logo
Call with China's Xi, and Trump-Musk exchange fueled barbs during 20th week in office

Call with China's Xi, and Trump-Musk exchange fueled barbs during 20th week in office

Yahoo07-06-2025
President Donald Trump and SpaceX and Tesla CEO Elon Musk engaged in a public feud Thursday, less than a week after the White House held a farewell press conference for Musk highlighting his contributions spearheading the Department of Government Efficiency (DOGE).
Musk departed his tenure as a special government employee with DOGE May 30, but swiftly launched into criticisms of Trump's massive tax and spending package dubbed the "big, beautiful, bill." Tuesday, Musk labeled the measure a "disgusting abomination" because of reports it ramps up the federal deficit.
On Thursday, Trump told reporters in the Oval Office that Musk opposed the bill because it eliminates an electric vehicle tax credit that benefits companies like Tesla. But Trump said that provision has always been part of the measure.
"I'm very disappointed, because Elon knew the inner workings of this bill better than almost anybody sitting here, better than you people," Trump said in the Oval Office in a meeting with German Chancellor Friedrich Merz. "He knew everything about it. He had no problem with it. All of a sudden he had a problem, and he only developed the problem when he found out that we're going to have to cut the EV mandate, because that's billions and billions of dollars, and it really is unfair."
Trump Not Interested In Talking To Musk: 'Elon's Totally Lost It'
Musk immediately responded on X to Trump's statements, urging a removal of the "disgusting pork" included in the measure. He also said it was "false" that he had been shown the measure "even once."
Read On The Fox News App
The two continued to publicly spar against one another, with Musk asserting that Trump wouldn't have won the 2024 election if it weren't for his own backing. Meanwhile, Trump accused Musk of going "CRAZY" over cuts to the EV credits, and said that Musk had been "wearing thin."
Additionally, Trump told Fox News on Friday that "Elon's totally lost it" and was not interested in speaking over the phone with Musk, despite media reports suggesting that the two would talk.
Here's what also happened this week:
Chancellor of Germany Friedrich Merz met with Trump at the White House Thursday, where the two discussed the war in Ukraine.
While Merz asserted that the U.S. was in a powerful spot to bring a meaningful end to the conflict between Ukraine and Russia, Trump offered that the world might need to "let them fight for a little while."
"America is again in a very strong position to do something on this war and ending this war," Merz said.
Merz Says Us In A 'Strong Position' To Stop Putin
Merz said that Germany was willing to help however it could, and wanted to discuss options to partner with the U.S. to bring peace. Likewise, Merz suggested that European allies exert additional pressure on Russia to end the conflict.
But Trump said that he told Putin in a recent call that perhaps both countries would need to feel the consequences of fighting more acutely, claiming he had told Putin "maybe you're going to have to keep fighting and suffering a lot."
"Sometimes you see two young children fighting like crazy – they hate each other, and they're fighting in a park, and you try and pull them apart, they don't want to be pulled," Trump said. "Sometimes you're better off letting them fight for a while and then pulling them apart."
Trump spoke with Chinese President Xi Jinping Thursday to discuss trade negotiations between Washington and Beijing.
"I just concluded a very good phone call with President Xi, of China, discussing some of the intricacies of our recently made, and agreed to, Trade Deal," Trump said Thursday in a Truth Social post. "The call lasted approximately one and a half hours, and resulted in a very positive conclusion for both Countries."
Trump said the conversation had focused "almost entirely" on trade, and that Xi had invited the U.S. president and first lady Melania Trump to visit China. Likewise, Trump reciprocated and invited Xi and his wife, Peng Liyuan, to visit the U.S.
Trump Touts 'Very Positive' Breakthrough With Xi After Slamming China For Trade Violation
The call comes nearly a week after Trump condemned China on May 30 for violating an initial trade agreement that the U.S. and China had hashed out in May. And on Wednesday, Trump said Xi was "extremely hard to make a deal with" in a Truth Social post.
The negotiations from May prompted both countries to agree that the U.S. would lower its tariffs against Chinese imports from 145% to 30%, and China would reduce its tariffs against U.S. imports from 125% to 10%.
Fox News' Caitlin McFall contributed to this report. Original article source: Call with China's Xi, and Trump-Musk exchange fueled barbs during 20th week in office
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Watch These Novo Nordisk Stock Price Levels After Last Week's 33% Drop
Watch These Novo Nordisk Stock Price Levels After Last Week's 33% Drop

