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Bloomberg
18 minutes ago
- Bloomberg
Finding Global Common Ground on AI
Lead Edge Capital Managing Partner Mitchell Green says US and Chinese leaders know they have to work together, and the implementation of AI is going to be a global effort. He speaks with Caroline Hyde and Ed Ludlow on 'Bloomberg Tech.' (Source: Bloomberg)
USA Today
19 minutes ago
- USA Today
Are stimulus checks coming? What to know after Trump proposed tariff rebate
Last month, President Donald Trump teased that a potential rebate could be attached to the worldwide tariffs he announced earlier this year. 'We have so much money coming in, we're thinking about a little rebate,' Trump said on July 25 ahead of his trip to Scotland, where he planned to iron out the details of a United Kingdom trade agreement. The White House has announced that some of the tariffs, which were disclosed on April 2, have raised $100 billion in revenue. Trump didn't provide further details on the potential rebates, which are unlikely to pass in Congress, except to say they would only be available to people from certain income levels. The president would need congressional approval to authorize the rebates. While details are scarce, here's what you need to know about a potential tariff rebate. Previous story: Trump considers 'rebates' to US taxpayers from tariff income Sen. Josh Hawley introduces rebate bill Shortly after Trump's July comments, Sen. Josh Hawley, a Republican from Missouri, introduced the American Worker Rebate Act of 2025. The proposed legislation would send rebate checks of at least $600 per individual to U.S. residents. A family of four could receive up to $2,400. The legislation allows the credit to increase if tariff revenues exceed 2025 projections. 'My legislation would allow hard-working Americans to benefit from the wealth that Trump's tariffs are returning to this country,' said Hawley in a news release announcing the bill. U.S. Treasury Secretary Scott Bessent has said tariff revenue is expected to reach $300 billion annually. Yet, economists have said the policies could increase inflation and cost taxpayers thousands of dollars per year, especially if Trump doesn't reach trade deals with key partners like Canada and Mexico. For joint filers with an adjusted gross income of over $150,000 and people filing single who earn more than $75,000, the benefit would be reduced by 5%. The legislation has been referred to the Senate Finance Committee. It would need to pass both the Senate and the House of Representatives to become law. What are some of the hurdles facing the rebate? Republican lawmakers are unlikely to be excited about increasing federal spending. The stimulus checks issued during the COVID-19 pandemic cost the government about $164 billion. If checks were issued, it would mean a significant percentage of tariff revenue would be going back to taxpayers at a time when Trump himself has said his priority is paying down $37 trillion in debt. "The big thing we want to do is pay down debt,' Trump said in July. 'But we're thinking about rebates.' In an interview with Semafor, one conservative lawmaker shot down the idea. "People love spending money and granting new tax cuts when we can't afford it," Sen. Ron Johnson, a Republican from Wisconsin, told the outlet. 'We're $37 trillion in debt and running $2 trillion a year deficits – some time, this madness just has to end.' How is a tax rebate different from a stimulus check? A tax rebate is a reimbursement made to a taxpayer for an excess amount paid in taxes during the year, while a stimulus check is a direct payment from the federal government to households. Tax rebates can be issued at any point during the year. Hawley's news release states that the parameters for the tax rebate would be similar to the stimulus checks issued in 2020 during the economic slowdown caused by the pandemic. When could a tax rebate be implemented? Hawley's bill has until the end of the current congressional calendar to pass through both chambers of Congress, or it will be considered dead and would need to be introduced again if lawmakers want to move forward with it. Michelle Del Rey is a trending news reporter at USA TODAY. Reach her at mdelrey@
20 minutes ago
Brazil's Lula announces $5.5 billion in credits for exporters hit by US tariffs
SAO PAULO -- The Brazilian government on Wednesday unveiled a plan to support local exporters affected by a 50% tariff imposed by U.S. President Donald Trump on several products from the South American nation. Dubbed 'Sovereign Brazil," the plan provides for a credit lifeline of 30 billion reais ($5.5 billion), among other measures. Brazil's President Luiz Inácio Lula da Silva described the plan, which includes a bill to be sent to Congress, as a first step to help local exporters. Congressional leaders attended Wednesday's ceremony, a first in months, in a sign of growing political support for the leftist leader in response to Trump's tariffs. Other measures announced by the Brazilian government include postponing tax charges for companies affected by U.S. tariffs, providing 5 billion reais ($930,000) in tax credits to small and medium-sized companies until the end of 2026 and expanding access to insurance against cancelled orders. The plan also incentivizes public purchases of items that could not be exported to the U.S. 'We cannot be scared, nervous and anxious when there is a crisis. A crisis is for us to create new things,' Lula said. 'In this case, what is unpleasant is that the reasons given to impose sanctions against Brazil do not exist.' Trump has directly tied the 50% tariff on many imported Brazilian goods to the judicial situation of his embattled ally, former President Jair Bolsonaro, who is currently under house arrest.
