Trump aluminum, steel tariffs inject fresh fear into auto industry
Ford and Hyundai posted strong sales for May, but tariff uncertainty still looms over automakers across the industry. Bloomberg anchor Matthew Miller joins The 11th Hour to discuss.

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Bloomberg
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Musk lost $34 billion in net worth as Tesla stock tanked amid Trump online war
Elon Musk, the CEO of Tesla, lost $34 billion in net worth on Thursday after his company's stock plummeted in response to the online fight he got in with President Donald Trump. Over the last week, some Tesla stock investors had begun pulling their investments as Musk insulted Trump's 'Big Beautiful Bill' and made a swift exit from his 'special government employee' position. But, investors acted much more quickly while witnessing the two men engage in a back-and-forth on their respective social media platforms. Trump claimed he asked 'crazy' Musk to leave his administration. Musk took credit for Trump's election win. Trump threatened to pull Musk's government contracts. Musk accused Trump of being named in the 'Epstein files.' Down the stock went, ending the day at a 14 percent loss – equating to a $34 billion valuation for Musk. While many claim to have anticipated the online feud, it's a long way away from Musk jumping for joy onstage at Trump's rallies or the duo's Oval Office press conferences. The cracks started to appear in their relationship after the tech mogul refused to stand by and praise Trump's spending bill, which he has characterized as disastrous for the government. Musk's Thursday loss is part of the 33 percent decline Tesla's stock has seen since Inauguration Day. Although the stock had significant gains after the election, much of that has been wiped out by growing criticisms of Musk's role in the government, DOGE, and now his exit. Musk is still the world's richest man, but a $34 billion drop in net worth is still notable given it's the second-largest loss of the 500 wealthiest people on the planet recorded by the Bloomberg Billionaires Index. 'The only bigger one: his own wipeout in November 2021,' Bloomberg reported. But the tech entrepreneur still has plenty of other endeavors to drive his wealth, including SpaceX, one of the world's most valuable private startups, according to Bloomberg, Neuralink and xAI. As the dust settles from the powerful individuals' fight, it's still unclear what path forward Musk and his subsidiaries will take now that Trump has bashed Tesla's climate-conscious mission and threatened to revoke Musk's critical government contracts. 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


CNBC
an hour ago
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China issues rare earth licenses to suppliers of top 3 U.S. automakers, sources say: Reuters
China has granted temporary export licenses to rare-earth suppliers of the top three U.S. automakers, two sources familiar with the matter told Reuters, as supply chain disruptions begin to surface from Beijing's export curbs on those materials. At least some of the licenses are valid for six months, the two sources said, declining to be named because the information is not public. It was not immediately clear what quantity or items are covered by the approval or whether the move signals China is preparing to ease the rare-earths licensing process, which industry groups say is cumbersome and has created a supply bottleneck. China's decision in April to restrict exports of a wide range of rare earths and related magnets has tripped up the supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world. China's dominance of the critical mineral industry, key to the green energy transition, is increasingly viewed as a key point of leverage for Beijing in its trade war with U.S. President Donald Trump. China produces around 90% of the world's rare earths, and auto industry representatives have warned of increasing threats to production due to their dependency on it for those parts. Suppliers of three big U.S. automakers, General Motors, Ford and Jeep-maker Stellantis got clearance for some rare earth export licenses on Monday, one of the two sources said. GM and Ford each declined to comment. Stellantis said it is working with suppliers "to ensure an efficient licensing process" and that so far the company has been able to "address immediate production concerns without major disruptions." China's Ministry of Commerce did not immediately respond to a faxed request for comment. China's critical-mineral export controls have become a focus on Trump's criticism of Beijing, which he says has violated the truce reached last month to roll back tariffs and trade restrictions. On Thursday, Trump and Chinese President Xi Jinping had a lengthy phone call to iron out trade differences. Trump said in social-media post that "there should no longer be any questions respecting the complexity of Rare Earth products." Both sides said teams will meet again soon. U.S. auto companies are already feeling the impact of the restrictions. Ford shut down production of its Explorer SUV at its Chicago plant for a week in May because of a rare-earth shortage, the company said. The approval for the auto suppliers follows a green light granted to a U.S. electronics firm's suppliers last week and another one issued earlier this week to suppliers of a U.S. non-auto company, the first person said, declining to name the companies. "We have to give the Chinese the benefit of the doubt that they're working through this. It's up to them to show that they are not weaponizing it," said the person. Reuters reported on Wednesday that China has introduced a tracking system for its rare earth magnet sector in a move to improve its control over the sector and crackdown on smuggling.