Bloomberg Daybreak: US-Iran Nuclear Talks
On today's podcast: 1) President Donald Trump said the US would hold a meeting with Iran next week but cast doubt on the need for a diplomatic agreement on the country's nuclear program, citing the damage that American bombing had done to key sites. 2) President Donald Trump said he has three or four people in mind to succeed Federal Reserve Chair Jerome Powell when his term expires next year. 3) Shell Plc said it has no intention of making a takeover offer for BP Plc, refuting an earlier report that two of Europe's biggest companies were in active merger talks.
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UPI
4 minutes ago
- UPI
Trump cancels U.S.-Canadian trade talks over tech taxes
Canadian Prime Minister Mark Carney meets with President Donald Trump in the Oval Office at the White House on May 6. Trump on Friday suspended trade talks due to Canada's new Digital Services Tax. File Photo by Francis Chung/UPI | License Photo June 28 (UPI) -- President Donald Trump cited potential Canadian taxes on U.S. tech companies as his reason for ending trade talks with Canada on Friday. The tech taxes on Amazon, Google, Meta and other U.S. tech firms are due on Monday, and Trump said it is a deal-breaker. "We have just been informed that Canada ... has just announced that they are putting a Digital Services Tax on our American technology companies," Trump said in a Truth Social post on Friday. He called the tax a "direct and blatant attack on our country" and accused Canada of "copying the European Union, which has done the same thing." "We are hereby terminating all discussions on trade with Canada, effective immediately," Trump said. His administration in the coming week will notify Canadian officials of the tariff that it will have to pay to do business in the United States, Trump added. Trump last week attended the G7 economic trade summit hosted by Canada and Canadian Prime Minister Mark Carney and sought common ground on trade talks, The Washington Post reported. Officials at U.S. tech firms oppose the Canadian tax, the amount of which is based on the revenues generated by Canadians' use of e-commerce sites, social media and the sales of data. All tech companies that generate more than $14.59 million from such services would be subject to the new 3% Digital Services Tax. The tax is retroactive to 2022 and could cost U.S.-based tech firms up to $3 billion, NBC News reported. Upon learning of Trump halting trade talks, Canadian officials on Friday limited U.S. steel imports and placed a 50% surcharge on steel imports that surpass the quota. Canadian Finance Minister Francois-Philippe Champagne said the surcharge will help to protect Canadian steel against what he called "unjust U.S. tariffs." He said the Canadian government is prepared to take additional actions, if necessary.
Politico
17 minutes ago
- Politico
Democrats will force out-loud reading of 940-page megabill
Senate Republicans released updated megabill text late Friday that would make sharp cuts to the Inflation Reduction Act's solar and wind tax credits after a late-stage push by President Donald Trump to crack down further on the incentives. The text would require solar and wind generation projects seeking to qualify for the law's clean electricity production and investment tax credits to be placed in service by the end of 2027 — significantly more restrictive than an earlier proposal by the Senate Finance Committee that tied eligibility to when a project begins construction. The changes came after Trump urged Senate Majority Leader John Thune to crack down on the wind and solar credits and align the measure more closely with reconciliation text, H.R.1, that passed the House, as POLITICO reported earlier on Friday. The changes are likely to put some moderate GOP senators, who have backed a slower schedule for sunsetting those incentives, in a tough position. They'll be forced to choose between rejecting Trump's agenda or allowing the gutting of tax credits that could lead to canceled projects and job losses in their states — something renewable energy advocates are also warning about. 'We are literally going to have not enough electricity because Trump is killing solar. It's that serious,' Sen. Brian Schatz (D-Hawaii) responded on X early Saturday. 'We need a bunch of new power on the grid, and nothing is as available as solar. Everything else takes a while. Meantime, expect shortages and high prices. Stupid.' The revised text would retain the investment and production tax credits for baseload sources, such as nuclear, geothermal, hydropower or energy storage, as proposed in the Finance Committee's earlier proposal. But it would make other significant changes, including extending a tax credit for clean hydrogen production until 2028. The panel's earlier proposal would have eliminated the credit after this year. And despite vocal lobbying by the solar industry, the proposal would maintain an abrupt cut to the tax incentive supporting residential solar power. The committee's earlier proposal would have eliminated that credit six months after the enactment of the bill; now the updated draft proposes repealing it at the end of this year. It would also deny certain wind and solar leasing arrangements from accessing the climate law's clean electricity investment and production tax credits, but, in a notable change, removed earlier language specifically disallowing rooftop solar. And it would move up the timeline for certain rules barring foreign entities of concern from accessing those credits. The bill would move up the termination date for electric vehicle tax credits to Sept. 30, compared to six months after enactment in the earlier Finance text. The credit for EV chargers would extend through June 2026. The new text also provides a bonus incentive for advanced nuclear facilities built in communities with high levels of employment in the nuclear industry. And the bill makes metallurgical coal eligible for the advanced manufacturing production tax credit through 2029. Sam Ricketts, co-founder of S2 Strategies, a clean energy policy consulting group, said the new draft is going to 'screw' ratepayers, kill jobs and undermine U.S. economic competitiveness. 'All just to give fossil fuel executives more profits,' he said. 'Or to own the libs. Insanity.' Josh Siegel contributed to this report.
