Donald Trump is celebrating a significant victory as the House of Representatives passed his "big, beautiful bill". The legislation, a sweeping domestic policy package, cleared the House with a narrow, mostly party-line vote of 218-214. Only two Republicans opposed the bill, while all but two Republicans voted for it. The bill is slated to be signed into law in a White House ceremony on July 4th.

The bill encompasses a range of Trump's key policy objectives, including tax cuts, increased border enforcement, and revisions to climate policies. Specifically, it makes permanent $4.5 trillion in tax breaks enacted during Trump's first term. It also eliminates taxes on tips and overtime, and it aims to strengthen border security. Furthermore, the bill reverses Biden-era climate initiatives.

To offset these measures, the bill introduces cuts to Medicaid and food assistance programs. These cuts have drawn criticism from Democrats, who argue that the bill will negatively impact vulnerable populations. Fiscal conservatives have also voiced concerns about the bill's potential to add $3.3 trillion to the national debt.

Despite the criticism, Trump hailed the bill as a major achievement and thanked Republican lawmakers for their support. He asserted that the legislation would make the country "stronger, safer, and more prosperous than ever before". House Speaker Mike Johnson echoed this sentiment, emphasizing the President's engagement and vision in shaping the bill.

Meanwhile, India and the United States are on the verge of finalizing an interim trade agreement. Negotiations are in the final stages, with expectations of an announcement before July 9, which marks the end of the 90-day suspension period for Trump's reciprocal tariffs on Indian goods.

The interim trade pact aims to address outstanding issues in the agriculture and auto sectors. India has maintained a firm stance on granting duty concessions to American farm and dairy products, citing the political sensitivity of these sectors. The U.S. seeks greater access to India's agricultural sector, but India has resisted lowering tariffs on genetically modified corn, soybeans, rice, and wheat, and opening up its dairy sector. India has not opened up the dairy sector for any of its trading partners in free trade pacts the country has signed so far.

Conversely, India is seeking duty concessions for its labor-intensive sectors, including textiles, gems and jewellery, leather goods, plastics, and chemicals. The U.S. is also seeking duty concessions on certain industrial goods, automobiles (especially electric vehicles), wines, and petrochemical products.

Both countries are also working towards a comprehensive bilateral trade agreement (BTA). The goal is to more than double bilateral trade to $500 billion by 2030, from the current $191 billion. The BTA is expected to be implemented in phases, with politically sensitive issues addressed in later stages of negotiations.