Elon Musk renews criticism of Trump's ‘big beautiful bill' as it faces key Senate vote
Elon Musk on Saturday (June 28, 2025) doubled down on his distaste for U.S. President Donald Trump's sprawling tax and spending cuts bill, arguing the legislation that Republican senators are scrambling to pass would kill jobs and bog down burgeoning industries.
'The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country,' Mr. Musk wrote on X on Saturday as the Senate was scheduled to call a vote to open debate on the nearly 1,000-page bill.
'It gives handouts to industries of the past while severely damaging industries of the future.'
The Tesla and SpaceX CEO, whose birthday is also Saturday, later posted that the bill would be 'political suicide for the Republican Party".
The criticisms reopen a recent fiery conflict between the former head of the Department of Government Efficiency and the administration he recently left.
They also represent yet another headache for Republican Senate leaders who have spent the weekend working overtime to get the legislation through their chamber so it can pass by Mr. Trump's Fourth of July deadline.
Mr. Musk previously made his opinions about Mr. Trump's 'big, beautiful bill' clear.
Days after he left the federal government last month with a laudatory celebration in the Oval Office, he blasted the bill as 'pork-filled' and a 'disgusting abomination".
'Shame on those who voted for it: you know you did wrong. You know it,' he wrote on X earlier this month.
In another post, the wealthy GOP donor who recently forecasted that he'd step back from political donations threatened to fire lawmakers who 'betrayed the American people".
When Mr. Trump clapped back to say he was disappointed with Mr. Musk, back-and-forth fighting erupted and quickly escalated. Mr. Musk suggested without evidence that Mr. Trump, who spent the first part of the year as one of his closest allies, was mentioned in files related to sex abuser Jeffrey Epstein.
Mr. Musk ultimately tried to make nice with the administration, saying he regretted some of his posts that 'went too far".
Mr. Trump responded in kind in an interview with The New York Post, saying, 'Things like that happen. I don't blame him for anything.' It's unclear how Mr. Musk's latest broadsides will influence the fragile peace he and the president had enjoyed in recent weeks. The White House didn't immediately respond to a request for comment.
Mr. Musk has spent recent weeks focused on his businesses, and his political influence has waned since he left the administration.
Still, the wealthy businessman poured hundreds of millions of dollars into Mr. Trump's campaign in 2024, demonstrating the impact his money can have if he's passionate enough about an issue or candidate to restart his political spending.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
17 minutes ago
- Business Standard
Asia shares rise as tech rally lifts Wall Street, US jobs test looms large
Asia shares firmed on Monday as seemingly unquenchable demand for technology companies lifted S&P 500 futures to another all-time peak, while the dollar dipped on concerns US jobs data will show enough weakness to justify larger rate cuts. Investors were also keeping a wary eye on the progress of a huge US tax-cutting and spending bill slowly making its way through the Senate, with signs it may not make it by President Donald Trump's preferred July 4 deadline. The Congressional Budget Office estimated the bill would add $3.3 trillion to the nation's debt, testing foreign appetite for US Treasuries. There was no doubting the demand for the US tech sector and megacap growth stocks including Nvidia, Alphabet and Amazon. Nasdaq futures rose another 0.3 per cent, while S&P 500 e-minis added 0.2 per cent. The bullish sentiment spilled over into Japan's Nikkei which rose 1.0 per cent, while South Korean stocks gained 0.5 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.1 per cent. A holiday on Friday means US payrolls are a day early, with analysts forecasting a rise of 110,000 in June with the jobless rate ticking up to 4.3 per cent. The resilience of the labour market is a major reason the majority of Federal Reserve members say they can afford to wait on cutting rates until they can gauge the true impact of tariffs on inflation, so a weak report would stoke speculation of a rate cut in July rather than September. "While initial jobless claims retreated somewhat from their recent high, continuing claims jumped higher yet again," noted Michael Feroli, head of US economics at JPMorgan. "Consumers' assessment of labor market conditions also deteriorated in the latest confidence report." "Both of these developments suggest that the unemployment rate in June should tick up to 4.3 per cent, with a significant risk of reaching 4.4 per cent." The latter outcome would likely see futures push up the chance of a July easing from the current 18 per cent and price in more than the present 63 basis points of cuts for this year. DOLLAR DOLDRUMS Fed Chair Jerome Powell will have an opportunity to repeat his cautious outlook when he joins several other central bank chiefs at the European Central Bank forum in Sintra on Tuesday. The prospect of an eventual policy easing has helped Treasuries weather worries about the US budget deficit and the huge amount of borrowing it entails. Yields on 10-year Treasuries were steady at 3.27 per cent, having fallen 9 basis points last week. The dollar has not fared so well, in part due to concerns tariffs and chaotic policies from the White House will drag on economic growth and erode the country's claim to exceptionalism. The euro was near its highest since September 2021 at $1.1731, having climbed 1.7 per cent last week, while sterling stood near a similar peak at $1.3719. The dollar was down a fraction at 144.48 yen, after losing 1 per cent last week, while the dollar index dipped to 97.163. James Reilly, a senior markets economist at Capital Economics, noted the dollar had fallen by more at this stage in the year than in any previous year since the US moved to a free-floating exchange rate in 1973. "At this point, further weakness could become self-reinforcing as underhedged European/Asian portfolios chase the move," he added. "So, we suspect that this could be a pivotal period for the greenback - either it turns around here or there is another 5 per cent or so fall around the corner." In commodity markets, the general revival in risk sentiment has undermined gold, which slipped to $3,266 an ounce and further away from April's record top of $3,500. [GOL/] Oil prices continued to struggle on concerns about plans for increased output from OPEC+, which contributed to a 12 per cent slide last week. [O/R] Brent dropped a further 55 cents to $67.22 a barrel, while US crude eased 68 cents to $64.84 per barrel.
