the 'One Big, Beautiful Bill' — then relentlessly pushed to strong-arm it through Congress, solely on the votes of Republicans. ADVERTISEMENT But Trump's victory will soon be tested during the 2026 midterm elections where Democrats plan to run on a durable theme: that the Republican president favours the rich on tax cuts over poorer people who will lose their health care. Republican members of Congress reach to shake hands with Speaker of the House Mike Johnson, R-La., centre bottom, after Johnson signed President Donald Trump's signature bill of tax breaks and spending cuts (Source: Associated Press) Trump and Republicans argue that those who deserve coverage will retain it. Nonpartisan analysts, however, project significant increases to the number of uninsured. Meanwhile, the GOP's promise that the bill will turbocharge the economy will be tested at a time of uncertainty and trade turmoil. Trump has tried to counter the notion of favouring the rich with provisions that would reduce the taxes for people paid in tips and receiving overtime pay, two kinds of earners who represent a small share of the workforce. Extending the tax cuts from Trump's first term that were set to expire if Congress failed to act meant he could also argue that millions of people would avoid a tax increase. House Speaker Mike Johnson of La., points to President Donald Trump after he signed his signature bill of tax breaks and spending cuts at the White House, Friday, July 4, 2025, in Washington, surrounded by members of Congress (Source: Associated Press) ADVERTISEMENT To enact that and other expensive priorities, Republicans made steep cuts to Medicaid that ultimately belied Trump's promise that those on government entitlement programs 'won't be affected.' 'The biggest thing is, he's answering the call of the forgotten people. That's why his No. 1 request was the no tax on tips, the no tax on overtime, tax relief for seniors,' said Rep. Jason Smith, R-Mo., chairman of the tax-writing House Ways and Means Committee. 'I think that's going to be the big impact.' Hard to reap the rewards Presidents have seen their signature legislative accomplishments unravelled by their successors or become a significant political liability for their party in subsequent elections. A central case for Biden's reelection was that the public would reward the Democrat for his legislative accomplishments. That never bore fruit as he struggled to improve his poll numbers driven down by concerns about his age and stubborn inflation. Since taking office in January, Trump has acted to gut tax breaks meant to boost clean energy initiatives that were part of Biden's landmark health care and climate bill. Obama's health overhaul, which the Democrat signed into law in March 2010, led to a political bloodbath in the midterms that fall. ADVERTISEMENT Its popularity only became potent when Republicans tried to repeal it in 2017. Whatever political boost Trump may have gotten from his first-term tax cuts in 2017 did not help him in the 2018 midterms, when Democrats regained control of the House, or in 2020 when he lost to Biden. 'I don't think there's much if any evidence from recent or even not-so-recent history of the president's party passing a big one-party bill and getting rewarded for it,' said Kyle Kondik, an elections analyst with the nonpartisan University of Virginia's Center for Politics. Social net setbacks Democrats hope they can translate their policy losses into political gains. During an Oval Office appearance in January, Trump pledged he would 'love and cherish Social Security, Medicare, Medicaid.' 'We're not going to do anything with that, other than if we can find some abuse or waste, we'll do something,' Trump said. 'But the people won't be affected. It will only be more effective and better.' ADVERTISEMENT That promise is far removed from what Trump and the Republican Party ultimately chose to do, paring back not only Medicaid but also food assistance for the poor to make the math work on their sweeping bill. It would force 11.8 million more people to become uninsured by 2034, according to the Congressional Budget Office, whose estimates the GOP has dismissed. 'In Trump's first term, Democrats in Congress prevented bad outcomes. They didn't repeal the (Affordable Care Act), and we did Covid relief together. This time is different,' said Senator Brian Schatz, D-Hawaii. 'Hospitals will close, people will die, the cost of electricity will go up, and people will go without food.' Some unhappy Republicans Senator Thom Tillis, R-N.C., repeatedly argued the legislation would lead to drastic coverage losses in his home state and others, leaving them vulnerable to political attacks similar to what Democrats faced after they enacted 'Obamacare.' With his warnings unheeded, Tillis announced he would not run for reelection, after he opposed advancing the bill and enduring Trump's criticism. ADVERTISEMENT 'If there is a political dimension to this, it is the extraordinary impact that you're going to have in states like California, blue states with red districts,' Tillis said. "The narrative is going to be overwhelmingly negative in states like California, New York, Illinois, and New Jersey.' Even Senator Lisa Murkowski, R-Alaska, who eventually became the decisive vote in the Senate that ensured the bill's passage, said the legislation needed more work and she urged the House to revise it. Lawmakers there did not. Early polling suggests that Trump's bill is deeply unpopular, including among independents and a healthy share of Republicans. White House officials said their own research does not reflect that. So far, it's only Republicans celebrating the victory. That seems OK with the president. In a speech in Iowa after the bill passed, he said Democrats only opposed it because they 'hated Trump.' That didn't bother him, he said, 'because I hate them, too.'
RNZ News
a day ago
- RNZ News
In 4 July ceremony, Trump signs tax and spending bill into law
By Trevor Hunnicutt US President Donald Trump (C) shows his signature on the "Big Beautiful Bill Act" at the White House in Washington, DC, on 4 July, 2025. Photo: AFP / Pool US President Donald Trump has signed into law a massive package of tax and spending cuts at the White House, 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 4 July 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 non-partisan 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 stand-off 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 chairperson 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." - Reuters
