Trump's tax, spending cuts ‘big beautiful bill' clears key U.S. Senate vote as Republicans race to pass it by July 4
The tally, 51-49, came after a tumultuous session with Vice President J.D. Vance on hand if needed to break the tie.
Tense scenes played out in the chamber as voting came to a standstill, dragging for hours as holdout senators huddled for negotiations. In the end, two Republicans opposed the motion to proceed to debate, joining all Democrats.
It's still a long weekend of work to come.
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NDTV
18 minutes ago
- NDTV
Trump's "Big, Beautiful Bill" Awaits Final Vote: How It Will Impact Indians
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Business Standard
an hour ago
- Business Standard
Rupee rises on trade deal hopes; settles 38 paise stronger at 85.32/$
The Indian rupee extended its gains through the day on Thursday, amid optimism over signing trade deals with the US, along with a decline in crude oil prices. The domestic currency closed 38 paise higher at 85.32 against the dollar on Thursday, according to Bloomberg. Asian currencies traded mixed during the session as caution loomed over the US reciprocal tariff deadline. The unit has depreciated by around 0.21 per cent in June and has fallen by 0.18 per cent in the first six months of the calendar year. The US and Vietnam signed a trade deal that'll levy a 20 per cent tariff on exports to America and a 40 per cent levy on goods deemed to be transshipped, US President Donald Trump said. Vietnam agreed to drop all tariffs on US imports, he said. On Wednesday, Trump said that the US and India will soon finalise a trade deal with 'much lower tariffs,' which would enable fairer competition between the two countries. The dollar index traded marginally higher after the US-Vietnam trade deal. The measure of the greenback against a basket of six major currencies was up 0.06 per cent at 96.83. The index has fallen 10.86 per cent so far this year. In commodities, crude oil fell after Wednesday's uptick as Iran suspended cooperation with the UN nuclear watchdog. Brent crude price was down 1.01 per cent at $68.41 per barrel, while WTI crude prices were lower by 1.05 per cent at 66.74, as of 3:35 PM IST.
Mint
an hour ago
- Mint
Inflows boost rupee to one-month high; trade deal optimism aids sentiment
MUMBAI, July 3 (Reuters) - The Indian rupee touched its strongest level in a month on Thursday, lifted by dollar sales from foreign banks and cutting of bearish bets on the local currency, while optimism surrounding a U.S.-India trade deal also aided sentiment. The rupee rose to a peak of 85.20, its best level since late May, before ending the session at 85.31, up 0.4% on the day. Dollar sales from foreign banks in the latter half of Thursday's session boosted the rupee, with the rise above 85.40 also triggering stop-losses on some wagers against the currency, traders said. Asian currencies mostly rose, while the dollar index remained steady ahead of a key U.S. labour market report. Most stock indices in Asia also gained on Thursday, after U.S.-Vietnam trade discussions raised the possibility of breakthroughs for other countries in the region ahead of the July 9 tariff deadline. India's benchmark equity indexes though closed marginally lower. U.S. and India trade negotiators were pushing on Wednesday to try to land a tariff-reducing deal ahead of President Donald Trump's July 9 negotiating deadline, per sources familiar with the talks. "Given the U.S.-Vietnam trade deal and the looming July 9 deadline for the reciprocal tariff pause, markets are also alert to similar trade announcements with India and the European Union," DBS said in a Thursday note. Traders reckon a trade deal with India could push the rupee above 85, but further gains would depend on foreign inflows and if the central bank steps in shore up its FX reserves via dollar purchases. On the day, investors will also keep an eye on the U.S. non-farm payrolls report for cues on the future path of the Federal Reserve policy rates. Economists polled by Reuters expect that the U.S. economy added 110,000 jobs in June, while the unemployment rate ticked up to 4.3%. (Reporting by Jaspreet Kalra; Editing by Vijay Kishore)
