Yvette Cooper has warned that Donald Trump’s pursuit of tariffs against the US’s closest neighbors could have a damaging impact on the global economy, as the president imposes levies on goods from Mexico, Canada, and China. The UK government aims to break down trade barriers, not put them up, amidst fears of a global trade war that could escalate the cost of living. If the US targets the UK with tariffs, the government is prepared for all eventualities, including retaliatory measures targeting symbolic US products, similar to actions taken during trade wars in Mr. Trump’s first term.
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Italy to slash VAT on art to compete with EU rivals
Italy's right-wing government is set to reduce the value-added tax on art from 22% to 5%, responding to urgent calls from over 500 artists and galleries who warned of a potential collapse in the domestic art market. This tax cut, anticipated to be approved in a Cabinet meeting and requiring parliamentary ratification within 60 days, aims to enhance competitiveness against lower-tax countries like France and Germany. Need More Context? 🔎
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