Elon Musk blasts Trump tax bill as spendthrift ‘abomination'
Donald Trump ally Elon Musk lambasted the president's signature tax bill as a budget-busting 'abomination' as Republican fiscal hawks stepped up criticism of the massive fiscal package.
Musk attacked the legislation days after leaving a temporary assignment leading the administration's Department of Government Efficiency initiative to cut federal spending.
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The Advertiser
26 minutes ago
- The Advertiser
Asian shares creep higher, US dollar languishes
Shares in Asia closed higher and the US dollar languished ahead of the European Central Bank offering its policy outlook for a tumultuous global economy. The dollar slid in the previous session after weak US jobs and services data, with more weighty employment data due on Friday. Damage to the US economy is becoming more apparent from President Donald Trump's erratic tariff action, while bilateral deals remain unrealised. Canada prepared possible reprisals against the imposition of new US metals tariffs while the European Union reported progress in trade talks with Washington. Against that backdrop, market watchers considered the ECB almost certain to cut policy interest rates so will pay greater attention to what bank President Christine Lagarde signals about future decisions. "There's uncertainty about the guidance the central bank will deliver given the murky outlook for US trade policy and global growth," said Kyle Rodda, a senior financial market analyst at "A failure to deliver sufficiently dovish guidance could upset the equity markets as well as give the euro upward trend additional momentum." Trump's doubling of tariffs on steel and aluminium imports became effective on Wednesday, hitting Canada and Mexico in particular. The same day, his administration sought "best offers" from trading partners to stop other import levies taking effect in July. Japan is sending key trade negotiator Ryosei Akazawa to the US on Thursday for another round of talks. Germany's new chancellor, Friedrich Merz, is also due to head to Washington. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent, whereas Japan's Nikkei stock index slid 0.5 per cent. South Korea's benchmark KOSPI index of shares surged 0.9 per cent and touched an 11-month high on extended post-election optimism surrounding new president Lee Jae-myung. Hong Kong's Hang Seng gauge added 0.5 per cent, driven higher by tech shares. "There is a degree of complacency in the equity markets in the sense there is an expectation now that there will continue to be resolution and deals being done," said Chris Nicol, Australia equity strategist at Morgan Stanley. "The black and white of the policy is still to be put in stone and the growth and inflation impacts are still relatively uncertain." The dollar index, which measures the greenback against a basket of currencies, rose 0.1 per cent to 98.879, trimming its 0.5 per cent slide on Wednesday. The dollar rose 0.2 per cent to 143 yen. The euro was largely flat at $US1.1411 after a 0.4 per cent gain in the previous trading session. Gold pared gains from the previous day while oil slipped after a build in US inventories and Saudi Arabia's cut to its July prices for Asian crude buyers. Spot gold edged 0.2 per cent lower to $US3,367.30 per ounce. US crude dipped 0.5 per cent to $US62.58 a barrel. Both pan-region Euro Stoxx 50 futures and US stock futures, the S&P 500 e-minis, were little changed. Shares in Asia closed higher and the US dollar languished ahead of the European Central Bank offering its policy outlook for a tumultuous global economy. The dollar slid in the previous session after weak US jobs and services data, with more weighty employment data due on Friday. Damage to the US economy is becoming more apparent from President Donald Trump's erratic tariff action, while bilateral deals remain unrealised. Canada prepared possible reprisals against the imposition of new US metals tariffs while the European Union reported progress in trade talks with Washington. Against that backdrop, market watchers considered the ECB almost certain to cut policy interest rates so will pay greater attention to what bank President Christine Lagarde signals about future decisions. "There's uncertainty about the guidance the central bank will deliver given the murky outlook for US trade policy and global growth," said Kyle Rodda, a senior financial market analyst at "A failure to deliver sufficiently dovish guidance could upset the equity markets as well as give the euro upward trend additional momentum." Trump's doubling of tariffs on steel and aluminium imports became effective on Wednesday, hitting Canada and Mexico in particular. The same day, his administration sought "best offers" from trading partners to stop other import levies taking effect in July. Japan is sending key trade negotiator Ryosei Akazawa to the US on Thursday for another round of talks. Germany's new chancellor, Friedrich Merz, is also due to head to Washington. