Core Points - The Senate passed Trump's "Big and Beautiful" tax and spending bill with a narrow vote of 51-50, aided by Vice President Pence's tie-breaking vote, despite opposition from three Republican senators [1] - Critics argue that the bill disproportionately benefits the wealthy while harming the poorest Americans, with Senator Bernie Sanders labeling it a "gift to billionaires" [1][2] - The bill's passage in the Senate requires further approval from the House of Representatives before it can be signed into law by the President [1][5] Group 1: Opposition from Republican Senators - Senator Susan Collins from Maine opposed the bill due to cuts to Medicaid, which would significantly reduce funding by $5.9 billion over the next decade, affecting healthcare access for approximately 400,000 residents [2] - Senator Thom Tillis from North Carolina expressed concerns that the bill would jeopardize health insurance for 600,000 residents in his state [2] - Senator Rand Paul, a proponent of controlling government spending, criticized the bill for increasing the debt ceiling by $5 trillion and projected a $3.3 trillion increase in the deficit over the next decade [4] Group 2: Impact on Taxation - The bill is expected to provide significant tax breaks to high-income earners, with approximately 60% of tax reductions benefiting individuals earning $217,000 or more, while low-income families earning $35,000 or less would see an average tax cut of only $150 [4] - The Democratic opposition has framed the bill as "robbing the poor to give to the rich," highlighting the adverse effects on low-income Americans [4] Group 3: Legislative Process and Challenges - The House of Representatives, which has a Republican majority, previously passed the bill with a narrow margin and is now faced with the Senate's modified version, which may face resistance from some House Republicans [5] - The House Rules Committee has moved to advance the Senate version for a full vote, with potential delays due to weather-related travel issues affecting some members [5] - President Trump has been actively engaging with dissenting Republican senators in an effort to secure support for the bill [5] Group 4: Elon Musk's Criticism - Elon Musk has publicly criticized the "Big and Beautiful" bill, arguing that it increases government spending and supports declining industries while undermining future sectors [7] - Trump's threats to expel Musk from the U.S. have drawn significant media attention, although legal experts suggest that such actions would be difficult to implement given Musk's citizenship status [7][8]

Group 1 - German lawmakers support Merz's €46 billion tax cut plan [1]

Core Viewpoint - The revised economic plan proposed by Senate Republicans aims to cut trillions in taxes for families and businesses, but at the cost of reducing healthcare coverage for low-income Americans and increasing the national deficit [1][2]. Tax Cuts and Provisions - The new version of the bill expands certain tax cuts while raising the debt ceiling by $5 trillion, compared to the House version's $4 trillion [1]. - The plan seeks to make three corporate tax cuts permanent, including R&D expense deductions, expanded interest expense deductions, and immediate expensing for new equipment [2]. - The current $10,000 cap on state and local tax deductions (SALT) remains as a placeholder, with ongoing negotiations expected [1][2]. Healthcare and Medicaid Changes - The Senate version proposes more aggressive cuts to Medicaid for low-income and disabled individuals, limiting states' options for funding [2][3]. - The bill also restricts new taxes or increases on healthcare providers in states that did not expand Medicaid under the Affordable Care Act [3]. Child and Elderly Tax Credits - The plan permanently expands the child tax credit to $2,200 per child and introduces a new $6,000 deduction for seniors [3]. Energy Incentives - The bill will terminate the $7,500 electric vehicle tax credit within 180 days of enactment and eliminate subsidies for wind and solar energy [3]. Legislative Timeline and Political Context - Senate Republicans aim to pass the bill before July 4, with President Trump pressuring lawmakers to reach an agreement on what he calls the "great beautiful bill" [3][4]. - The release of the Senate bill coincides with efforts by Trump's allies to defend the tax cuts from his first term, which they argue stimulated corporate investment [4].

Group 1 - The revised economic plan proposed by Senate Republicans aims to cut taxes for families and businesses by trillions of dollars, at the cost of reducing healthcare coverage for low-income Americans and increasing the national deficit [1] - The new version of the bill expands certain tax cuts and raises the debt ceiling by $5 trillion, compared to the House version which proposed a $4 trillion increase [1] - The Senate plans to vote on the bill next week to ensure it is sent to President Trump before July 4 [1] Group 2 - The committee draft makes significant changes by making three corporate tax cuts permanent, including R&D expense deductions, expanded interest expense deductions, and immediate expensing for new equipment [2] - The plan is more aggressive in cutting Medicaid for low-income and disabled individuals compared to the House version, limiting states' options for self-funding Medicaid [2] - The bill expands the child tax credit to $2,200 per child permanently and introduces a new deduction for charitable donations for non-itemizers [2] Group 3 - The bill will terminate the $7,500 electric vehicle tax credit and eliminate subsidies for wind and solar energy within 180 days of enactment, which could severely impact the struggling solar industry [3] - Despite ongoing negotiations on key policy issues, Senate Republicans are pushing for the legislation to be passed by July 4, with Trump pressuring lawmakers to reach an agreement [3] - Research from the White House's National Economic Council indicates that the corporate tax reform from 2017 has stimulated business investment, although some economists warn that the tax cuts will exacerbate the already rising national deficit [3]

