Trump news at a glance: Musk confirms White House exit after split with Trump on tax bill
In the latest sign the honeymoon is over between Donald Trump and his tech billionaire sidekick, Elon Musk, the president confirmed he will go ahead with his signature tax bill, despite Musk's public criticism of it.
Musk has sneered at the bill in a series of social media posts and interviews, including one with CBS, in which he said he was 'disappointed' to see the bill progressing, saying it would increase the budget deficit and 'undermines the work that the Doge team is doing', referring to the department he oversaw to slash jobs, spending and resources from federal agencies.
The disagreement between Trump and the world's richest man comes as Musk confirmed on social media platform X that his time at the White House was officially coming to an end.
Musk has publicly diverged from the president on policy several times and had clearly signaled his intent to spend less time in Washington and more on his businesses, Tesla, SpaceX and xAI. It's a drastic turnaround for Musk, who plowed $200m into Trump's campaign and dedicated most of the last year to promoting Trump and far-right ideology online.
Here are the key stories at a glance:
In a further jibe at Trump's bill – known officially as the One Big Beautiful Bill Act – Musk told CBS: 'I think a bill can be big, or it can be beautiful. But I don't know if it can be both. My personal opinion.'
The bill is Trump's marquee piece of legislation and would allow him to follow through on campaign promises, including tax cuts for individuals and corporations, and an end to clean energy incentives enacted under Joe Biden. It also funds the construction of a wall along the border with Mexico, as well as staff and facilities for mass deportations of undocumented immigrants.
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A federal trade court on Wednesday blocked Trump from imposing sweeping tariffs on imports under an emergency-powers law. The ruling from a three-judge panel at the New York-based court of international trade came after several lawsuits arguing Trump has exceeded his authority, left US trade policy dependent on his whims and unleashed economic chaos.
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Trump's big, beautiful new plane from the government of Qatar has arrived – but the US president has a problem with it: it's too big. The Qataris have given the president a Boeing 747-8, a stretch model of the jumbo that is more than 18ft longer than the much older 747-200B that flies as the current Air Force One.
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Robert F Kennedy Jr has threatened to ban government scientists from publishing in the world's leading medical journals, which he branded 'corrupt', and to instead create alternative publications run by the state.
'We're probably going to stop publishing in the Lancet, New England Journal of Medicine, Jama and those other journals, because they're all corrupt,' the US health secretary said on the Ultimate Human podcast. He accused the publications of being controlled by pharmaceutical companies.
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Advocates for pregnant people said they are alarmed by Robert F Kennedy Jr's unprecedented and unilateral decision to remove Covid-19 booster shots from the recommended immunization schedule.
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The secretary of state, Marco Rubio, said the US will 'aggressively' revoke visas of Chinese students, one of the largest sources of revenue for American universities, in the latest attack on the country's higher education institutions.
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The family of a four-year-old girl who is receiving life-saving treatment in the United States are fighting against deportation, as her medical team warns she will likely die 'within days' if forced to return to Mexico.
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The Trump administration is distancing itself from the Gaza Humanitarian Foundation as questions swirl over its leadership, funding, ties to Israeli officials and links to private US security firms.
Reports and leaked video of its operations to bring food aid to Gaza depicted scenes of chaos, with crowds storming a distribution site and Israeli military officials confirming they had fired 'warning shots' to restore order. Gaza health officials said at least one civilian had been killed and 48 injured in the incident.
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A judge released a Russian-born scientist and Harvard researcher from immigration custody as she deals with a criminal charge of smuggling frog embryos into the US.
RFK Jr and Mehmet Oz are attempting to save more than 300 ostriches in Canada that the government had ordered killed over fears of avian flu.
The US said it will refuse visas to foreign officials who block Americans' social media posts as Trump's administration wages a new battle over free expression.
Catching up? Here's what happened on 27 May 2025.