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent, whereas Japan's Nikkei stock index slid 0.5 per cent. South Korea's benchmark KOSPI index of shares surged 0.9 per cent and touched an 11-month high on extended post-election optimism surrounding new president Lee Jae-myung. Hong Kong's Hang Seng gauge added 0.5 per cent, driven higher by tech shares. "There is a degree of complacency in the equity markets in the sense there is an expectation now that there will continue to be resolution and deals being done," said Chris Nicol, Australia equity strategist at Morgan Stanley. "The black and white of the policy is still to be put in stone and the growth and inflation impacts are still relatively uncertain." The dollar index, which measures the greenback against a basket of currencies, rose 0.1 per cent to 98.879, trimming its 0.5 per cent slide on Wednesday. The dollar rose 0.2 per cent to 143 yen. The euro was largely flat at $US1.1411 after a 0.4 per cent gain in the previous trading session. Gold pared gains from the previous day while oil slipped after a build in US inventories and Saudi Arabia's cut to its July prices for Asian crude buyers. Spot gold edged 0.2 per cent lower to $US3,367.30 per ounce. US crude dipped 0.5 per cent to $US62.58 a barrel. Both pan-region Euro Stoxx 50 futures and US stock futures, the S&P 500 e-minis, were little changed. Shares in Asia closed higher and the US dollar languished ahead of the European Central Bank offering its policy outlook for a tumultuous global economy. The dollar slid in the previous session after weak US jobs and services data, with more weighty employment data due on Friday. Damage to the US economy is becoming more apparent from President Donald Trump's erratic tariff action, while bilateral deals remain unrealised. Canada prepared possible reprisals against the imposition of new US metals tariffs while the European Union reported progress in trade talks with Washington. Against that backdrop, market watchers considered the ECB almost certain to cut policy interest rates so will pay greater attention to what bank President Christine Lagarde signals about future decisions. "There's uncertainty about the guidance the central bank will deliver given the murky outlook for US trade policy and global growth," said Kyle Rodda, a senior financial market analyst at "A failure to deliver sufficiently dovish guidance could upset the equity markets as well as give the euro upward trend additional momentum." Trump's doubling of tariffs on steel and aluminium imports became effective on Wednesday, hitting Canada and Mexico in particular. The same day, his administration sought "best offers" from trading partners to stop other import levies taking effect in July. Japan is sending key trade negotiator Ryosei Akazawa to the US on Thursday for another round of talks. Germany's new chancellor, Friedrich Merz, is also due to head to Washington. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent, whereas Japan's Nikkei stock index slid 0.5 per cent. South Korea's benchmark KOSPI index of shares surged 0.9 per cent and touched an 11-month high on extended post-election optimism surrounding new president Lee Jae-myung. Hong Kong's Hang Seng gauge added 0.5 per cent, driven higher by tech shares. "There is a degree of complacency in the equity markets in the sense there is an expectation now that there will continue to be resolution and deals being done," said Chris Nicol, Australia equity strategist at Morgan Stanley. "The black and white of the policy is still to be put in stone and the growth and inflation impacts are still relatively uncertain." The dollar index, which measures the greenback against a basket of currencies, rose 0.1 per cent to 98.879, trimming its 0.5 per cent slide on Wednesday. The dollar rose 0.2 per cent to 143 yen. The euro was largely flat at $US1.1411 after a 0.4 per cent gain in the previous trading session. Gold pared gains from the previous day while oil slipped after a build in US inventories and Saudi Arabia's cut to its July prices for Asian crude buyers. Spot gold edged 0.2 per cent lower to $US3,367.30 per ounce. US crude dipped 0.5 per cent to $US62.58 a barrel. Both pan-region Euro Stoxx 50 futures and