US President Donald Trump boasted of a “phenomenal victory” to cheering supporters at a rally in Iowa on Thursday after Congress narrowly passed his signature tax and spending bill, cementing his radical second-term agenda.The jubilant president kicked off America’s year-long 250th birthday celebrations with a victory lap hailing the unpopular bill, which has caused deep concern within his own Republican Party — as well as, polls show, among many Americans.Many fear that it will balloon the national debt, gut health and welfare support as well as clean energy, and supercharge Trump’s migrant crackdown.”There could be no better birthday present for America than the phenomenal victory we achieved just hours ago,” Trump told supporters in the state capital, Des Moines. “Very simply, the one, big beautiful bill would deliver the strongest border on Earth, the strongest economy on Earth, the strongest military on Earth, and ensure the United States of America will remain the strongest country anywhere on this beautiful planet of ours.”The bill squeezed past a final vote earlier Thursday, 218-214, after a small group of Republican opponents in the House of Representatives finally fell in line, corralled by Speaker Mike Johnson.Trump said he would sign the bill into law on Friday, American Independence Day, adding that pilots who had carried out US strikes on Iran two weeks earlier would be in attendance. – Mass deportations, tax breaks -The legislation is the latest in a series of big wins for Trump, including a Supreme Court ruling last week that curbed lone federal judges from blocking his policies, and US air strikes that led to a ceasefire between Israel and Iran.His sprawling mega-bill narrowly passed the Senate on Tuesday and had to return to the lower chamber for its approval of the senators’ revisions.The package honors many of Trump’s campaign promises: boosting military spending, funding a mass migrant deportation drive and committing $4.5 trillion to extend his first-term tax relief.”Everything was an absolute disaster under the Biden-Harris radical regime, and we took the best effort that we could, in one big, beautiful bill, to fix as much of it as we could,” Johnson said.”And I am so grateful that we got that done.”But it is expected to pile an extra $3.4 trillion over a decade onto the country’s fast-growing deficits, while shrinking the federal food assistance program and forcing through the largest cuts to the Medicaid health insurance scheme for low-income Americans since its 1960s launch.Some estimates put the total number of recipients set to lose their insurance coverage under the bill at 17 million. Scores of rural hospitals are expected to close.While Republican moderates in the House fear the cuts will damage their prospects of reelection next year, fiscal hawks chafed over savings that they say fall far short of what was promised.Johnson had to negotiate tight margins, and could only lose a handful of lawmakers in the final vote, among more than two dozen who had earlier declared themselves open to rejecting the 869-page text.Trump spent weeks hitting the phones and hosting White House meetings to cajole lawmakers torn between angering welfare recipients at home and incurring the president’s wrath.Democrats hope public opposition to the bill will help them flip the House in the 2026 midterm election, pointing to data showing that it represents a huge redistribution of wealth from the poorest Americans to the richest.”This bill, this one big, ugly bill — this reckless Republican budget, this disgusting abomination — is not about improving the quality of life of the American people,” House Minority Leader Hakeem Jeffries said.  After the bill was passed, Trump’s predecessor, Joe Biden, said it was “not only reckless — it’s cruel.”Extra spending on the military and border security will be paid in part through ending clean energy and electric vehicle subsidies — a factor triggering a bitter public feud between Trump and former key advisor Elon Musk.

With sweeping tariffs on friend and foe, US President Donald Trump has roiled financial markets and sparked a surge in economic uncertainty — and tensions are mounting days before a fresh volley of higher duties are due to kick in.Here is a rundown of what Trump has implemented in his second presidency, with levies on dozens of economies set to bounce from 10 percent to a range between 11 percent and 50 percent on Wednesday.- Global tariffs -While Trump imposed a 10 percent tariff on most US trading partners in April, the rate is set to rise for dozens of economies including the European Union and Japan come Wednesday.To avoid higher levies, countries have been rushing to strike deals with Washington.So far, the UK and Vietnam have struck pacts with the United States, while China has managed to temporarily lower tit-for-tat duties.There are notable exceptions to the duty.Immediate US neighbors Canada and Mexico, which were separately targeted over illegal immigration and fentanyl, are not affected by the 10 percent global tariff.Also off the hook are copper, pharmaceuticals, semiconductors and lumber — although these are sectors that Trump is mulling levies on. Gold and silver, as well as energy commodities, are excluded too.- China focus -China has borne the brunt of Trump’s levies. The world’s two biggest economies engaged in an escalating tariffs war this year before a temporary pullback.Both sides imposed triple-digit tariffs on each other’s goods at one point, a level effectively described as a trade embargo.After high level talks, Washington agreed to lower its levies on Chinese goods to 30 percent and Beijing slashed its own to 10 percent.The US level is higher as it includes a 20 percent tariff imposed over China’s alleged role in the global fentanyl trade.- Autos, metals -Trump has also targeted individual business sectors in his second term.In March, he imposed a 25 percent levy on steel and aluminum imports and last month doubled them to 50 percent.He has also rolled out a 25 percent tariff on imported autos, although those imported under the US-Mexico-Canada Agreement (USMCA) can qualify for a lower levy.Trump’s auto tariffs impact vehicle parts too, while the president has issued rules to ensure automakers paying vehicle tariffs will not also be charged for certain other duties.- Canada, Mexico -Canadian and Mexican products were initially hard hit by 25 percent US tariffs, with a lower rate for Canadian energy.Trump targeted both neighbors saying they did not do enough on illegal immigration and the flow of illicit drugs across borders.But he eventually announced exemptions for goods entering his country under the USMCA, covering large swaths of products. Potash, used as fertilizer, got a lower rate as well.- Other threats -Beyond expansive tariffs on Chinese products, Trump ordered the closure of a duty-free exemption for low-value parcels from the country. This adds to the cost of importing items like clothing and small electronics.Trump has also opened the door for 25 percent tariffs on goods from countries importing Venezuelan oil. He has threatened similar “secondary tariffs” involving Russian oil.And he has ordered investigations into imports of copper, lumber, semiconductors, pharmaceuticals and critical minerals that could eventually bring new duties.- Legal challenges -Trump’s sweeping tariffs on countries have faced legal challenges. The US Court of International Trade ruled in May that Trump had overstepped his authority with across-the-board global levies.It blocked many of the duties from going into effect, prompting the Trump administration’s challenge, and a US federal appeals court has since allowed the duties to remain while it considers the case.