Market Performance - US stock market opened high with all three major indices closing up: Nasdaq increased by 1.52%, S&P 500 rose by 0.94%, and Dow Jones gained 0.75% [1] - Philadelphia Semiconductor Index surged over 3%, reaching its highest closing since late February [1] - Major tech stocks saw broad gains, with Meta and Intel rising nearly 3%, while Apple, Tesla, Nvidia, Netflix, and Google increased by over 1% [1] - Kering Group experienced a significant rise of over 12%, marking its largest single-day gain since November 2008 [1] - Most popular Chinese stocks also saw gains, with the Nasdaq Golden Dragon China Index up by 2.07% [1] Geopolitical Developments - President Trump confirmed that Iran signaled a desire to ease tensions through intermediaries, indicating a potential for negotiations [2] - The easing of geopolitical tensions and progress in trade negotiations contributed to a recovery in investor risk appetite, leading to a rise in the "Tech Seven" stocks [2] Trade Agreements - Trump expressed optimism about reaching a trade agreement with Canada in the coming weeks during the G7 summit [3] - A new US-UK trade agreement was signed, which Trump described as fair and beneficial, expected to create numerous jobs and increase revenue [3] - The agreement includes measures to ease trade in automobiles, agricultural products, and aerospace, although steel tariff concerns remain unresolved [3][4] Debt Ceiling and Economic Policy - The Senate Republicans proposed a revised economic plan that raises the debt ceiling by $5 trillion, compared to the House's $4 trillion proposal [6] - The revised plan aims to maintain consistency with the House version to avoid delays that could risk a default [6] - Key changes include making certain corporate tax cuts permanent and reducing the proposed tax rate on university endowments [7] - Analysts from Morgan Stanley noted that while the plan may increase the deficit, its impact on economic growth could be limited [8]

Group 1 - The Senate Republicans have unveiled revised tax and healthcare provisions in President Trump's multi-trillion dollar economic package, marking a significant step towards the goal of passing the bill by July 4 [1] - The new version of the bill expands certain tax cuts and raises the debt ceiling by $5 trillion, compared to the $4 trillion proposed by the House [1] - Senate Republican leaders aim to avoid prolonged negotiations over the substance of the bill, as failure to act could lead to a U.S. default as early as mid-August when the Treasury can no longer take extraordinary debt limit measures [1]

韩国代理财政部长：将采取措施稳定食品价格。将延长油品税收减免至八月底。将延长汽车购买税收减 免至年底十二月。 ...

Company News - Apple (AAPL.O) is increasing its investment in India by planning to open a third retail store in Bangalore [2] - Ford Motor Company (F.N) Chairman Bill Ford stated that the new battery plant plans may face risks if tax incentives are reduced [2] - Synopsys (SNPS.O) has notified its employees in China to cease services and sales, and stop accepting new orders to comply with new U.S. export restrictions [2] - Bawang Tea (CHA.O) reported a total net income of 3.39 billion yuan for Q1, a year-on-year increase of 35.4%, and a net profit of 677 million yuan, up 13.8% year-on-year [2] Market Updates - Sanofi (SNY.O) and Regeneron Pharmaceuticals (REGN.O) saw pre-market declines due to mixed results from a lung disease drug trial [3] - Gap (GPS.N) experienced a pre-market drop of 15% after warning that tariffs imposed by the Trump administration would erode its annual operating profit, which was not included in previous earnings guidance [3] Economic Indicators - The U.S. core PCE price index for April recorded a year-on-year rate of 2.5%, the lowest since March 2021, matching market expectations [4] - The U.S. Trade Representative indicated that tariff litigation has not affected trade negotiations and that the scope of Section 301 could be expanded as needed [4] - Reports suggest that OPEC+ may exceed expectations for production increases in July [4] Corporate Earnings - Costco (COST.O) reported third-quarter revenue of $63.2 billion, a year-on-year increase of 8.0% [4] - Dell (DELL.N) reported a 5% year-on-year increase in overall sales for Q1 of fiscal year 2026, reaching $23.4 billion, surpassing analyst expectations [4] - Tiger Brokers (TIGR.O) reported Q1 revenue growth of 55% year-on-year and a net profit increase of 145% year-on-year [4]

A key element of the tax-cut package that the Trump administration and congressional Republicans are working to pass got approved by the Senate as a standalone measure, though it carries a significant cost. The Senate unexpectedly passed the No Tax on Tips Act late Tuesday when Sen. Jack Rosen, D-Nev., spoke in favor of the bill, which Sen. Ted Cruz, R-Texas., introduced earlier this year with Rosen as an original co-sponsor. Rosen asked for unanimous consent to pass the bill, and when no senators on hand o ...

该法案预计将节省1.9万亿美元，大部分（1.2万亿美元）直到10年预算窗口的后半段才能实现： 德意志银行的Brett Ryan指出，JCT的评分与德意志银行此前预计的总体赤字假设基本一致。然而，JCT的评分并未关注财政前景的关键要素，如关税收 入和潜在支出增加的估算。德银强调： （特朗普任期内）似乎没有采取任何认真的措施来控制历史高位的赤字，未来几年赤字仍将超过 GDP 的 6% 以上。 特朗普的税改法案将导致近期财政赤字大幅增加，十年内为美国新增约5万亿美元债务，即使考虑税收延期措施也难以抵消这一趋势。 近期，美国税务联合委员会(JCT)对众议院筹款委员会标记版本的初步评分，税改法案将在未来10年增加3.8万亿美元赤字，其中2.2万亿美元（约58%） 将在前五年产生。更令人担忧的是，负责任联邦预算委员会(CRFB)估计，若将临时条款考虑在内，该法案实际将为美国增加5.2万亿美元债务。 支出前置、节约后置的结构性问题 德银表示，这项法案的独特之处在于支出和减税措施集中在前期，而抵消措施则集中在后期。 根据法案，约55%的总赤字增加(2.8万亿美元)将发生在预算窗口的前半部分，而只有40%的抵消措施(9700亿 ...