Trump Pushes SALT Republicans to Abandon Further Cap Hike
President Donald Trump on Tuesday pushed back on demands from Republicans who have threatened to sink his giant tax bill if the legislation does not significantly boost the state and local tax deduction, lawmakers said.
In a private meeting with House Republicans, Trump singled out the lawmakers from New York, New Jersey and California who have rejected the $30,000 deduction limit — three times the current cap — contained in the legislation moving through the House.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNN
31 minutes ago
- CNN
US and China set to kick off fresh round of trade talks in London over intractable issues
A new round of trade negotiations between the United States and China is set to begin Monday in London as both sides try to preserve a fragile truce brokered last month. The fresh talks were announced last week after a long-anticipated phone call between US President Donald Trump and Chinese leader Xi Jinping, which appeared to ease tensions that erupted over the past month following a surprise agreement in Geneva. In May, the two sides agreed to drastically roll back tariffs on each other's goods for an initial 90-day period. The mood was upbeat. However, sentiment soured quickly over two major sticking points: China's control over so-called rare earths minerals and its access to semiconductor technology originating from the US. Beijing's exports of rare earths and their related magnets are expected to take center stage at the London meeting. But experts say Beijing is unlikely to give up its strategic grip over the essential minerals, which are needed in a wide range of electronics, vehicles and defense systems. 'China's control over rare earth supply has become a calibrated yet assertive tool for strategic influence,' Robin Xing, Morgan Stanley's chief China economist, wrote in a Monday research note. 'Its near-monopoly of the supply chain means rare earths will remain a significant bargaining chip in trade negotiations.' Since the talks in Geneva, Trump has accused Beijing of effectively blocking the export of rare earths, announcing additional chip curbs and threatening to revoke the US visas of Chinese students. The moves have provoked backlash from China, which views Washington's decisions as reneging on its trade promises. All eyes will be on whether both sides can come to a consensus in London on issues of fundamental importance. US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will meet a Chinese delegation led by Vice Premier He Lifeng. On Saturday, Beijing appeared to send conciliatory signals. A spokesperson for China's Commerce Ministry, which oversees the export controls, said it had 'approved a certain number of compliant applications.' 'China is willing to further enhance communication and dialogue with relevant countries regarding export controls to facilitate compliant trade,' the spokesperson said. Kevin Hassett, head of the National Economic Council at the White House, told CBS's Face the Nation on Sunday that the US side would be looking to restore the flow of rare earth minerals. 'Those exports of critical minerals have been getting released at a rate that is higher than it was, but not as high as we believe we agreed to in Geneva,' he said, adding that he is 'very comfortable' with a trade deal being made after the talks. In April, as tit-for-tat trade tension between the two countries escalated, China imposed a new licensing regime on seven rare earth minerals and several magnets, requiring exporters to seek approvals for each shipment and submit documentation to verify the intended end use of these materials. Following the trade truce negotiated in Geneva, the Trump administration expected China to lift restrictions on those minerals. But Beijing's apparent slow-walking of approvals triggered deep frustration within the White House, CNN reported last month. Rare earths are a group of 17 elements that are more abundant than gold and can be found in many countries, including the United States. But they're difficult, costly and environmentally polluting to extract and process. China controls 90% of global rare earth processing. Experts say it's possible that Beijing may seek to use its leverage over rare earths to get Washington to ease its own export controls aimed at blocking China's access to advanced US semiconductors and related technologies. The American Chamber of Commerce in China said on Friday that some Chinese suppliers of American companies have received six-month export licenses. Reuters also reported that suppliers of major American carmakers – including General Motors, Ford and Jeep-maker Stellantis – were granted temporary export licenses for a period of up to six months. While China may step up the pace of license approvals to cool the diplomatic temperature, global access to Chinese rare earth minerals will likely remain more restricted than it was before April, according to a Friday research note by Leah Fahy, a China economist and other experts at Capital Economics, a London-based consultancy. 'Beijing had become more assertive in its use of export controls as tools to protect and cement its global position in strategic sectors, even before Trump hiked China tariffs this year,' the note said. As China tackles a tariff war with the US head on, it's clear that it is continuing to cause economic pain at home. Trade data released Monday painted a gloomy picture for the country's export-reliant economy. Its overall overseas shipments rose by just 4.8% in May compared to the same month a year earlier, according to data released by China's General Administration of Customs. It was a sharp slowdown from the 8.1% recorded in April, and lower than the estimate of 5.0% export growth from a Reuters poll of economists. Its exports to the US suffered a steep decline of 34.5%. The sharp monthly fall widened from a 21% drop in April and came despite the trade truce announced on May 12 that brought American tariffs on Chinese goods down from 145% to 30%. Still, Lü Daliang, a spokesperson for the customs department, talked up China's economic strength, telling the state-run media Xinhua that China's goods trade has demonstrated 'resilience in the face of external challenges.' Meanwhile, deflationary pressures continue to stalk the world's second-largest economy, according to data released separately on Monday by the National Bureau of Statistics (NBS). In May, China's Consumer Price Index (CPI), a benchmark for measuring inflation, dropped 0.1% compared to the same month last year. Factory-gate deflation, measured by the Producer Price Index (PPI), worsened with a 3.3% decrease in May from a year earlier. Last month's drop marks the sharpest year-on-year contraction in 22 months, according to NBS data. Dong Lijuan, chief statistician at the NBS, attributed the decline in producer prices, which measures the average change in prices received by producers of goods and services, to a drop in global oil and gas prices, as well as the decrease in prices for coal and other raw materials due to low cyclical demand. The high base of last year was cited as another reason for the decline, Dong said in a statement. CNN's Hassan Tayir, Simone McCarthy, Fred He contributed reporting.
