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US firms concerned about Trump tariff, immigration plans: Fed
US firms concerned about Trump tariff, immigration plans: Fed

US businesses across the country are concerned about the economic impact of President-elect Donald Trump's proposals to raise tariffs and sharply curtail immigration, the Federal Reserve said Wednesday. Despite the worries, businesses across the Fed's 12 districts reported an overall increase in economic activity in late November and December, the Fed said.

Yellen warns against extending Trump's first-term US tax cuts
Yellen warns against extending Trump's first-term US tax cuts

US Treasury Secretary Janet Yellen warned Wednesday that plans to extend President-elect Donald Trump's 2017 tax cuts -- which remained in place under Joe Biden but are set to expire -- will add to unsustainable deficits. Yellen pointed to estimates that extending provisions of the Tax Cuts and Jobs Act could add around $4 trillion to deficits through 2034.