#economic-policy

#economic-policy

President Trump asserted that the United States will not go below 15% import taxes and is negotiating for fairer trade with the European Union.

Milei managed to fulfill one of his campaign promises: radically cut inflation, which had reached a record monthly rate of 25 percent in December 2023. Now at 1.6 percent, the monthly rate is among the lowest since April 2020.

Pressure is growing on Rachel Reeves to find new ways to boost the ailing economy after government borrowing reached the second-highest June figure since 1993 last month.

A tax on family SUVs is currently under consideration as part of various options being evaluated leading up to Budget 2026.

The Democrats' estrangement from the working class was decades in the making due to their embrace of trade and globalization, which led to factory closures and job losses.

The Budget is currently earmarked for €1.5 billion in tax cuts next year, but reducing VAT for the hospitality sector could consume €1 billion of that allocation.

In October's Budget, €1.5 billion is allocated for tax cuts next year, but a €1 billion reduction in VAT for hospitality will limit potential income tax cuts.

United States President Donald Trump said he has reached a trade deal with the Philippines, charging it 19 percent tariff rate for goods it exports to the US.

Ministers will indicate a more cautious approach in the upcoming Summer Economic Statement, reflecting concerns about the sustainability of the country’s economic model. The shift in budgetary strategy aims to focus on permanent spending rather than cyclical expenditures.

Ministers will signal greater caution in the Summer Economic Statement, highlighting the threats to the country’s economic model and the need for a shift in budgetary strategy towards sustainable infrastructure and services.

Ministers will signal a shift in budgetary strategy towards more permanent spending on infrastructure and services, indicating that the country's economic model is under threat.

An analysis from the Tax Policy Center shows the new law would reduce taxes for Americans by about $2,900 on average in 2026, with some 85% of households receiving a tax cut in 2026.

The G20 finance ministers have reached a consensus emphasizing the need for central banks to remain independent in response to months of criticism from President Trump. In their joint declaration, they identified crucial global economic challenges including trade disputes, supply chain disruptions, ongoing wars, and natural disasters. This marked the first joint statement since last October, reflecting a collective commitment to policies aimed at ensuring price stability. They reiterated that adjustments would be made based on data, highlighting the importance of central bank independence.

"From young people taking their first step into the world of work to parents and carers returning to the workforce, retail offers opportunities that meet the needs of people in all corners of the country. These increases in employment costs are putting those opportunities at risk."

The One Big Beautiful Bill Act signed by U.S. President Donald Trump is the most sweeping legislation in modern U.S. history, implementing huge tax cuts for the rich and massive cuts to the social safety net.

Peter Koerte, the chief technology officer and chief strategy officer at Siemens AG, points to research that shows that the average tenure of a U.S. manufacturing worker has slipped from 20 years in 2019 to just 3 years in 2023.

The year-on-year inflation in the UK rose to 3.6% in June, a reminder that the battle against inflation is far from over for many households.

"There's no question the latest inflation data will spark some jitters. But one slightly hotter-than-expected reading should not knock the Bank off course. A cut next month is still warranted - and, frankly, necessary."

The new tax break will be available even to people who don't itemize deductions, but there are some caveats that could limit its reach, including vehicle assembly location and loan issuance date.

"Childcare, as you know, has been seen as a personal problem for women and workers, but not an economic imperative. We knew we needed to get businesses to make the case..."

Millions of people across India are striking against new government labor and business policies. This includes significant disruptions across various sectors including banking and public transport.