FT News Briefing
Trump steers the world toward a tax war
Jan 24, 2025
A federal judge has halted Trump's bid to end birthright citizenship, stirring legal debates. Meanwhile, Trump's threats of retaliatory taxes could shake international business dealings. The podcast also delves into the cooling interest in anti-obesity drugs, as investors pull back from once-promising stocks. Novartis and Eli Lilly face market turbulence following disappointing results. Lastly, the competitive landscape of the Oscars shines a light on the broader cultural context in which these pharmaceutical challenges unfold.
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Quick takeaways
- A federal judge's ruling against Trump's birthright citizenship order underscores ongoing legal challenges surrounding immigration policy in the U.S.
- Trump's plans to retaliate against extraterritorial taxes signal a potential tax war, complicating international corporate taxation and global economic cooperation.
Deep dives
Legal Setback for Trump's Citizenship Order
A U.S. federal judge has halted Donald Trump's executive order aimed at ending birthright citizenship for children born to unauthorized immigrants in the country. The judge deemed this policy unconstitutional, referencing the 14th Amendment, which guarantees citizenship to all persons born in the U.S. This ruling marks a significant legal challenge for Trump's administration shortly after his return to the White House, suggesting that multiple legal disputes may arise from his recent wave of executive orders. The situation highlights the ongoing tensions and complex legal considerations surrounding immigration policy in the United States.
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