Marathon vote on Trump's “Big, Beautiful Bill”
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No. Yes. SAP Concur helps your business move forward faster. Learn more at Concur.com. Hello and welcome to World Business Report from the BBC World Service. I'm Sam Fennec. Coming up today, a marathon voting session in the US Senate over Donald Trump's tax cuts continues. We'll have the latest on that. Trade tensions between Japan and the US rise over one of life's staples, rice.

Also today... Can you name the iconic bridge that's marking 25 years since it first connected two countries?

But first, a new record has been set in the United States. The marathon Senate vote on Donald Trump's one big, beautiful bill has reached 45 consecutive votes, making it the longest voterama in Senate history. Republicans made the tax code more progressive, not less. Americans deserve more than empty platitudes. They deserve meaningful tax relief and real results.

President Trump claims to fight for the working class, yet we have before us a bill that gives tax breaks to the top 1% that will be paid in cuts to Medicaid, SNAP and more. If you are going to ruin people's lives by kicking them off their health care or cutting their food stamps, don't make the moral injury even worse by padding the pockets of the richest people in the country. Y'all will never do anything to make sure taxes go down.

So we're going to make sure they go down forever. A flavour there of what some of the senators are saying. The policy lays out President Trump's domestic agenda, including major tax cuts and deep welfare spending reductions. They've been up all night voting. Let's talk now to our North America business correspondent, Michelle Flurry. Were you up all night, Michelle, watching this vote?

I was sleeping like a baby. I'll say that much. Unlike the lawmakers in Washington, D.C. Are they still going? Have they had any sleep, do you think?

You know, I suspect if they did manage to catch a few winks, not much. You know, they are still going at it. There are signs potentially that things are moving in the Senate, that there is a final vote series kind of scheduled. But, you know, it has been a long session and the vice president, J.D. Vance, will be needed to try and break any tie. The last time a vote went this long was 2008.

Scott Besant, though, the Treasury Secretary, has been on Fox & Friends this morning, hasn't he? And he seems confident that there will be a resolution sometime this afternoon.

Yeah, I mean, look, the challenge has been that, you know, different senators, whether it's Lisa Murkowski of Alaska, whether it's Susan Collins of Maine, you know, they wanted different things that were not in the bill. And so there has been this strong push overnight to try and kind of huddle with them and see if there was a way to kind of get their vote. And it does appear that

Perhaps they now have finally figured something out because, as I said, they are moving towards this final vote. Potentially it could be done in the Senate by this afternoon. The problem then, though, is that in order to get this through the Senate, this version of the legislation is...

includes more spending than the House would like. And so how do you bring those two sides? How do you reconcile that? Because there are the kind of deficit hawks in the House who say this will not do, that any increase in spending has to be matched by cuts. And we're not there yet. And just remind us the detail of what they're voting on. Where are these cuts coming? Healthcare is one of them, isn't it?

So on the tax cut side, this is about extending tax cuts that were introduced initially during Trump's first term, making them permanent. Then there are some extra ones, including notably, for example, no tax on tips. That had proved very popular during Donald Trump's campaign. On the flip side, how are they going to pay for some of this? Tariff revenue was seen as one way, but separately, there were also cuts to America's social safety net. And that has been where some of the controversy has happened.

We're talking about things like Medicaid, which is health care for the poorest. We're talking about SNAP, which is food stamps and other measures. And these are difficult for some of these lawmakers who know they're going to have to go back, face their constituents. And there's been some debate about whether or not this actually will benefit the middle and lower class.

as the White House claim or whether or not it will actually increase income inequality. I've seen sort of some calculations that suggest that the rich benefit far more than those in the bottom quintile. And so that is really the difficulty some of these lawmakers are having when they're having to kind of vote and kind of go on the record.

Michelle Fleury, North America business correspondent for the BBC. Thank you very much. I will let you go and carry on getting across the debate as it happens. You can hear more on that in the late edition of World Business Report and on business matters later on, too. Let's go and talk to Fiona Sincotta, senior market analyst at Citi Index. Now, the impact of all of these debates and the level of debt in the US is having a huge impact on the value of the dollar, isn't it, Fiona? Yeah.

