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The provision would grant Trump the authority to tax foreign holdings of US investments as a way to retaliate against countries imposing new taxes on US companies operating overseas. Bessent argued that the provision, known as Section 899, was no longer necessary after the Trump administration reached a deal with G7 nations at last week’s summit to exempt US companies from a 15% global corporate minimum tax championed by the Biden administration. “After months of productive dialogue with other countries on the OECD Global Tax Deal, we will announce a joint understanding among G7 countries that defends American interests,” the Treasury secretary wrote on X. “President Trump paved the way for this historic achievement.” Source: New York Post

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From foreign aid to renewable energy programs, federal agencies are bracing for sweeping cuts. As Trump’s budget proposal slashes $163 billion from nondefense discretionary spending, it threatens to eliminate some programs entirely. Meanwhile, it boosts the Pentagon’s budget by 13%, raising it to $962 billion in 2026.As Trump’s budget proposal slashes $163 billion from nondefense discretionary spending, it threatens to eliminate some programs entirely. Meanwhile, it boosts the Pentagon’s budget by 13%, raising it to $962 billion in 2026. The Pentagon stands to gain an additional $114 billion—the largest budget increase by far. In particular, funding would be directed to building a “Golden Dome”, a multi-billion dollar missile shield that includes orbital sensors, satellites, and missiles on the ground. By the end of his term, Trump wants to spend $175 billion on its architecture.

Source: Bloomberg

The negotiators will now seek approval on the framework from the U.S. and Chinese presidents, before implementing it. The U.S. and China have reached an agreement on trade, representatives from both sides said after a second day of high-level talks in London, with the deal now awaiting a nod from the leaders of the two countries. “We have reached a framework to implement the Geneva consensus and the call between the two presidents,” U.S. Commerce Secretary Howard Lutnick told reporters. That echoed comments to reporters from Li Chenggang, China’s international trade representative and a vice minister at China’s Commerce Ministry. U.S. President Donald Trump and Chinese President Xi Jinping spoke by phone late last week, stabilizing what had become a fraught relationship with both countries accusing each other of violating the Geneva trade agreement. At a meeting in Switzerland in mid-May, the world’s two largest economies had agreed to a 90-day suspension of tariffs added in April, and a rollback of certain other measures. Lutnick said he and U.S. Trade Representative Jamieson Greer will head back to Washington, D.C., to “make sure President Trump approves” the deal outline. If Xi also agrees, then “we will implement the framework,” Lutnick said. Chinese restrictions on rare-earth exports to the U.S. are a “fundamental part” of the latest agreement and the U.S. expects the issue “will be resolved in this framework implementation,” Lutnick said. He indicated U.S. restrictions on sales of advanced tech to China in recent weeks would be rolled back as Beijing approves rare-earth exports. While Chinese state media had been quick to announce Xi’s call with Trump last week, Beijing’s official mouthpieces were conspicuously silent more than one hour after Lutnick’s comments, except for a lower-profile mention citing Vice Commerce Minister Li as saying that the talks helped build bilateral trust. On Tuesday local time in London, U.S. Treasury Secretary Scott Bessent told reporters he was headed back to the U.S. in order to testify before Congress. Chinese Vice Premier He Lifeng, the lead negotiator on trade talks with the U.S., and Chinese Minister of Commerce Wang Wentao also participated in this week’s discussions. China’s CSI 300 index was trading slightly higher, while U.S. stock futures were down as investors awaited details on the trade framework. First take >>> The fact that the two sides will now brief their leaders could be a sign that some disagreements or unresolved details still require internal discussion. The framework agreement signals a commitment to de-escalate and continue the dialogue process, but whether it will lead to concrete agreements or substantive breakthroughs continues to be uncertain. Source: Bloomberg, CNBC