US Senate Advances Trump's Bill, Raising Domestic and International Concerns

On June 27, 2025, women were seen carrying umbrellas near the US Capitol building in Washington, DC.

Senate Republicans made a significant move towards passing US President Donald Trump's legislation, voting 51-49 to begin debate. This vote cleared the path for a final vote, expected to occur soon. The bill has sparked considerable domestic debate.

Elon Musk criticized the bill, claiming it would harm the country and destroy jobs. Representative Mike Lawler also opposed the bill, warning of its potential impact on the House. Despite opposition, the bill advanced due to some Republican senators changing their stance after negotiations. The White House reiterated Trump's commitment to the bill's passage.

The bill, largely focused on domestic affairs, has raised international concerns. It includes provisions that could impose additional taxes on companies and individuals in countries with taxes the US deems unfair. Japan, set to introduce the undertaxed-profits rule, could be targeted.

Analysts expressed concerns about the bill's international implications. Retaliatory taxation could discourage foreign investment in the US and impact stock markets. Companies with significant US production could be particularly affected.

A Chinese expert also voiced concern, stating that the new tax mechanism could undermine global tax equity and development models. The expert warned that if implemented alongside other measures, it could exacerbate tax distortions.