U.S.-EU Trade Negotiations Show Renewed Life After Tariff Threat
Following a threat of a 50% tariff from President Trump at the start of Memorial Day weekend, the EU has reengaged with administration officials. Following a call with EU Commission President, President Trump delayed the deadline for a deal from early June to July 9 as two tracks for faster negotiations emerged. The slow pace had frustrated the Trump Administration, leading to the tariff threat.
As reported by Politico, Commerce Secretary Lutnick will lead negotiations on sectoral tariffs imposed by the Trump Administration on cars, steel, aluminum, pharmaceuticals and more. A separate, more detailed track on the baseline “reciprocal” tariff will be led by the U.S. Trade Representative Jamieson Greer. The detailed track negotiations could begin as soon as this week in Washington.
Please contact Dan Neumann with any questions.
Tax Bill Passes the House, Senate Vows to Change It
President Trump’s signature “One Big Beautiful Bill” passed on a near-party line vote before the Memorial Day weekend, securing a major victory for both President Trump and House Speaker Mike Johnson. Passage required concessions to both moderates concerned with the state and local tax (“SALT”) deduction and with conservative deficit hawks. The Senate is considering substantial changes to the bill, almost guaranteeing a re-vote will be required by the House.
Among the possible changes are making two ACMA priorities permanent – 100% expensing of research and development in the year it occurs, and the immediate, full expensing for new capital equipment, or “bonus depreciation.” Both of these provisions lower costs for innovative manufacturers. ACMA has worked with the National Association of Manufacturers for over two years to ensure both of these provisions are included in the bill. The House bill limited these provisions to five years, but the Senate is hoping to make them permanent.
Please contact Dan Neumann with any questions.