One Big Belief-Dividing Bill?

Recent polling on Trump’s “One Big Beautiful Bill” highlights the deep partisan divides among Americans. Public opinion reflects overall confusion about federal spending and broad concern over cuts to social programs. Below our Research and Insights team breaks down the latest findings.

About half of U.S. adults at least somewhat oppose the GOP’s budget and tax bill:

• 49% of Americans oppose the bill, while just 29% support it.

• 55% say the bill helps high-income people, while 51% say it hurts the middle class and 59% say it harms low-income Americans.

• 71% of Democrats think the bill increases the deficit; Republicans are evenly split.

• 43% of Americans favor taxing large university endowments (most popular); only 29% support ending tax credits for clean energy companies (least popular).

Many Americans lack understanding of how federal funding is implemented:

• 58% of Americans are unfamiliar with how the federal budget is allocated to various agencies.

• After seeing a budget breakdown, 39% favor cutting defense spending and 57% want education funding increased. Without the visual, only 15% support defense cuts.

Americans broadly agree the country spends too little on social programs:

• Majorities say the U.S. spends too little on Social Security (61%), Medicare (60%) and education (60%).

• 50% say Medicaid is underfunded; 66% of Democrats and 33% of Republicans say the same.

• Majorities across parties agree Social Security is underfunded:  Democrats (70%), Independents (61%), Republicans (51%).

American opinions are split on the bill’s impact:

• More Americans think the bill will hurt (44%) than help (17%) them and their families.

• They are the most likely to say that undocumented immigrants (71%) and people who receive food stamps (60%) will be hurt.

• 60% see Medicaid cuts in the bill as stripping healthcare from those in need, rather than reducing waste.

• 38% believe their taxes will rise under the bill, versus 21% who expect them to decrease.

The Trump administration put agriculture at the center of the national security agenda last week as Agriculture Secretary Brooke Rollins announced the National Farm Security Action Plan.

The move marks the most aggressive federal action in decades to counter foreign, particularly Chinese, threats to U.S. agriculture and rural communities, and comes amid mounting bipartisan concern over adversarial land acquisitions, food system vulnerabilities and agricultural intellectual property theft.

The seven-pronged action plan was released alongside a detailed policy document and reinforced by remarks from the secretaries of Defense, Homeland Security and Justice. Here’s what it aims to do:

• Land ownership restrictions: Tighten reporting requirements, increase penalties for noncompliance and ban direct or indirect land purchases by nationals from countries of concern, with a focus on unwinding existing Chinese agricultural assets. Secretary Rollins will now serve on the Committee on Foreign Investment in the United States.

• Supply chain security: Collaborate with agencies to identify and secure critical agricultural inputs (fertilizers, chemicals, minerals).

• SNAP fraud prevention: Enhance enforcement measures and retailer disqualifications.

• Research security: Prohibit USDA-funded research partnerships with foreign adversaries and enhance research security protocols.

•  Program access: Revoke certifications for entities from adversary countries while prioritizing American-made technology and research.

• Threat partnerships: Prioritize research and emerging threat partnerships with DARPA and other agencies.

• Cybersecurity: Bolster protection for agriculture companies.

As the administration mulls its next steps, congressional and state leaders are signaling bipartisan support for legislative action, setting the stage for continued debate over the balance between global investment and American agricultural sovereignty.

To sign up for What We’re Watching in Food & Ag, email our team here.

Hong Kong’s IPO market has staged an impressive comeback, raising over$14 billion (in USD) in the first half of 2025 – a sevenfold jump from last year that puts it ahead of both Nasdaq and the NYSE for the first time since 2019. This revival is fueled by a confluence of factors, including a boom in ‘A’ share + ‘H’ share listings (where Chinese firms list in both mainland exchanges and Hong Kong), increasing interest from global investors and supportive policies from Beijing. 

As Asia’s top international financial hub, Hong Kong stands to benefit from growing political and economic turbulence in the West. Chinese firms still see it as the gateway to overseas capital, while global investors view it as a rare window of opportunity into China’s dynamic but tightly controlled markets. 

Still, the road ahead isn't without risk. The city’s currency remains pegged to the U.S. dollar – a stabilizing force that could strain under intensifying U.S.-China tensions or financial shocks. Hong Kong’s ability to maintain regulatory credibility, foster market innovation and navigate the shifting sands of great power competition will be crucial in shaping its long-term trajectory. 

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