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Markets Retreat as Trump Tax Bill Raises Alarm Over US Debt Sustainability

Markets Retreat as Trump Tax Bill Raises Alarm Over US Debt Sustainability

Stock markets and the US dollar fell on May 21 as investors grew increasingly concerned about President Trump’s tax-cutting bill.

Treasury yields rose amid fears the legislation could worsen the US’s already substantial $36 trillion debt by an additional $3-5 trillion.

Oil prices increased after reports of Israel preparing strikes on Iranian nuclear facilities.

Investors moved toward safe-haven currencies like the yen and Swiss franc, while European stocks retreated from recent highs.

Eight more from the desk

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