- Stock Market Performance: U.S. stocks saw modest gains, with the S&P 500, Dow Jones Industrial Average, and Nasdaq composite all rising. The market is awaiting further updates on President Trump’s tariffs and their economic impact.
- Elon Musk and Tax Bill: Elon Musk publicly criticized President Trump’s “big, beautiful bill” of tax breaks and spending cuts, calling it a “disgusting abomination.” The bill, currently under Senate debate, would curtail subsidies beneficial to Tesla, Musk’s electric automaker. This puts pressure on Republicans who face conflicting demands from the President and a major financial contributor.
- Trump’s Tariff Increase: President Trump signed a proclamation to increase the tariff on steel and aluminum imports from 25% to 50%, effective June 4, 2025. This move is aimed at protecting American steel and aluminum industries from unfair trade practices.
- China-US Trade Tensions: China accused the U.S. of violating a trade truce with three moves: controls on chip exports to China, halting sales of chip design software, and announcing revocations of Chinese student visas.
- NPR and PBS Funding: Democratic Representatives Lizzie Fletcher, Dan Goldman, and Doris Matsui are leading an effort to defend federal funding for public media, including NPR and PBS, as the Trump administration attempts to cut it.
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