US stock futures, the S&P 500 e-minis, were little changed. Shares in Asia closed higher and the US dollar languished ahead of the European Central Bank offering its policy outlook for a tumultuous global economy. The dollar slid in the previous session after weak US jobs and services data, with more weighty employment data due on Friday. Damage to the US economy is becoming more apparent from President Donald Trump's erratic tariff action, while bilateral deals remain unrealised. Canada prepared possible reprisals against the imposition of new US metals tariffs while the European Union reported progress in trade talks with Washington. Against that backdrop, market watchers considered the ECB almost certain to cut policy interest rates so will pay greater attention to what bank President Christine Lagarde signals about future decisions. "There's uncertainty about the guidance the central bank will deliver given the murky outlook for US trade policy and global growth," said Kyle Rodda, a senior financial market analyst at "A failure to deliver sufficiently dovish guidance could upset the equity markets as well as give the euro upward trend additional momentum." Trump's doubling of tariffs on steel and aluminium imports became effective on Wednesday, hitting Canada and Mexico in particular. The same day, his administration sought "best offers" from trading partners to stop other import levies taking effect in July. Japan is sending key trade negotiator Ryosei Akazawa to the US on Thursday for another round of talks. Germany's new chancellor, Friedrich Merz, is also due to head to Washington. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent, whereas Japan's Nikkei stock index slid 0.5 per cent. South Korea's benchmark KOSPI index of shares surged 0.9 per cent and touched an 11-month high on extended post-election optimism surrounding new president Lee Jae-myung. Hong Kong's Hang Seng gauge added 0.5 per cent, driven higher by tech shares. "There is a degree of complacency in the equity markets in the sense there is an expectation now that there will continue to be resolution and deals being done," said Chris Nicol, Australia equity strategist at Morgan Stanley. "The black and white of the policy is still to be put in stone and the growth and inflation impacts are still relatively uncertain." The dollar index, which measures the greenback against a basket of currencies, rose 0.1 per cent to 98.879, trimming its 0.5 per cent slide on Wednesday. The dollar rose 0.2 per cent to 143 yen. The euro was largely flat at $US1.1411 after a 0.4 per cent gain in the previous trading session. Gold pared gains from the previous day while oil slipped after a build in US inventories and Saudi Arabia's cut to its July prices for Asian crude buyers. Spot gold edged 0.2 per cent lower to $US3,367.30 per ounce. US crude dipped 0.5 per cent to $US62.58 a barrel. Both pan-region Euro Stoxx 50 futures and US stock futures, the S&P 500 e-minis, were little changed.
9 News
38 minutes ago
- 9 News
'Hard to make a deal': Trump talks with Xi amid stalled tariff talks
Your web browser is no longer supported. To improve your experience update it here US President Donald Trump and his Chinese counterpart, Xi Jinping , have spoken amid stalled negotiations between both countries over tariffs that have roiled global trade. The discussion on Thursday followed Trump suggesting it was tough to reach a deal with Xi. "I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!," Trump had posted on Wednesday on his social media site. US President Donald Trump and his Chinese counterpart, Xi Jinping, have spoken amid stalled negotiations between both countries over tariffs that have roiled global trade. (AP) Trade negotiations between the US and China stalled shortly after a May 12 agreement between both countries to reduce their tariff rates in order to have talks. Behind the gridlock has been the continued competition for an economic edge. Donald Trump tariffs Trade War USA China Xi Jinping China news Asia World CONTACT US
Sky News AU
2 hours ago
- Sky News AU
Elon Musk doubles down on ‘searing' critique of Donald Trump's ‘Big, Beautiful Bill'
Sky News host Sharri Markson discusses billionaire Elon Musk's 'searing' criticism of US President Donald Trump's 'Big, Beautiful Bill'. 'Elon Musk has doubled down on his searing criticism of Trump's so-called 'Big, Beautiful Bill' across multiple posts on social media today,' Ms Markson said. 'The bill is a cornerstone of Trump's economic policy and would give Americans a tax cut, but critics say it will also increase America's borrowing at a time it is drowning in debt.'
