TOKYO -- Despite the many uncertainties, the global economy is expanding, lifted by big tax cuts in the U.S. and Asian investment in labor-saving equipment.
The boost to U.S. consumption from lower taxes is apparent in the sales of jeweler Tiffany, whose same-store sales jumped 9% on the year in the February-April quarter. Tax cuts and the higher spending will add 0.7 percentage point to U.S. real gross domestic product this year, according to a forecast by the Japan Research Institute.
