Analysts say the partial U.S.-China trade deal doesn't touch on thorny issues plaguing both sides, and warn talks could break down again.World Economyread more
Economists polled by Reuters had expected Chinese exports denominated in the U.S. dollar to fall by 3% and imports to decline by 5.2% in September, compared to a year ago.China Economyread more
The U.S. had plans to hike duties on at least $250 billion in Chinese goods to 30% from 25% on Tuesday. Despite the partial trade deal, some banks on Sunday wrote that tariff...Marketsread more
The industry has pulled in $322 billion over the past six months, the fastest pace since the second half of 2008.Marketsread more
A technical recession occurs when there are two consecutive quarters of economic contraction.Asia Economyread more
"Deepfakes" are being used to depict people in fake videos they did not actually appear in, and can potentially affect elections, diplomacy and how markets move, experts say.Technologyread more
Chinese President Xi Jinping warned on Sunday that any attempt to divide China will be crushed.China Politicsread more
Syria's Kurds said Syrian government forces agreed Sunday to help them fend off Turkey's invasion.World Newsread more
U.S. President Donald Trump said that both sides reached a "very substantial phase one deal" that will address intellectual property and financial services concerns and...Asia Marketsread more
Hagibis dropped record amounts of rain for a period in some spots, according to meteorological officials, causing more than 20 rivers to overflow.Asia Newsread more
A spokesperson for the U.S.-backed Syrian Democratic Forces (SDF) has issued a stark warning to the international community.World Newsread more
To boost their chances of repealing Obamacare, House Republicans have made their replacement plan look a bit more like Obamacare.
The plan, unveiled Monday evening by the House Ways and Means and Energy and Commerce committees, would create refundable tax credits for the purchase of insurance to replace Obamacare premiums subsidies. The tax credits would range from $2,000 per person for those in their 20s to $4,000 for those in their 60s. Like Obamacare subsidies, the House GOP tax credits would phase out for those with higher incomes; the House bill begins reducing them for those earning above $75,000 for single filers and $150,000 for couples.
Like Obamacare, the GOP's "American Health Care Act" would assure that children could stay on their parents' health plans until age 26 and that people with pre-existing conditions must be offered coverage. To allow states to help those with pre-existing conditions who would be sure to face higher premiums under this plan, the Republican proposal would set aside $100 billion over 10 years that states could use to subsidize those high-risk, high-cost patients.
Like Obamacare, the GOP plan would preserve the so-called Cadillac tax on high-cost insurance plans provided by employers. Republicans had initially considered expanding the tax to hit a larger number of health plans, but backed off in the face of opposition.
Like Obamacare, the GOP plan would result in higher premiums for older patients than younger ones. Indeed, it would allow an even greater disparity than under Obamacare, which shifts financial burdens off younger Americans and onto older ones.
At the same time, the plan would cap the amount states could receive per person enrolled in the joint federal-state Medicaid program. It would freeze expanded enrollment under the Obamacare Medicaid expansion as of Jan. 1, 2020, but allow those who have gained coverage under the expansion until then to stay on the program.
It is too early to assess political reaction to the GOP plan, which was released at 6 p.m. ET on Monday. Republicans already faced intraparty divisions and House-Senate disagreements in addition to strong resistance from Democrats.
Nor is it possible to assess the effects of the bill on the federal budget or on the number of people who have health insurance. That's because the Congressional Budget Office and Joint Committee on Taxation have not completed their "scores" of the proposal.
Even without those scores, the Ways and Means and Energy and Commerce committees plan to begin legislative action on Wednesday.
CORRECTION: This story has been updated to show that the House bill begins reducing tax credits for those earning above $75,000 for single filers and $150,000 for couples.