Wall St advances on trade hopes amid investor pessimism
Wall Street's main indexes rose on Friday for their fifth straight day, buoyed by the US-China tariff truce earlier in the week even as economic survey data showed a deterioration in consumer sentiment.
The S&P 500 steadily added to gains from late morning, while investors took weak data in their stride. The University of Michigan Surveys of Consumers said its Consumer Sentiment Index slumped further in May while one-year inflation expectations surged to 7.3 per cent from 6.5 per cent in April.
All three main indexes boasted weekly gains after starting out with a steep rally on Monday - after Washington and Beijing agreed to a 90-day pause in their escalating trade war. This was days after the US President and British Prime Minister announced a limited bilateral trade agreement.
Lindsey Bell, chief market strategist at Clearnomics, New York, said Friday's advance was a "carry on from the de-escalation in the trade conflict."
With a solid economy combined with pessimistic investors, Bell expects more volatility ahead as tariff headlines come out, and added that "data could change in coming months."
"I don't think we're out of the woods yet. We're going to have to take it on a day-by-day, week-by-week basis," she said.
Paul Christopher, head of global investment strategy at Wells Fargo Investment Institute, said the market is "cautiously optimistic" about the softening stance on trade, but waiting to see where the US eventually lands on tariffs.
"We haven't even begun to see what happens when those tariffs really bite, when firms have to raise their prices to consumers and consumers see fewer goods and less variety on the shelves," said Christopher.
Investors were also left waiting for clarity on US tax policy as Trump's sweeping tax bill failed to clear a key procedural hurdle as hardline Republicans demanding deeper spending cuts blocked the measure in a rare political setback for the Republican president in Congress.
The Dow Jones Industrial Average rose 331.99 points, or 0.78 per cent, to 42,654.74, the S&P 500 gained 41.45 points, or 0.70 per cent, to 5,958.38 and the Nasdaq Composite gained 98.78 points, or 0.52 per cent, to 19,211.10.
For the week, the S&P 500 gained about 5.3 per cent while the Nasdaq rose 7.2 per cent and the Dow added 3.4 per cent.
Among the S&P 500's 11 major industry indexes, most advanced with energy the sole loser, down 0.18 per cent.
The biggest gainer was healthcare, which ended up 1.96 per cent for the day after a volatile week.
One of its biggest index point boosts was from UnitedHealth Group Inc, which regained ground - rising 6.4 per cent on Friday and leading S&P 500 percentage gains - after eight straight days of steep losses.
Investors were warily expecting strategic changes at the insurer after the Wall Street Journal reported it was under a criminal probe by the Justice Department.
Among other individual stocks, Applied Materials shares slipped 5.3 per cent after the provider of equipment for chip manufacturing missed estimates for second-quarter revenue.
Charter Communications shares rose 1.8 per cent after the cable company said it would buy privately held rival Cox Communications for $US21.9 billion ($A34.1 billion).
Shares in Verizon Communications rose 1.7 per cent after the Federal Communications Commission said Friday it was approving its $US20 billion ($A31 billion) purchase of fibre-optic internet provider Frontier Communications after the largest US telecom company agreed to end its diversity, equity and inclusion programs.
Advancing issues outnumbered decliners by a 2.72-to-1 ratio on the NYSE where there were 207 new highs and 34 new lows.
On the Nasdaq, 2,792 stocks rose and 1,607 fell as advancing issues outnumbered decliners by a 1.74-to-1 ratio. The S&P 500 posted 28 new 52-week highs and no new lows while the Nasdaq Composite recorded 62 new highs and 73 new lows.
On US exchanges, 17.61 billion shares changed hands on Friday compared with the 17.04 billion average from the last 20 sessions.