Yes. I mean, the US dollar has seen its worst first half performance of any year since 1973. So, it's down over 10%. You know, we're really seeing investors looking to sell out of the dollar, diversify into other currencies such as the US.

Euro, which has performed particularly well. It's at a four-year high against the US dollar. And also, the pound is trading up very high at 137.50 against the US dollar. But interesting because US stocks are hovering around all-time highs. They are down a little bit

today. But in the grand scheme of things, we're definitely seeing more of that sell America trade in the US dollar than we are in US stocks. Fiona, thank you very much. We will talk to you again a little bit later in the program, but we'll move on for now. There are stark new warnings that deep cuts to America's made

main aid agency, USAID, ordered by President Trump, could cause more than 14 million extra deaths by 2030, undoing years of progress against diseases like HIV and malaria. A new study by The Lancet says that the sudden withdrawal of the US funding could hit the world's poorest hardest. In a moment, we'll talk about the impact that this could have on the economic stability of countries already struggling with poverty and disease.

But first, let's get an idea of what things are like right now on the ground. Nelson Otwoma is the director of the National Empowerment Network of People Living with HIV and AIDS in Kenya. Kenya was relying and has been relying on US government through PEPFAR and also through USAID in terms of 70% of the HIV response.

Although treatment is around 30 percent, that is ARVs, but they also support other things like HIV education. They also support to link people to treatment. They also the huge area that has been affected has been in HIV.

human resources, the doctors, the clinicians, the nurses and clinical officers that dispense care and give people ARVs. If you haven't had those healthcare workers to dispense the medicine, what impact has that had on the people needing that medicine?

Yeah, it means that for some days people had to go without medicine. It means that the Ministry of Health had to adjust very quickly to make sure that some clinics are closed. And they were closed because there were no health care workers to manage them. And people then are transferred to the main hospitals where they're integrating HIV care into hospitals.

general health service delivery because HIV is also highly stigmatised. Most young people and key populations including sex workers and the gay community because of stigma and because of being criminalised failed to go to that facility. That's the cada of people who failed to go and get treatment. That is much of much. What about testing facilities? Have they been operational over the past few months?

But they're operational now, is that right? So there's a huge backlog then?

This is testing in routine health care facilities like where ANC and mother to child. So it means that if you present yourself in an hospital, a regular hospital, you get tested. But there are no specific standalone HIV testing like we used to have. When you read the headlines then that 14 million extra deaths could occur by 2030 because of the USAID, are you surprised by that figure?

I think the deaths will come in two ways. One, there are people who are going to die from HIV not even knowing it is HIV because lack of widespread access to testing. But there are also people who

who are interrupting treatment. And the number is not so huge, but mostly I've talked about adolescents and young people and also the people we call key populations. And the reason for interrupting treatment or declining to go for treatment in public health facilities is because HIV has all along been associated with stigma and discrimination. So they may miss out. And because they miss out, then they contribute to AIDS-related deaths.

Nelson Otowoma there from the National Empowerment Network of People Living with HIV and AIDS. He was talking to us from Nairobi. Joining me now is Rachel Bonnyfield. She's Director of the Global Health Policy Programme and a Senior Fellow at the Centre for Global Development. Thanks for being with us, Rachel. How do investments in health programmes like those funded by USAID translate into economic benefits?

Sure. Well, thank you for having me on the program today. There's quite a few pathways and connections between those health programs and the economic stability and welfare of a country. So we just heard from the colleague working on the AIDS program in Kenya. He's giving a very useful portrait of what it's like at the ground level when treatment

treatment starts to be interrupted, when services are interrupted, when there are people who are no longer able to access their medicine or access testing and the downstream effects on mortality. So there are going to be quite a few adults who have been at this point stably on treatment or who in an alternative reality under USAID would have been diagnosed and treated, but they will not be and they will die as a result. Many more people will get sick

That is the workforce of these countries. These are the people who are contributing to economic activity and economic growth. And instead of that being a stable, healthy workforce, it is going to be a sicker, unstable, vulnerable workforce.

