Global Gold Prices Rise as Dollar and Oil Decline - Jordan News
OPEC+ is scheduled to meet on July 6, 2025, to finalize the decision.
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Al Bawaba
5 hours ago
- Al Bawaba
Trump threatens Elon Musk with deportation and subsidy cuts
Published July 1st, 2025 - 03:05 GMT The fallout marks a dramatic reversal in the relationship between the two figures. Musk was once a key supporter of Trump's campaign and served as head of the administration's government efficiency task force. ALBAWABA- A deepening rift between President Donald Trump and tech billionaire Elon Musk escalated dramatically this week after Trump publicly threatened to deport Musk and strip his companies of government subsidies. Also Read Elon Musk slams GOP as "porky pig party" The threat came in response to Musk's fierce criticism of a Republican-backed debt ceiling bill and what he described as the 'one-party rule' in Washington. Donald J. Trump Truth Social 07.01.25 12:44 AM EST Elon Musk knew, long before he so strongly Endorsed me for President, that I was strongly against the EV Mandate. It is ridiculous, and was always a major part of my campaign. Electric cars are fine, but not everyone should be… — Commentary Donald J. Trump Posts From Truth Social (@TrumpDailyPosts) July 1, 2025 In a post on Truth Social, Trump accused Musk of hypocrisy, highlighting the substantial government support Tesla and SpaceX have received over the years. 'Elon Musk knew, long before he so strongly endorsed me for President, that I was strongly against the EV mandate. It is ridiculous,' Trump wrote. 'Elon may get more subsidies than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa. No more rocket launches, satellites, or electric car production.' Trump added a veiled suggestion to his Department of Government Efficiency (DOGE) to investigate Musk's federal funding, stating: 'BIG MONEY TO BE SAVED!' The remarks follow Musk's scathing critique of a bill passed by the Republican-led Congress that raised the U.S. debt ceiling by a record $5 trillion. Though Trump hailed the bill as a 'GREAT, BIG, BEAUTIFUL BILL,' Musk slammed it as a betrayal of conservative fiscal values. In a string of posts on X, Musk called the GOP the 'Porky Pig Party,' accusing lawmakers of abandoning promises to cut spending. 'Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame,' he wrote. He also challenged the conservative Freedom Caucus, asking, 'How can you call yourself the Freedom Caucus if you vote for a DEBT SLAVERY bill?' The fallout marks a dramatic reversal in the relationship between the two figures. Musk was once a key supporter of Trump's campaign and served as head of the administration's government efficiency task force. However, he resigned from the role several weeks ago, citing growing disillusionment with the administration's economic direction and rising government spending. Trump's threat to deport Musk, who is a U.S. citizen, and target his business interests has sparked widespread concern among political observers, with some calling it a dangerous overreach of presidential power. Legal experts noted that the threat has no legal grounding and likely serves as political retaliation for Musk's growing opposition. Nonetheless, the incident highlights Trump's willingness to publicly turn against former allies and use state power to punish dissent. Also Read Trump lifts sanctions on Syria in major policy shift In recent months, Trump has increasingly used confrontational rhetoric to advance his political agenda. His latest statements add to a list of controversial moves, including threats to seize the Panama Canal, annex Canada as the 51st U.S. state, expand military operations in the Middle East, and pursue far-reaching deportation plans. Critics warn that the president's behavior reflects a governing style rooted in personal loyalty and coercion rather than policy or law. Musk, meanwhile, has continued to signal a broader political shift, calling for the creation of a new party that 'actually cares about the people.' His campaign to challenge the Republican establishment has gained traction among disaffected voters, particularly fiscal conservatives angered by rising debt and unchecked federal spending. © 2000 - 2025 Al Bawaba (
Jordan News
6 hours ago
- Jordan News
Dollar Retreats as Optimism Grows Over U.S. Trade Deals - Jordan News
