Policymakers, including Christine Lagarde of the European Central Bank, are facing significant uncertainty due to escalating trade tensions and shifting geopolitical dynamics, as exemplified by the European Commission and Canada imposing tariffs on U.S. imports in response to Trump administration levies. This unpredictability makes it challenging for central bankers to maintain inflation at the 2 percent target. European leaders are grappling with the changing international order and are considering increased military spending and borrowing for defense and infrastructure investments to navigate the uncertain landscape.
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President Trump Promised to End Social Security Benefit Taxes. Here's What Seniors Are Getting Instead
The White House announced a new senior tax deduction from the One Big, Beautiful Bill (OBBB) for the 2025 tax year, claiming it will exempt 88% of seniors on Social Security from owing taxes on their benefits, fulfilling a key promise from President Trump. However, experts caution that while the deduction may assist some seniors, it does not eliminate taxes on benefits entirely, warranting a deeper understanding of its implications. Want More Context? 🔎
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