Recently, the Big Beautiful Bill was passed in the US, drawing sharp criticism from business leaders. The primary goal of the bill is to reduce reliance on foreign goods.
Core of the Big Beautiful Bill
The bill introduces a 10% tax on all imported goods to the US, aimed at encouraging local production. This affects many different sectors of the economy, which could lead to increased costs and potential supply disruptions.
Elon Musk's Opinion
Elon Musk has spoken out against the legislation, claiming it threatens millions of jobs and risks stifling innovation in industries such as electric vehicles and space technologies. He stated that, "This will be a direct hit to small and mid-sized companies, especially in advanced sectors."
Impact on Startups and Crypto Industry
The bill will negatively impact startups that rely on affordable imports for goods and services. It may also prompt cryptocurrency startups to relocate operations offshore, undermining the US's position as a hub for digital innovation.
The passage of the Big Beautiful Bill raises many questions about the future of the American economy and innovation. Its effects on small businesses and the cryptocurrency industry remain to be seen.