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News.com.au
2 hours ago
- News.com.au
Trade Minister Don Farrell says meeting with US Trade Rep Jamieson Greer was ‘friendly,' not ‘difficult'
Trade Minister Don Farrell has detailed the discussion he had with his US counterpart Jamieson Greer, revealing he had the 'greatest confidence' in Anthony Albanese during an expected meeting with Donald Trump next weekend. Senator Farrell spoke to the US Trade Representative while in Paris last week and characterised the talk as 'friendly'. Despite this, he maintained the tariffs were 'simply unjustified', highlighting Australia's trade surplus with the US. Figures indicate Australia buys about $70bn worth of goods from the US, compared to the $30bn of exports Australia sells to America. 'It wasn't a difficult discussion in terms of the relationship between us, and I am certainly of the view that we have the opportunity to continue to talk with Jamieson and Commerce Secretary Lutnick to put our case across,' he said. Senator Farrell also said he was still determined to get the trade barriers slashed. 'It's only by open discussion, honest discussion, with our allies in the United States that I think we can do that, but I certainly haven't given up on the prospect of getting these tariffs removed,' he said. 'And every opportunity I get, I'll continue to pursue that argument with the United States.' However, Senator Farrell said the decision will be ultimately made by Donald Trump, putting increased pressure on Mr Albanese's upcoming meeting with the US President. He said that while there were a 'range of ways' in which Australia communicates with the US, the 'most important … relationship between our prime minister and the president of the United States'. 'Look every meeting, I think, between an Australian Prime Minister and the US president will always be a critical meeting and I have the greatest confidence in our prime minister to push the Australian point of view on this.' The trade barriers currently include a 50 per cent levy on steel, a 25 per cent tariffs on aluminium and a blanket 10 per cent on other goods. While Mr Albanese maintained he won't compromise on Australia's biosecurity, he hinted Australia could review current settings which don't allow the US to import beef which originates from Canada and Mexico. Mr Albanese has also ruled out changes to the Pharmaceuticals Benefit Scheme, News Media Bargaining code and incoming ban on social media for under-16s, while highlighting Australia's critical minerals industry as a potential bargaining chip. 'If things can be sorted out in a way that protects our biosecurity – of course, we don't just say no, we don't want imports in here for the sake of it,' he told ABC radio on Friday. 'But our first priority is biosecurity and there'll be no compromise on that.' Mr Albanese said Australia would not have a 'subservient relationship to any nation'. 'We're a sovereign nation that stand on our own two feet,' he said. Senator Farrell also said he was 'confident' Australia can secure a new trade deal with the European Union, with EU President Ursula von der Leyen expected to visit Australia in July or August. 'We've got lots of things that we can sell to the to the Europeans. I believe now that there's an appetite to reach an agreement on both sides,' he said. 'The world has changed, those countries that believe in free and fair trade have to work together.'
The Advertiser
5 hours ago
- The Advertiser
US and China set for new trade talks in London
Three of US President Donald Trump's top aides are set to meet with their Chinese counterparts in London for talks aimed at resolving a trade dispute between the governments of the world's two largest economies that has kept global markets on edge. US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will represent the United States in the talks on Monday, Trump announced in a post on his Truth Social platform. China's foreign ministry said on Saturday that Vice Premier He Lifeng will be in the United Kingdom between Sunday and Friday, adding that the first meeting of the China-US economic and trade consultation mechanism would be held during this visit. "The meeting should go very well," Trump wrote. The first meeting of the China-US economic and trade consultation mechanism will be held with the United States during He's visit, Chinese authorities said. He led the Chinese side in the first round of trade talks that took place in Switzerland in May. Trump spoke to Chinese President Xi Jinping on Thursday in a rare leader-to-leader call amid weeks of brewing trade tensions and a dispute over critical minerals. Trump and Xi agreed to visit one another and asked their staffs to hold talks in the meantime. Both countries are under pressure to relieve tensions, with the global economy under pressure over Chinese control over the rare earth mineral exports of which it is the dominant producer and investors more broadly anxious about Trump's wider effort to impose tariffs on goods from most US trading partners. China, meanwhile, has seen its own supply of key US imports like chip-design software and nuclear plant parts curtailed. The countries struck a 90-day deal on May 12 in Switzerland to roll back some of the triple-digit, tit-for-tat tariffs they had placed on each other since Trump returned to the presidency in January. That preliminary deal sparked a global relief rally in stock markets, and US indexes that had been in or near bear market levels have recouped the lion's share of their losses. The S&P 500 stock index, which at its lowest point in early April was down nearly 18 per cent after Trump unveiled his sweeping "Liberation Day" tariffs on goods from across the globe, is now only about 2 per cent below its record high from mid-February. The final third of that rally followed the US-China truce struck in Geneva. Still, that temporary deal did not address broader concerns that strain the bilateral relationship, from the illicit fentanyl trade to the status of democratically governed Taiwan and US complaints about China's state-dominated export-driven economic model. Three of US President Donald Trump's top aides are set to meet with their Chinese counterparts in London for talks aimed at resolving a trade dispute between the governments of the world's two largest economies that has kept global markets on edge. US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will represent the United States in the talks on Monday, Trump announced in a post on his Truth Social platform. China's foreign ministry said on Saturday that Vice Premier He Lifeng will be in the United Kingdom between Sunday and Friday, adding that the first meeting of the China-US economic and trade consultation mechanism would be held during this visit. "The meeting should go very well," Trump wrote. The first meeting of the China-US economic and trade consultation mechanism will be held with the United States during He's