US: New York approves FY 2026-27 budget, introduces tip income tax exemption
New York Governor Kathy Hochul signed the New York State Fiscal Year 2027 Budget on 28 May 2026. This legislative package is designed to address the rising cost of living while funding critical public safety and infrastructure initiatives. While
See MoreUS: Trump Administration unveils 25% Brazil tariff over trade grievances
The Trump administration announced a new punitive tariff of 25% on numerous Brazilian imports on Monday, 1 June 2026, citing unfair trade practices spanning digital commerce, intellectual property rights, and environmental protection. US Trade
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US: Tariffs to remain as Trump Administration reframes USMCA trade deal
The Trump administration is pressing ahead with its tariff-first approach to trade with North American neighbours, according to US Trade Representative (USTR) Jamieson Greer. Speaking at the Council on Foreign Relations on Tuesday, 26 May 2026,
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US, Mexico square off over automotive content in USMCA overhaul
The US and Mexico have launched formal bilateral negotiations to restructure the six-year-old US-Mexico-Canada Agreement (USMCA), with Washington pushing for stricter regional content rules—most notably, a new US-specific minimum threshold for
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US: Treasury, IRS issue Section 892 proposed regulations to provide grandfathering protection and transitional relief to sovereign investors
The Department of the Treasury and the Internal Revenue Service announced on 29 May 2026 that it has issued additional guidance addressing the applicability dates of recent proposed regulations under Section 892 of the Internal Revenue Code, which
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US: Trade Court blocks 10% import surcharge, rejects government stay
The US Court of International Trade (CIT) has refused to suspend enforcement of a judgment striking down President Trump's 10% temporary import surcharge. In a decisive ruling issued 20 May 2026, the court found the surcharge overstepped
See MoreUS: Trump Administration adjusts steel, aluminium tariffs in new proclamation
US President Donald Trump signed a proclamation revising his Section 232 national security tariffs on steel, aluminium, and copper imports on 1 June 2026. The changes lower rates on certain derivative products while introducing new restrictions
See MoreUS: Trump Administration imposes tariffs on 60 economies over forced labour violations
The Trump administration announced substantial new tariffs on Tuesday, 3 June 2026, targeting 60 trading partners deemed inadequate in combating forced labour in their supply chains. The move escalates trade tensions as the administration rebuilds
See MoreUS: IRS releases calculator for long-term contract interest computations
The US Internal Revenue Service announced, on 29 May 2026, the release of a new calculator to help businesses working on large, multi-year construction or manufacturing projects more easily figure interest related to those contracts. The
See MoreUS: JCT publishes detailed explanation of tax overhaul under One Big Beautiful Bill Act
The US Congress Joint Committee on Taxation (JCT) published, on 28 May 2026, its General Explanation of the Tax Provisions of Public Law 119-21, providing a detailed breakdown of the tax measures contained in the One Big Beautiful Bill Act. The
See MoreUS: Commerce Department sets application framework for pharmaceuticals onshoring tariff exemptions
The Industry and Security Bureau of the US Department of Commerce has published a notice in the Federal Register concerning the Procedures to Apply for Company-Specific Onshoring Agreements to Obtain Tariff Adjustments for Pharmaceuticals and
See MoreUS: IRS considers adding citizenship question to tax forms
The US Internal Revenue Service (IRS) is weighing whether to require taxpayers to disclose their citizenship status on 2026 tax forms, according to sources familiar with the discussions. The move would represent the Trump administration's latest
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EU finalises trade deal with US under Trump’s July deadline threat
The European Union reached a provisional agreement on Wednesday, 20 May 2026, to eliminate import duties on US goods, moving to avert threatened American tariffs after months of tense negotiations. European Commission President Ursula von der
See MoreUS: Treasury designates eight Middle Eastern countries for international boycott reporting
The US Treasury has designated eight countries requiring international boycott reporting, with Form 5713 filings mandatory for businesses operating in or connected to these nations. The US Department of the Treasury issued a Federal Register
See MoreUS: Tax refunds fuel retail sales surge, but inflation threatens to stall spending
US retail sales posted a solid gain for the third consecutive month in April 2026, though economists warn that rising inflation and depleted savings could dampen consumer spending in the coming months. According to the Commerce Department's
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Bitcoin 2026: Regulators, lawmakers reshape Bitcoin’s legal landscape
Bitcoin 2026, the world's largest annual gathering of the Bitcoin community, wrapped up its three-day run at the Venetian Resort in Las Vegas with a series of landmark regulatory and legislative developments that industry participants say could
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US, China explore managed trade framework to ease tariff tensions
The US and China are moving toward a new approach in their trade relationship, with both nations expected to identify approximately USD 30 billion worth of goods for potential tariff reductions. A new pragmatic strategy US Trade Representative
See MoreUS: Appeals Court grants temporary stay on ruling against Trump’s global tariffs
The US Court of Appeals for the Federal Circuit issued a short-term administrative stay on 12 May 2026, temporarily halting injunctions against the Trump administration's 10% global tariff that was imposed under Section 122 of the Trade Act of
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