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US fiscal and trade policy are once again in the spotlight — and the implications could be far-reaching. In this month’s video, Lizzy Galbraith explores how a major new bill and evolving tariff strategies could force yet another rethink on growth, inflation and markets. 

Key highlights:
 
  • One Big Beautiful Bill Act. What’s in the sweeping US fiscal package, and how might it push the fiscal deficit above 7% of GDP within 24 months?
  • Tariff trends. Why the average US tariff rate could rise — and what legal battles may shape future US trade policy?
  • Policy tools in play. Even if one key tariff power is struck down by the courts, Donald Trump still has multiple levers to pull.
  • Risks to the outlook. From tax-cut extensions to sector-specific support, what could widen the budget deficit even further?
Watch the video for more details.

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