visit, Chinese authorities said. He led the Chinese side in the first round of trade talks that took place in Switzerland in May. Trump spoke to Chinese President Xi Jinping on Thursday in a rare leader-to-leader call amid weeks of brewing trade tensions and a dispute over critical minerals. Trump and Xi agreed to visit one another and asked their staffs to hold talks in the meantime. Both countries are under pressure to relieve tensions, with the global economy under pressure over Chinese control over the rare earth mineral exports of which it is the dominant producer and investors more broadly anxious about Trump's wider effort to impose tariffs on goods from most US trading partners. China, meanwhile, has seen its own supply of key US imports like chip-design software and nuclear plant parts curtailed. The countries struck a 90-day deal on May 12 in Switzerland to roll back some of the triple-digit, tit-for-tat tariffs they had placed on each other since Trump returned to the presidency in January. That preliminary deal sparked a global relief rally in stock markets, and US indexes that had been in or near bear market levels have recouped the lion's share of their losses. The S&P 500 stock index, which at its lowest point in early April was down nearly 18 per cent after Trump unveiled his sweeping "Liberation Day" tariffs on goods from across the globe, is now only about 2 per cent below its record high from mid-February. The final third of that rally followed the US-China truce struck in Geneva. Still, that temporary deal did not address broader concerns that strain the bilateral relationship, from the illicit fentanyl trade to the status of democratically governed Taiwan and US complaints about China's state-dominated export-driven economic model. Three of US President Donald Trump's top aides are set to meet with their Chinese counterparts in London for talks aimed at resolving a trade dispute between the governments of the world's two largest economies that has kept global markets on edge. US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will represent the United States in the talks on Monday, Trump announced in a post on his Truth Social platform. China's foreign ministry said on Saturday that Vice Premier He Lifeng will be in the United Kingdom between Sunday and Friday, adding that the first meeting of the China-US economic and trade consultation mechanism would be held during this visit. "The meeting should go very well," Trump wrote. The first meeting of the China-US economic and trade consultation mechanism will be held with the United States during He's visit, Chinese authorities said. He led the Chinese side in the first round of trade talks that took place in Switzerland in May. Trump spoke to Chinese President Xi Jinping on Thursday in a rare leader-to-leader call amid weeks of brewing trade tensions and a dispute over critical minerals. Trump and Xi agreed to visit one another and asked their staffs to hold talks in the meantime. Both countries are under pressure to relieve tensions, with the global economy under pressure over Chinese control over the rare earth mineral exports of which it is the dominant producer and investors more broadly anxious about Trump's wider effort to impose tariffs on goods from most US trading partners. China, meanwhile, has seen its own supply of key US imports like chip-design software and nuclear plant parts curtailed. The countries struck a 90-day deal on May 12 in Switzerland to roll back some of the triple-digit, tit-for-tat tariffs they had placed on each other since Trump returned to the presidency in January. That preliminary deal sparked a global relief rally in stock markets, and US indexes that had been in or near bear market levels have recouped the lion's share of their losses. The S&P 500 stock index, which at its lowest point in early April was down nearly 18 per cent after Trump unveiled his sweeping "Liberation Day" tariffs on goods from across the globe, is now only about 2 per cent below its record high from mid-February. The final third of that rally followed the US-China truce struck in Geneva. Still, that temporary deal did not address broader concerns that strain the bilateral relationship, from the illicit fentanyl trade to the status of democratically governed Taiwan and US complaints about China's state-dominated export-driven economic model. Three of US President Donald Trump's top aides are set to meet with their Chinese counterparts in London for talks aimed at resolving a trade dispute between the governments of the world's two largest economies that has kept global markets on edge. US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will represent the United States in the talks on Monday, Trump announced in a post on his Truth Social platform. China's foreign ministry said on Saturday that Vice Premier He Lifeng will be in the United Kingdom between Sunday and Friday, adding that the first meeting of the China-US economic and trade consultation mechanism would be held during this visit. "The meeting should go very well," Trump wrote. The first meeting of the China-US economic and trade consultation mechanism will be held with the United States during He's visit, Chinese authorities said. He led the Chinese side in the first round of trade talks that took place in Switzerland in May. Trump spoke to Chinese President Xi Jinping on Thursday in a rare leader-to-leader call amid weeks of brewing trade tensions and a dispute over critical minerals. Trump and Xi agreed to visit one another and asked their staffs to hold talks in the meantime. Both countries are under pressure to relieve tensions, with the global economy under pressure over Chinese control over the rare earth mineral exports of which it is the dominant producer and investors more broadly anxious about Trump's wider effort to impose tariffs on goods from most US trading partners. China, meanwhile, has seen its own supply of key US imports like chip-design software and nuclear plant parts curtailed. The countries struck a 90-day deal on May 12 in Switzerland to roll back some of the triple-digit, tit-for-tat tariffs they had placed on each other since Trump returned to the presidency in January. That preliminary deal sparked a global relief rally in stock markets, and US indexes that had been in or near bear market levels have recouped the lion's share of their losses. The S&P 500 stock index, which at its lowest point in early April was down nearly 18 per cent after Trump unveiled his sweeping "Liberation Day" tariffs on goods from across the globe, is now only about 2 per cent below its record high from mid-February. The final third of that rally followed the US-China truce struck in Geneva. Still, that temporary deal did not address broader concerns that strain the bilateral relationship, from the illicit fentanyl trade to the status of democratically governed Taiwan and US complaints about China's state-dominated export-driven economic model.
