US President Donald Trump is scheduled to deliver his pitch for the tax reform in a speech in Indiana at 19:00 GMT.
On Wednesday, Representative Kevin Brady of Texas, the Republican chairman of the Ways and Means said: “today is not about the House plan, it’s about a unified framework.” Trump recently spoke to reporters ahead of his speech and said that he was not going to negotiate on 20% corporate tax rate and added that he would not benefit from the new tax plan.
Key notes:
USD: Positioning for tax reform? – Rabobank
The markets have been waiting all year for some detail on US fiscal reforms and today President Trump and leading Republicans have promised to finally put some flesh on the bones of a new tax framework, according to Jane Foley, Senior FX Strategist at Rabobank.
US: Trump expected to provide a framework for the tax reform - BBH
Along with the developments on the monetary policy front, US fiscal policy is front and center today as President Trump is expected to provide a framework for the tax reform, suggests the analysis team at BBH.
More about Donald Trump
Donald Trump, a billionaire real estate mogul billed as the ultimate outsider, aims to shake up the US political establishment, which could potentially cause extensive market volatility along the way. Going forward, Trump should have a substantial impact on various key financial markets such as US Dollar, Euro, Yen, Pound and other important currencies as well as stocks, commodities and bond markets.
Trump was the second major-party presidential nominee in American history whose experience comes principally from running a business (Wendell Willkie was the first). By getting elected, Trump became the first United States President without prior government or military experience, and the first without prior political experience since Dwight D. Eisenhower.
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