There are also longer term effects. So a lot of the health programs target young children. This is providing them a healthy start in life. It means that they will grow taller, be protected from infectious diseases, be protected from early deaths. That's the future economic growth of the country. That's going to be the workforce in 15, 20 years. And I suppose if their parents are working and living longer, then those children will be able to go to school. And that then contributes to the economy growing.

greatly in the longer term.

Absolutely. And when there's an illness or disruption in the family, sometimes it's the young girls who are taken out of school to help care for the family. So if there's illness, that might mean they're no longer in school getting that education for the future, but taken out to help keep the family afloat in the immediate term. But there are those that argue that decades of aid has sometimes created a dependency on that aid instead of actually fostering sustainable growth for these economies.

Yes, that's true. And I think there are some more complicated questions and debates about the long-term effects of aid. There are some reasonable critiques of that. But to withdraw aid in this kind of a way, it is so disruptive. It does not provide that opportunity for countries to themselves step up and establish the replacement systems. So I think there's valid conversations to be had about...

the path to sustainability and local strong health systems. But to withdraw aid in this manner is the worst of all worlds. It doesn't get us to that point and it creates these vulnerabilities that don't necessarily need to be there.

So there are 17 nations meeting today in Seville in Spain, hoping to tackle some of this global poverty. They want to try and close the gap, don't they, between rich and poor nations. And it's calling for a tripling of lending from multilateral development banks as well as private finance coming in. Do you think some of that can plug the gap left by USAID?

It can certainly help. Development banks right now are very important because they are a source of flexible finance for countries. And so it's one way for countries to refund the health system cuts that have been incurred through the withdrawal of USAID and some other funders. So hopefully they achieve that increased lending capability and that can help smooth some of these gaps. Is it more risky for those banks, though, lending now that USAID has been taken away?

It shouldn't have a fundamental effect on the balance sheet of countries. The development banks are looking more at the overall fiscal situation of countries, which is a question of overall economic growth, tax policy, revenue collection, etc.

In that context, the USAID cuts should be pretty marginal. However, everything adds up. So, you know, we do hope to reestablish that kind of health stability that can then be the strong foundation for future lending and growth. Rachel Bonifield, thank you very much. Senior Fellow at the Centre for Global Development. Thank you.

Over the past 25 years, technology has transformed our world in amazing ways. We've gone from dial-up modems to 5G connectivity and bulky PC towers to AI-powered microchips. Every day, innovators are redefining what's possible. Through it all, Invesco QQQ ETF has connected investors to the forefront of innovation. Access the future today with Invesco QQQ. Let's rethink possibility. They're

There are risks when investing in ETFs, including possible loss of money. ETFs risks are similar to those of stocks. Investments in the tech sector are subject to greater risk and more volatility than more diversified investments. Before investing, consider the fund's investment objectives, risks, charges, and expenses. Visit Invesco.com for a prospectus containing this information. Read it carefully before investing. Invesco Distributors, Inc.

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Japan is standing firm against US pressure to open up its rice market. And that's turning into a bigger standoff that could derail a wider trade deal with Washington. Let's get more on this with Sayori Shieh. She's an economics professor at Keio University and former Bank of Japan board member.

Right.

So as for the import of rice, Japan is buying up to the sort of minimum access, which is approved by WTO. So up to this ceiling, Japan always buy the rice from U.S. and Thailand. So also right now, up

to the ceiling already Japan is buying. So this is actually accepted by WTO. When Donald Trump says that Japan is being spoiled for refusing to buy American rice, what do you make of that? So from Japanese point of view, it's approved internationally and

And Japanese rice is very important because Japan imports almost all food, you know. So only rice is almost self-sufficiency. So at least this one product, the Japanese want to keep it. And also it's related to the spiritual thing. So that's why Japan is quite stubborn about this policy. And also this rice industry is protected by sort of agricultural cooperatives. And they have a lot of political powers.

