Trump, Musk hint at reconciliation
President Trump said he thinks he could make amends with tech billionaire Elon Musk, while the Tesla CEO voiced regrets over his public clash with the president.
© AP Photo/Evan Vucci
Less than a week after the blowup between the two men that grew increasingly dramatic as Musk called for Trump's impeachment and linked him to the Jeffrey Epstein files, the president appeared open to making peace.
However, he also suggested that doing so is not a priority for him.
'I guess I could, but you know, we have to straighten out the country,' the president told the New York Post's 'Pod Force One.'
'And my sole function now is getting this country back to a level higher than it's ever been. And I think we can do that. I think we're going to do it easily.'
When asked if there was anything he could do to forgive Musk, the president said he has 'no hard feelings' but was surprised by his former top adviser's public criticism of the House-passed tax and spending bill.
'When he did that, I was not a happy camper,' Trump said.
Musk earlier on Wednesday also voiced regret for his public feud with the president, saying that it 'went too far' on his social media platform X.
The Hill's Alex Gangitano has more here.
Welcome to The Hill's Technology newsletter, we're Miranda Nazzaro and Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley.
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Crypto Corner
Stablecoin bill clears another Senate hurdle
© Greg Nash
Welcome to Crypto Corner, a daily feature focused on digital currency and its outlook in Washington.
The Senate voted Wednesday to advance legislation setting up a regulatory framework for payment stablecoins, bringing the crypto bill one step closer to a final vote in the upper chamber.
Eighten Democrats voted with almost every Republican to end debate on an updated version of the GENIUS Act.
The new bill text was reached as part of lengthy negotiations between Republicans and crypto-friendly Democrats last month, ahead of an earlier procedural vote on the Senate floor.
The vote breakdown was largely similar to the May vote, although the bill picked up support from Sens. John Hickenlooper (D-Colo.) and Andy Kim (D-N.J.) while Sen. Lisa Blunt Rochester (D-Del.) switched her vote to oppose the measure.
Blunt Rochester had supported the bill both in the Senate Banking Committee in March and on the Senate floor last month.
She voiced some hesitation Tuesday about Senate leadership's decision to forgo an open amendment process on the GENIUS Act, emphasizing she hoped to see additional changes to the bill.
'I was really clear,' she told The Hill. 'I hoped that there would be an open amendment process, and that's what I heard Leader Thune say around last month, so I will take a look at this language, and we'll make a decision from there.'
Senate Majority Leader John Thune (R-S.D.) ultimately scrapped the push for so-called 'regular order,' as controversial amendments — most notably, Sen. Roger Marshall's (R-Kan.) Credit Card Competition Act — threatened to upend support for the bill.
The GENIUS Act likely faces a handful more votes before it can clear the Senate and head to the House. Sen. Cynthia Lummis (R-Wyo.) told The Hill on Tuesday that she expects a final vote on the bill next week.
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Organizers with the 'No Kings' movement are planning some 1,500 demonstrations across the country to protest the upcoming military parade … Read more
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And despite some reason for hopefulness surrounding an extension of the May trade truce between the U.S. and Asia's largest producer, more than 80 percent of companies queried plan to draw down even further on apparel sourcing from China through 2027. Companies aren't just running from a questionable trade relationship—they're also probing new markets that might offer better benefits. About 72 percent of those surveyed said they plan to seek out producers in countries with free trade agreements (FTAs) or trade preference programs that render their imports duty free. USFIA president Julie Hughes said that could spell opportunity for the Americas. 'Absolutely, sourcing execs are still hoping to expand Western Hemisphere sourcing,' she said, calling it 'one of the important strategies to respond to the tariffs.' More than half of the companies asked said they intend to expand sourcing from Dominican Republic-Central America Free Trade Agreement (CAFTA-DR) countries over the course of the next two years, and slightly fewer plan to source more from Mexico. Hughes said USFIA is committed long term to helping brands and retailers make such commitment, though 'the survey shows that there are many different products where sourcing executives are still looking for more diversified inputs and production.' More than 62 percent said that Mexico has an 'urgent need to improve production capacity' for essential components like zippers, buttons and threads, while more than 66 percent said the same about CAFTA-DR and dresses, cotton yarns and fabrics. 'U.S. companies are looking for China alternatives which currently offer a great variety of products to the U.S. market, including many sophisticated apparel items like outerwear and dresses,' Lu added. 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'I think that reflects the fact that there is not the capacity for apparel production in the U.S. and fashion companies will be watching to see if the tariffs will be an incentive for more investment,' Hughes opined. Lu elaborated on the point, saying, 'Just as U.S. trading partners are uncertain about the tariff rates they would face, so too are U.S. textile and apparel mills. Many domestic factories are in a 'wait and see' mode, holding back on making critical investments to expand production due to the lack of a clear policy signal.' Ultimately, the academic believes that higher tariffs on foreign partners could hurt prospects for U.S. apparel and textile makers. 'A U.S. company may manufacture the clothes here, but uses yarns, fabrics, and zippers from other countries,' he said. 'When tariffs drive up the cost of these raw materials, it reduces the price competitiveness of apparel 'Made in the USA.'' And with shoppers already stretching to cover necessities, price increases on American-made clothing will make those options less enticing. Examining the situation from a 3,000-foot view, both Hughes and Lu believe the trade upheaval of recent months could have lasting implications for apparel sourcing. 'I think we need to expect the tariff uncertainty will pay a role for a while,' Hughes said. 'Even if there is more clarity on Friday, the fact is that the trade 'deals' that have been announced don't have the details in writing and could still be changed. Plus, there still are sectoral reviews and other trade actions that could disrupt sourcing.' Lu pointed to two potential indicators to watch over the coming months. 'One is the survival of small and medium-sized fashion companies in the market. Unlike large corporations, SMEs have fewer resources to mitigate the tariff impacts and often face more challenges to diversify their sourcing base,' he said. 'As a result, consumers may struggle with fewer products and higher prices in the market.' He's also eager to see whether U.S. fashion companies, which have said they intend to strengthen relationships with key vendors as a strategic move, will do right by the players in their value chains as trade policies continue to shift. 'There is a growing public call for U.S. fashion companies to provide more support and resources to their suppliers and workers in developing countries—many of whom are struggling with the uncertainty and fluctuation of sourcing orders,' Lu said. 'At the end of the day, apparel sourcing and trade are about people—on both ends of the supply chain.' Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
