Trump says he wants Musk and his companies to thrive in US
'Everyone is stating that I will destroy Elon's companies by taking away some, if not all, of the large-scale subsidies he receives from the US government. This is not so,' Trump said in a social media post. 'I want Elon, and all businesses within our country, to THRIVE.'
SUBSIDY CUTS LOOM
The statement came after Musk warned Tesla investors on Wednesday that pending cuts to electric vehicle subsidies could lead to a 'few rough quarters' for the company. Under tax and budget legislation signed by Trump, the US government will end the $7,500 tax credit for new EVs and the $4,000 credit for used ones on September 30.
Though Musk has publicly questioned the role of subsidies, Tesla has long benefited from billions of dollars in federal support linked to clean transportation and renewable energy.
TRUMP AND MUSK CLASH
Trump and Musk's relationship soured in early June after Musk denounced the president's tax-and-spending plan, calling it fiscally reckless. The clash came just weeks after Musk resigned from his role in the Trump administration to refocus on his business ventures.
Musk, who had previously led the White House's Department of Government Efficiency and spent more than $250 million to support Trump's re-election, announced in July the formation of a new political party.
In response to the fallout, Trump reportedly threatened to cancel billions of dollars in public contracts with Musk's companies. Reuters later reported that the White House instructed the Defense Department and NASA to gather data on existing SpaceX contracts in preparation for potential action.
SpaceX had been a frontrunner in building elements of Trump's proposed US$175 billion Golden Dome missile defense project. However, tensions between Trump and Musk have prompted the administration to widen its search for alternative contractors.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
12 minutes ago
- Straits Times
Nasa says it will lose about 20% of its workforce
Find out what's new on ST website and app. Nasa will lose about 3,900 employees as US President Donald Trump aims to trim the federal workforce. WASHINGTON - The US space agency Nasa will lose about 3,900 employees under Mr Donald Trump's sweeping effort to trim the federal workforce – at the same time as the president prioritises plans for crewed missions to the Moon and Mars. In an emailed statement, Nasa said around 3,000 employees took part in the second round of its deferred resignation programme, which closed late on July 25. Combined with the 870 who joined the first round and regular staff departures, the agency's civil servant workforce is set to drop from more than 18,000 before Mr Trump took office in January to roughly 14,000 – a more than 20 per cent decrease. Those leaving the National Aeronautics and Space Administration on the deferred resignation programme will be placed on administrative leave until an agreed departure date. An agency spokesperson said the figures could shift slightly in the coming weeks. 'Safety remains a top priority for our agency as we balance the need to become a more streamlined and more efficient organisation and work to ensure we remain fully capable of pursuing a Golden Era of exploration and innovation, including to the Moon and Mars,' the agency said. Earlier this year, the Trump administration's proposed Nasa budget put a return to the Moon and a journey to Mars front and centre, slashing science and climate programmes. The White House says it wants to focus on 'beating China back to the Moon and putting the first human on Mars'. China is aiming for its first crewed lunar landing by 2030, while the US programme, called Artemis, has faced repeated delays.
Straits Times
an hour ago
- Straits Times
Trump says speaking with Cambodia, Thailand leaders about ceasefire
Find out what's new on ST website and app. US President Donald Trump (far right) playing golf at his Trump Turnberry course in Scotland on July 26. TURNBERRY, United Kingdom - US President Donald Trump said on July 26 he was talking with the leaders of Cambodia and Thailand in a bid to end their border conflict that has left at least 33 people dead. 'Just spoke to the Prime Minister of Cambodia relative to stopping the War with Thailand,' Mr Trump, who is on a visit to Scotland, said in a post on his Truth Social network. 'I have just spoken to the Acting Prime Minister of Thailand, and it was a very good conversation,' he said soon after in a new post. 'Thailand, like Cambodia, wants to have an immediate Ceasefire, and PEACE,' he added. 'I am now going to relay that message back to the Prime Minister of Cambodia. After speaking to both Parties, Ceasefire, Peace, and Prosperity seems to be a natural. We will soon see!' Tensions flared over long-contested ancient temple sites before fighting spread along the countries' rural border region, marked by a ridge of hills surrounded by wild jungle and agricultural land where locals farm rubber and rice. Clashes, now in their third day, broke out on July 26 in the countries' coastal regions where they meet on the Gulf of Thailand, around 250km south-west of the main front lines. Top stories Swipe. Select. Stay informed. Singapore Woman taken to hospital after car falls into sinkhole on Tanjong Katong Road Singapore Students hide vapes in underwear, toilet roll holders: S'pore schools grapple with vaping scourge Singapore 'I've tried everything': Mum helpless as son's Kpod addiction spirals out of control Singapore NDP 2025: How Benjamin Kheng is whisked from Marina Bay to Padang in 10 minutes by boat, buggy Singapore Almost half of planned 30,000 HDB flats in Tengah to be completed by end-2025: Chee Hong Tat Singapore From libraries to living rooms: How reading habits take root in underserved S'pore children Asia Thai-Cambodia clashes spread along frontier as death toll rises Asia Thousands rally in downtown Kuala Lumpur for resignation of PM Anwar 'I am trying to simplify a complex situation! Many people are being killed in this War, but it very much reminds me of the Conflict between Pakistan and India, which was brought to a successful halt,' Mr Trump said. Mr Trump also indicated he would not move forward on trade deals with either nation until fighting has stopped. AFP
Straits Times
3 hours ago
- Straits Times
Hamas rejects Trump remarks on Gaza talks breakdown
Find out what's new on ST website and app. Hamas officials have called on the US to be more even-handed in its role as mediator. GAZA CITY - Hamas officials expressed surprise on July 26 at US President Donald Trump's accusation that the group 'didn't really want' a ceasefire and hostage release deal for Gaza. Mr Trump made the allegation on July 25, a day after Israel and the US quit indirect negotiations with Hamas in Qatar that had lasted nearly three weeks. 'Trump's remarks are particularly surprising, especially as they come at a time when progress had been made on some of the negotiation files,' Hamas official Taher al-Nunu told AFP. 'So far, we have not been informed of any issues regarding the files under discussion in the indirect ceasefire negotiations', he added Mr Nunu, who is close to Hamas's most senior political officials, said he was 'surprised' that Israel and the US had left the talks. Announcing the recall of US mediators on July 24, Mr Trump's special envoy Steve Witkoff accused Hamas of not 'acting in good faith'. Though not part of the Hamas negotiating team, Hamas politburo member Izzat al-Rishq insisted the group had shown 'flexibility' in the talks. 'The American statements deliberately ignore the real obstructionist to all agreements, Netanyahu's government, which continues to put obstacles, deceive and evade commitments,' he said. Both Hamas officials called on the US to be more even-handed in its role as mediator in the quest for a ceasefire after more than 21 months of fighting. 'We call for an end to the US bias in favour of Netanyahu, who is obstructing any agreement', Mr Nunu said. AFP
