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In July 4 ceremony, Trump signs tax and spending bill into law

In July 4 ceremony, Trump signs tax and spending bill into law

The Sun2 days ago
WASHINGTON: U.S. President Donald Trump signed into law a massive package of tax and spending cuts at the White House on Friday, staging an outdoor ceremony on the Fourth of July holiday that took on the air of a Trump political rally.
With military jets flying overhead and hundreds of supporters in attendance, Trump signed the bill one day after the Republican-controlled House of Representatives narrowly approved the signature legislation of the president's second term.
The bill, which will fund Trump's immigration crackdown, make his 2017 tax cuts permanent, and is expected to knock millions of Americans off health insurance, was passed with a 218-214 vote after an emotional debate on the House floor.
'I've never seen people so happy in our country because of that, because so many different groups of people are being taken care of: the military, civilians of all types, jobs of all types,' Trump said at the ceremony, thanking House Speaker Mike Johnson and Senate Majority Leader John Thune for leading the bill through the two houses of Congress.
'So you have the biggest tax cut, the biggest spending cut, the largest border security investment in American history,' Trump said.
Trump scheduled the ceremony on the South Lawn of the White House for the July 4 Independence Day holiday, replete with a flyover by stealth bombers and fighter jets like those that took part in the recent U.S. strikes on nuclear facilities in Iran. Hundreds of Trump supporters attended, including White House aides, members of Congress, and military families.
After a speech that included boastful claims about the ascendance of America on his watch, Trump signed the bill, posed for pictures with Republican congressional leaders and members of his cabinet, and waded through the crowd of happy supporters.
The bill's passage amounts to a big win for Trump and his Republican allies, who have argued it will boost economic growth, while largely dismissing a nonpartisan analysis predicting it will add more than $3 trillion to the nation's $36.2 trillion debt.
While some lawmakers in Trump's party expressed concerns over the bill's price tag and its hit to healthcare programs, in the end just two of the House's 220 Republicans voted against it, joining all 212 Democrats in opposition.
The tense standoff over the bill included a record-long floor speech by House Democratic Leader Hakeem Jeffries, who spoke for eight hours and 46 minutes, blasting the bill as a giveaway to the wealthy that would strip low-income Americans of federally-backed health insurance and food aid benefits.
Democratic National Committee Chair Ken Martin predicted the law would cost Republicans votes in congressional elections in 2026.
'Today, Donald Trump sealed the fate of the Republican Party, cementing them as the party for billionaires and special interests - not working families,' Martin said in a statement. 'This legislation will hang around the necks of the GOP for years to come. This was a full betrayal of the American people. Today, we are putting Republicans on notice: you will lose your majority.' (Reporting by Trevor Hunnicutt and Timothy Gardner in Washington and Andrea Shalal in Bridgewater, New Jersey; Writing by Daniel Trotta and Nathan Layne; Editing by Chizu Nomiyama and Rosalba O'Brien)
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Trump threatens extra 10% tariffs on BRICS as leaders meet in Brazil
Trump threatens extra 10% tariffs on BRICS as leaders meet in Brazil

