In a dramatic change, the US President Trump has failed to pass his first bill ever in the House of Representatives on Friday, which increases the chances now for many failures ahead.
What matters the most in Friday’s event is, despite the fact that the majority of the house is Republicans, yet, Trump was forced to pull the bill few minutes before the vote.
The US administration claims that they were very short on votes, but they decided to pull the bill, which is a little bit confusing.
If they had the majority of the vote, and they were short on few votes, they would have delayed the vote again and/or renegotiate the bill to try and secure the rest of the remaining votes.
They haven’t even tried to do that, which keeps the market uncertain about the next steps and the next bills, including the long awaited tax reform bill.
This is why the market is not in green across the board today. Pulling the bill should be positive news for equities. However, the market is red.
This is also why there are some voices asking the head of the house to resign as soon as possible, as he failed to convince the house with Trump Care bill.
Read more: https://www.orbex.com/blog/2017/03/le-pen-retreats-euro-highest-level-since-mid-december/