Bloomberg
32 minutes ago
- Bloomberg
Quantum Computing Firm IonQ Buys UK Startup in $1 Billion Deal
US quantum computing company IonQ has agreed to buy UK startup Oxford Ionics in a $1.08 billion deal that highlights increasing commercial confidence in what has largely been an experimental field of computing. The takeover, which consists of roughly $1.07 billion in shares of IonQ and about $10 million in cash, will bring together Maryland-based IonQ's quantum hardware and software capabilities with Oxford Ionics' quantum chip technology, the companies said in a statement on Monday. The transaction is expected to close in 2025, subject to regulatory approvals.
Yahoo
32 minutes ago
- Yahoo
Senate passes stripped-back version of ‘no-cause' eviction bill, but House likely to oppose it
Senators scaled back the bill to lessen the effect on tenants — raising the likelihood of a clash with the House. (Getty Images) The New Hampshire Senate passed a bill Thursday intended to make it easier for landlords to terminate tenancies. But before passing it, senators scaled back the bill to lessen the effect on tenants — raising the likelihood of a clash with the House. In current law, New Hampshire landlords must cite a specific reason to initiate evictions, including nonpayment of rent, failure to follow the lease, behavior affecting the health or safety of others, or a business reason by the landlord, such as a renovation. As originally passed by the House, House Bill 60 would have allowed for 'no-fault' or 'no-cause' termination of tenancies for leases six months or longer. In those cases, landlords could ask a tenant to leave at the end of the lease period with no reason given. Republicans argue allowing no-cause evictions would let landlords treat leases as fixed-length contracts with tenants, and relieve them of the burden of finding a reason if they no longer wished to rent to someone. But Democrats and legal aid organizations argue it would increase the pace of evictions and could make it easier for landlords to discriminate. On Thursday, the Senate dramatically altered the bill, keeping the 'no-fault' evictions but adding a trigger provision that prevents application of the law unless the state has had a 4% or higher rental vacancy rate for four quarters in one calendar year, as determined by the Federal Reserve. Currently, the Federal Reserve estimates New Hampshire has exactly a 4% vacancy rate, citing U.S. Census data. The Senate's version would also allow landlords to use no-cause evictions only with leases of 12 months or more. And it would exempt tenants who are subject to no-cause evictions from having those evictions added to their record for the purpose of rental applications and tenant screening reports, easing concerns from housing advocates about the effects of the original bill. Those changes earned the support of Senate Democrats; the amended bill was voted through unanimously Thursday. But before the bill can go to Gov. Kelly Ayotte's desk, it must receive final sign-off from the House, and some House Republicans have made it clear they are not happy with the Senate's changes. Rep. Joe Alexander, a Goffstown Republican and the chairman of the Housing Committee, said he will be requesting a Committee of Conference with the Senate to attempt to find a compromise when the House meets on Thursday. The Senate's version of the bill does not fit with the House's position, Alexander said in an interview. And he noted that the full House already voted down two attempted Democratic amendments to add trigger provisions. 'The House position is the lease is a contract,' Alexander said. 'And (in) every other place in contract law, when a contract ends, both parties go their separate ways unless there's conversation about renewing it. So we're just trying to bring it in line with all other contract law in the state.' Elliott Berry, a former attorney for New Hampshire Legal Assistance who has been following the bill, said even with the Senate changes, he and other housing advocates believe HB 60 could harm tenants. 'It's going to make a lot of landlords take the easy way out,' he said. 'And so tenants who for whatever reason feel any kind of antagonism towards them in general, well-based or not, they're going to be in jeopardy.'
