UN sets date for extra session to finalize plastics treaty
The fifth U.N. Intergovernmental Negotiating Committee (INC-5) meeting intended to yield a legally binding global treaty in Busan was meant to be the final one, but countries remained far apart on the basic scope of a treaty and could agree only to postpone key decisions to the new session that will be dubbed INC 5.2.
The most divisive issues that prevented a final deal in Busan included capping plastic production, managing plastic products and chemicals of concern, and financing to help developing countries implement the treaty.
More than 100 countries backed a treaty draft that would have created a path for a global plastic production reduction target, while a competing proposal backed by oil and petrochemical-producing states omitted production caps.
Achieving agreement could face more headwinds when countries reconvene in Switzerland under a geopolitical landscape that has been transformed by strained diplomacy.
The U.S. under President Donald Trump withdrew from the Paris climate agreement. Washington under Trump also cut off financing to other countries for programs to fight climate change, and has begun implementing tariffs on countries including allies like Canada and Mexico.
The EU has shown signs of weakening some of its climate-focused policies, such as giving automakers more time to comply with new emissions targets, relaxing sustainability reporting requirements and widening exemptions for its border carbon levy.
The last round of UN climate talks in Baku, Azerbaijan showed that climate cooperation was already fraying, with countries managing to agree on $300 billion a year global finance target that was panned by several countries like India.
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The Herald Scotland
23 minutes ago
- The Herald Scotland
Will Trump's tax bill help or hurt you? It may depend on your income
"It's still higher-income households that are the winners, especially those who are alive today," said Kent Smetters, faculty director of the Penn Wharton Budget Model. The analysis also found the Senate's version of the tax bill, which narrowly passed on July 1, would lead to higher deficits and slower economic growth compared to its counterpart from the House. The bill heads to the House for final approval. Trump has asked for a final version on his desk and ready for signature by July 4, but acknowledged the deadline may be "very hard to do" as some House Republicans voice frustrations with changes made in the Senate. Trump's big tax bill is a win. It could also be a big problem for GOP What's different under the Senate version of the tax bill? The legislation, dubbed the "One, Big Beautiful Bill" by Trump, would make the 2017 tax cuts from Trump's first term permanent, increase the child tax credit and introduce other tax cuts, including no taxes on tips or overtime wages. To help pay for the cuts, the government would reduce spending on the Supplemental Nutrition Assistance Program, formerly known as food stamps, and make cuts to Medicaid, a program that provides health insurance to more than 71 million low-income Americans. The version in the Senate has some key differences from the House bill, including: Permanent tax breaks for corporations that allow businesses to deduct the full cost of qualifying investments and research projects immediately, rather than over a number of years. In the House's bill, these tax breaks were in effect from 2025 to 2029. Permanently enhancing the standard deduction, adding $750 for single filers, $1,125 for heads of households and $1,500 for married couples starting in 2025. There was a temporary adjustment in the House's version that added $1,000 for single filers, $1,500 for heads of households and $2,000 for couples from 2025 to 2028. Permanently raising the child tax credit to $2,200 starting in 2026, compared to a temporary increase to $2,500 through 2028 in the House bill. "The Senate one makes things more permanent," Smetters told USA TODAY. "On the one hand, we don't have to revisit the same politics in four years. On the other hand, there's a fiscal cost associated with that. That means more debt and more burdens inherited by future generations." More Americans would also lose Medicaid under the Senate's version, according to the nonpartisan Congressional Budget Office, with an estimated 11.8 million people uninsured by 2034, compared to previous estimates of 10.9 million people under the House's proposal. 5 takeaways: Trump asserts dominance with 'big, beautiful bill' Senate passage Impact on future generations Various analyses suggest Trump's tax bill would reward higher-earning Americans more than their lower-earning counterparts. A June analysis of the House bill by the Congressional Budget Office, for instance, found resources for the poorest would decrease by about $1,600 per year under the legislation, largely due to cuts to Medicaid and food aid - which would be more aggressive under the Senate bill. Meanwhile, the wealthiest would gain about $12,000 on average. Another June report from the Yale Budget Lab suggests the bottom fifth of earners would lose about $560 per year while the top 20% would gain $6,000. But all future generations, no matter their income, would experience lifetime losses, according to the Penn Wharton Budget Model. High-income households are set to lose $5,700 under the Senate's bill, while low-income households would lose $22,000. The report points to a reduced social security net and lower wages as the main drivers. Under the House bill, the Penn Wharton Budget Model projected lifetime losses ranging from $500 for high-income households to $15,800 for low-income households. "The future generations, they're going to be worse off. It doesn't matter where on the income bracket they fall," Smetters said. "Ultimately, someone has to pay for (the tax bill), and we're basically passing it on to the next generation." Slower economic growth While the House version showed a 0.4% gain in GDP by year 10, according to the Budget Model's previous analysis, the Senate's version would yield a 0.3% loss. After 30 years, GDP would drop 4.6% under the Senate bill compared to a 1.5% drop under the House version. Higher deficits Primary deficits are projected to increase $3.1 trillion over the next decade through the Senate's tax bill, compared to roughly $2.7 trillion under the House bill, according to the Penn Wharton Budget Model. Other reports have also found a higher debt load under the Senate bill. The Congressional Budget Office projects it would add $3.3 trillion to the national debt over the next decade, $800 billion more than the House's bill. And a July report from the Yale Budget Lab says the Senate's bill would add $3 trillion to the debt by 2034, compared to an estimated $2.4 trillion under the House bill. How much do lower-income Americans stand to lose? According to the most recent Penn Wharton Budget Model analysis, the lowest-earning households stand to lose after-tax-and-transfer income in both the short- and long-run, while higher earners would see gains under the Senate bill. Those earning less than $18,000 would lose $235 on average in 2027 and $1,380 by 2033. Those earning between $18,000 and $52,999 would lose $75 in 2027 and $1,625 by 2033. Those earning between $53,000 and $95,999 would gain $1,350 in 2027 but lose $130 by 2033. Those earning between $96,000 and $178,999 would gain $3,880 in 2027 and $2,825 by 2033. Those earning between $179,000 and $271,999 would gain $6,615 in 2027 and $4,985 by 2033. Those earning between $272,000 and $400,999 would gain $9,360 in 2027 and $7,670 by 2033. Those earning between $401,000 and $1,019,999 would gain $20,605 in 2027 and $18,645 by 2033. Those earning between $1,020,000 and $4,450,999 would gain $36,020 in 2027 and $29,430 by 2033. Those with an income above $4,451,000 would gain $290,485 in 2027 and $82,255 by 2033. Smetters said figures may be slightly adjusted as more information on specific amendments becomes available.
