Bangladesh to Push for Deeper Tariff Cuts in Talks with US
Officials are scheduled to hold crucial trade negotiations with the Trump administration from July 9-10 to seek a solution, Commerce Adviser to the interim government Sk. Bashir Uddin said in an interview from Washington.
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CNN
17 minutes ago
- CNN
When key provisions in Trump's ‘big, beautiful bill' take effect
President Donald Trump signed his landmark tax and spending cuts bill into law on July 4, notching the first major legislative achievement of his second term. Congressional Republicans approved the president's sweeping agenda bill on an ambitious timeline over the blanket opposition of Democrats, as well as some consternation within the GOP over its impact to the federal deficit and certain government programs. Among its myriad provisions, the package makes permanent the 2017 tax cuts that were set to expire at year's end and beefs up funding for defense, border control and immigration enforcement. It also enacts a historic reshaping of the nation's safety net, particularly imposing steep cuts to Medicaid and food stamps. Some of the measures take effect this year – for instance, the expiration of the electric vehicles tax credit and the temporary elimination of taxes on tips and overtime work. Other provisions don't kick in for several years, notably, after the 2026 midterm elections. Here's a timeline of when key provisions from the president's 'big, beautiful bill' take effect: Several student loan provisions in the bill will take effect next year. Additionally, one month before the midterm elections, a provision limiting Medicaid eligibility for immigrants will set in. Key parts of the bill — including new work requirements and increased eligibility checks for Medicaid — are set to kick in in the lead up to the 2028 presidential election. Still unclear is when two major changes to the food stamp program will take effect. The US Department of Agriculture said it will issue a memorandum to states about implementing the law, including expanding the work requirement to recipients ages 55 to 64 and to parents of children older than 13, as well as limiting the eligibility of certain legal immigrants. Learn more about the bill provisions in our searchable table:
WIRED
26 minutes ago
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How to Use Clean Energy Tax Credits Before They Disappear
Jul 12, 2025 7:00 AM There are just a few weeks left to tap federal programs that make purchasing an EV, heat pump, or solar panels more affordable. Photograph:This story originally appeared on Grist and is part of the Climate Desk collaboration. The 'one big beautiful bill' that President Donald Trump signed into law on July 4 is set to upend many aspects of American life, including climate policy. The law, which Republicans backed en masse, not only derails the nation's efforts to reduce greenhouse gas emissions, it could also strike a blow to consumers' pocketbooks. From a climate perspective, the legislation's most significant rollbacks are aimed at industries such as renewable energy, not individuals. But there will be very real impacts for taxpayers hoping to decarbonize their homes. The 2022 Inflation Reduction Act, or IRA, provided tax credits for climate-friendly purchases ranging from heat pumps to solar arrays through 2032. That time frame has been cut to as little as a few months. 'This bill is going to take away a lot of assistance from consumers,' said Lowell Ungar, director of federal policy for the nonprofit American Council for an Energy-Efficient Economy. He noted that 2 million people used the home improvement tax credit in its first year alone. The good news is that the law does not affect the billions of dollars that the IRA already sent to state efficiency and electrification rebate programs and that much of that money will remain available beyond the federal sunsets. But, Ungar added, the tax credits can still save people thousands of dollars before they vanish. 'If consumers are able to make the investment now,' he said, 'it will help them out.' For those looking to act, here is a roundup of when credits will go away. Buy an EV Before October New electric vehicles that meet federal domestic manufacturing requirements qualify for a tax credit of up to $7,500. While credits on foreign-made EVs aren't offered directly to consumers, automakers do get them and often pass the savings along through leases. Used EVs under $25,000 that are purchased at a dealer are also eligible for up to a $4,000 credit. All of this goes away on September 30. There will be no credits after that. Ultimately, this will make new electric vehicles more expensive and put the technology further out of reach for low- to moderate-income Americans. The income caps on the EV credits still apply, limiting the benefit on new EVs to those