Donald Trump is making America’s deficits great again

Republican tax cut will widen the trade and current-account deficits, the opposite of what was promised

US President Donald Trump and congressional Republican allies have succeeded in passing their big tax legislation. While it lacks many of the desirable attributes of true tax reform, it amounts to a success for Trump, who failed to deliver any other major piece of legislation during the first year of his administration. But what will it mean for Trump’s other major promise, to cut the US trade deficit?

Simply put, the Republicans’ tax law – which emphasiaes big cuts, especially for corporations and the highest-income earners – is virtually certain to widen the budget deficit and, in turn, increase the current-account deficit. Trump’s legislative victory implies the return of the infamous twin deficits that followed George W Bush’s tax cuts of 2001 and 2003, and Ronald Reagan’s cuts of 1981-1983.

Related: Why Trumponomics cannot make America great again

Related: Donald Trump’s 3% growth plan is only for the 1% | Kenneth Rogoff

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Trump row could kill off swift post-Brexit trade deal, says former UK envoy

Quick transatlantic trade deal should be put ‘out of our minds’ says former ambassador, as poll shows 72% of British public think president is a risk to international stability

Donald Trump’s deteriorating relationship with Britain is likely to kill off any lingering cabinet hopes of a swift post-Brexit trade deal with the United States, a former British ambassador to Washington has warned.

Sir Nigel Sheinwald said that a series of controversial interventions by the US president in British issues meant that the remote prospect of a quick transatlantic deal, heralded by pro-Brexit cabinet members, should now be “put out of our minds” for good.

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‘A really big deal’: New York City’s fossil fuel divestment could spur global shift

Economists say city’s status as financial and cultural giant means move to sever ties with fossil fuel will catalyze others in US and around the world to follow

New York City’s decision to sever ties with its fossil fuel investments is set to prove a catalyst to other cities in the face of the Trump administration’s staunch support for coal, oil and gas interests, according to several leading economists.

On Wednesday, city officials announced that New York was to divest its pension funds of about $5bn in fossil fuel-linked money over the next five years. New York’s total pension fund for its teachers, firefighters and other city workers is worth about $189bn.

Related: New York City plans to divest $5bn from fossil fuels and sue oil companies

Divestment is the opposite of investment. It’s the shifting of stocks, bonds or funds from certain businesses or sectors.

Related: $306bn in one year: US bill for natural disasters smashes record

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Tech executives join more than 100 business leaders calling on Congress to move quickly on DACA

 Many of tech’s most prominent executives, including the CEOs of Apple, Facebook, Amazon and Google, have joined more than 100 American business leaders in signing an open letter asking Congress to take action on the Deferred Action for Childhood Arrivals (DACA) program before it expires on March 5. Read More

H-1B visa extensions for workers waiting on green cards are safe for now

 The Trump administration appears to be creating distance between itself and rumors that it might end the practice of extending H-1B visas during the green card application process. The rumored change would have a large impact on foreign tech workers in the U.S., but the United States Citizenship and Immigration Services (USCIS) is offering assurances that no such policy change is underway. In… Read More

Twitter asserts that it won’t ban Trump because he’s a world leader

 Just days after President Trump’s tweets antagonized a foreign adversary over who would be first to start nuclear war, Twitter has addressed calls for the company to ban the chatty, often bellicose U.S. president. North Korean Leader Kim Jong Un just stated that the “Nuclear Button is on his desk at all times.” Will someone from his depleted and food starved regime… Read More

White House bans personal cellphone use in the West Wing

 In a statement on Thursday, White House Press Secretary Sarah Huckabee Sanders announced that personal cellphones will no longer be allowed in the West Wing.
“The security and integrity of the technology systems at the White House is a top priority for the Trump administration and therefore the use of all personal devices for both guests and staff will no longer be allowed in the West Wing. Read More

Trump tax cut to dent BP profits by $1.5bn, company warns

Oil giant joins Goldman Sachs and Shell in declaring big hit in 2017 but admits controversial corporate tax cut will boost future earnings

BP has said Donald Trump’s sweeping changes to US taxes will knock about $1.5bn (£1.1bn) off its profits for the end of 2017.

The British oil company becomes the latest global firm to report a hit to its earnings from the US corporate tax rate cut, which came into effect at the start of the year after being signed into law in December. Barclays, Shell and Goldman Sachs have made similar statements in recent weeks.

Related: Trump tax plan: the key points from the final bill

Related: Sanders attacks tax plan as Trump celebrates with friends: ‘You all just got a lot richer’

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