In his State of The State speech New York City Mayor Michael Bloomberg said the administration will continue tax relief with a $400 property tax rebate to all homeowners. The media is reporting that the President Bush is also favoring Tax Rebate as a way to give the U.S. Economy the much needed stimulus.

China will cut its generous tax rebates on more than 2,800 export items in a move designed to curb the country's growing trade surplus and appease critics of its economic policies. But, as Joseph Popiolkowski reports from Hong Kong, the measure may not have a meaningful impact.