households earning less than $300,000 and on used vehicles to those earning less than $150,000. There is an MSRP limit of $80,000 for new cars too. Strangely, the tax credit for installing an EV charger (up to $1,000) runs through June of next year. Make Home Improvements by the End of the Year The remarkably vast Energy Efficient Home Improvement Credit provides up to $2,000 toward qualified heat pumps, water heaters, biomass stoves, or biomass boilers. It offers another $1,200 toward efficiency upgrades such as insulation, doors, windows, and even home energy audits. These are going away on December 31. All items must be 'placed in service' by then to qualify, though a reminder: Tax credits lower your tax liability but don't come back as rebates. You must have a tax bill to benefit, which may not be the case for some low-income households. Pay for Solar This Year The most valuable IRA incentive being axed is the Residential Clean Energy Credit. It covers 30 percent of clean energy systems such as solar panels, wind turbines and geothermal heat pumps, and there is no cap. With the average cost of a solar system in the US just north of $28,000, that means a tax credit would be worth around $8,500. That credit vanishes at the end of this year, though the law refers to the 'expenditures' being made by then so that could mean paying for—but not necessarily installing—a system by then. As with other credits, Ungar suggests confirming any changes with a tax professional. He also said that the potential for higher tariffs is another reason to move quickly. But, he said, even after the credits go away, many of these improvements could still make financial sense over the long term. 'With or without the tax credit, these improvements bring energy savings that lower energy bills,' he said. 'In some cases, improvements are going to be a no-brainer regardless.'
Politico
26 minutes ago
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Trump delayed his tariffs again. This could be the last time.
Trump's impatience is decades in the making. Since the 1980s, he has fumed about other countries taking advantage of the U.S. on trade, and reciprocal tariffs, as he calls them, were a way to settle the score. But after three months of negotiating, his administration has little to show for its efforts: The U.S. has reached a deal with the U.K., but Vietnam has yet to formally accept a key part of an agreement the U.S. says it has reached with the country; and the U.S.'s 'deal' with China is only a framework to continue trade talks. 'If there's two issues that define Donald Trump, it's immigration and tariffs … With respect to tariffs, it's all simple. It comes down to simple fairness — that the United States is the greatest market to have access to, and there's a sense that we are giving away complete and unfettered access,' said Sean Spicer, who served as press secretary during Trump's first term. 'What I think largely is misunderstood is people focus on deadlines and dates as opposed to results.' Still, substantive trade deals are at odds with Trump's effort to erect a tariff wall around the U.S. that will lure back domestic manufacturing and boost revenue. And any deal to significantly lower another country's trade barriers may require concessions from the U.S. so both countries can sell the deals to their constituents as a win. But the president's use of tariffs as a cudgel has forced countries to the table, even those that were originally resistant to making concessions. After months of talks with the U.S., the European Union is finally dropping plans to levy a tax on digital companies, an important win for the U.S. and a concession that may give the EU a boost as it enters the final stretch of trade talks. The bloc is confident that it will achieve an agreement ahead of the Aug. 1 deadline. 'I think we will have some framework agreement before [Aug. 1],' said an E.U. official, granted anonymity to discuss sensitive negotiations said. The extension also offers time for countries to finalize deals with the Trump administration. Trade talks with South Korea were, for instance, were delayed because of the country's election, and the additional three weeks may give the two countries time to finalize a framework agreement. The U.S. in a recent letter put Canada on a similar timeline as countries facing reciprocal tariff rates, a decision Canadian officials were happy with, even as the U.S. threatened to bump the tariff rate on the country to 35 percent. Still, the chaotic rollout of his tariffs over the past four months — and Trump's wielding of tariff rates as bargaining chips rather than policy positions — has some trading partners skeptical that Aug. 1 is a hard deadline. They suspect he will backpedal over concerns about the market-roiling effects of higher tariffs and the threat they'll pose to his administration's efforts to temper inflation.
