China reportedly exempts select US imports from tariffs, discretely communicates policy to companies
China reportedly has drafted a list of US imports that is exempted from its 125% tariffs. It’s unclear how many, or which, products are on the list because authorities have not publicly shared this information. The sources state that the
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US: Trump to reveal 2026 federal budget plan later today
US President Donald Trump is set to unveil his 2026 fiscal year budget proposal today, 2 May 2025, which will then be submitted to Congress. The federal budget release follows after Republicans in Congress’ attempt to resolve divisions over
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China exempts tariffs on US ethane imports
China has exempted the 125% tariff on US ethane imports imposed earlier this month, alleviating pressure on Chinese companies that rely on ethane imported from the US for petrochemical production, reports Reuters . China has increased tariffs on
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US: Trump’s latest executive order eases tariff impact on auto industry
US President Donald Trump signed an executive order yesterday, 29 April 2025, to ease the impact of auto tariffs, days before 25% import taxes on auto parts were set to take effect. Under the new executive order, which he signed aboard Air Force
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Belgium: Data protection authority rules FATCA data transfers for ‘Accidental Americans’ are illegal
Belgium’s Data Protection Authority (DPA) reaffirmed its decision through Decision No. 79/2025 of 25 April 2025 to ban the transfer of data to the United States under the Belgium-United States FATCA Model 1A Agreement (2014), specifically
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US: IRS revises practice unit on home office, stewardship deductions for US branches of foreign firms
The US Internal Revenue Service (IRS) has updated its international practice unit, Section 861 - Home Office and Stewardship Expenses, on 28 March 2025, focusing on the deductibility of home office and stewardship expenses by a US branch of a
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US: Customs and Border Protection imposes new tariffs on Chinese imports
The US Customs and Border Protection (CBP) issued an amended notice on 24 April 2025 announcing additional duties on products from China and Hong Kong following President Donald Trump's Executive Orders 14256, 14259, and 14266. The notice was
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China reportedly exempts select US imports from tariffs
China has reportedly exempted certain US imports from its 125% tariffs and is urging companies to identify essential goods that should be exempt from tariffs. However, they are yet to make any public statements regarding the matter. The Trump
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US: Treasury publishes list of countries requiring cooperation with an international boycott
The US Department of the Treasury published a notice in the Federal Register on 25 April 2025, listing countries that may require participation or cooperation in an international boycott. The list includes Iraq, Kuwait, Lebanon, Libya, Qatar,
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US: IRS reminds tax-exempt organisations of key forms before the 15 May 15 deadline
The US Internal Revenue Service (IRS) has issued IR-2025-54 on 25 April 2025, highlighting important forms and topics to ensure successful and timely filing as the 15 May 2025 filing deadline approaches for tax-exempt organisations. The annual
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US: Trump reportedly plans to cut billions from programmes in 2026 budget proposal
The Trump Administration is planning to cut billions from child care, health research, education, and housing programmes in its 2026 budget proposal, which is being finalised by the White House's Office of Management and Budget, according to a New
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EU, US remain far from reaching a tariff agreement
The EU Economic Commissioner, Valdis Dombrovskis, stated on Friday, 25 April 2025, that the United States and the European Union still have work to do to reach a deal that avoids tariffs on each other's goods. The US has imposed 25% tariffs on EU
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US: Arkansas offers tax credits for headquarters relocations and automation investments
Arkansas Governor Sarah Huckabee Sanders signed new legislation on 17 April 2025, which introduces tax incentives to attract corporate headquarters and encourage modernisation investments. Tax credits for new corporate headquarters
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US: IRS issues guidance on APA submission review
The US Internal Revenue Service (IRS) Large Business and International (LB&I) division released memorandum LB&I-04-0425-0005 on 22 April 2025, which reissues interim guidance LB&I-04-0423-0006 on 25 April 2023. This
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US: Oregon, 11 States file lawsuit against Trump Administration over tariffs
The Oregon Attorney General has announced a multi-state lawsuit filed on 23 April 2025, challenging the Trump Administration's executive orders to raise tariffs globally without congressional approval. The case is led by Oregon Attorney General
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US: Trump warns Canada auto tariff could rise above 25%
The US 25% tariffs imposed on cars imported from Canada could be further increased, said President Donald Trump yesterday, 23 April 2025. "When I put tariffs on Canada - they're paying 25% - but that could go up, in terms of cars. All we're doing
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US: IRS, Treasury to scrap basis shifting transaction of interest rules
The US Department of the Treasury and Internal Revenue Service (IRS) issued Notice 2025-23 on 17 April 2025, announcing plans to propose removing the basis shifting transactions of interest regulations (T.D. 10028) originally issued on 14 January
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US: Indiana approves 10% property tax credit
Indiana’s Governor Mike Braun (R) signed Senate Bill SB 1 into law on 15 April 2025, introducing significant tax relief measures for Indiana residents and businesses. The legislation provides homeowners with a property tax credit while raising
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