WASHINGTON (Reuters) -U.S. President Donald Trump's tax and spending bill would make it harder for American critical minerals companies to compete with China because it eliminates a tax credit for boosting domestic production of nickel, rare earths and other materials used in advanced electronics and weaponry.

Treasury Secretary Scott Bessent said that there are a number of different assessments of the deficit impact of Republicans’ signature tax-cut bill, and that his own expectation is it will shrink borrowing over a decade.