The Hindu
28 minutes ago
- The Hindu
The Hindu Morning Digest: June 30, 2025
Trump says he's not planning to extend pause on global tariffs beyond July 9 U.S. President Donald Trump says he is not planning to extend a 90-day pause on tariffs on most nations beyond July 9, when the negotiating period he set would expire, and his administration will notify countries that the trade penalties will take effect unless there are deals with the United States. Letters will start going out 'pretty soon' before the approaching deadline, he said. 'We'll look at how a country treats us — are they good, are they not so good — some countries we don't care, we'll just send a high number out,' Mr. Trump told Fox News Channel's 'Sunday Morning Futures' during a wide-ranging interview taped Friday and broadcast Sunday. Remarks of Trinamool leaders on law college rape put party in a tight spot The remarks by Trinamool Congress leaders on the gang rape of a law student at the city South Calcutta Law College and bickering between its own leaders has put the party in a tight spot. Since June 27, when the Kolkata Police arrested three persons including a former student leader associated with the student wing of ruling party in connection with the crime, the Trinamool Congress has been busy dissociating with the prime accused Monojit Mondal. However, the remarks by senior party MP Kalyan Banerjee and MLA Madan Mitra have come as a bigger embarrassment to the party. Inquiry into Puri Rath Yatra stampede to be completed in 30 days: Odisha Minister Odisha's Law Minister Prithiviraj Harichandan on Sunday said that an administrative inquiry into the Puri stampede incident that left three people dead and 50 others injured would be completed within 30 days. The stampede took place near Shree Gundicha Temple in Puri early on Sunday (June 29) during a ceremony related to the ongoing Rath Yatra festivities. Mr. Harichandan said that Development Commissioner Anu Garg will submit her inquiry report to the Chief Minister within the stipulated 30 days. Maharashtra scraps three-language policy for primary education, sets up panel to make recommendations Maharashtra scrapped the introduction of the three-language policy for Classes 1 to 5 in State government schools on Sunday, after two months of sustained opposition by academics, activists, and political parties, including the Nationalist Congress Party, which is part of the ruling coalition in the State. To decide the future of the policy, the government set up an expert committee to be headed by economist and educationist Narendra Jadhav. 52 villages adjoining LAC, LoC in Ladakh to be reserved areas Fifty-two villages along the Actual Line of Control (ALC) have been declared reserved by the administration of the Union Territory of Ladakh to enable residents of these identified areas to avail reservation benefits in recruitment and other sectors, a notification issued on Sunday said. The Ladakh administration has achieved yet another milestone with the issuance of an official notification declaring specific areas as adjoining the Actual Line of Control under the provisions of the Jammu and Kashmir Reservation Act, 2004, as amended by the Ladakh Reservation (Amendment) Regulation, 2025, an official spokesperson said. Water body or low-lying land? A dispute that lies at the heart of Delhi's depleting wetlands A long-running tug of war between two government agencies in Delhi over Tikri Khurd lake, which spans over 40 acres in Narela, is symptomatic of why wetlands and water bodies are depleting in the national capital. It's been eight years since the Centre formulated wetland rules – which made it mandatory for all States and Union Territories to form State wetland authorities and identify and notify all wetlands – but not a single wetland has been notified in the Capital. Delhi-bound Air India flight from Tokyo's Haneda Airport diverted to Kolkata A Delhi-bound Air India flight from Tokyo's Haneda Airport was diverted to Kolkata on Sunday due to 'persistent warm temperature' in the cabin. The aircraft, however, landed safely, Air India said in a statement. Alternative arrangements are being made to fly our passengers to Delhi at the earliest, the airline statement said.\ Congress targets Centre over Indian defence attache's remarks on 'loss of fighter jets' during Operation Sindoor Citing an Indian defence attache's remarks in Indonesia that the Indian Air Force lost fighter jets to Pakistan during Operation Sindoor because of 'political constraints', the Congress on Sunday charged the government of 'misleading' the country. The party also asked why Prime Minister Narendra Modi was 'refusing' to preside over an all-party meeting to take the Opposition into confidence, and why the demand for a special session of Parliament was rejected. Netanyahu sees 'opportunities' to free Gaza hostages Israeli Prime Minister Benjamin Netanyahu said on Sunday that his country's 'victory' over Iran in their 12-day war had created 'opportunities', including for freeing hostages held in Gaza. 