The big, beautiful bill will be delivered to President Trump on time: Sen. Mike Rounds
All times eastern FOX News Radio Live Channel Coverage WATCH LIVE: Senate convenes over President Trump's 'Big, Beautiful Bill'
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Yahoo
6 minutes ago
- Yahoo
Most Asian stocks rise as investors eye US trade talks
Asian equities mostly rose Monday following a record-breaking day on Wall Street as investors kept tabs on countries' efforts to strike trade deals with the United States before a key deadline next week. And the dollar weakened on growing expectations for more interest rate cuts, while eyes were on Donald Trump's signature tax-cutting bill -- now inching towards a Senate vote -- that some experts warn could add trillions of dollars to the national debt. The S&P 500 and Nasdaq finished at all-time peaks Friday amid optimism governments will be able to avoid swingeing tariffs imposed by the US president in April and paused until July 9 to allow for negotiations. Officials from Japan and India have extended their stays in Washington to continue talks, raising hopes for agreements with two of the world's biggest economies. Hopes that the deadline could be extended were boosted Friday by Treasury Secretary Scott Bessent, who told Fox Business "we have countries approaching us with very good deals" but they might not all be finalised by next week. But he added: "If we can ink 10 or 12 of the important 18 -- there are another important 20 relationships -- then I think we could have trade wrapped up by Labor Day," which falls on September 1. Trump said at the weekend that he did not expect to extend the deadline, telling the "Sunday Morning Futures with Maria Bartiromo" show: "I don't think I'll need to". "I could, no big deal," he added in the interview that was taped Friday. Meanwhile, Canadian Finance Minister Francois-Philippe Champagne said Sunday that Ottawa would rescind taxes impacting US tech firms in hopes of reaching a trade agreement with Washington after Trump called off talks in retaliation for the levy. Negotiations would resume with the aim of getting a deal by July 21, Ottawa added. After Wall Street's record day, most of Asia followed suit. Tokyo extended its recent rally fuelled by tech firms, while there were also gains in Shanghai, Sydney, Seoul, Singapore, Manila and Jakarta. But Hong Kong, Wellington and Taipei fell. There was little major reaction to data showing the contraction in Chinese factory activity eased further in June after a China-US trade truce. The dollar extended losses against its peers as traders increased bets on at least two rate cuts this year following Trump's indication he could choose a successor to Federal Reserve boss Jerome Powell within months. "Markets... are already pricing not just two Fed cuts this year, but a full-blown easing cycle stretching deep into 2026," said SPI Asset Management's Stephen Innes. "Powell may still hold the gavel, but traders are betting the next Fed chair walks, talks, and cuts like a dove in MAGA red." Senators were also debating Trump's "One Big Beautiful Bill", which extends his expiring first-term tax cuts at a cost of $4.5 trillion and beefs up border security. The Republican president has ramped up pressure to get the package to his desk by July 4, and called out wavering lawmakers from his party. However, there are worries about the impact on the economy, with the nonpartisan Congressional Budget Office estimating the measure would add nearly $3.3 trillion to US deficits over a decade. - Key figures at around 0230 GMT - Tokyo - Nikkei 225: UP 1.6 percent at 40,809.82 (break) Hong Kong - Hang Seng Index: DOWN 0.4 percent at 24,183.73 Shanghai - Composite: UP 0.3 percent at 3,433.80 Euro/dollar: UP at $1.1724 from $1.1718 on Friday Pound/dollar: UP at $1.3723 from $1.3715 Dollar/yen: DOWN at 144.31 yen from 144.68 yen Euro/pound: UP at 85.45 pence from 85.43 pence West Texas Intermediate: DOWN 0.5 percent at $65.18 per barrel Brent North Sea Crude: DOWN 0.3 percent at $67.57 per barrel New York - Dow: UP 1.0 percent at 43,819.27 (close) London - FTSE 100: UP 0.7 percent at 8,798.91 (close) dan/sco Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10 minutes ago
- Yahoo
Canada rescinds tax on US tech firms in hopes of Trump trade deal
Canada will rescind taxes impacting US tech firms that had prompted President Donald Trump to retaliate by calling off trade talks, Ottawa said Sunday, adding that negotiations with Washington would resume. The digital services tax, enacted last year, would have seen US service providers such as Alphabet and Amazon on the hook for a multi-billion-dollar payment in Canada by Monday, analysts have said. Washington has previously requested dispute settlement talks over the tax -- but on Friday Trump, who has weaponized US financial power in the form of tariffs, said he was ending trade talks with Ottawa in retaliation for the levy. He also warned that Canada would learn its new tariff rate within the week. But on Sunday, Ottawa binned the tax, which had been forecast to bring in