Bloomberg Daybreak: Europe Edition G-7 Deal Kills Section 899, US-China Trade Truce, Trump Fuels UK Uni Interest
Jun 27, 2025
Jill Deas, a Newsdesk editor at Bloomberg, dives into pivotal global economic shifts. She discusses the G-7's landmark decision to eliminate Section 899, easing tax burdens for U.S. companies while shaping U.S.-China trade relations. Deas highlights the EU's readiness for variable trade scenarios with the U.S. and examines the impact of welfare cuts on the UK's fiscal landscape. She also sheds light on the increasing interest from U.S. academics in UK universities, influenced by competitive admissions and appealing educational environments.
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US G7 Deal Drops Revenge Tax
- The US Treasury's deal with G7 excludes American companies from the global minimum tax, removing the controversial revenge tax proposal.
- This move alleviates fears that the tax would deter foreign investment in the United States.
US-China Trade Understanding
- The US and China finalized a trade understanding including China's commitment to delivering rare earths.
- The US plans imminent trade deals with 10 major partners before resuming tariffs by July 9th.
EU Cautious on US Trade Talks
- The EU prepares for all scenarios in US trade talks, including failure and retaliation.
- The bloc debates accepting an asymmetrical deal or risking an escalating trade war with the US.