They can get a lot of voting support from this member of the agricultural cooperative. And the election is coming on July 20th. So it's very sensitive to the ruling party. So is it that Donald Trump wants you to buy more rice than the World Trade Organization has kind of put a cap on? Yes. So I guess what Mr. Trump wants to see is not necessarily related to rice, but some kind of big action.

such as very big, you know, agriculture import or something very big action, I think he's wanting. So I think he just wanted to say, as for rice, the prices are so high, why don't Japan do not import more? So it's symbolically, I think Trump is mentioning. And what impact do you think it could have on the Japanese car industry? So car industry is a very big issue because Japan...

With the whole world, Japan has a trade deficit. And with the U.S., we have trade surplus. And 30% of Japan's trade surplus is U.S. come from automobile and parts. So 25% tariff is very damaging and already exposed to U.S. drop.

and to maintain price competitiveness in the U.S., Japanese automakers try to lower the yen prices to not increase the U.S. dollar-based price. So it's hurting a lot. So the prime minister wants to really lower the tariff rate.

But at the same time, Japan has said that it will not sacrifice its farmers to secure tariff exemptions for its car industry. So it seems that the countries are at loggerheads. So the election is coming and all the generation probably support it.

But, you know, the younger generation and people living in a big city, maybe they care less about such kind of spiritual thing. And so, you know, young generations, they are very angry about very expensive life prices. So, you know, it's not necessarily just because, you know, supporting agricultural cooperatives. I'm not sure if the, you know, ruling party can get a lot of support.

coming election. So there is a lot of uncertainty. And in the meantime, the clock is ticking on this 9th of July deadline for tariffs. So what's going to happen in the next week or so? Yeah, from Japanese point of view, I think they are wondering why

US government is so tough on Japan because Japan's FDI to US, cumulatively, it's the top. And as you know, recently there was a deal made between Japanese steel maker, Nippon Steel and the US Steel. So, you know, a lot of investment happening from Japan to US. So from Japanese point of view, it's not really clear why US is so tough

on Japan. Although that deal is now said to go through because Donald Trump's given it the green light. Yes, and a lot of money this company is spending. So, you know, also a lot of new investment will happen by this company to US. So, to be honest, it's not clear why he's still so stick to the, you know, automobile or rights because Japan is also giving a lot of, you know, effort.

Sayuri Shiai, economics professor at Keogh University. Well, meanwhile, India and the US are close to a trade deal. We said earlier on the programme that the Treasury Secretary Scott Besson has been on Fox News earlier today and he said...

We are very close with India. Fiona Sincotta is still with us, Senior Market Analyst at Citi Index. Now, you're watching these trade discussions closely, aren't you, to see how the markets and investors are reacting. So what's happened since these comments made by Mr. Besant earlier this morning, US time on Fox News?

Yeah, I mean, we've been sort of really waiting for the deals, though, to get across the line. So we're getting, you know, headlines coming in that things are close and deals are close, but actually getting them across the line seems to be a problem right now. So, you know, we are watching the headlines with India very closely, obviously with Europe as well. They're sort of, again, we're hearing reports that there are, the EU wants to hear sort of

upfront relief from certain sectors. So there is actually still a lot of uncertainty about what's going to happen on July the 9th. I'm trying to think of what deals are across the line. The UK is one that's across the line, isn't it? That's right. Are there any others yet? I mean, China with the RERA deal framework, you know, something...

I guess it's not really a trade deal, but it's progress. So, yes, you know, as you point out, they are actually quite elusive in trades actually getting across the line and bringing sort of a concluded answer. So, in that respect, uncertainty is still relatively high as we look towards the 9th of July deadline. Fiona, we will leave it there. Thank you very much for joining us today on World Business Report. Fiona Sincotta there, Senior Market Analyst at Citi Index.

One of Europe's most iconic landmarks, Öresund Bridge, which connects Denmark and Sweden, turns 25 today, Tuesday. The link is the EU's longest road and rail bridge, and it's been a major driver of business and economic growth across the region. But as it marks its quarter century, the bridge is facing new challenges, as Maddy Savage reports now from the Danish capital of Copenhagen.

