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Trump scorches Elon Musk's plans for a third party: ‘TRAIN WRECK'
In a lengthy Truth Social tirade, Trump said Musk has gone 'off the rails' in recent weeks, and repeated his theory that the tech mogul's problem with the sweeping tax bill signed into law on Friday was its elimination of incentives for electric vehicles.
'I am saddened to watch Elon Musk go completely 'off the rails,' essentially becoming a TRAIN WRECK over the past five weeks,' Trump wrote.
'He even wants to start a Third Political Party, despite the fact that they have never succeeded in the United States – The System seems not designed for them,' he added. 'The one thing Third Parties are good for is the creation of Complete and Total DISRUPTION & CHAOS, and we have enough of that with the Radical Left Democrats, who have lost their confidence and their minds!'
Trump first addressed Musk's plans for the new-found 'America Party' during a press gaggle Sunday afternoon before he boarded Air Force One.
'I think it's ridiculous to start a third party,' Trump said, adding later: 'So he can have fun with it, but I think it's ridiculous.'
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NBC News
22 minutes ago
- NBC News
U.S. tariffs on European goods threaten to shake up the world's largest trade relationship
FRANKFURT, Germany (AP) — The European Union expects to find out on Monday whether President Donald Trump will impose punishing tariffs on America's largest trade partner in a move economists have warned would have repercussions for companies and consumers on both sides of the Atlantic. Trump imposed a 20% import tax on all EU-made products in early April as part of a set of tariffs targeting countries with which the United States has a trade imbalance. Hours after the nation-specific duties took effect, he put them on hold until July 9 at a standard rate of 10% to quiet financial markets and allow time for negotiations. Expressing displeasure with the EU's stance in trade talks, however, Trump said he would increase the tariff rate for European exports to 50%, which could make everything — from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals — much more expensive in the U.S. The EU's executive commission, which handles trade issues for the bloc's 27-member nations, said its leaders hope to strike a deal with the Trump administration. Without one, the EU said it was prepared to retaliate with tariffs on hundreds of American products, ranging from beef and auto parts to beer and Boeing airplanes. U.S. Treasury Secretary Scott Bessent told CNN's 'State of the Union' program on Sunday that 'the EU was very slow in coming to the table' but that talks were now making 'very good progress.' Here are important things to know about trade between the United States and the European Union. US-EU trade is enormous The European Commission describes the trade between the U.S. and the EU as 'the most important commercial relationship in the world.' The value of EU-U.S. trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat. The biggest U.S. export to Europe was crude oil, followed by pharmaceuticals, aircraft, automobiles, and medical and diagnostic equipment. Europe's biggest exports to the U.S. were pharmaceuticals, cars, aircraft, chemicals, medical instruments, and wine and spirits. EU sells more to the US than vice versa Trump has complained about the EU's 198 billion-euro trade surplus in goods, which shows Americans buy more stuff from European businesses than the other way around. However, American companies fill some of the gap by outselling the EU when it comes to services such as cloud computing, travel bookings, and legal and financial services. The U.S. services surplus took the nation's trade deficit with the EU down to 50 billion euros ($59 billion), which represents less than 3% of overall U.S.-EU trade. What are the issues dividing the two sides? Before Trump returned to office, the U.S. and the EU maintained a generally cooperative trade relationship and low tariff levels on both sides. The U.S. rate averaged 1.47% for European goods, while the EU's averaged 1.35% for American products. But the White House has taken a much less friendly posture toward the longstanding U.S. ally since February. Along with the fluctuating tariff rate on European goods Trump has floated, the EU has been subject to his administration's 50% tariff on steel and aluminum, and a 25% tax on imported automobiles and parts. Trump administration officials have raised a slew of issues they want to see addressed, including agricultural barriers such as EU health regulations that include bans on chlorine-washed chicken and hormone-treated beef. Trump has also criticized Europe's value-added taxes, which EU countries levy at the point of sale this year at rates of 17% to 27%. But many economists see VAT as trade-neutral since they apply to domestic goods and services as well as imported ones. Because national governments set the taxes through legislation, the EU has said they aren't on the table during trade negotiations. 'On the thorny issues of regulations, consumer standards and taxes, the EU and its member states cannot give much ground,' Holger Schmieding, chief economist at Germany's Berenberg bank, said. 'They cannot change the way they run the EU's vast internal market according to U.S. demands, which are often rooted in a faulty understanding of how the EU works.' 