Elon Musk says he will cut back on political spending after heavily backing Trump in 2024
WASHINGTON — Elon Musk, the richest person in the world and a key financial supporter of President Donald Trump, said Tuesday that he'll be spending less on political campaigns.
His decision, which he disclosed via videoconference during a Bloomberg forum in Doha, Qatar, could be a setback for Republicans before next year's midterm elections. It also speaks to his possible disenchantment with politics after his tumultuous experience with the Department of Government Efficiency, which has fallen far short of its goals for reducing federal spending.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
23 minutes ago
- Bloomberg
China Accuses US of Violating Trade Deal, Vows Firm Response
China accused the US of violating their recent trade deal and vowed to take measures to defend its interests, dimming the prospect of an immediate leadership call that Donald Trump wants to have to further bilateral talks. The Chinese Ministry of Commerce issued a statement on Monday rebuking the US president's claim that Beijing breached the consensus reached in Geneva last month. The dust-up threatened to upend trade relations even as Trump expressed hope Friday he will speak with Chinese President Xi Jinping, with White House economic adviser Kevin Hassett expecting a call to take place this week.
Yahoo
43 minutes ago
- Yahoo
More Americans say neither party has strong leaders: CNN poll
Americans are more likely to say neither party has strong leaders than they are to attribute the characteristic to either the Democratic Party or the Republican Party, according to the latest CNN/SSRS poll. In the May poll, released on Sunday, respondents were asked which party is best described as 'the party with strong leaders.' More than 4 in 10 people — 43 percent — said 'neither party,' while Republicans followed close behind with 40 percent. Only 16 percent of respondents said the statement best describes the Democratic Party. By comparison, in a 2006 poll that asked the same question, only 10 percent of respondents said 'neither party,' while 49 percent said the Republican Party and 35 percent said the Democratic Party. Among registered voters in the latest poll, more respondents — 44 percent — said Republicans are 'the party with strong leaders,' while 40 percent said 'neither party' and 15 percent said the Democrats. The survey comes as Democratic officials reckon with new reporting suggesting former President Biden's inner circle took steps to shield the American public from signs of his alleged mental and physical decline as he embarked on his reelection campaign. The Republican Party also controls the White House, the Senate and the House of Representatives. The survey included 2,539 adults and was conducted May 5-26. The margin of error is 2.7 percentage points. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
43 minutes ago
- Yahoo
China says US has 'severely violated' tariffs truce
China says the US has "severely violated" their trade truce and will take strong measures to defend its interests. China's Ministry of Commerce said Washington has "seriously undermined" the agreement reached during talks in Geneva last month, when both countries lowered tariffs on goods imported from each other. The spokesperson added that US actions have also severely violated the consensus reached during a phone call in January between China's leader Xi Jinping and President Donald Trump. The comments come after comments by Trump on Friday that China had "totally violated its agreement with us". The US President did not give details but Trade Representative Jamieson Greer later said China had not been removing non-tariff barriers as agreed under the deal. Under the trade truce struck in May at a meeting in Geneva, the US lowered tariffs imposed on goods from China from 145% to 30%. China's retaliatory tariffs on US goods dropped from 125% to 10%. On Monday, Beijing said US violations of the agreement included stopping sales of computer chip design software to Chinese companies, warning against using chips made by Chinese tech giant Huawei, and cancelling visas for Chinese students. What tariffs has Trump announced and why? Trump tariffs get to stay in place for now. What happens next? Meanwhile two top White House officials suggested on Sunday that Trump and Xi could hold talks soon. Treasury Secretary Bessent told CBS News, the BBC's US news partner, that details of the trade will be "ironed out" once Xi and Trump speak, but he did not say exactly when that conversation is expected to happen. National Economic Council Director Kevin Hassett told ABC News that the two leaders are expected to talk this week and "both sides have expressed a willingness to talk". "The bottom line is that we've got to be ready in case things don't happen the way we want," Hassett said of the expected talks. Last week, Trump announced the US would double its current tariffs on steel and aluminium from 25% to 50%, starting on Wednesday. Speaking at a rally in Pittsburgh, Pennsylvania on Friday, Trump said the move would help boost the local steel industry and national supply, while reducing reliance on China.
