What's in Trump's ‘Big Beautiful Bill'? Tax cuts, safety net cut and military spending
President Donald Trump's sweeping domestic policy package that's moving through the Senate would affect virtually every American, overhauling tax, health care and energy policy. Here's what's in the current version of the bill.June 30, 2025
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Morning Bid: Uncertainty dominates ECB forum
A look at the day ahead in European and global markets from Rocky Swift A central bank Who's Who is due to speak in Sintra, Portugal today as policymakers grapple with an uncertain landscape for trade, growth and inflation. Uncertainty was the key theme in opening remarks from European Central Bank President Christine Lagarde on Monday at the ECB's annual forum for central bankers. Lagarde is scheduled to join a panel with central bank heads from the United States, Japan, Britain and South Korea at 1330 GMT. And uncertainty remains over U.S. President Donald Trump's "One, Big, Beautiful Bill," which remains logjammed at the Senate. Trump is desperate to get it passed before America's "Independence Day" on July 4, while deadlines over his "Liberation Day" tariffs loom over trade negotiations. Trump called Japan "spoiled" as a trade deal between the two nations remained elusive, and U.S. Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs. Except for Japan's Nikkei (.N225), opens new tab, equity markets were broadly higher in Asia, with benchmark indexes in South Korea (.KS11), opens new tab and Taiwan (.TWII), opens new tab climbing more than 1.4%. Fresh readings from the Bank of Japan's tankan index and China's Caixin PMI indicated Asia's biggest economies were weathering the tariff storm, at least for now. Euro Stoxx 50 futures pointed to a flat opening, while German DAX futures were up about 0.1%. U.S. stock futures, the S&P 500 e-minis , were down 0.1%. The euro continued its winning days, poised for a record 10th consecutive day of gains against the U.S. dollar, reaching $1.1808, the highest since September 2021. Key developments that could influence markets on Tuesday: - ECB's Sintra conference policy panel - U.S. ISM manufacturing data for June - Manufacturing Purchasing Managers Indexes (PMI) data for France, Germany, and Euro Zone for June - UK house prices for June Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here.
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Sky News
an hour ago
- Sky News
Elon Musk steps up attacks on Trump once again - and calls for new political party
Elon Musk has stepped up his attacks on Donald Trump's sweeping tax and spending bill - weeks after a spectacular fallout between the world's richest man and the US president. Following weeks of relative silence after clashing with Mr Trump over his "big beautiful bill", the billionaire vowed to unseat politicians who support it. In a post on X, Musk said those who had campaigned on cutting spending but then backed the bill "should hang their heads in shame". He added: "And they will lose their primary next year if it is the last thing I do on this Earth." Musk also threatened to put their faces on a poster which said "liar" and "voted to increase America's debt" by $5trn (£3.6trn). As the Senate discussed the package, Musk called it "utterly insane and destructive". The Tesla and SpaceX CEO said the bill's massive spending indicated "we live in a one-party country - the PORKY PIG PARTY!!" "Time for a new political party that actually cares about the people," he wrote. 0:46 Musk spent at least $250m (£182m) supporting Mr Trump in his presidential campaign and then led the newly formed Department of Government Efficiency (DOGE), which sacked about 120,000 federal employees. He has argued the legislation would greatly increase the US national debt and wipe out the savings he claimed he achieved through DOGE. Musk previously said some of his social media posts during his dramatic fallout with Mr Trump "went too far". He had shared a series of posts on X, including one that described Mr Trump's tax and spending bill as a "disgusting abomination". He also claimed, in a since-deleted post, that the president .
