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Yahoo
6 minutes ago
- Yahoo
EU Diplomats See Progress Toward US Trade Deal With 15% Tariffs
(Bloomberg) -- The European Union and the US are progressing toward an agreement that would set a 15% tariff for most products, according to diplomats briefed on the negotiations. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Why the Federal Reserve's Building Renovation Costs $2.5 Billion Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Milan Corruption Probe Casts Shadow Over Property Boom The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Member states could be ready to accept a 15% tariff and EU officials are pushing to have that cover sectors including cars, the diplomats said. Steel and aluminum imports above a certain quota would face the 50% duty, one of the diplomats added. The diplomats said that while the EU is optimistic that a deal can be reached, they are also cautious that any final agreement will need sign off from US President Donald Trump and his ultimate decision is difficult to predict. Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Burning Man Is Burning Through Cash A Rebel Army Is Building a Rare-Earth Empire on China's Border What the Tough Job Market for New College Grads Says About the Economy How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All ©2025 Bloomberg L.P.
Chicago Tribune
7 minutes ago
- Chicago Tribune
Mayor Brandon Johnson's CFO says property tax hike ‘likely' in 2026 budget
Mayor Brandon Johnson's team teased plans this week to take another swing at raising property taxes to close the city's more than $1 billion budget gap, despite an aldermanic revolt last year and continued resistance to such a hike. Asked in an interview with Bloomberg's Romaine Bostick whether a property tax increase would again be proposed for the city's 2026 budget, Chief Financial Officer Jill Jaworski said 'it is likely that that will be part of the package,' without addressing how to garner support from the City Council to pass it. One of Johnson's 'budgeteers' last year, Ald. Matt O'Shea, 19th, said he would need to see major cuts and efficiencies to be won over. 'And if it doesn't happen, I'm a no vote, and so are the majority of my colleagues,' he said. 'We need to start talking about stuff we never talked about before.' Jaworksi affirmed cuts will also be part of the mayor's budget package, but said the administration is 'hoping to avoid' reducing services. She suggested the city would be addressing a chief complaint from the business community about the unpredictability of property taxes. 'You're thinking about investment, uncertainty is the enemy, right?' It's a similar line to the one Mayor Lori Lightfoot used when she successfully proposed tying annual property tax hikes to 5% or the rate of inflation, whichever was lower. Johnson, who campaigned against raising property taxes and instead pitched other progressive revenues, backed off of Lightfoot's policy in his first budget, only to renege last year amid a nearly $1 billion deficit. Aldermen preemptively voted against that hike. The final budget instead included a bigger share of one-time fixes — including using federal pandemic dollars and prior-year surplus — to close the gap. Ratings agencies that help determine how much the city will owe on debt have cited a lack of progress finding 'permanent and high impact solutions' to close its budget gap as black marks. Property taxes are among the most stable and predictable revenues the city can raise on its own. Fitch also dinged the city earlier this year for its pursuit of other revenues 'that require state or voter support, which do not appear to be forthcoming in the near term.' Jaworski has argued the state should legalize taxing services. Johnson has called for taxing the rich, but since the failure of the 'Bring Chicago Home' referendum, has not proposed how the city would do it. Ald. Brian Hopkins, 2nd, said he appreciated Jaworski's commitment to a balanced budget, but cautioned Johnson's administration to not start discussions by saying a property tax hike is necessary. It is the mayor's job — not Jaworski's — to sell the public on such a tax hike, and a critical part of doing that is showing the math that would make it necessary, Hopkins said. 'People don't want to be told it's inevitable and unavoidable, because they don't believe that,' he said. 'It'll spark a rebellion. People will feel manipulated and like something is being forced down their throats.' While currently opposed to a property tax hike, Hopkins said 'I don't think we can rule out anything.'
Bloomberg
8 minutes ago
- Bloomberg
Trade Optimism, Dollar Declines and What it Means for Private Markets
David Gross, the Co-Managing Partner at Bain Capital joined Wall Street Beat on Bloomberg Open Interest to talk about how private capital is reacting to macro headwinds and the implications of PE in your 401(k) plan. (Source: Bloomberg)
