In this episode of Tax Notes Talk, four policy experts discuss the Trump administration’s actions on tariffs, their economic impacts, and their effects on tax policy during a live recording from the American Bar Association Section of Taxation May meeting. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: live from D.C., it’s Tax Notes Talk. We have something a bit different for you this week. On Friday, May 9, I went down to the ABA Tax Section meeting and recorded a live podcast. I was joined by four…

Moody’s has cut the U.S.’s sovereign credit rating from the highest possible rating (Aaa) to one notch below (Aa1). According to CNBC, the agency lowered the rating due to the growing burden of the federal government’s deficit and the rising costs the U.S. now faces due to interest rates. Moody’s joins Standard & Poor’s, which downgraded the U.S. in August 2011, and Fitch Ratings, which downgraded the U.S. rating in August 2023. The U.S. credit rating has significant market wide effects, as demonstrated by the Dow, S&P 500, and NASDAQ indices all being down at the start of trading. In…