'Many opportunities have opened up now following this victory. First of all, to rescue the hostages,' Mr. Netanyahu said in an address to officers of the security services. Intercepted Iranian communications downplay damage from U.S. attack: Reports Intercepted Iranian communications downplayed the extent of damage caused by U.S. strikes on Iran's nuclear program, the Washington Post reported on Sunday, citing four people familiar with classified intelligence circulating within the U.S. government. A source, who declined to be named, confirmed that account to Reuters but said there were serious questions about whether the Iranian officials were being truthful, and described the intercepts as unreliable indicators. Lando Norris holds off Oscar Piastri to win Formula 1's Austrian Grand Prix In the week when the 'F1' movie hit theaters, Formula 1 delivered some real-life cinematic moments of its own. Teammates fought for the lead and came close to colliding as Lando Norris held off a race-long challenge from his McLaren teammate Oscar Piastri to win the Austrian Grand Prix on Sunday and lift his title hopes. Norris and Piastri battled for the lead early on, with the Australian briefly into the lead before Norris took the position back. A rash lunge by Piastri nearly caused a collision soon after.
Economic Times
28 minutes ago
- Economic Times
Asian stocks, US futures rise as trade talks progress
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Asian stocks rose along with equity-index futures as record-high US stocks and progress in trade negotiations boosted risk MSCI Asia-Pacific index advanced 0.3% at the open Monday. The Nikkei 225 index jumped by more than 1% after Japan's top negotiator extended his stay in the US for further trade talks ahead of a July 9 deadline. Contracts for the S&P 500 index and the Nasdaq 100 rose 0.3%. A gauge of the dollar dipped 0.1% as Senate negotiations continued over President Donald Trump's $4.5 trillion tax-cut oil fell 1% as traders wound back risk premiums before the OPEC+ meeting. Treasuries slipped, with the yield on the 10-year rising about 1 basis point to 4.28%.On Friday, US stocks rose to a fresh all-time high for the first time since February, underscoring the conviction the economy is withstanding policy uncertainties. Trump in April put tariffs on dozens of trading partners on pause for three months, providing a boost for equities. A gauge of Asian stocks is set to climb more than 4% for a second month as investors look past tariff angst and recent tensions the Middle East.'The momentum and trends seen in risky markets portray an almost nirvana environment in which to operate,' Chris Weston, head of research at Pepperstone Group, wrote in a note. Rapid reduction of geopolitical risks and expectations about imminent trade deals are 'all adding tailwinds to risk markets.'India's trade team extended its stay in Washington to iron out differences as the two sides look to clinch a deal before the July 9 deadline, people familiar with the matter said. Trump also said he doesn't think he'll need to extend the market's resilience may be seen as complacent with traders 'eating up' the Trump administration's rhetoric, said Kyle Rodda, a senior market analyst at in Melbourne. Markets could trend higher should the aggregate tariff rate fall following the deadline, or face 'some reversal' if deals don't materialize, he US inflation and easing uncertainty in trade tensions have helped improve market sentiment this month. The S&P 500 index has gained 10% this quarter, its sixth advance in seven quarters. A gauge of the dollar has tumbled 6.3% this quarter, on pace for its biggest decline since December 2022.'The recent conflict in the Middle East is a reminder, both that new policy shocks can surface, but also that unless the worst outcomes materialize, they can create a 'wall of worry' for markets to climb,' Goldman Sachs Group Inc. strategists including Kamakshya Trivedi wrote in a negotiations over Trump's tax cut bill are continuing as Republicans seek to convince holdouts to support it for final passage, with a vote set to spill into Monday. The nonpartisan Congressional Budget Office estimates the measure would add nearly $3.3 trillion to US deficits over a will soon shift to Chinese manufacturing and non-manufacturing PMIs later Monday as traders assess the impact Trump's trade war on its economy.'Market participants will closely watch if new export orders in the manufacturing PMIs recover further after the US and China agreed on a trade truce in mid-May,' Commonwealth Bank of Australia strategists including Kristina Clifton wrote in a note to clients.
