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US President Donald Trump and Chinese President Xi Jinping are set to discuss trade issues this week, following accusations of China violating tariff agreements. The talks will focus on critical minerals and export restrictions, highlighting China's dominance in rare earth processing, which gives it significant leverage in negotiations. Despite ongoing tensions, both leaders recognize the economic costs of tariffs, prompting the need for dialogue to address structural trade imbalances.
Donald Trump has ceased mentioning Elon Musk on Truth Social, a shift from his previous frequent posts. This change follows Musk's limited tenure as a special government employee and his focus on business after disappointing earnings from Tesla. GOP insiders express concerns about Musk's influence, suggesting he may have overstepped, while Democrats aim to leverage his image to highlight Republican priorities favoring the wealthy.
The Trump administration is seeking to lift judicial blocks on the Department of Government Efficiency (DOGE), which aims to reduce waste and fraud in federal operations. Despite Elon Musk stepping back from his advisory role, DOGE continues to influence government restructuring, having laid off over 121,000 employees and embedded loyalists across agencies. Privacy concerns have arisen due to lawsuits regarding DOGE's access to sensitive data, particularly at the Social Security Administration, where Musk allies hold key positions.
Elon Musk continues to hold his roles at Tesla and SpaceX while serving as a temporary federal employee, raising concerns about potential conflicts of interest. Investigations into Musk's companies could lead to over $2.37 billion in liabilities, with fears that many cases may fade away without resolution. The SEC has sued Musk for failing to disclose his Twitter stock purchases, and ongoing political maneuvers may impact various regulatory bodies overseeing his businesses.
A UBS executive sold 130,435 shares worth CHF 3.3 million just before the bank's stock rose by 1.9%. Meanwhile, the DAX index fell 1.1% following Friedrich Merz's defeat in the German election, and oil prices dropped to their lowest since 2021 after Opec+ announced increased production. The US economy unexpectedly shrank by 0.3% in Q1 2025, causing stock markets to decline, while Bitcoin surged nearly 4% to $97,200, defying economic concerns.
Elon Musk is set to officially step down from his role in the White House in May, though he plans to remain involved in government matters for a day or two each week. His tenure has significantly impacted his wealth, with a reported loss of $113 billion since January, largely due to a 33% drop in Tesla's stock price. Public disapproval of Musk has risen, paralleling that of President Trump, as his government efforts have failed to meet expectations, leading to protests and declining sales for Tesla.
Amazon has denied plans to display tariff costs on its main website, clarifying that such considerations were limited to its Amazon Haul store, which aims to compete with low-cost platforms like Temu and Shein. The company faced criticism from the White House, highlighting the competitive pressures in the bargain e-commerce segment, where even small price increases can significantly impact market position. Additionally, third-party sellers are grappling with rising costs due to tariffs, leading some to reconsider their participation in major sales events like Prime Day.
Elon Musk faces at least $2.37 billion in legal exposure from federal investigations and regulatory oversight, according to a Senate report. The findings highlight potential conflicts of interest stemming from his role in the "department of government efficiency," raising concerns about his influence over regulatory agencies that oversee his companies, including Tesla and SpaceX. The report calls for stronger oversight and independent audits of contracts awarded to Musk-affiliated firms, emphasizing that no individual is above the law.
Canada's new Prime Minister Carney declared an end to the longstanding integration with the U.S., signaling a shift away from American products and services. Meanwhile, Republican Representative Mike Lawler faced backlash from constituents over his support for Trump and concerns about trade policies, inflation, and potential cuts to Social Security and Medicaid. Amidst this, the Trump administration's claims of numerous trade deals were challenged by officials, revealing a disconnect between rhetoric and reality.
Tensions escalated between Elon Musk and Treasury Secretary Scott Bessent over the leadership of the IRS, culminating in a loud confrontation near the Oval Office, reportedly audible to the visiting Italian prime minister. This incident highlights the ongoing power struggle within the agency, which has seen multiple acting commissioners under the Trump administration.In Illinois, Sen. Dick Durbin's announcement not to seek reelection in 2026 opens the door for a competitive Democratic primary, with potential candidates including Reps. Lauren Underwood and Raja Krishnamoorthi. Durbin's departure could reshape the Senate Judiciary Committee and signal shifts in Democratic voter priorities ahead of the midterms.
Karoline Leavitt
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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