Skip to main content

Featured

Bank of Canada Freezes Rates as Trump’s Tariff Threat Looms Over Economy

Bank of Canada Holds Rates Steady Amid Tariff Turmoil In a widely anticipated move, the Bank of Canada has opted to maintain its benchmark interest rate at 2.75% for the third consecutive time, as trade tensions with the United States intensify ahead of an August 1 tariff deadline. Economists had unanimously predicted the hold, citing mixed economic signals: while employment remains strong, core inflation continues to hover above the Bank’s target. Governor Tiff Macklem emphasized that monetary policy cannot offset the impact of prolonged trade conflicts, reiterating the Bank’s commitment to price stability for Canadians. The decision comes as President Trump threatens sweeping tariffs on Canadian goods, including a potential 35% blanket rate and sector-specific levies on steel, aluminum, and autos. These measures have injected uncertainty into business planning and consumer confidence, with many firms scaling back hiring and investment. Despite the hold, analysts warn that further...
Post a Comment
Read more

article

Labels

House Republicans Push Trump’s Sweeping Tax Bill Toward Final Vote Amid Party Divisions

In a dramatic overnight session, House Republicans narrowly advanced former President Donald Trump’s expansive tax and spending bill—dubbed the “Big Beautiful Bill”—clearing the way for a final vote expected later today. The procedural vote passed 219-213, with only one Republican, Rep. Brian Fitzpatrick of Pennsylvania, breaking ranks to oppose the measure.

The bill, a cornerstone of Trump’s second-term agenda, proposes $4.5 trillion in tax cuts over the next decade, including extensions of 2017 tax breaks and new deductions for tips, overtime, and seniors. It also includes deep cuts to Medicaid and food assistance programs, sparking fierce opposition from Democrats and concern among some Republicans.

Trump, eager to sign the bill by July 4, applied intense pressure on GOP holdouts, both publicly on social media and privately through late-night calls. “What are the Republicans waiting for??? What are you trying to prove???” he posted, warning that delays were “COSTING YOU VOTES!!!”.

House Speaker Mike Johnson held the vote open for nearly six hours, even gathering holdouts for a prayer circle on the House floor before securing the needed support. The Congressional Budget Office estimates the bill would add $3.3 trillion to the national deficit over ten years.

Democrats, united in opposition, have labeled the bill a “disgusting abomination” and a giveaway to the wealthy at the expense of vulnerable Americans. With the GOP holding a slim majority, the final vote remains a high-stakes moment for both Trump and House leadership.



Labels:

Comments

Post a Comment

Popular Posts