US: Legislative events in focus - BBH

Analysts at BBH suggest that in the US, there have been two important legislative events that will likely underscore investor anxiety about Trump Administration's economic agenda going forward.  

Key Quotes

“First, in the House of Representatives, the Border Adjustment Tax (BAT) has been dropped from the tax reform measures being debated.  This is important, not so much because it indicates a step away from protectionism, but because without the funds from BAT, significant tax reform is considerably more difficult.  Secondly, the Senate's efforts to repeal and replace or even repeal the Affordable Care Act has been defeated, and the bill has been pulled.”