Hello I'm Simon Long the finance editor of the Economist and this is Money Talks.

Coming up this year.

year will the WTO meeting next week achieve anything? This year I don't think we will make any huge progress.

And market exuberance. Is it time to dance?

Investors are being just like Chuck Prince Citigroup in 2007,

while the music is playing, they're going to keep dancing. But first, in America, Republicans have started haggling over the final details of the most

significant tax overhaul in decades.

The bill was approved by the Senate over the weekend,

paving the way for a big reduction in the corporate tax rate.

I'm joined by Henry Kerr, our U.S US economics editor on the line from Washington.

Hello Henry.

Hi.

Is that right, is that the main headline item to take out of this massive bill that

corporation tax will be reduced?

Yes, well of course President Trump came to office saying that he wanted to cut the corporate

tax rate to 15% from today's 35% a huge cut. As the negotiations have gone on it turned out that that's a bit expensive

so they've settled for now on 20 percent it might still creep up a bit but that's still

a pretty a pretty dramatic cut The Republicans are selling their whole

package as a tax cut for America's middle classes of course. This is a tax cut for

corporations as you say is the headline element of the bill but they think that that's going to lead to higher wages

and pay rises for middle America.

And are they likely to be right?

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