The Sun

time15 minutes ago

  • The Sun

Trump threatens extra 10% tariffs on BRICS as leaders meet in Brazil

RIO DE JANEIRO: President Donald Trump said the U.S. will impose an additional 10% tariff on any countries aligning themselves with the 'Anti-American policies' of the BRICS group of developing nations, whose leaders kicked off a major summit in Brazil on Sunday. With forums such as the G7 and G20 groups of major economies hamstrung by divisions and the disruptive 'America First' approach of the U.S. president, BRICS is presenting itself as a haven for multilateral diplomacy amid violent conflicts and trade wars. In opening remarks to the BRICS summit in Rio de Janeiro, Brazil's President Luiz Inacio Lula da Silva drew a parallel with the Cold War's Non-Aligned Movement, a group of developing nations that resisted joining either side of a polarized global order. 'BRICS is the heir to the Non-Aligned Movement,' Lula told leaders. 'With multilateralism under attack, our autonomy is in check once again.' In a joint statement released on Sunday afternoon, the group warned the rise in tariffs threatens global trade, continuing the group's veiled criticism of Trump's U.S. tariff policies. Hours later, Trump warned he would punish countries seeking to join with the grouping. 'Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!' Trump said in a post on Truth Social. Trump did not clarify or expand on the 'Anti-American policies' reference in his post. Trump's administration is seeking to finalize dozens of trade deals with a wide range of countries before his July 9 deadline for the imposition of significant 'retaliatory tariffs'. BRICS nations now represent more than half the world's population and 40% of its economic output, Lula noted in remarks on Saturday to business leaders, warning of rising protectionism. The original BRICS group gathered leaders from Brazil, Russia, India and China at its first summit in 2009. The bloc later added South Africa and last year included Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates as members. This is the first summit of leaders to include Indonesia. More than 30 nations have expressed interest in participating in the BRICS, either as full members or partners. GROWING CLOUT, COMPLEXITY Expansion of the BRICS has added diplomatic weight to the gathering, which aspires to speak for developing nations across the Global South, strengthening calls for reforming global institutions such as the United Nations Security Council and the International Monetary Fund. 'If international governance does not reflect the new multipolar reality of the 21st century, it is up to BRICS to help bring it up to date,' Lula said in his remarks, which highlighted the failure of U.S.-led wars in the Middle East. Urging the BRICS to take the lead on reforms, Lula reflected on the G20 summit hosted in the same locale last November: 'In a short period of time, the international scene has deteriorated to the point that some of the initiatives we approved then would no longer be possible now.' Stealing some thunder from this year's summit, Chinese President Xi Jinping chose to send his premier in his place. Russian President Vladimir Putin is attending online due to an arrest warrant from the International Criminal Court. Still, several heads of state were gathered for discussions at Rio's Museum of Modern Art on Sunday and Monday, including Indian Prime Minister Narendra Modi and South African President Cyril Ramaphosa. However, there are questions about the shared goals of an increasingly heterogeneous BRICS group, which has grown to include regional rivals along with major emerging economies. In the joint statement, the leaders called attacks against Iran's 'civilian infrastructure and peaceful nuclear facilities' a 'violation of international law.' The group expressed 'grave concern' for the Palestinian people over Israeli attacks on Gaza, and condemned what the joint statement called a 'terrorist attack' in India-administered Kashmir. The group voiced its support for Ethiopia and Iran to join the World Trade Organization, while calling to urgently restore its ability to resolve trade disputes. The leaders' joint statement backed plans to pilot a BRICS Multilateral Guarantees initiative within the group's New Development Bank to lower financing costs and boost investment in member states, as first reported by Reuters last week. In a separate statement following a discussion of artificial intelligence, the leaders called for protections against unauthorized use of AI to avoid excessive data collection and allow mechanisms for fair payment. Brazil, which also hosts the United Nations climate summit in November, has seized on both gatherings to highlight how seriously developing nations are tackling climate change, while Trump has slammed the brakes on U.S. climate initiatives. China and the UAE signaled in meetings with Brazilian Finance Minister Fernando Haddad in Rio that they plan to invest in a proposed Tropical Forests Forever Facility, according to two sources with knowledge of the discussions about funding conservation of endangered forests around the world.

Trump to send first tariff letters on Monday
Trump to send first tariff letters on Monday

New Straits Times

timean hour ago

  • New Straits Times

Trump to send first tariff letters on Monday

WASHINGTON: US President Donald Trump announced he would send the first tariff letters to various countries on Monday, days before his deadline for trading partners to reach a deal expires. Trump said on Sunday that he will send a first batch of up to 15 letters, warning that US levies on imports will snap back to the high levels he set in April if countries fail to make agreements. But Treasury Secretary Scott Bessent said that the tariffs would not "boomerang" back until Aug 1 – giving some extra breathing space for dealmaking on a subject that has injected uncertainty into global markets. "I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th," Trump said on his Truth Social network. In a later post, he threatened a further 10 per cent tariff on countries aligning themselves with the emerging BRICS nations, accusing them of "anti-Americanism" after they slammed his tariffs at a summit on Sunday. Trump had announced sweeping tariffs on April 2 – which he called "Liberation Day" – imposing a 10 per cent duty on imports from almost all trading partners. Some countries, including some within the European Union, were slated to have far higher rates as well. As markets plunged Trump paused the tariffs for 90 days to allow for talks – a deadline which expires on Wednesday. But so far there have been limited results, with Washington unveiling deals only with Britain and Vietnam, while agreeing with China to temporarily lower staggeringly high levies on each other's products. Trump told reporters as he boarded Air Force One on Sunday that it "could be 12, could be 15" letters that he would send on Monday. "I think we'll have most countries done by July 9, either a letter or a deal," Trump said, adding that some deals had been made already. Standing at his side, US Commerce Secretary Howard Lutnick confirmed tariffs would kick in on Aug 1 but denied that it was a way of delaying the deadline. "The President is setting the rates and the deals right now." Bessent also denied that Trump was setting a new deadline with the Aug 1 date. "It's not a new deadline. We are saying, this is when it's happening. If you want to speed things up, have at it. If you want to go back to the old rate, that's your choice," he said. Bessent added that the playbook was to apply "maximum pressure" and cited the European Union as an example, saying they are "making very good progress" after a slow start. Earlier he hinted at "several big announcements" on deals in the coming days but would not say with which countries. EU and US negotiators are holding talks over the weekend, and France's finance minister said Saturday he hoped they could strike a deal as well. Other countries were still expressing unease, however. Japan's Prime Minister Shigeru Ishiba said Sunday he "won't easily compromise" in trade talks with Washington. BRICS leaders of fast-growing economies meeting in Rio de Janeiro raised "serious concerns" that the "indiscriminate" import tariffs were illegal and risked hurting global trade. Trump lashed out at the group – which comprises 11 nations including Brazil, Russia, India and China – in response. "Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy," Trump wrote. bur-dk/dhc

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