Trump Duties to Decimate China Profits, Bloomberg Economics Says
Most of China's industries can't survive President Donald Trump's tariffs at current levels, according to a new analysis by Bloomberg Economics.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hamilton Spectator
a few seconds ago
- Hamilton Spectator
Bank of Canada leaves key interest rate at 2.75 per cent
The Bank of Canada is leaving its key overnight lending rate at 2.75 per cent. That's just what a consensus of economists surveyed by Bloomberg expected the bank would do. The rate has been left alone since March 12. The bank also released its monetary policy report, a quarterly look at the Canadian and global economy. Economists are widely expecting the Bank of Canada to keep its benchmark interest rate on hold this week — though not all agree with that call. (July 28, 2025) The bank has left its key rate alone now for four straight meetings, after cutting it seven times in a row from its five per cent peak. The bank began cutting last June amid concern over a sputtering Canadian economy. That concern grew amidst a trade war sparked by tariffs levied by U.S. President Donald Trump. More to come ...
Bloomberg
a minute ago
- Bloomberg
Indian Stock Futures, Offshore Rupee Slide on 25% Trump Tariff
Indian stock futures slid and the rupee dropped offshore on Wednesday after US President Donald Trump said he would impose a tariff rate of 25% along with an additional penalty on imports from the world's fastest growing major economy. While the announcement came after Indian markets had closed, NSE Nifty 50 future contracts traded at GIFT City fell as much as 0.5%, erasing earlier gains of 0.4%. The dollar/rupee one-month forward was up 0.9% to 88, pushing the pair to its highest since February, according to data compiled by Bloomberg. The iShares MSCI India stocks ETF, which trades in the US, was down over 1%.
Newsweek
a minute ago
- Newsweek
Map Shows States Where IRS Tax Returns Could Change for 2026
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Options for filing tax returns are likely to change in 2026 for taxpayers in 25 states. IRS Commissioner Billy Long, whom President Donald Trump appointed to head the federal tax agency last month, appeared to confirm that Direct File—which offers free tax filing directly with the IRS—won't be an option for the next filing season. On Monday, at the National Association of Enrolled Agents' tax summit, he said: "You've heard of Direct File. That's gone. Big beautiful Billy wiped that out." Under the One Big Beautiful Bill Act, passed by Congress and signed by the president earlier this month, the Treasury has been directed to form a task force to replace the program, which has been running for only two years. Newsweek has contacted the IRS for comment via email. What Is Direct File? Direct File is a web-based service that allows taxpayers to submit simple returns directly with the government agency free of charge, eliminating the need for a third-party tax preparation service. The IRS launched its Direct File pilot in 12 U.S. states in March 2024, expanding it to 25 states for the 2025 tax season. These are the states: Alaska Arizona California Connecticut Florida Idaho Illinois Kansas Maine Maryland Massachusetts Nevada New Hampshire New Jersey New Mexico New York North Carolina Oregon Pennsylvania South Dakota Tennessee Texas Washington state Wisconsin Wyoming The program, created under the Biden administration, served 141,000 taxpayers across the initial 12 states it was available for in 2024. The Economic Security Project has estimated that the program saved an average of $160 in tax preparation fees for its users. Republicans and private tax preparation companies have derided the program, saying free options already exist for filers and that it is a waste of taxpayer money. Is Direct File Finished? The IRS has not announced that the program is shutting down, but provisions in the One Big Beautiful Bill Act show that the administration is looking for a replacement. Under the legislation, which Trump signed into law on July 4, the Treasury has 90 days from the law's passage to send Congress a report that includes the following: How much it would cost to expand or create public-private partnerships that offer free tax filing for up to 70 percent of taxpayers based on their income. These partnerships would take the place of any IRS-run free filing programs. What taxpayers think about using a free, government-run tax filing system versus one provided by private companies. Whether a new system is possible, how to make all filing options simple and consistent for users, and how to meet different taxpayer needs. The estimated cost of creating and managing a free IRS-run online tax filing system, including options for adjusting the system based on a person's income and how complex their tax return is. Is Direct File Still Open? Direct File remains open through October 15, 2025, for anyone who has yet to file a 2024 tax return. But it is looking unlikely it will be in place for 2026. Given that the administration is looking to replace it, it is also unlikely that it will be expanded to any further states if it remains active for the next tax season. What Other Free Filing Options Are There? The longer-standing Free File program appears to be unaffected. Under that program, companies participating in a public-private partnership with the IRS offer free tax preparation software. IRS Free File offers guided tax software to taxpayers with an adjusted gross income of $84,000 or less. For those who don't qualify, IRS Free File still provides fillable forms that any taxpayer, regardless of income, can use if they prefer to prepare their own return.