The Herald Scotland
24 minutes ago
- The Herald Scotland
US stock futures higher as Trump megabill heads to House
At 6:05 a.m. ET, futures linked to the blue-chip Dow rose 0.15%, while broad S&P 500 futures gained 0.13% and tech-laden Nasdaq futures added 0.09%. Trade issues linger Although the One Big Beautiful Bill is in the spotlight, trade issues continue to linger offstage. Trump's self-imposed trade deal deadline of July 9 is fast approaching, and there are mixed messages on whether the deadline is flexible. Last week, White House Press Secretary Karoline Leavitt told reporters the July 9 deadline for restarting tariffs on countries that haven't yet reached a trade deal wth the U.S. is "not critical," which some took as a hint the deadline was flexible. U.S. Treasury Secretary Scott Bessent then said trade deals could come by Labor Day in September. However, Trump said this week he isn't considering delaying the deadline for higher tariffs to resume and renewed his threat to cut off talks and impose duty rates on several nations, including Japan. He criticized Japan for shunning U.S. rice exports and for imbalanced auto trade between the two countries. He floated 30% to 35% tariffs on Japanese goods and cast doubts on whether the U.S. could reach a deal with Japan. So far, markets have shrugged off fears of higher tariffs. "Investors are banking on yet another Trump retreat and reversal," said Mike O'Rourke, chief market strategist at JonesTrading. Corporate news Verint Systems is in talks with buyout firm Thoma Bravo over a possible acquisition, according to Bloomberg. Centene withdrew its full-year outlook after the company said it received data showing its enrollees in the Affordable Care Act insurance marketplaces overall appeared fewer, and less healthy, than expected. Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
The Herald Scotland
25 minutes ago
- The Herald Scotland
Trump reaches trade deal with Vietnam as big tariff deadline looms
"In return, Vietnam will do something that they have never done before, give the United States of America TOTAL ACCESS to their Markets for Trade," Trump said in a July 2 post on Truth Social announcing the deal. "In other words, they will 'OPEN THEIR MARKET TO THE UNITED STATES,' meaning that, we will be able to sell our product into Vietnam at ZERO Tariff," the president added. More: Trump's tariffs are 'not going away' amid legal battles, White House says Trump announced the deal after speaking with To Lam, general secretary of the Communist Party of Vietnam. Vietnamese state media said the U.S. and Vietnam reached an agreement on a joint statement for a "reciprocal, fair and balanced" trade deal. During Trump's phone call with Lam, the Vietnamese leader asked the U.S. to recognize Vietnam as a market economy and remove restrictions on the exports of hi-tech products to Vietnam, Vietnam News Agency reported. More: Trump says U.S. will end trade talks with Canada, could move deadline for other tariffs Companies are currently paying a 10% universal U.S. tariff that Trump imposed on imports from Vietnam and some 180 other nations. However, significantly larger reciprocal tariffs that Trump initially imposed in early April - but soon after paused for 90 days amid market turbulence - are set to go back into effect July 9. Trump could choose to extend the pause, but he's said he's not interested in that. "No, I'm not," Trump told reporters July 1 when asked whether he plans to lengthen the pause. "I'm not thinking about the pause. I'll be writing letters to a lot of countries. And I think you're just starting to understand the process." When the Trump administration delayed the sweeping reciprocal tariffs to allow negotiations with other nations to continue, the White House economic team predicted deals would come at breakneck speed. "We're going to run 90 deals in 90 days. It's possible," White House trade adviser Peter Navarro said at the time. But the administration has struggled to make progress on that pledge. Trump and United Kingdom Prime Minister Keri Starmer in May reached the first trade deal since Trump imposed the new tariffs - but no others have followed. More: Trump says trade deal with China is 'done;' aides tout 'framework' deal In June, Trump announced the framework of a trade deal with China in which the U.S. would collect 55% tariffs on Chinese imports and China would collect 10% on U.S. imports. A month earlier, Trump and China agreed to slash triple-digit tariffs imposed on the other as the two parties continued talks. The Trump administration had previously pointed to Japan as another opportunity to secure a trade deal. But Trump on Tuesday said a U.S.-Japan deal is unlikely. "I doubt it with Japan - they're very tough. You have to understand, they're spoiled," Trump told reporters. Contributing: Reuters Reach Joey Garrison on X @joeygarrison.