CNBC
28 minutes ago
- CNBC
What's in the Senate's version of Trump's budget bill — and who stands to benefit
After weeks of sparring over the specifics of the "one big, beautiful bill," the package is poised to soon head to the Senate floor, where lawmakers are pushing to get it across the finish line and on President Donald Trump's desk before July 4. Questions remain over whether the House will ultimately accept the Senate version of the bill, which was finalized just before midnight on Friday, as 11th-hour changes brought victories — and some losses — for lawmakers, businesses and special interest groups. The changes underscored the behind-the-scenes jockeying that went on to get the 940-page bill finished. One major sticking point for fiscal hawks is the megabill's proposed $5 trillion debt ceiling increase, a figure some Senate Republicans continue to bristle at, raising questions about Senate Majority Leader John Thune's ability to align his chamber. Thune has said he wants to bring the bill to the floor for a key procedural vote as soon as Saturday afternoon, while acknowledging that he may not have the votes. The uncertainty speaks to the reality of the Republicans' razor-thin majority. Here are some of the key elements of the Senate's "big, beautiful bill," and who stands to benefit from them: If enacted, the Senate bill would codify several of Trump's campaign promises, including extensions for his 2017 tax cuts, such as lower income-tax brackets, higher standard deductions, a bigger child tax credit and other provisions. The Senate bill also includes new policy proposals, such as tax breaks for tip income, overtime pay, auto loans and a bonus deduction for older Americans to help offset Social Security income taxes. Notably, several of the new tax breaks are only temporary boosts from 2025 through 2028, which could impact taxpayers as early as the 2026 filing season. An earlier Senate draft would have slashed household taxes by an average of roughly $2,600 in 2026, slightly less than the House bill, according to the Tax Policy Center. However, the organization found that the benefits from both versions would skew to upper-income families. Republicans and the Treasury Department on agreed this week to scrap the so-called revenge tax provision — formally known as Section 899 — bringing a sigh of relief to investors on Wall Street who feared it could make the U.S. a less attractive place for investments. The tax is aimed at retaliating against any countries whose taxes were deemed "discriminatory" or unfair against the U.S. Treasury Secretary Scott Bessent said that he would roll out a "joint understanding among G7 countries that defends American interests," as he asked Congress to remove the provision from the tax bill. "Great concern had been expressed by Wall Street and affected stakeholders about the enactment of Section 899 and its impact on foreign investment in the United States, particularly in view of its complexity, potential scope of application and compliance obligations," attorneys at law firm Holland & Knight said in a note of the tax, CNN reports. The Senate text also includes a tentative deal with House Republicans on the limit on the federal deduction for state and local taxes, known as SALT. Passed via Trump's 2017 tax cuts, the $10,000 cap has been a sticking point for certain lawmakers in blue states. Senate Republicans would raise the cap to $40,000 starting in 2025, with the phaseout beginning after $500,000 of income. Both figures would increase by 1% each year through 2029 and the cap would revert to $10,000 in 2030. However, in a win for industry groups, the legislation would leave intact a SALT cap workaround for pass-through businesses, which allows owners to sidestep the $10,000 cap. By contrast, the House-approved bill would have ended the strategy for certain white-collar professionals. "This is nonsensical approach to tax policy," Chye-Ching Huang, executive director of the Tax Law Center at New York University Law, said in a tweet on Saturday. "It preserves (and lessens) a limit on deductions for wealthy taxpayers while ignoring a loophole that allows the wealthiest of those taxpayers to avoid the limit entirely," she said. One point of contention in the package is the proposed deep cuts to Medicaid, the insurance program for low-income and disabled Americans that provides coverage for more than 70 million people. The Senate parliamentarian nixed some Medicaid cuts late this week, but kept others, including work requirements of 80 hours a month, which could threaten millions of Americans' ability to receive health insurance, according to the Congressional Budget Office. Some lawmakers and industry groups notched last-minute wins that could benefit their state's constituents, underscoring the negotiating that likely took place until the bitter end to sway skeptical Republicans. For instance, a provision in the bill would raise the deduction for whale-hunting-related expenses to $50,000 from $10,000, delivering a win for Alaska Republican Sens. Lisa Murkowski and Dan Sullivan, Politico reports. And, in a significant blow to renewable energy advocates, car manufacturers and some consumers, the Senate bill would eliminate the $7,500 tax credit on electric vehicle sales and leases on Sept. 30, moving up the timeline proposed in an earlier version of the text.
