Trump’s ‘big, beautiful bill’ passes the House of Representatives

This text is an on-site model of our FirstFT publication. Subscribers can signal as much as our Asia, Europe/Africa or Americas version to get the publication delivered each weekday morning. Discover all of our newsletters hereGood morning, blissful Friday and welcome again to FirstFT Asia. In right this moment’s publication:Trump’s landmark invoice passes the HouseChina criticises the US-Vietnam commerce dealPakistan’s technique to woo the US presidentDonald Trump has secured a political victory after the Home of Representatives gave remaining approval to his flagship tax and spending laws. What’s taking place? With the invoice’s passage, Trump plans to signal it into legislation at 5pm right this moment (native time), in line with White Home press secretary Karoline Leavitt. The 218 to 214 vote by the Home yesterday got here after Democratic minority chief Hakeem Jeffries spoke towards what he known as the “ugly” laws for a report eight hours and 44 minutes, in a symbolic act of defiance. What’s within the invoice? The laws extends huge tax cuts from Trump’s first administration, paid for partly by steep cuts to Medicaid, the general public medical health insurance scheme for low-income and disabled People, and different social welfare programmes. The invoice can even roll again Biden-era tax credit for clear vitality, whereas scaling up funding within the navy and funds for Trump’s crackdown on immigration. It has been projected so as to add greater than $3tn to the US debt over the long run, elevating worries amongst economists.Learn extra about Trump’s “huge, stunning invoice”, which has already set the political battle strains forward of subsequent yr’s midterm elections.Extra US information: The US economic system surpassed expectations so as to add 147,000 jobs in June, main buyers to reduce their bets on rate of interest cuts. Interview: Abbe Lowell, the star lawyer who defended Jared Kushner and Hunter Biden, has warned that Trump is pushing US democracy to a breaking level.Right here’s what else we’re retaining tabs on right this moment and over the weekend:Financial knowledge: The Philippines publishes June inflation figures and Singapore stories Might retail gross sales. On Sunday, Vietnam releases a batch of knowledge, together with June inflation and second-quarter GDP.India-Argentina relations: Indian Prime Minister Narendra Modi meets Argentine President Javier Milei in Buenos Aires.Brics annual summit: A two-day gathering of the group of growing nations begins Sunday in Rio de Janeiro, Brazil, with India’s Modi and Chinese language Premier Li Qiang among the many leaders in attendance.Birthday: The Dalai Lama turns 90 on Sunday. The Tibetan Buddhist chief just lately asserted “sole authority” over a succession course of contested by China.How properly did you retain up with the information this week? Take our quiz.5 extra high stories1. China has hit out on the US-Vietnam commerce deal, amid issues in Beijing that Trump is utilizing his “liberation day” tariff negotiations with third nations to curb its export machine. The US president’s deal with punishing “trans-shipping” of products — extensively believed to be aimed toward Chinese language re-exports to the US — has drawn Beijing’s ire.US-China commerce: The three largest builders of chip design software program have stated the US has eliminated latest restrictions on gross sales in China.Extra commerce information: South Korea’s president has expressed pessimism at agreeing a take care of the US earlier than Washington’s self-imposed deadline subsequent week. 2. China’s central financial institution has requested European monetary establishments for recommendation on coping with the results of low rates of interest. The transfer suggests the Folks’s Financial institution of China is anxious a couple of multiyear deflationary surroundings, which might threaten financial institution earnings and monetary stability — just like what many European nations skilled final decade.3. The $33bn privatisation of a serious Toyota provider has been known as out as a “examine in opacity” by an funding business group. The Hong Kong-based Asian Company Governance Affiliation launched a searing assault yesterday of Japan’s largest administration buyout, saying it could “function a referendum on the credibility of Japan’s company governance revolution”. 4. Trump and Volodymyr Zelenskyy will focus on the abrupt halt in some key US weapons deliveries to Kyiv in a name on Friday or the approaching days, the Ukrainian president stated yesterday. Ukraine summoned a senior US diplomat on Wednesday after it was caught off guard by the Pentagon’s choice to cease delivering a number of superior weapons techniques. 5. Quick-fashion retailer Shein has been fined €40mn by French regulators, a report penalty, for deceptive shoppers on value reductions and environmental commitments. Right here’s what the 11-month investigation into the China-founded retailer discovered.Information in-depth© Alex Wheeler/FT montage/Alamy/Anadolu Company by way of Getty ImagesCash-strapped Pakistan is hoping to get on Donald Trump’s good facet and stave off hefty commerce tariffs. Its technique? Pitching itself as a bitcoin mining hub, a supply of uncommon earths and providing its help for a Nobel Peace prize for the US president. Humza Jilani has extra on Islamabad’s effort to woo the White Home.We’re additionally studying . . . Chart of the day US tariff revenues surged nearly fourfold from a yr earlier to a report $24.2bn in Might, the primary full month wherein Trump’s 10 per cent international tariff was in impact.Some content material couldn’t load. Verify your web connection or browser settings.Take a break from the newsDon’t miss HTSI’s information to Bali, the place “every little thing looks like a ritual”, as instructed by Ronald Akili, the founding father of seashore membership Desa Potato Head.© Putu Sayoga