Latest news with #USTreasury
Fibre2Fashion
2 hours ago
- Business
- Fibre2Fashion
OECD Pillar 2 taxes not to apply to US firms: Scott Bessent
US Treasury Secretary Scott Bessent recently indicated about a forthcoming deal among G7 nations allowing US firms to be excluded from certain taxes imposed by other nations. Around 140 nations had concluded an agreement in 2021 to tax multinational companies under the auspices of the Organisation for Economic Cooperation and Development (OECD). This deal has two pillars, the second of which sets a minimum global tax rate of 15 per cent. "After months of productive dialogue with other countries on the OECD Global Tax Deal, we will announce a joint understanding among G7 countries that defends American interests," he said in a series of posts on microblogging platform X. US Treasury Secretary Scott Bessent has indicated about a forthcoming deal among G7 nations allowing US firms to be excluded from certain taxes imposed by other nations. "After months of productive dialogue….on the OECD Global Tax Deal, we will announce a joint understanding among G7 countries that defends American interests," he said on X. "OECD Pillar 2 taxes will not apply to US companies." "OECD Pillar 2 taxes will not apply to US companies," he wrote, adding that officials will work to implement the agreement across the OECD-G20 Inclusive Framework in the coming months. "Based on this progress and understanding, I have asked the Senate and House to remove the Section 899 protective measure from consideration in the One, Big, Beautiful Bill," Bessent added, referring to a bill currently before US lawmakers that would slash social programme spending for tax cuts. Section 899 will allow the US government to impose levies on companies with foreign owners and on investors from countries perceived to impose unfair taxes on US businesses. Fibre2Fashion News Desk (DS)
Hindustan Times
4 hours ago
- Politics
- Hindustan Times
Large barricades erected around White House and Treasury? Video sparks speculation
A video circulating on social media shows construction crews erecting large anti-scale barricades around the White House and the US Treasury building. This has prompted widespread speculation about the reason behind the sudden security measures. A video showing construction crews erecting barricades around the White House has surfaced. (REUTERS) While some users suggested the barricades could be related to preparations for upcoming July 4 celebrations, others speculated they might be tied to potential protests or political developments. One person commented, 'I believe they're getting ready for the new Kings protest on July 3 or fourth.' Another user added, 'Yeah... when they break out the anti-scale fencing at night, it's never because they're prepping for a bake sale. That's usually code for: Some kind of announcement is coming, possibly with serious public blowback. A trial verdict, indictment, or legal action.' A third person commented, '4th of July protests, planned in DC, likely to be a riot. Don't leave your bricks out.' Another user wrote, 'I never saw the White House barricaded for the 4th of July parade or celebration in the 3 years I was stationed there from 2021-2024. Very odd.' Another commented, 'I do recall seeing a post somewhere talking about a No Kings 2.0 Day on July 4th. This is likely in response to that among many similar things.' Adding to the speculation, AI chatbot Grok responded to a user by citing a planned protest: 'There is a planned 'National March on Washington' protest against U.S. military action in Iran on June 28, 2025, likely prompting the barricades around the White House and Treasury. The event, organized by the ANSWER Coalition, is expected to draw large crowds. No official statements confirm this, but the timing and anti-scale barriers suggest crowd control for this protest. Other possibilities, like unannounced events or routine security, lack evidence.' Also Read: Is White House on fire today? Debunking viral post At this time, the video remains unverified, and Hindustan Times has not independently confirmed its authenticity. The White House has not issued a statement in response to the footage.
