Trump says he wants interest on car loans tax deductible if US-made
Trump says he wants interest on car loans tax deductible if US-made
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President Trump begins address to Joint Session of Congress
"We are just getting started." President Donald Trump begins his address to a Joint Session of Congress.
President Donald Trump on Tuesday said he wanted to make interest payments on car loans tax deductible – but only for vehicles made in America.
Trump previously floated the idea at a November rally in North Carolina, according to Reuters. It's among several proposed tax breaks from Trump, along with an end to taxes on tips, overtime pay, and Social Security benefits.
"The next phase of our plan to deliver the greatest economy in history is for this Congress to pass tax cuts for everybody," Trump said during a formal address.
Trump's address: President claims 'shocking levels' of fraud in Social Security. Here's what we know.
Last week, the House narrowly advanced the GOP plan for Trump's legislative agenda, kickstarting a process that could extend Trump's 2017 tax cuts and new cuts worth $4.5 trillion over the next decade.
It's unclear how Trump's tax relief for auto loan interest would play out. An unlimited, above-the-line deduction could cost up to $10 billion per year, according to estimates from the Tax Policy Center, a joint venture of the Urban Institute and Brookings Institution.
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4 minutes ago
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CartCon 2025: Tariffs, turbulence and the future of resilient retail
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From globalization to geo-economics Smith opened the discussion by tracing the historical arc of U.S. trade policy. For decades following World War II, American trade strategy revolved around multilateralism. The U.S. saw global trade not just as an economic imperative but as a geopolitical tool, creating allies, raising standards of living and preventing conflict. But in 2016, that long-standing consensus fractured. The bipartisan abandonment of the Trans-Pacific Partnership signaled a sharp pivot. As Smith explained, the political center collapsed under the weight of the 'China Shock,' a term describing the decimation of American manufacturing towns due to offshoring. Smith described President Donald Trump's tariff policy as a psychological reset. Before Trump, U.S. tariffs averaged around 2%. Within months, they jumped to 18% in key categories. This wasn't just an economic strategy, it was anchoring. 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In the short term, some are fast-tracking inventory from China before new tariffs hit, relying on expedited ocean freight and cross-docking at West Coast ports to minimize delays and avoid customs bottlenecks. Others are making subtler moves — like holding prices steady on high-visibility products – say, a gaming console – while raising prices on accessories and add-ons to recoup margin. Stachel noted that many brands have moved beyond the now-familiar 'China Plus One' strategy, opting instead for a 'China Plus Three' approach. They are spreading risk across Vietnam, India and Mexico, often working with global manufacturing giants like Foxconn that can seamlessly shift production across borders without retooling or retraining labor. In essence, brands are outsourcing flexibility itself. For those planning beyond the current election cycle, geographic diversification is no longer enough. 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The post CartCon 2025: Tariffs, turbulence and the future of resilient retail appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Boston Globe
4 minutes ago
- Boston Globe
‘It's a net positive for us.' For some US manufacturers, Trump tariffs pay off
AccuRounds is exactly the kind of high-end manufacturing company that's supposed to benefit from the Trump tariffs —and right now the plan seems to be working. After a sluggish 2024, AccuRounds workers are putting in overtime as they transform steel rods into hundreds of highly specialized industrial gadgets, and the company is looking to hire. Revenues were up by 20 percent in the first quarter of 2025 and Tamasi expects the same for the current quarter. Revenues last year came to about $20 million, he said. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up AccuRounds makes precisely machined pieces of metal that mostly go inside bigger machines, ranging from commercial aircraft to industrial robots to drug manufacturing systems. For instance, one component goes into a pump that excretes the glue used to assemble iPhones. 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However, AccuRounds' sales contracts stipulate that the company can pass on any increases in steel costs to the end user, shielding AccuRounds from the tariff burden. There's no way around it, said Tamasi. 'If we had to absorb all price increases,' he said, 'we wouldn't be able to compete.' An even bigger hit could come from purchasing new milling machines, priced at half a million dollars or more even before the tariffs. The only ones worth buying, Tamasi said, are made in Switzerland, Germany and Japan. No US company makes the machines he needs, Tamasi said there's no way he can pass this tariff bill directly to customers, but in the long run it could well push his prices higher. Still, if Tamasi's customers are willing to pick up the tab, AccuRounds is a likely victor of the tariff wars. AccuRounds makes specialized metal parts. Matthew J. Lee/Globe Staff Hiawatha Bray can be reached at
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5 minutes ago
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Russia fines Apple for violating 'LGBT propaganda' law, TASS reports
MOSCOW (Reuters) -A Russian court on Tuesday fined U.S. tech giant Apple six million roubles ($76,510) for violating Russian rules on what Moscow calls "LGBT propaganda," the state TASS news agency reported. Russia in 2023 widened existing restrictions on the promotion of "non-traditional sexual relations" amid a broader crackdown on LGBT rights, part of President Vladimir Putin's push to uphold what he calls traditional values. Apple was fined three million roubles in two civil cases on Tuesday, TASS reported. Apple was last month fined a total of 7.5 million roubles for the same offence. Apple did not immediately respond to an emailed request for comment. ($1 = 78.4205 roubles)