The Advertiser
5 hours ago
- The Advertiser
Vance downplays row between Trump, 'emotional guy' Musk
US Vice President JD Vance says Elon Musk was making a "huge mistake" going after President Donald Trump in a storm of bitter and inflammatory social media posts after a falling out between the two men. But the vice president, in a podcast interview released after the very public blow up between the world's richest man and arguably the world's most powerful, also tried to downplay Musk's blistering attacks as an "emotional guy" who got frustrated. "I hope that eventually Elon comes back into the fold. Maybe that's not possible now because he's gone so nuclear," Vance said. Vance's comments come as other Republicans in recent days have urged the two men, who months ago were close allies spending significant time together, to mend fences. Musk's torrent of social media posts attacking Trump came as the president portrayed him as disgruntled and "crazy" and threatened to cut the government contracts held by his businesses. Musk, who runs electric vehicle maker Tesla, internet company Starlink and rocket company SpaceX, lambasted Trump's centrepiece tax cuts and spending bill but also suggested Trump should be impeached and claimed without evidence that the government was concealing information about the president's association with paedophile Jeffrey Epstein. "Look, it happens to everybody," Vance said in the interview with comedian Theo Von. "I've flown off the handle way worse than Elon Musk did in the last 24 hours." Vance told Von that as Musk for days was calling on social media for the US Congress to kill Trump's "Big Beautiful Bill," the president was "getting a little frustrated, feeling like some of the criticisms were unfair coming from Elon, but I think has been very restrained because the president doesn't think that he needs to be in a blood feud with Elon Musk". "I actually think if Elon chilled out a little bit, everything would be fine," he added. Musk had by Saturday morning deleted his X posts about Trump and Epstein. The interview was recording on Thursday as Musk's posts were unfurling on X, the social media network the billionaire owns. During the interview, Von showed the vice president Musk's claim that Trump's administration hasn't released all the records related to sex abuser Jeffrey Epstein because Trump is mentioned in them. Vance responded to that, saying "Absolutely not. Donald Trump didn't do anything wrong with Jeffrey Epstein". "This stuff is just not helpful," Vance said in response to another post shared by Musk calling for Trump to be impeached and replaced with Vance. "It's totally insane. The president is doing a good job." Vance called Musk an "incredible entrepreneur" and said that Musk's Department of Government Efficiency, which sought to cut government spending and laid off or pushed out thousands of workers, was "really good". The vice president also defended the bill that has drawn Musk's ire, and said its central goal was not to cut spending but to extend the 2017 tax cuts approved in Trump's first term. Musk has warned that the bill will increase the federal deficit and called it a "disgusting abomination". "It's a good bill," Vance said. "It's not a perfect bill." Trump indicated in a phone interview with NBC on Saturday that he has no plans to make up with Musk. Asked specifically if he thought his relationship with Musk is over, Trump responded "I would assume so, yeah". "No," Trump told NBC when asked if he had any desire to repair his relationship with Musk. "I have no intention of speaking to him," Trump said. However, Trump said he had not thought about terminating US government contracts with Musk's StarLink satellite internet or SpaceX rocket launch companies. with AP US Vice President JD Vance says Elon Musk was making a "huge mistake" going after President Donald Trump in a storm of bitter and inflammatory social media posts after a falling out between the two men. But the vice president, in a podcast interview released after the very public blow up between the world's richest man and arguably the world's most powerful, also tried to downplay Musk's blistering attacks as an "emotional guy" who got frustrated. "I hope that eventually Elon comes back into the fold. Maybe that's not possible now because he's gone so nuclear," Vance said. Vance's comments come as other Republicans in recent days have urged the two men, who months ago were close allies spending significant time together, to mend fences. Musk's torrent of social media posts attacking Trump came as the president portrayed him as disgruntled and "crazy" and threatened to cut the government contracts held by his businesses. Musk, who runs electric vehicle maker Tesla, internet company Starlink and rocket company SpaceX, lambasted Trump's centrepiece tax cuts and spending bill but also suggested Trump should be impeached and claimed without evidence