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First Post
4 hours ago
- Business
- First Post
‘We can do whatever we want': Trump signals flexibility on July 9 deadline for reciprocal tariffs
Trump introduced his controversial reciprocal tariff regime on nearly all imports in April; however, the move was soon followed by a 90-day grace period read more US President Donald Trump Friday (June 27) said the July 9 deadline for reinstating his reciprocal tariff regime was flexible, arguing he could do 'whatever' he wanted. 'We can do whatever we want. We could extend it. We could make it shorter. I'd like to make it shorter. I'd like to just send letters out to everybody: Congratulations, you're paying 25 per cent,' he told reporters at the White House. The Trump administration seems to have ramped up efforts to close trade deals following a period of greater focus on security in West Asia and intense debate over a major tax and spending package in Congress. STORY CONTINUES BELOW THIS AD Earlier this week, the US submitted a fresh proposal to the European Union. On Friday, the US leader said he was cutting off trade talks with Canada 'immediately' in response to a proposal to impose a tax on American big tech companies. 'We are hereby terminating ALL discussions on Trade with Canada, effective immediately,' he wrote on social media. 'We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period.' India has also dispatched a team to Washington to continue trade discussions after it was reported that trade talks have stalled following serious disagreements. 'Strong interest by countries' US Treasury Secretary Scott Bessent hinted at potential extension of the deadline, hoping that the agreements would be reached by Labor Day (September 1). 'We're seeing strong interest from countries offering solid deals,' Bessent said in an interview. 'We've got 18 key trading partners. If we can finalise agreements with 10 or 12 of them, and we're already engaging with another 20 significant economies, we could have trade wrapped up by Labor Day,' Bessent said. White House Press Secretary on Thursday first signalled that the administration was open to shifting the July 8-9 deadline, calling the dates 'not critical'. 'If countries don't come to the table, the president has the option to simply present them with a deal,' Leavitt said. Trump introduced his controversial reciprocal tariff regime on nearly all imports in April; however, the move was soon followed by a 90-day grace period. STORY CONTINUES BELOW THIS AD
Bangkok Post
5 hours ago
- Business
- Bangkok Post
Trump says July 9 trade deal date is not fixed date
WASHINGTON - US President Donald Trump said his July 9 trade deadline was not a fixed date, telling reporters at the White House that it could be sooner or later than that date, when wider US tariffs are set to be re-imposed if deals are not reached. "We can do whatever we want. We could extend it. We could make it shorter. I'd like to make it shorter. I'd like to just send letters out to everybody: Congratulations, you're paying 25%," he told reporters at the White House. US Treasury Secretary Scott Bessent earlier said trade deals could be done by Labor Day.
Mint
5 hours ago
- Business
- Mint
US stock market ends higher; S&P 500, Nasdaq hit record close on trade deal, US Fed rate cut hopes
US stock market ended higher on Friday, with the S&P 500 and Nasdaq recording their all-time closing highs, lifted by hopes of a US-China trade deal and US Federal Reserve interest rate cuts after soft economic data. The Dow Jones Industrial Average rallied 432.43 points, or 1.00%, to 43,819.27, while the S&P 500 rose 32.05 points, or 0.52%, to 6,173.07. The Nasdaq Composite closed 105.55 points, or 0.52%, higher at 20,273.46. All three major US stock indexes posted weekly gains. Among the 11 major sectors of the S&P 500, consumer discretionary was the top gainer, while energy shares were the laggards. Upon reaching its record closing high, the tech-heavy Nasdaq confirmed it entered a bull market when it touched its post 'liberation day' trough on April 8, Reuters reported. The blue-chip Dow remained 2.7% below its record closing high reached on December 4. US stock market gained as investors risk-appetite improved after Washington and Beijing reached an agreement to expedite rare-earth shipments from China to the US, a White House official said, well ahead of the July 9 expiration of the 90-day postponement of US President Donald Trump's 'reciprocal' tariffs, Reuters reported. Additionally, US Treasury Secretary Scott Bessent said the administration's trade deals with 18 of the main US trading partners could be done by the September 1 Labor Day holiday. On the NYSE, there were 347 new highs and 55 new lows. On the Nasdaq, 2,111 stocks rose and 2,342 fell as declining issues outnumbered advancers by a 1.11-to-1 ratio. Nvidia share price gained 1.8%, edging closer to $4 trillion market capitalization, while Amazon shares rallied 2.85%. Micron Technology shears eased 0.98%, while Tesla stock price dropped 1.43%. Nike shares jumped 15.2% after forecasting a smaller-than-expected drop in first-quarter revenue. US consumer spending unexpectedly fell in May. Consumer spending, which accounts for more than two-thirds of economic activity, dropped 0.1% last month after an unrevised 0.2% gain in April. That was the second decline in consumer spending this year. Economists polled by Reuters had forecast consumer spending would edge up 0.1%. A separate report from the University of Michigan confirmed consumer sentiment has improved this month, but remains well below December's post-election bounce. Financial markets have priced in a 76% likelihood that the Fed will implement its first rate cut of the year in September, with a smaller, 19% probability of a rate cut coming as soon as July, according to CME's FedWatch tool. (With inputs from Reuters) Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
