First, some good news. Congress approved a week-long spending measure today, narrowly preventing a government shutdown from occurring tomorrow, which also happens to be President Donald Trump’s 100th day in office. Phew.
And talking about nail-biters, this week kicked off with the first round of French presidential elections. Advancing to the May 7 runoff are independent centrist Emmanuel Macron, who had come out on top with 23.75% of the votes, and controversial far-right candidate Marine Le Pen, who won 21.53%.
The results “may not have matched Britain’s Brexit referendum of last year or the United States of America’s presidential election of Donald Trump in upsetting the pollsters,” wrote MetalMiner co-founder Stuart Burns, “but it does say a lot about the mind set of French voters all the same.”
Over in the U.S., this week the Trump administration announced plans to slash individual and business income tax rates. The proposal will have businesses, big or small, paying 15% (the current corporate tax is 35%). As for a border adjustment tax on imports, the latest news reports are saying Trump has abandoned the idea. This past week, Jeff Yoders spoke with Americans for Prosperity and Freedom Partners on this very topic of a BAT.
“AFP sees the BAT as very similar to a VAT and [AFP thinks] that its overall impact would be similar,” Yoders wrote. “I, myself, have been known to a be a VAT conscientious objector, as well. I do think, though, that the idea of a BAT, while it certainly has VAT similarities, is intriguing in that it uses the corporate income tax to encourage manufacturing in the U.S.”
To send off our (erstwhile) colleague Jeff Yoders, let’s end this Week-in-Review with another article from him. This week, he published the final part of an interview with Dean A. Pinkert, former International Trade Commission vice chair, on issues facing metals producers and manufacturers; the Trump administration; and tax policy. Don’t miss it!