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Reuters
21 minutes ago
- Reuters
Global economy's 'sugar rush' defies trade drama
FRANKFURT, May 30 (Reuters) - For all the drama surrounding U.S. President Donald Trump's trade tariffs, the world economy is holding up better than many had expected. The latest data from the United States, China and, to a lesser extent, Europe are showing resilience and the global economy as a whole is still expected to grow modestly this year. This is in part due to U.S. buyers and foreign sellers bringing forward business while many of the import duties unveiled by U.S. President Donald Trump remain suspended. While that effect may prove short-lived, Trump's decision to pause tariffs and some glimpses of progress in trade talks, particularly between the United States and the European Union, have fuelled cautious optimism. "We are seeing a bit of a sugar rush in industry, with manufacturers bringing forward production and trade," said Holger Schmieding, an economist at investment bank Berenberg. "The other thing is that we have evidence that Trump pedalled back on tariffs. The bet in markets and to some extent in the economy is that he barks but doesn't bite." Investment banks and institutions generally expect the United States to avoid a recession this year and the global economy to keep growing. The International Monetary Fund downgraded its global GDP growth forecast by just 0.5 percentage points last month to 2.8%. This is roughly in line with the trend over the past decade and a far cry from the downturns experienced during the COVID-19 pandemic, the 2008 financial crisis or even the turmoil that followed the 9/11 terror attacks in 2001. No one is venturing a prediction on where the trade negotiations will eventually settle, particularly with a U.S. president who sees himself as unstoppable. This week alone, separate U.S. courts first blocked and then reinstated Trump's tariffs - creating a degree of legal uncertainty that will do little to facilitate trade deals between the United States and those threatened with the levies. While the EU celebrated "new impetus" in its trade talks with the United States, negotiations with China were "a bit stalled" according to U.S. Treasury Secretary Scott Bessent. Companies are counting the cost of the ongoing impasse. A Reuters analysis of corporate disclosures shows Trump's trade war had cost companies more than $34 billion in lost sales and higher costs, a toll that is expected to rise as ongoing uncertainty over tariffs paralyses decision making at some of the world's largest companies. Car-makers from Japan's Toyota (7203.T), opens new tab, (7267.T), opens new tab to Germany's Porsche (P911_p.DE), opens new tab and Mercedes-Benz ( opens new tab are bracing for lower, or lower-than-previously expected profits if they have not given up making predictions altogether, like Volvo Cars ( opens new tab and Dutch-based Stellantis ( opens new tab. This is likely to result in a hit especially for Japan. The United States is Japan's biggest export destination, accounting for 21 trillion yen ($146.16 billion) worth of goods, with automobiles representing roughly 28% of the total. "While the worst shocks may be over, there's still a lot up in the air," Xingchen Yu, a strategist at UBS's Chief Investment Office, said. "We don't really know what a new normal for tariffs would look like, unfortunately." But so far the global economy has held up pretty well. China's output and exports are resilient as its companies re-route trade to the United States via third countries. Even in Europe, manufacturing activity was at a 33-month high in May, rebounding from a slump induced by more expensive fuel following Russia's invasion of Ukraine. Confidence was also buttressed by the prospect of greater fiscal spending in Germany, a missing ingredient for European growth for the past couple of decades. The robustness of the world economy has surprised even professional forecasters. A measure produced by U.S. bank Citi that tracks the degree to which global economic data has surprised to the upside is now at its highest in more than a year. Some of that strength circles back to the tariffs themselves and the attempts by U.S. households and businesses to front-load purchases to beat anticipated price increases later this year. U.S. imports were up around 30% in March from where they were in October. The risk to the upbeat outlook comes from the expected "payback" of those advance purchases, which are unlikely to be repeated and will mean slower activity - in the U.S. and elsewhere - later. Economists still fear a triple whammy in which the front-loaded boost to the goods sector is unwound while U.S. household purchasing power is squeezed by higher prices and companies put off investment and hiring. At the margin, however, this scenario is starting to appear a little less likely after Trump's pause on tariffs. "The balance has slightly shifted towards more optimism, albeit with uncertainty and volatility," ING's global head of macro Carsten Brzeski said. ($1 = 143.6800 yen)
Daily Mail
21 minutes ago
- Daily Mail
Explosive report claims crippling drug habit was real reason for Elon Musk's DOGE downfall
