Afternoon Coffee: What to Look for in GOP Tax Plan Reveal, Bombardier Hit with New Tariffs

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Moving on from another bruising defeat on healthcare reform, Republicans are expected to unveil Wednesday a new tax plan that aims to pass savings on to millions of U.S. businesses, according to CNBC. Central to the proposal is a new rate for “pass-through businesses” of about 25%.

New Tariffs

Bombardier’s CSeries jets will face new tariffs after the U.S. Commerce Department imposed a steep 219.63% countervailing duty on the Canadian manufacturer, Reuters reports. The move follows a complaint from Boeing that the Canadian government had unfairly subsidized the rival aircraft.

Competitive Economies 

While President Trump has said that tax reform would be key to restoring America’s status as competitive on the world stage, a new report by the World Economic Forum contradicts that pessimistic perspective. As Quartz writes, The U.S. moved up in rankings this year, taking the title of second most competitive economy, edging out Singapore and beat only by Switzerland, which has held the top spot for six years.

Interest Rates

And finally, a financial update: Unexpectedly low inflation continues to daunt the U.S. Federal Reserve, the Wall Street Journal reports, and the central bank will accordingly stick to its plan to gradually raise interest rates.

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