US Futures Edge Higher as Trade Talks Continue: Markets Wrap
US equity futures edged higher in early Asia trading as trade talks gathered pace ahead of a July 9 deadline and Senate negotiations continued over President Donald Trump's $4.5 trillion tax cut package.
Major currencies were slightly higher against the dollar in early Asia trading, while stock futures showed gains for Japan's benchmark, a decline in Hong Kong and little change in Australia. Oil was down about 1%.
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Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up But other Senate Republicans, along with conservatives in the House, are pushing for steeper cuts, particularly to health care, drawing their own unexpected warning from Trump. Advertisement 'Don't go too crazy!' the president posted on social media. 'REMEMBER, you still have to get reelected.' All told, the Senate bill includes some $4 trillion in tax cuts, making permanent Trump's 2017 rates, which would expire at the end of the year if Congress fails to act, while adding the new ones he campaigned on, including no taxes on tips. Advertisement The Senate package would roll back billions in green energy tax credits that Democrats warn will wipe out wind and solar investments nationwide, and impose $1.2 trillion in cuts, largely to Medicaid and food stamps, by imposing work requirements and making sign-up eligibility more stringent. Additionally, the bill would provide a $350 billion infusion for border and national security, including for deportations, some of it paid for with new fees charged to immigrants. If the Senate can pass the bill, it would need to return to the House. Speaker Mike Johnson has told lawmakers to be on call for a return to Washington this week. Democrats ready to fight all night Unable to stop the march toward passage of the 940-page bill, the Democrats as the minority party in Congress is using the tools at its disposal to delay and drag out the process. Democrats forced a full reading of the text, which took some 16 hours. Then senators took over the debate, filling the chamber with speeches, while Republicans largely stood aside. 'Reckless and irresponsible,' said Sen. Gary Peters of Michigan. 'A gift to the billionaire class,' said Sen. Bernie Sanders of Vermont. Sen. Patty Murray, the ranking Democrat on the Appropriations Committee, raised particular concern about the accounting method being used by the Republicans, which says the tax breaks from Trump's first term are now 'current policy' and the cost of extending them should not be counted toward deficits. 'In my 33 years here in the United States Senate, things have never — never — worked this way,' said Murray, the longest-serving Democrat on the Budget Committee. Advertisement She said that kind of 'magic math' won't fly with Americans trying to balance their own household books. 'Go back home and try that game with your constituents,' she said. 'We still need to kick people off their health care — that's too expensive. We still need to close those hospitals — we have to cut costs. And we still have to kick people off SNAP — because the debt is out of control.' Sanders said Tillis' decision not to seek reelection shows the hold that Trump's cult of personality has over the GOP. 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Trump badgered Tillis again on Sunday morning, saying the senator 'has hurt the great people of North Carolina.' Advertisement Later Sunday, Tillis issued a lengthy statement announcing he would not seek reelection in 2026. In an impassioned evening speech, Tillis shared his views arguing the Senate approach is a betrayal of Trump's promise not to kick people off health care. 'We could take the time to get this right,' he thundered. But until then, he said he would remain opposed. Democrats can't filibuster, but can stall Using a congressional process called budget reconciliation, the Republicans can rely on a simple majority vote in the Senate, rather than the typical 60-vote threshold needed to overcome objections. Without the filibuster, Democrats have latched on to other tools to mount their objections. One is the full reading of the bill text, which has been done in past situations. Democrats also intend to use their full 10 hours of available debate time, now underway. And then Democrats are prepared to propose dozens of amendments to the package, a process called vote-a-rama. But Republicans late Sunday postponed that expected overnight session to early Monday. GOP senators to watch As Saturday's vote tally teetered, attention turned to Sen. Lisa Murkowski, R-Alaska, who was surrounded by GOP leaders in intense conversation. She voted 'yes.' Several provisions in the package are designed for her state in Alaska, but some were out of compliance of the strict rules by the Senate parliamentarian. A short time later, Majority Leader John Thune, R-S.D., drew holdouts Sen. Rick Scott of Florida, Mike Lee of Utah and Cynthia Lummis of Wyoming to his office. Vance joined in. Later, Scott said, 'We all want to get to yes.' Associated Press writers Ali Swenson, Fatima Hussein and Michelle L. Price contributed to this report.
