Trump tries to save Tesla, recession fears, and dismantling the DOE: Politics news roundup
President Donald Trump's burgeoning clashes with some of the U.S.' top trade partners aren't just trade disputes — they could be part of an economic war, according to one expert. Tariffs — which are set to slam most U.S. industries, including tech and media companies — are just part of that.
Those duties on imports from foreign countries are also expected to hinder economic growth and potentially lead to a recession, which the president has yet to rule out as a possibility. The Federal Reserve has also raised its forecast for inflation and unemployment, even as uncertainty clouds its economic projections.
Catch up on all that and more — including how the White House is trying to give Elon Musk's Tesla a helping hand and what Trump's push to weaken the Education Department could mean for millions of Americans — in this week's politics roundup.
As protests — peaceful and violent — against Tesla (TSLA) and its CEO Elon Musk show no signs of slowing down, the White House is stepping in.
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In the first few weeks of his second administration, President Donald Trump has followed through — then pulled back — on tariff threats, sending stocks tumbling into correction territory. — Britney Nguyen
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With the U.S. Department of Education on the chopping block, the agency is getting more scrutiny than usual. But what does the Department of Education do? Experts lament the impact the Department's demise will have on some of its lesser-known roles. — Kevin Williams
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President Donald Trump's ever-shifting trade war could cost the U.S. technology, media, and telecommunications (TMT) industry billions of dollars annually, according to a new PwC report analyzing the impact of ongoing tariffs. With heightened duties — particularly on imports from China — companies are scrambling to assess financial risks and rethink supply chains. — Bruce Gil
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Commerce Secretary Howard Luntick made a direct public recommendation on Wednesday that Americans should buy shares of Tesla (TSLA), the company run by Elon Musk.
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President Donald Trump's policies on trade, government employment, and immigration will cause an unnecessary economic recession if they're fully or almost fully enacted, while also boosting inflation, according to the UCLA Anderson Forecast. — Josh Fellman
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As Wall Street grapples with the increasing likelihood of a U.S. recession, the Trump administration has gone to bat defending President Donald Trump's stock market-slamming trade policies.
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The Federal Reserve kept interest rates on hold on Wednesday as expected, but it raised its inflation and unemployment forecasts, trimmed its GDP projection, and slowed the pace of the sale of some assets from its balance sheet. The CPI outlooks for this year and next are now 2.7% and 2.2%, respectively. — Josh Fellman
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Los Angeles Times
3 minutes ago
- Los Angeles Times
Musk touts driverless Tesla test ahead of Austin robotaxi launch
Tesla Inc. executives including Elon Musk promoted a video of one of its vehicles driving in Austin with nobody behind the wheel, hinting that it's close to launching its robotaxi service in the Texas capital. A black Model Y emblazoned with 'robotaxi' on its front door turned off South Congress Avenue in a touristy area of the city in the video, which was posted to Musk's social media platform X. Musk shared the video on his X account, as did Ashok Elluswamy, who leads Tesla's Autopilot teams and recently took over responsibility for the company's Optimus humanoid robot program. Although neither Musk nor Tesla have specified a precise launch date, Bloomberg has reported that Tesla aims to begin operating its robotaxi network on June 12. The company has been testing self-driving Model Y SUVs that will be used in the operation's initial phase. Model Ys with manufacturer plates and a person behind the wheel have been spotted driving around parts of Austin, including South Congress. The vehicles are expected to use an 'unsupervised' version of Tesla's suite of driver-assist systems known as Full Self-Driving. In a separate X post, Musk said the vehicle in the video was running on a new version of software. Musk has staked the future of his electric-vehicle company to robotics, autonomy and artificial intelligence. He's said the robotaxi launch in Austin will start small, with as few as ten to twenty vehicles, before growing over time. It's unclear who will be the first users of the robotaxi service, what app will be used or how much rides will cost. Carlson writes for Bloomberg.
Yahoo
4 minutes ago
- Yahoo
Atlanta dad's car now worth $30K — but he still owes $57K. Why Ramsey Show hosts say he's got to take a ‘bath'
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Bloomberg
8 minutes ago
- Bloomberg
Macron Seeks Greenland Visit to Counter ‘Predation' After Trump
French President Emmanuel Macron said he plans to visit Greenland on Sunday to help counter any 'predation' after US President Donald Trump said he wants to take over the self-ruling territory of Denmark. France wants to show solidarity with Denmark and say 'we are here' to support the fellow European Union country, Macron said in an interview on France 2 television.