Yahoo

time25 minutes ago

  • Yahoo

Watch These Novo Nordisk Stock Price Levels After Last Week's 33% Drop

Key Takeaways Novo Nordisk's U.S.-listed shares were slightly higher in recent trading after shedding a third of their value last week, when the company cut its full-year outlook and named a new CEO. The shares had resumed their steep downtrend last week on above-average volume, indicating selling conviction from larger market participants. Investors should watch major support levels on Novo Nordisk's chart around $36 and $29, while also monitoring key overhead areas near $60 and $ Nordisk's (NVO) U.S.-listed shares were up about 2% in recent trading after shedding about a third of their value last week, when the company cut its full-year outlook and named a new CEO, leading Wall Street analysts to downgrade the stock. Since hitting a record high in June last year, Novo Nordisk shares have lost roughly two-thirds of their value, pressured by increasing competition from rival Eli Lilly's (LLY) weight-loss drugs and challenges during trials of the company's next-generation obesity drugs. Below, we take a closer look at Novo Nordisk's weekly chart and use technical analysis to identify major price levels that investors will likely be watching after last week's dramatic sell-off. An Extended Downtrend With last week's drop, Novo Nordisk shares resumed their steep downtrend on above-average trading volume, indicating selling conviction from larger market participants. The sell-off coincided with the relative strength index (RSI) falling to its lowest levels since early May, signaling weakening price momentum, though the indicator neared its oversold threshold, increasing the chances for short-term bounces. It's also worth noting that the 50-week moving average continues to converge toward the 200-week MA, potentially setting the stage for an ominous death cross, a bearish pattern that forecasts lower prices. Let's identify two major support levels on Novo Nordisk's chart worth watching if selling resumes this week and also point out several key overhead areas to monitor during potential recovery efforts. Major Support Levels Worth Watching The first major lower level to watch sits around $36. This area would likely provide support near the upper range of a consolidation period that formed on the chart between October 2020 and April 2021. A more significant move lower could see the shares test lower support at the $29 level. Investors may look for buying opportunities in this area near a horizontal line that connects a range of corresponding price action on the chart between January 2018 and April 2020. Key Overhead Areas to Monitor An initial recovery effort could see the shares climb to overhead resistance around $60. The price may encounter selling pressure in this area near the prominent April trough and April 2022 peak. A more bullish upswing opens the door for a rally toward $78. Investors who have bought Novo Nordisk shares at lower levels may decide to lock in profits in this location near the June peak, which closely aligns with the completion of a pullback in July 2023. The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own any of the above securities. Read the original article on Investopedia Sign in to access your portfolio

NCAA Tournament fields to remain at 68 teams in 2026, but future growth is possible
NCAA Tournament fields to remain at 68 teams in 2026, but future growth is possible

Yahoo

time25 minutes ago

  • Yahoo

NCAA Tournament fields to remain at 68 teams in 2026, but future growth is possible

The NCAA men's and women's basketball tournaments will not expand beyond 68 teams in 2026, but future growth remains on the radar. 'Expanding the tournament fields is no longer being contemplated for the 2026 men's and women's basketball championships," Dan Gavitt, NCAA senior vice president of basketball, said in a statement on Monday. "However, the committees will continue conversations on whether to recommend expanding to 72 or 76 teams in advance of the 2027 championships.' NCAA President Charlie Baker has said adding teams could add value to the tournament, and he said the NCAA already has had 'good conversations' with TV partners CBS and Warner Bros., whose deal runs through 2032 at the cost of around $1.1 billion a year. ___ AP college basketball: and

RGTI: Rigetti Shares Jump after Needham hikes target on U.S. quantum momentum
RGTI: Rigetti Shares Jump after Needham hikes target on U.S. quantum momentum

Yahoo

time25 minutes ago

  • Yahoo

RGTI: Rigetti Shares Jump after Needham hikes target on U.S. quantum momentum

Aug 4 - Rigetti Computing (NASDAQ:RGTI) jumped more than 5% on Monday shortly after Needham raised its price target by $3, signaling fresh momentum in quantum computing. Warning! GuruFocus has detected 3 Warning Signs with RGTI. Analyst Quinn Bolton sees growing buzz around federal programs like DARPA's Quantum Benchmark Initiative (QBI) and the proposed Department of Energy Quantum Leadership Act. He believes those efforts could unlock new research funding and commercial opportunities. Rigetti leads a pack of startups racing to prove quantum machines can outperform classical systems. QBI aims to assess whether quantum devices deliver more value than their cost by 2033. Meanwhile, the DOE bill would allocate $2.5 billion over five years to boost quantum research. Investors weigh the promise of those programs against current realities: most quantum firms still run R&D losses and generate modest revenue. Bolton urges a cautious stance, recommending smaller, speculative positions. Yet his buy rating on Rigetti reflects confidence that government backing could pave the way for breakthroughs and higher stock gains. With Washington pulling out all the stops to keep the U.S. on the leading edge of high-tech, Rigetti advocacy demonstrates the crossroad of policy and private money. This is the place to keep an eye on future legislative actions and DARPA milestones to get new startup catalysts. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store