that the government was concealing information about the president's association with paedophile Jeffrey Epstein. "Look, it happens to everybody," Vance said in the interview with comedian Theo Von. "I've flown off the handle way worse than Elon Musk did in the last 24 hours." Vance told Von that as Musk for days was calling on social media for the US Congress to kill Trump's "Big Beautiful Bill," the president was "getting a little frustrated, feeling like some of the criticisms were unfair coming from Elon, but I think has been very restrained because the president doesn't think that he needs to be in a blood feud with Elon Musk". "I actually think if Elon chilled out a little bit, everything would be fine," he added. Musk had by Saturday morning deleted his X posts about Trump and Epstein. The interview was recording on Thursday as Musk's posts were unfurling on X, the social media network the billionaire owns. During the interview, Von showed the vice president Musk's claim that Trump's administration hasn't released all the records related to sex abuser Jeffrey Epstein because Trump is mentioned in them. Vance responded to that, saying "Absolutely not. Donald Trump didn't do anything wrong with Jeffrey Epstein". "This stuff is just not helpful," Vance said in response to another post shared by Musk calling for Trump to be impeached and replaced with Vance. "It's totally insane. The president is doing a good job." Vance called Musk an "incredible entrepreneur" and said that Musk's Department of Government Efficiency, which sought to cut government spending and laid off or pushed out thousands of workers, was "really good". The vice president also defended the bill that has drawn Musk's ire, and said its central goal was not to cut spending but to extend the 2017 tax cuts approved in Trump's first term. Musk has warned that the bill will increase the federal deficit and called it a "disgusting abomination". "It's a good bill," Vance said. "It's not a perfect bill." Trump indicated in a phone interview with NBC on Saturday that he has no plans to make up with Musk. Asked specifically if he thought his relationship with Musk is over, Trump responded "I would assume so, yeah". "No," Trump told NBC when asked if he had any desire to repair his relationship with Musk. "I have no intention of speaking to him," Trump said. However, Trump said he had not thought about terminating US government contracts with Musk's StarLink satellite internet or SpaceX rocket launch companies. with AP US Vice President JD Vance says Elon Musk was making a "huge mistake" going after President Donald Trump in a storm of bitter and inflammatory social media posts after a falling out between the two men. But the vice president, in a podcast interview released after the very public blow up between the world's richest man and arguably the world's most powerful, also tried to downplay Musk's blistering attacks as an "emotional guy" who got frustrated. "I hope that eventually Elon comes back into the fold. Maybe that's not possible now because he's gone so nuclear," Vance said. Vance's comments come as other Republicans in recent days have urged the two men, who months ago were close allies spending significant time together, to mend fences. Musk's torrent of social media posts attacking Trump came as the president portrayed him as disgruntled and "crazy" and threatened to cut the government contracts held by his businesses. Musk, who runs electric vehicle maker Tesla, internet company Starlink and rocket company SpaceX, lambasted Trump's centrepiece tax cuts and spending bill but also suggested Trump should be impeached and claimed without evidence that the government was concealing information about the president's association with paedophile Jeffrey Epstein. "Look, it happens to everybody," Vance said in the interview with comedian Theo Von. "I've flown off the handle way worse than Elon Musk did in the last 24 hours." Vance told Von that as Musk for days was calling on social media for the US Congress to kill Trump's "Big Beautiful Bill," the president was "getting a little frustrated, feeling like some of the criticisms were unfair coming from Elon, but I think has been very restrained because the president doesn't think that he needs to be in a blood feud with Elon Musk". "I actually think if Elon chilled out a little bit, everything would be fine," he added. Musk had by Saturday morning deleted his X posts about Trump and Epstein. The interview was recording on Thursday as Musk's posts were unfurling on X, the social media network the billionaire owns. During the interview, Von showed the vice president Musk's claim that Trump's administration hasn't released all the records related to sex abuser Jeffrey Epstein because Trump is mentioned in them. Vance responded to that, saying "Absolutely not. Donald Trump didn't do anything wrong with Jeffrey Epstein". "This stuff is just not