The "One Big Beautiful Bill" (OBBB) expands funding for Immigration and Customs Enforcement ( ICE) while slashing key social safety net programs, including Medicaid and food assistance. The legislation is widely seen by the GOP as President Donald Trump 's flagship domestic policy achievement, cementing his policy agenda.

The U.S. and the European Union have not yet struck a trade deal with just days to go before Trump's tariff reprieve is set to end.

Global stocks mostly retreated on Friday as countries pushed to secure trade deals with the Trump administration ahead of a July 9 deadline for US tariffs to take effect. Markets also weighed the possible impact of US President Donald Trump's sweeping spending bill set to add an estimated $3.

Duties on imports from dozens of countries would jump if the 90-day pause imposed in April expires July 9 as scheduled.

President Donald Trump said early Friday his administration is resuming a broad set of tariffs on dozens of countries after a 90-day pause, as trade negotiations with many of those nations have failed to yield new deals.