Trump's Big, Beautiful Bill: Who Wins and Who Loses From New Law? Vantage with Palki Sharma
Trump's Big, Beautiful Bill: Who Wins and Who Loses From New Law? | Vantage with Palki Sharma | N18G
Donald Trump has secured a major domestic victory as the US Congress passed his flagship legislation, which he called a 'big, beautiful' bill and a birthday present for America. The sweeping package increases military spending, funds deportations, and delivers tax cuts worth over $4 trillion. However, it also raises the US national debt and imposes a remittance tax on foreign workers. The bill ends clean energy incentives and could hurt electric vehicle makers globally. While American corporate giants stand to gain, investors, workers, and climate advocates worldwide face challenges as a result of this policy.
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Indian Express
25 minutes ago
- Indian Express
‘It's ridiculous': Donald Trump mocks Elon Musk's ‘America Party', says it's good for ‘chaos'
US President Donald Trump on Sunday reacted to the formation of a third political party by billionaire entrepreneur Elon Musk named 'America Party' and termed the idea 'ridiculous', stating it can add to already prevailing confusion. Ahead of boarding Air Force One in Morristown, New Jersey Trump told reporters 'I think it's ridiculous to start a third party. We have had tremendous success with the Republican Party. The Democrats have lost their way, but it's always been a two-party system, and I think starting a third party just adds to confusion,' Reuters reported. Trump was asked about Musk's new political outfit after the tech billionaire escalated his feud with the Republican president by announcing the new party, in response to Trump's 'Big, Beautiful bill' passing the Congress and becoming a law. Musk has long opposed the bill and said it will only increase the debt on the American economy and people. While criticizing Musk's idea to have a third political party, Trump said 'It really seems to have been developed for two parties. Third parties have never worked, so he can have fun with it, but I think it's ridiculous.' By a factor of 2 to 1, you want a new political party and you shall have it! When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy. Today, the America Party is formed to give you back your freedom. — Elon Musk (@elonmusk) July 5, 2025 Musk announced the formation of the 'America Party' on Saturday in a post on X after conducting a poll on whether the United States requires a third party. Musk's party is a direct result of Trump's coveted tax-cut and spending bill which passed the US Senate and House of Representatives by the Republicans and was signed into law by the president on July 4. In a post on Truth Social, Trump said Musk has completely gone 'off the rails,' and has become a 'train wreck' over the past five weeks. Trump said the third party which Musk wants to start doesn't seem to have been designed for the United States. 'The one thing Third Parties are good for is the creation of Complete and Total DISRUPTION & CHAOS,' Trump said. Trump called out Musk for not supporting the 'One Big, Beautiful Bill Act' as it removes the EV mandate. 'I have been strongly opposed to that from the very beginning. People are now allowed to buy whatever they want – Gasoline Powered, Hybrids (which are doing very well), or New Technologies as they come about – No more EV Mandate,' Trump said in the post.
Time of India
27 minutes ago
- Time of India
LatAm pivot
Times of India's Edit Page team comprises senior journalists with wide-ranging interests who debate and opine on the news and issues of the day. India must shed its protectionist mindset and trade more with resource-rich South America That Modi's ongoing five-nation tour includes Argentina and Brazil isn't a trivia. These two key South American nations can be important fulcrums of a potential Indian pivot to the continent. While India-South America trade has been steadily growing, it's far below potential. This has much to do with our unambitious approach to the region. True, India has a preferential trade agreement (PTA) with MERCOSUR bloc that includes Brazil, Argentina, Uruguay, Paraguay and Bolivia. The idea was that the PTA would be gradually expanded and upgraded to a free trade agreement (FTA). However, progress has been really slow and India's exports to Latin America in FY2025 stood at just $15.17bn – less than 2% of the region's total imports. But trade is back on the agenda during Modi's visits, and rightly so. While one still hopes that an India-US trade deal can be clinched, New Delhi must be prepared for all eventualities. And with Trump keen on using tariffs as a strategic weapon to achieve geopolitical goals – take the Lindsey Graham-proposed bill to hit countries buying Russian oil with 500% tariff – India must diversify its trade relations. South America is a natural resources powerhouse. With vast deposits of oil, gas, copper, lithium, rare earths etc it can power India's industrial growth, advance critical sectors like EV batteries, and bolster food security. The key for GOI would be to expand its diplomatic bandwidth and take a courageous approach to trade. We must cast away the protectionist mindset and be ready to compete. That's the only way beneficial FTAs can be worked out. Vietnam, which recently worked out a trade deal with US, has been following precisely this strategy, having inked 20 FTAs, with 16 already implemented. China already has a huge presence in Latin America. So, the latter is looking for balance. This is the perfect time for India to step up. Facebook Twitter Linkedin Email This piece appeared as an editorial opinion in the print edition of The Times of India.
Mint
an hour ago
- Mint
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