'Consequence for many companies' Economists and companies say higher tariffs will mean higher prices for U.S. consumers on imported goods. Importers must decide how much of the extra tax costs to absorb through lower profits and how much to pass on to customers. Mercedes-Benz dealers in the U.S. have said they are holding the line on 2025 model year prices 'until further notice.' The German automaker has a partial tariff shield because it makes 35% of the Mercedes-Benz vehicles sold in the U.S. in Tuscaloosa, Alabama, but the company said it expects prices to undergo 'significant increases' in coming years. Simon Hunt, CEO of Italian wine and spirits producer Campari Group, told investment analysts that prices could increase for some products or stay the same depending what rival companies do. If competitors raise prices, the company might decide to hold its prices on Skyy vodka or Aperol aperitif to gain market share, Hunt said. Trump has argued that making it more difficult for foreign companies to sell in the U.S. is a way to stimulate a revival of American manufacturing. Many companies have dismissed the idea or said it would take years to yield positive economic benefits. However, some corporations have proved willing to shift some production stateside. France-based luxury group LVMH, whose brands include Tiffany & Co., Luis Vuitton, Christian Dior and Moet & Chandon, could move some production to the United States, billionaire CEO Bernaud Arnault said at the company's annual meeting in April. Arnault, who attended Trump's inauguration, has urged Europe to reach a deal based on reciprocal concessions. 'If we end up with high tariffs, ... we will be forced to increase our U.S.-based production to avoid tariffs,' Arnault said. 'And if Europe fails to negotiate intelligently, that will be the consequence for many companies. ... It will be the fault of Brussels, if it comes to that.' 'Road could be rocky' Some forecasts indicate the U.S. economy would be more at risk if the negotiations fail. Without a deal, the EU would lose 0.3% of its gross domestic product and U.S. GDP would fall 0.7%, if Trump slaps imported goods from Europe with tariffs of 10% to 25%, according to a research review by Bruegel, a think tank in Brussels. Given the complexity of some of the issues, the two sides may arrive only at a framework deal before Wednesday's deadline. That would likely leave a 10% base tariff, as well as the auto, steel and aluminum tariffs in place until details of a formal trade agreement are ironed out. The most likely outcome of the trade talks is that 'the U.S. will agree to deals in which it takes back its worst threats of 'retaliatory' tariffs well beyond 10%,' Schmieding said. 'However, the road to get there could be rocky.' The U.S. offering exemptions for some goods might smooth the path to a deal. The EU could offer to ease some regulations that the White House views as trade barriers. 'While Trump might be able to sell such an outcome as a 'win' for him, the ultimate victims of his protectionism would, of course, be mostly the U.S. consumers,' Schmieding said.
BBC News
24 minutes ago
- BBC News
Trump tells Brazil to stop 'witch hunt' against Bolsonaro
US President Donald Trump has urged Brazilian authorities to end their prosecution of the country's former President Jair Bolsonaro, accusing them of carrying out a "WITCH HUNT".Bolsonaro, who governed Brazil between 2019 and 2022, is standing trial for allegedly attempting a coup against current President Luiz Inácio Lula da Silva. The former leader has denied involvement in any alleged a social media post, Trump said Bolsonaro was "not guilty of anything, except having fought for THE PEOPLE" and told prosecutors to "LEAVE BOLSONARO ALONE!"President Lula said Brazil is a sovereign country that "won't accept interference or instruction from anyone." "No one is above the law. Especially those that threaten freedom and the rule of law," he wrote in a post on his earlier post on Truth Social, Trump praised Bolsonaro as a "strong leader" who "truly loved his country". The US president compared Bolsonaro's prosecution to the legal cases he himself faced between his two presidential terms."This is nothing more, or less, than an attack on a Political Opponent - Something I know much about! It happened to me, times 10," Trump thanked Trump for his comments, describing the case against him as "clear political persecution" in a social media to Trump's remarks, Minister of Institutional Affairs Gleisi Hoffmann said: "The time when Brazil was subservient to the US was the time of Bolsonaro.""The US president should take care of his own problems, which are not few, and respect the sovereignty of Brazil and our judiciary," she back and fourth comes as Lula hosted representatives from China, Russia and other nations at a Brics summit in Rio de had earlier threatened to levy additional tariffs against countries aligned with what he called the bloc's "anti-American" policies. Trump and Bolsonaro enjoyed a friendly relationship when their presidencies overlapped, with the pair meeting at the White House in 2019. Both men subsequently lost presidential elections and both refused to publicly acknowledge defeat.A week after Lula's inauguration in January 2023, thousands of Bolsonaro supporters stormed government buildings in the capital, Brasilia, in what federal investigators say was an attempted coup. Bolsonaro was in the United States at the time and has always denied any links to the has been barred from running for public office until 2030 for falsely claiming Brazil's voting system was vulnerable to fraud, but he has said he intends to fight that ban and run for a second term in in court for the first time last month, Bolsonaro said a coup was an "abominable thing". The 70-year-old could face decades in prison if convicted.
