German commentators argue that the "big is beautiful" law in America could exacerbate global financial market instability.

The German newspaper "Frankfurter Allgemeine Zeitung" published a commentary on July 3rd local time, stating that the new tax reform plan pushed by President Trump, although called a "great and beautiful bill" by his team, may have far-reaching negative impacts on international trade, financial markets, and even the economic structure of the United States from a global perspective. As the world's largest economy, the United States' fiscal policies have significant spillover effects on the international market. This tax reform, built on the previous round of tax cuts, may further increase the level of federal government debt in the United States. According to the US Congressional Budget Office's calculations, the new tax reform could add an additional $3.3 trillion in federal debt over the next ten years, potentially reaching close to $4 trillion when including interest payments. This trend has intensified the debate over the US debt ceiling, raising concerns about the US fiscal credit in the market.