As a Wednesday deadline approaches for steeper US tariffs to hit dozens of economies ranging from the EU to India, trade negotiations with President Donald Trump’s administration are coming down to the wire.The levies taking effect July 9 were announced in April, with the White House citing a lack of “reciprocity” in trade relations. But they were swiftly halted, allowing room for talks.Days before their reimposition, where do things stand?- EU: ‘Ready’ for deal -The European Union said it is “ready for a deal” with Washington, with the bloc’s trade chief meeting his US counterparts Thursday.European Commission president Ursula von der Leyen said the EU was targeting an “agreement in principle” when it came to the July 9 cutoff.With no deal, the US tariff on EU goods doubles from the “baseline” of 10 percent to 20 percent — with Trump previously threatening a 50 percent level.- Vietnam: A pact with uncertainties -Washington and Hanoi unveiled a trade pact Wednesday with much fanfare and few details, but it allowed Vietnam to avoid Trump’s initial 46 percent tariff.Under the agreement, Vietnamese goods face a minimum 20 percent tariff while products made elsewhere face a 40 percent levy — a clause to restrict “transshipping” by Chinese groups.But there remain questions on how the higher levy would apply to products using foreign parts.There is also a risk that Beijing will adopt retaliatory measures, analysts warned.- Japan: Rice, autos at stake -Despite being a close US ally and major source of foreign investment, Japan might not escape Trump’s tariff hike.Tokyo’s trade envoy Ryosei Akazawa has made numerous trips to Washington through the end of June.But Trump recently criticized what he described as Japan’s reluctance to open up further to US rice and auto exports.”I’m not sure we’re going to make a deal,” Trump said, adding that the country could pay a tariff of “30 percent, 35 percent, or whatever the number is that we determine.”- India: A good position -Indian manufacturers and exporters want to believe they can avoid a 26 percent tariff.Negotiations between both countries have been going well for weeks, and Trump himself suggested at the end of June that a “very big” agreement was imminent.Ajay Sahai, director general of the Federation of Indian Export Organisations, said the feedback he received “suggests positive developments.” But he maintained that the situation was fluid. Finance Minister Nirmala Sitharaman has stressed that agriculture and dairy products remain “very big red lines.”- South Korea: Muted optimism -Seoul, which is already reeling from US tariffs on steel and autos, wants to avert a sweeping 25 percent levy on its other exports.Cooperation in shipbuilding could be a bargaining chip, but “at this stage, both sides still haven’t clearly defined what exactly they want,” said new President Lee Jae Myung on Thursday.”I can’t say with confidence that we’ll be able to wrap everything up by July 8,” he added.- Indonesia, Thailand, Taiwan in the wings -Other Asian economies including Indonesia, Thailand and Cambodia, which faces a 49 percent tariff, wait with bated breath.Indonesia has indicated willingness to boost energy, agriculture and merchandise imports from the United States. Bangladesh meanwhile is proposing to buy Boeing planes and step up imports of US agriculture products.Taiwan, for whom Washington is a vital security partner, faces a 32 percent duty without a pact.Although both sides have faced bumps along the way, Taiwanese Vice President Hsiao Bi-khim said “negotiators from both sides are working diligently” to find a path forward.- Switzerland: Hope for delay -Switzerland’s government said Washington has acknowledged it was acting in good faith, and assumes its tariff level will remain at 10 percent on July 9 while negotiations continue.But without a decision by the president as of the end of June, Switzerland did not rule out that levies could still rise to a promised 31 percent.burs-jug-bys/jgc