Downing Street has admitted that Britain will be hit by Donald Trump’s trade tariffs, with hopes of a deal before Wednesday fading. Despite intense negotiations, no agreement will be in place by April 2, when the US president plans to impose levies on various goods. Two major business groups have warned that over 60% of their members will be affected directly by the tariffs, causing international markets to tumble as Trump prepares for what he calls “liberation day”.
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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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