Elon Musk was using a cocktail of drugs on the campaign trail as his messy personal life spilled over into his work, according to a report from the New York Times. Musk stormed into politics as President Donald Trump 's chainsaw-brandishing sidekick tasked with slashing the federal bureaucracy, but the tech tycoon has found himself on the chopping block just four months into his stint in government. The Tesla CEO has previously said he was prescribed ketamine for depression and was taking the drug roughly every two weeks. But insiders allege Musk, 53, was taking the powerful anesthetic, which is known to have hallucinogenic properties, so frequently that it was affecting his bladder, the bombshell report claims. He also took ecstasy, psychedelic mushrooms and travelled with a daily pill box that contained about 20 different drugs, including Adderall, sources allege. Those around him claim that his consumption blurred the lines between medicinal and recreational, with Musk allegedly having taken drugs at private gathering across the US and in at least one foreign country, according to the NYT report. Musk has claimed in interviews that he only takes 'a small amount' of ketamine and that 'I really don't like doing illegal drugs', but his erratic behaviors, including making an apparent Nazi salute at Trump's election day event, seemingly suggest otherwise. It is unclear if Musk was taking drugs when Trump put him in charge of the Department of Government Efficiency (DOGE). Daily Mail has contacted representatives for Musk and the White House for comment, but did not immediately receive a response. Musk's aerospace firm SpaceX, which is a large government contractor, requires its workforce to be drug free and randomly administers drug test. The tech billionaire, however, would receive 'advance warning' of those tests, insiders with knowledge of the testing process told the newspaper. It is unclear if Musk was forced to undergo drug testing by the White House. In addition to his alleged drug habit, Musk's stint at DOGE was intertwined with private legal battles involving his ex-partners and children. Claire Boucher, known professionally as Grimes, is understood to be fighting with Musk over his public flaunting of their five-year-old son X, which she alleges violates the pair's custody agreement. He also was accused of fathering a secret 14th child with conservative influencer Ashley St. Clair. Musk has allegedly denied confirm paternity of the child. Musk in recent weeks had shown growing disillusionment with the obstacles faced by DOGE even as it cut a brutal swath through the US bureaucracy. He leaves far short of his original goal of saving $2 trillion dollars, with calculations suggesting he saved just one thousandth of that - despite tens of thousands of people losing their jobs. Musk will now focus on his Space X and Tesla businesses, as well as his goal of colonizing Mars. Trump hailed Musk as 'terrific' as he announced that they would hold a joint press conference on Friday as the SpaceX founder leaves DOGE. 'This will be his last day, but not really, because he will, always, be with us, helping all the way,' Trump said on his Truth Social network on Thursday. But the warm words could not hide the open frustrations that Musk, had expressed in recent weeks about his controversial cost-cutting role. Musk was the biggest donor to Trump's 2024 election campaign and the pair bonded over right-wing politics and a desire to root out what they believed was a wasteful 'deep state '. He quickly became Trump's so-called First Buddy and was constantly at his side. The tycoon appeared with his young son X on his shoulders during his first press conference in the Oval Office. He attended cabinet meetings. He and Trump rode on Air Force One and Marine One together and they watched UFC fights together. But the tech tycoon was frequently exhibiting wild behaviors. He brandished a chainsaw at a conservative event, boasting of how easy it was to save money, and separately made what appeared to be a Nazi salute. But Trump himself remained publicly loyal to the man he called a 'genius.' One day, the president even turned the White House into a pop-up Tesla dealership after protesters targeted Musk's electric car business. Yet Musk struggled to get a grip on the realities of politics. He is understood to have insulted cabinet members during meetings and get into 'fights' with his opponents, according to the report. The impact on Musk's businesses also began to hit home with a series of Space X launches ended in fiery failures and Tesla shares dropping drastically. Musk started musing about stepping back earlier this year, saying that 'DOGE is a way of life, like Buddhism' that would carry on without him. He finally showed the first signs of distance from Trump himself, saying he was 'disappointed' in Trump's recent mega spending bill. Musk also said he would pull back from spending time on politics. The end came in a post by Musk on Wednesday on the X network, which he bought and then turned into a MAGA campaign platform. 'As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending,' Musk tweeted. 'The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government.'