helpful," Vance said in response to another post shared by Musk calling for Trump to be impeached and replaced with Vance. "It's totally insane. The president is doing a good job." Vance called Musk an "incredible entrepreneur" and said that Musk's Department of Government Efficiency, which sought to cut government spending and laid off or pushed out thousands of workers, was "really good". The vice president also defended the bill that has drawn Musk's ire, and said its central goal was not to cut spending but to extend the 2017 tax cuts approved in Trump's first term. Musk has warned that the bill will increase the federal deficit and called it a "disgusting abomination". "It's a good bill," Vance said. "It's not a perfect bill." Trump indicated in a phone interview with NBC on Saturday that he has no plans to make up with Musk. Asked specifically if he thought his relationship with Musk is over, Trump responded "I would assume so, yeah". "No," Trump told NBC when asked if he had any desire to repair his relationship with Musk. "I have no intention of speaking to him," Trump said. However, Trump said he had not thought about terminating US government contracts with Musk's StarLink satellite internet or SpaceX rocket launch companies. with AP US Vice President JD Vance says Elon Musk was making a "huge mistake" going after President Donald Trump in a storm of bitter and inflammatory social media posts after a falling out between the two men. But the vice president, in a podcast interview released after the very public blow up between the world's richest man and arguably the world's most powerful, also tried to downplay Musk's blistering attacks as an "emotional guy" who got frustrated. "I hope that eventually Elon comes back into the fold. Maybe that's not possible now because he's gone so nuclear," Vance said. Vance's comments come as other Republicans in recent days have urged the two men, who months ago were close allies spending significant time together, to mend fences. Musk's torrent of social media posts attacking Trump came as the president portrayed him as disgruntled and "crazy" and threatened to cut the government contracts held by his businesses. Musk, who runs electric vehicle maker Tesla, internet company Starlink and rocket company SpaceX, lambasted Trump's centrepiece tax cuts and spending bill but also suggested Trump should be impeached and claimed without evidence that the government was concealing information about the president's association with paedophile Jeffrey Epstein. "Look, it happens to everybody," Vance said in the interview with comedian Theo Von. "I've flown off the handle way worse than Elon Musk did in the last 24 hours." Vance told Von that as Musk for days was calling on social media for the US Congress to kill Trump's "Big Beautiful Bill," the president was "getting a little frustrated, feeling like some of the criticisms were unfair coming from Elon, but I think has been very restrained because the president doesn't think that he needs to be in a blood feud with Elon Musk". "I actually think if Elon chilled out a little bit, everything would be fine," he added. Musk had by Saturday morning deleted his X posts about Trump and Epstein. The interview was recording on Thursday as Musk's posts were unfurling on X, the social media network the billionaire owns. During the interview, Von showed the vice president Musk's claim that Trump's administration hasn't released all the records related to sex abuser Jeffrey Epstein because Trump is mentioned in them. Vance responded to that, saying "Absolutely not. Donald Trump didn't do anything wrong with Jeffrey Epstein". "This stuff is just not helpful," Vance said in response to another post shared by Musk calling for Trump to be impeached and replaced with Vance. "It's totally insane. The president is doing a good job." Vance called Musk an "incredible entrepreneur" and said that Musk's Department of Government Efficiency, which sought to cut government spending and laid off or pushed out thousands of workers, was "really good". The vice president also defended the bill that has drawn Musk's ire, and said its central goal was not to cut spending but to extend the 2017 tax cuts approved in Trump's first term. Musk has warned that the bill will increase the federal deficit and called it a "disgusting abomination". "It's a good bill," Vance said. "It's not a perfect bill." Trump indicated in a phone interview with NBC on Saturday that he has no plans to make up with Musk. Asked specifically if he thought his relationship with Musk is over, Trump responded "I would assume so, yeah". "No," Trump told NBC when asked if he had any desire to repair his relationship with Musk. "I have no intention of speaking to him," Trump said. However, Trump said he had not thought about terminating US government contracts with Musk's StarLink satellite internet or SpaceX rocket launch companies. with AP