Central Copenhagen is a blend of 17th century brightly coloured townhouses and edgy bars and fashion boutiques. But I'm here to visit IO Interactive, a Danish gaming company. It's known for creating the globally popular Hitman franchise and is currently working on a new James Bond game. I don't think we've had the pleasure.

Something I've been doing a lot recently is looking at the reaction videos of our launch trailer. That's Sandra Mondahl, who lives in Malmö, Sweden's third largest city, but commutes over the Öresund Bridge to the company's headquarters in Copenhagen several times a month. It takes me about an hour door to door because of the infrastructure with the bridge and the trains, and it's super easy. Driving across can take less than 15 minutes. It's around 10 miles long, including a tunnel section.

You get cinematic views across the water and the bridge's giant metal pylons are striking. Not surprising it inspired one of Scandinavia's most successful TV franchises, The Bridge, a cross-border crime drama which was a global hit in the 2010s.

Let me tell you a bit more about the bridge's history as I make my way over to the other side in Malmö.

It opened at the turn of the millennium, costing more than $4 billion at the time, with the goal of increasing travel, trade and networking in the region. New figures released by Öresunds Institutet, an independent research organisation, suggest cross-border commuting has increased by more than 400% since then. And there's been a big jump in the number of Danes and Swedes starting businesses on either side of the water or moving between the two countries.

A short walk from the train station is Malmo University's Urban Studies Department, where Helena Bormann is an associate professor.

Once you open up the connection, companies can share input markets, customer markets. Finding specialised, skilled staff is easier. Malmo has experienced a surge in new tech start-ups and life science companies. And more than 100 businesses have moved headquarters or specialist offices here to benefit from the region's infrastructure.

And then we have the learning component, which is kind of learning spillovers. We learn by doing, we learn by being close to each other and so on. So what do you think other regions looking to improve cross-border infrastructure and transport links can learn from the region? I think they should expect to have a lot of positive effects soon.

But I also think for people living on one side of the border and working on the other side, there's a lot of administration involved with taxes, not having to pay double taxes and so on. It's not trivial, I would say, to synchronize two countries like that. Another challenge is punctuality.

Helena says major disruptions linked to border controls and reduced services during the pandemic eroded trust amongst some commuters. But a recent study by Swedish public service broadcaster SVT suggests around 90% of commuter trains are now punctual and record numbers of people are using them. The current challenge is that travelling by train between Denmark and Sweden is a success. So the trains are crowded. That's Johan Vestman, CEO of the Öresunds Institutet research organisation.

He says a new generation of faster trains with larger capacities are on the way though. But it will be established about in five, six, seven years in the future. So until then, you still will have crowded trains.

Despite facing challenges, the Öresund Bridge remains a European icon for cross-border collaboration. And Swedish and Danish authorities are discussing boosting this even further with new fixed connections, including a road and rail tunnel and even a subway between the two Nordic countries. Maddy Savage reporting there. Fiona Sincotta, I think what Maddy's report really shows is the importance of transport and economic growth, doesn't it?

Yes, exactly. You know, Efficient Transport Links, we really sort of, you know, felicitates, I'm sorry. Facilitates. Facilitates the movement of goods and services and people. And that can really lead to, you know, increased productivity and job creation. Thank you very much, Fiona Sincotta, for joining us today on World Business Report.

Over the past 25 years, technology has transformed our world in amazing ways. We've gone from dial-up modems to 5G connectivity and bulky PC towers to AI-powered microchips. Every day, innovators are redefining what's possible. Through it all, Invesco QQQ ETF has connected investors to the forefront of innovation. Access the future today with Invesco QQQ. Let's rethink possibility.

There are risks when investing in ETFs, including possible loss of money. ETFs risks are similar to those of stocks. Investments in the tech sector are subject to greater risk and more volatility than more diversified investments. Before investing, consider the fund's investment objectives, risks, charges, and expenses. Visit Invesco.com for prospectus containing this information. Read it carefully before investing. Invesco Distributors, Inc.