Sky News
26 minutes ago
- Sky News
Nine more deaths confirmed in Texas floods - bringing total to at least 91
At least 91 people have died in the flash floods that have left a trail of destruction across Texas, White House press secretary Karoline Leavitt said. Ms Leavitt also warned that "the situation on the ground remains dangerous" and that there "could be additional public safety threats with additional incoming heavy rain". The White House press secretary went on to criticise people who have claimed the Trump administration's cuts to the National Weather Service (NWS) have played a role in the worsening the disaster. It comes after Texas officials criticised the NWS by claiming it failed to warn the public about the impending danger. Meanwhile, Senate Democratic Leader Chuck Schumer asked the Department of Commerce's acting inspector general on Monday to probe whether staffing vacancies at the NWS's San Antonio office contributed to "delays, gaps, or diminished accuracy" in forecasting the flooding. The NWS did not immediately respond to a request for comment on Mr Schumer's letter but earlier defended its forecasting and emergency management. Ms Leavitt has told reporters that claims Mr Trump was responsible for any issues responding to the flash floods were "depraved and despicable". "It is not [a political game], it is a national tragedy," she said. The press secretary also claimed, in relation to some NWS offices being reportedly understaffed, that one place actually had "too many people". "Any person who has deliberately lied about the facts around the catastrophic event, you should be deeply ashamed," she said. She also said that Mr Trump was going to visit Texas "later in the week". Previously, Mr Trump said it was likely he would visit on Friday. Ms Leavitt was speaking after Kerr County Sheriff Larry Leitha said on Monday that 75 bodies had been recovered from the area, which is seven more than the previous figure for the county. Sheriff Leitha said the number of dead includes 48 adults and 27 children. The total figure is seven higher than the 68 deaths that had earlier been confirmed in Kerr County. In a separate news conference in Williamson County, officials there said a second person had been confirmed dead in the area. One official warned that debris was posing a threat to rescuers out searching for bodies, adding: "The bodies that we're looking for could be hidden beneath 20ft of mud, trees and debris." An official also warned rescuers had to be wary of "snakes and skunks" in the water. He asked people to keep away from the floodwater. One death had earlier been confirmed in Tom Green, while there had been four fatalities in Burnet, six fatalities in Travis County and two in Kendall. Mr Leavitt did not say where the 91st death had been confirmed. Sheriff Leitha has said 15 of the dead were still unidentified. In Kerr County, at least 27 deaths were confirmed after some of the worst flooding struck a girls' summer camp called Camp Mystic. Among those killed were campers as young as eight, a camp counsellor and the camp's director. At least 41 people are still missing in the state - including 10 girls from the camp. Texas Senator Ted Cruz spoke at the same news conference where the latest death figures were confirmed and said: "Texas is grieving right now, the pain, the shock of what has transpired these last few days has broken the heart of our state. "Those numbers [the number of dead] are continuing to go up... that's every parent's nightmare, every mum and dad." He said he had picked up his own daughter from a camp in the area last week. 3:25 Mr Cruz added: "Over the last several days, I've spoken to multiple parents, scared out of their minds. "There's still ten girls and one counsellor from Camp Mystic that are not accounted for. "And the pain and agony of not knowing your child's whereabouts, it's the worst thing imaginable." He added: "You know what I'd do? What I did when this happened? Just go hug your kids. "Because I've got to tell you, I hugged my girls with tears in my eyes." Apparently referencing people claiming the Trump administration's cuts played a role in worsening disaster, Mr Cruz said at the news conference: "I think this is not a time for partisan finger-pointing and attacks." Dalton Rice, the city manager of Kerrville in Kerr County, was asked whether evacuation warnings could have been issued earlier. He said: "It's very tough to make those calls because we also don't want to cry wolf. "You know, we want to make sure that we activated [it] at the right time." He added: "We had first responders getting swept away, responding to the first areas of rainfall. That's how quick it happened. "They were driving to these areas and one of them got swept off the road." Texas Game Wardens had arrived at Camp Mystic on Friday afternoon and began evacuating campers. A rope was tied so girls could hang on as they walked across a bridge, the floodwaters rushing around their knees. Elinor Lester, 13, said she was evacuated with her cabinmates by helicopter after wading through floodwaters. She recalled startling awake around 1:30am as thunder crackled and water pelted the cabin windows. Ms Lester was among the older girls housed on elevated ground known as Senior Hill. Cabins housing the younger campers, who can start attending at age eight, are situated along the riverbanks and were the first to flood, she said. "The camp was completely destroyed," she said. "It was really scary." Her mother, Elizabeth Lester, said her son was nearby at Camp La Junta and also escaped. A counsellor there woke up to find water rising in the cabin, opened a window and helped the boys swim out. 1:04 Camp La Junta and nearby Camp Waldemar said in Instagram posts that all campers and staff were safe. It comes after Texas agriculture minister Sid Miller told Fox News that cattle and livestock were found on the "tops of trees" in the state due to a "26ft wall of water".
