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High Drama and Big Impact: Trump’s Bold Tariff Plans and What to Expect

Expect significant new tariffs on Chinese imports and moderate levies on goods from other nations , as President-elect Donald Trump rolls out his protectionist agenda. However, with his preference for chaotic policymaking and sudden shifts , there’s uncertainty on how soon these import taxes will actually hit. Dubbed “ Tariff Man ,” Trump aims to use tariffs both strategically and tactically . He’s mentioned taxing all Chinese goods up to 60% and potentially setting 10%-20% tariffs on imports globally , but details on these plans remain vague . Key players within Trump’s team are divided: Robert Lighthizer , a staunch tariff advocate, sees permanent duties as crucial to balance US trade , while others, like billionaires John Paulson and Scott Bessent , view tariffs as temporary leverage. Trump’s previous administration had mixed feelings, especially on national security-related trade limits , which he sometimes dismissed, favoring an “open for business” approach. High-profile busin
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UK Finance Minister: We Will Need to Raise Taxes in October Budget

 

New British finance minister Rachel Reeves has announced the need to raise taxes in her upcoming October 30 budget, confirming the anticipated move following a recent revelation of a £22 billion (RM130.41 billion) budget shortfall.

Key Points:

  • Tax Increase Announcement: Reeves stated the necessity of tax hikes during an interview with The News Agents podcast, marking her first explicit confirmation of the move since assuming office after the Labour Party's election victory on July 4.
  • Budget Shortfall: Earlier this week, Reeves highlighted a £22 billion shortfall in this year's budget, necessitating difficult decisions.
  • Tax Details: While specifics on which taxes will be raised were not disclosed, Reeves reiterated her commitment to not increase rates on income tax, National Insurance, value-added tax, and corporation tax.
  • Spending Cuts: The announcement of tax increases follows £13.5 billion in spending cuts over the next two years, revealed on Monday. Reeves attributed these cuts to what she described as the previous Conservative government's obfuscation of the true state of public finances.
  • Political Context: The Conservative Party, which had been in power for the past 14 years, denied these allegations, asserting that Labour had always intended to raise taxes.

Reeves' comments solidify expectations of upcoming fiscal adjustments as she navigates the complexities of managing the UK's public finances in her new role.

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