Can$5.9 billion (US$4.2 billion) over five years. Finance Minister Francois-Philippe Champagne "announced today that Canada would rescind the Digital Services Tax (DST) in anticipation of a mutually beneficial comprehensive trade arrangement with the United States," a government statement said. It added that Trump and Canadian Prime Minister Mark Carney "have agreed that parties will resume negotiations with a view towards agreeing on a deal by July 21, 2025." There was no immediate comment from the White House or Trump. US Treasury Secretary Scott Bessent told CNBC on Friday that Washington had hoped Carney's government would halt the tax "as a sign of goodwill." Canada has been spared some of the sweeping duties Trump has imposed on other countries, but it faces a separate tariff regime. Since returning to the White House in January, Trump has also imposed steep levies on imports of steel, aluminum and autos. Canada is the largest supplier of foreign steel and aluminum to the United States. Last week, Carney said Ottawa will adjust its 25 percent counter tariffs on US steel and aluminum -- in response to a doubling of US levies on the metals to 50 percent -- if a bilateral trade deal was not reached in 30 days. "We will continue to conduct these complex negotiations in the best interest of Canadians," Carney said Friday. He had previously said a good outcome in the talks would be to "stabilize the trading relationship with the United States" and "ready access to US markets for Canadian companies" while "not having our hands tied in terms of our dealings with the rest of the world." Carney and Trump met on the sidelines of the Group of Seven summit in Canada earlier this month. Leaders at the summit pushed Trump to back away from his punishing trade war. Dozens of countries face a July 9 deadline for steeper US duties to kick in -- rising from a current 10 percent. It remains to be seen if they will successfully reach agreements before the deadline. Bessent has said Washington could wrap up its agenda for trade deals by September, indicating more agreements could be concluded, although talks were likely to extend past July. bur-st/dan Sign in to access your portfolio
The Hill
15 minutes ago
- The Hill
House could vote on ‘big, beautiful bill' by Wednesday morning, Emmer announces
The House could vote on the GOP's 'big, beautiful bill' as early as Wednesday morning, House Majority Whip Tom Emmer's (R-Minn.) office announced Sunday, officially notifying members that they will have to return to Washington, D.C., to vote on the megabill. The beacon came as Senate Republicans were racing to pass the sprawling tax cuts and spending package, with GOP leaders hoping to send President Trump the measure by their self-imposed July 4 deadline. Once the Senate approves the bill, the House has to give it a final stamp of approval. 'Members are advised that votes are now expected in the House as early as 9:00 a.m. Wednesday, July 2. Please stay tuned to future updates for additional information regarding this week's schedule. This is a change from the previously announced schedule,' the whip's office wrote in a notice Sunday night. The House was scheduled to be on recess this week for July 4. If the Senate clears the legislation and sends it across the Capitol, the measure will first head to the House Rules Committee, where the panel will hold a vote to set parameters for debate. Then, the entire chamber will have to adopt a procedural rule for the legislation — which could happen as early as Wednesday morning — followed by general debate and a final passage vote. It remains unclear when the House will get its hands on the package. The Senate is scheduled to begin what is known as a vote-a-rama Monday morning at 9 a.m., giving senators in both parties an opportunity to introduce and vote on an unlimited number of amendments to the package. It remains unclear when the process will wrap up. Afterward, the chamber will hold a final passage vote. It is not yet certain that the legislation will have enough support to clear the upper chamber. Moderate Republicans have raised concerns about cuts to Medicaid, and conservatives have gripes about the level of spending cuts, prompting uncertainty about the measure's odds in the Senate. The bill, however, could change during the vote-a-rama process to shore up support. Senate Republicans can only lose three members and still clear the package, assuming full attendance and united Democratic opposition. The dynamics are similar in the House, where at least six moderate Republicans have said they will not support the bill in its current form, The Hill has learned, because of Medicaid language and the rollback of green-energy tax credits, among other provisions. Rep. Thomas Massie (R-Ky.), one of the two Republicans to vote against the House version of the bill last month, is also expected to vote against the bill, bringing the current number of opponents to seven. House Republicans can also only lose three of their own members and still pass the bill if there is full attendance and all Democrats vote 'no.'
