The brutal taxtrap hurting the economy

Oct 20, 2026

“The brutal taxtrap hurting the economy” focuses on how proposed or implemented US economic and political policies are affecting voters’ perceptions of the economy and broader geopolitical decisions. It centers on a FT focus group of bellwether district voters in Pennsylvania discussing cost-of-living pressures, frustration with the Trump administration’s actions, and the stakes for the US Congress. The issue also connects wider market and policy challenges across Europe and financial institutions, adding context on government debt stress and regulatory scrutiny in private credit.

LanguageEnglish

CategoryResearch & Report

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Pages24

Reading Time1 h 0 min

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The brutal taxtrap hurting the economy

FT focus group and voter views

Challenges facing Macron deepen after street clashes reignite French debt rout

Barclays probed over claims traders understated exposure to private credit

FINANCIALTIMES Trump-whispering isn't working for UkraineGIDEON RACHMAN,PAGE 23 # The brutal taxtrap hurting the economy FT focus group Briefing Bellwether US voters gather part of the FT's first US political focusgroup,held this month at the HistoricBethlehem Hotel in Pennsylvania'sformer steelmaking townof Bethlehem. The votersin thebellwetherdistrict inaswing state that has voted for the win-ning president since 2008 could decidethe battle forthe USCongress. The bipartisan group-from the townwhere the FTis pursuing a years-longreporting project-shared views on theeconomy and the Iran war,and Presi-dent Donald Trump's other policies. .Threat to green farming Trump has not "figured out how toshuthis mouth”.Roberta says she has"neverfelt so much anger and unhappiness inthe general public”.While Robin saysshe is “a little disappointed”inthe presi-dent's performance:"Things are costingall ofussomuch more." PwCgrowth lags rivals Verdict on Trumppage6 ## Challenges facing Macron deepen afterstreet clashes reignite French debt rout ▶Bank death allegation ◆10-year bond yield sharply up●Local curfews imposedoPresident faces high-stakes election SAPoDonBoGBS A sel-off in French government debthas reignited after a weekend of unrestover the cost of living that underlinedthe challenges facing the Eurozone'ssecond-biggesteconomy. Nationwide demonstrations thatdescended into riots and lootingbrought together studentsand citizensangry about escalating prices on every-thing from petrol to rent.The violencetouchedoffa political firestorm that haspiled pressure on President EmmanuelMacronand his prime minister. The country's 10-year governmentbond yield was up 0.14 percentagepoints to 4.93per cent,one of the mar-ket's worst days this year as Frenchbondsunderperformed theirpeers. First return trip to Mars searches for signs of life A Japanese rocket mission that aims to provide clues into whether Mars was able to support life is due to launch today.The first return trip to the redplanet's orbit involves an exploration rover that will collect samples from the moon Phobos.The five-year voyagehas taken on greater significance after Nasa cancelled a similar programme. Scienists also hope for crucial insights that will be valuable for any possible future crewed viits to the planet. Moon mission>PAGE7 Subscribe In print and online The protests had made investors and put Macronon the defensive as he"more reluctant"to hold the debt,saidfacesmultiplecrises.Gordon Shannon,fund manager atWith unrest largely controlled lastTwentyFour Asset Management.“[Thenight,the government said curfewsunrestj is a very clearillustration of thewould be applied when necessary andresistance toimproving the budget.”demonstrations potentially banned. ingout incities includingMilan in Italy.Italian Prime Minister Giorgia Meloniheld an emergency meeting to discussthe security situation. Macron refused the French interiorminister's offer to resign over thebotchedpolice response tothe protests. With a high-stakes presidential elec-tion in six months,the worst street vio-lence inyears has shocked the public In Paris,authorities set a curfew lastnight for Place dela République and LesHalles,where unrest was concentratedover the weekend.They also bannedprotests in certain areas.Similar meas-ureswere implementedinLyon. In aTV address on Sunday night,thepresident had drawn a distinctionbetween protesters airing legitimategrievances and“insurrectionists fromfringe far-left groups,joined by numer-ous criminas”. The clashes The prefect of Marseille banned pro-tests until8pmlas night and the north-erncitiesofLille,Denain and Douai setanight-time curfew for minors,coveringcertain neighbourhoods. The opposition and some withinMacron's own centrist bloc criticisedhim forthe lackof concrete actionin hisspeech,which wasgiven hoursbefore hedeparted for a three-day diplomaticmission to the Gulf states.EdouardPh

FAQs

What is the core economic concern highlighted in the headline?

The headline centers on a “brutal taxtrap” that is hurting the economy, reflected in voters’ perceptions of worsening economic conditions and rising costs.

What does the FT focus group try to capture?

It gathers voters from a bellwether US district to share views on the economy and related political and geopolitical policies, including those associated with the Trump administration.

Which financial institution and issue are discussed in the later section?

The Bank of England is examining claims about whether Barclays traders misrepresented illiquid private credit exposure after concerns raised by an insider.

Oct 20, 2026

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