Dollar Retreats as Optimism Grows Over U.S. Trade Deals The dollar weakened on Monday against the yen and fell to its lowest level in nearly four years versus the euro, buoyed by optimism about U.S. trade agreements and traders' expectations of swift Federal Reserve rate cuts. اضافة اعلان It also approached four‑year troughs against the British pound and hit ten‑year lows versus the Swiss franc after the White House moved closer to a deal with China, while Canada scrapped its digital services tax to resume stalled talks. Investors interpreted Federal Reserve Chair Jerome Powell's testimony to Congress last week as dovish on policy, since he signaled the possibility of rate cuts if inflation does not rise this summer due to tariffs. The CME Group's FedWatch Tool shows a 91.5% probability of a 25‑basis‑point cut by September, up from about 83% a week ago. A series of U.S. economic releases is due this week, including the key jobs report, which could sway market expectations of the Fed's next move. Francisco Pesoli, a currency analyst at ING, said: 'Overall, risk is tilted toward dollar weakness, but our forecasts of mild job growth and rising inflation in coming months suggest the market may have overdone the dovish pricing.' He added that any disappointing data could spark another round of dollar selling. President Trump's attacks on Powell have also weighed on the dollar; on Friday, Trump said he would be 'thrilled' if Powell resigned before his term ends in May and reiterated his desire to cut the benchmark rate to 1% from the current 4.25–4.5%, hinting at replacing Powell with someone more dovish. Investors are also watching a massive tax‑cut and spending package now before the Senate, which the Congressional Budget Office estimates could add $3.3 trillion to U.S. debt over a decade. The U.S. dollar index, which measures the currency against six major peers, is on track for its biggest six‑month drop since the early 1970s, when major currencies began to float freely. In fixed‑income markets, Wall Street gained momentum on Friday, driving the S&P 500 and Nasdaq to record closes with roughly 0.5% gains each, while the Dow rose about 1%. The index stood at 97.183, near a three‑and‑a‑half‑year low logged last week. The dollar fell 0.4% to 144.11 yen, while the euro was little changed at $1.1723, close to its highest since September 2021. The pound slipped 0.1% to $1.3701, near its strongest since October 2021. Dollar strength against the Swiss franc eased, with the franc trading at 0.7978 per dollar, after Friday's drop to 0.7955—a level not seen since January 2015 when the Swiss National Bank abandoned its euro peg. U.S. Treasury Secretary Scott Bair on Friday said Washington and Beijing resolved issues over rare‑earth metal and magnet shipments from China under a Geneva agreement reached in May. He added that trade deals with other nations could be finalized by the U.S. Labor Day holiday on September 1, indicating some flexibility around a July 9 deadline or the imposition of stiff 'reciprocal' tariffs. Analysts at Commonwealth Bank of Australia wrote in their weekly FX strategy note: 'We expect the dollar to hinge on U.S. trade developments this week. We remain skeptical that many deals can be concluded so quickly.' The Chinese yuan jumped 0.1% to 7.163 per dollar on news of trade deals, while the Canadian dollar gave up some early gains to trade around its previous levels. — Reuters
Jordan News
6 hours ago
- Jordan News
Global Gold Prices Rise as Dollar and Oil Decline - Jordan News
Global gold prices rose on Tuesday, driven by a weakening U.S. dollar and falling oil prices, as markets await key U.S. labor market data later this week, which could influence future monetary policy by the Federal Reserve. Meanwhile, U.S. President Donald Trump has renewed his calls for interest rate cuts. اضافة اعلان According to Bloomberg, spot gold increased by 0.3%, reaching $3,312.25 per ounce, while U.S. gold futures rose by 0.5% to $3,323.10 per ounce. The U.S. dollar index dropped 0.2%, hovering near its lowest level in three years, making gold more attractive to holders of other currencies. Among other precious metals: Silver rose by 0.1% to $36.13 per ounce Platinum climbed 0.7% to $1,362.35 Palladium jumped 1.2% to $1,110.03 Oil Prices Fall on OPEC+ Supply Concerns On the other hand, global oil prices declined amid expectations that OPEC+ will increase output in August and fears of a potential economic slowdown due to rising U.S. tariffs. Bloomberg reported: Brent crude (September delivery) fell by 16 cents (0.24%) to $66.58 per barrel West Texas Intermediate (WTI) dropped by 20 cents (0.31%) to $64.91 per barrel Sources within OPEC+ said last week that the group is planning a production increase of 411,000 barrels per day in August, following similar hikes in May and June. If approved, this would bring the total 2025 OPEC+ output increase to 1.78 million barrels per day, representing over 1.5% of global oil demand. OPEC+ is scheduled to meet on July 6, 2025, to finalize the decision.