Daily Mail
21 minutes ago
- Daily Mail
Why gold mining shares are too cheap, according to JP Morgan analysts
After a strong run for precious metals, gold mining shares still look undervalued. That's the view from JP Morgan's latest note on listed producers, which argues there's room for substantial upside, especially if its bullish forecast for the precious metal proves right. Its commodities team is pencilling in a price of $4,100 an ounce for 2026. That's well above current spot levels of $3,320 and would mark a new all-time high. Based on that estimate, JP Morgan sees around 40–50 per cent upside to average analyst expectations for earnings before interest, tax, depreciation and amortisation across the sector. While the American bank focused on the larger producers, citing names such as Fresnillo and Hochschild, there's plenty of value lower down the evolutionary chain. Stocks on this layer of the pyramid are increasingly disconnected from the rising gold price, rather than moving in step. Of course, being small and mid-cap companies, it often takes time for the market to focus on inherent value, even when backed by gold. These smaller players are also more prone to operational mis-steps that larger organisations can absorb. Below is a far-from-scientific roll call of gold stocks that have thus far flown under the radar. Probably the pick of the bunch is Pan African Resources, which, with a £940 million market capitalisation, has broken free from the small-cap bracket. While its share price is up around 30 per cent year to date, it still lags the performance of Endeavour (+51 per cent) and Fresnillo (+80 per cent). Dropping down a division, Caledonia Mining stands out. Its performance has been stronger than Premier African and it comes with a very decent dividend. As valuations shrink, the link between the gold price and share price weakens. A case in point is Ariana Resources, which has modest production from its Turkish operations but ambitious growth plans in Zimbabwe. Panmure Liberum analysts, fresh from a site visit to Ariana's Dokwe project, described it as a potential multi-million-ounce asset with strong development prospects. That optimism is in stark contrast to Ariana's stock market performance, down more than 40 per cent year to date. It suggests value and opportunity may be buried in AIM's twilight zone. Ariana is preparing to list in Australia, a savvy move in a market where investors, both private and institutional, know how to value smaller gold companies. Appetite for diggers and prospectors is strong, supported by self-directed flows from Australia's generous superannuation schemes. So, watch this space. Wider market moves Turning to the wider market, the AIM All-Share continued to outperform its benchmark, rising 1.3 per cent to 746.39 and outpacing the FTSE 100, which nudged just 0.4 per cent higher. This reflects growing confidence, underlined by a slew of successful fundraisings that made May a bumper month for companies replenishing their coffers. The week's standout performer was Blue Star Capital, which jumped 150 per cent after news of its investment in cross-border crypto payments platform SatoshiPay. Avacta rose 43 per cent, a performance that would have topped the leaderboard most weeks. The appointment of two heavyweight independent directors helped ease investor concerns over a delay to the company's results. One of the new recruits, Richard Hughes, brings deep capital markets experience, possibly signalling a strategic shift for the precision medicines group. ATOME climbed 35 per cent following the launch of a new renewable energy division, initially focused on Latin America. And the laggards… At the other end of the table, Totally fell 84 per cent as investors digested the healthcare provider's semingly insurmountable funding position. Watkin Jones dropped 21 per cent after the developer of student housing and build-to-rent properties posted a loss and painted a gloomy picture of current trading. Finally, the small-cap market, especially where trading is thin or controlled by market makers, tends to react sharply to news, with professional price-setters often moving to protect positions rather than reflect true value. A case in point is hVIVO. Shares slumped 45 per cent on Friday following the loss of one contract and the postponement of another. Seasoned small-cap investors will know that sanity usually prevails, but it can take time for stocks like hVIVO to find their footing. In the meantime, it's worth remembering this is a business with £47million of contracted revenue already secured for the current year and, as of its last results, £44million in cash.
