'Train wreck': Trump slams Musk after billionaire announces new political party
"I am saddened to watch Elon Musk go completely 'off the rails,' essentially becoming a TRAIN WRECK over the past five weeks," Trump wrote on social media July 6. "He even wants to start a Third Political Party, despite the fact that they have never succeeded in the United States."
Musk announced the formation of the "America Party" on July 5, the day after Trump signed his mega-bill. The nonpartisan Congressional Budget Office projects the legislation will increase the national debt by $3.4 trillion, which Musk as lambasted.
"When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy," Musk wrote on his social media platform X on July 5. "Today, the America Party is formed to give you back your freedom."
Trump criticized third parties in his July 6 post.
"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," Trump wrote.
Musk − the world's richest person with a worth of $405 billion, according to Forbes − spent nearly $290 million to help Trump and other Republicans get elected. In the opening months of Trump's presidency, Musk led the effort to slash federal agencies through the Department of Government Efficiency.
The two have feuded in recent weeks as Musk strongly criticized Trump's "Big Beautiful Bill," which includes tax cuts, increased spending on immigration enforcement and the military and deep spending cuts in Medicaid. The bill increases the debt ceiling by $5 trillion.
Musk has threatened to boost primary challengers against those who supported the bill, which included all but two Republicans in the House and three in the Senate.
"Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!" Musk wrote before Trump signed the legislation. "And they will lose their primary next year if it is the last thing I do on this Earth."
Musk had taken steps to repair his strained relationship with the president ‒ including personally apologizing for insults he made during his combative exit from the Trump administration last month - before the new round of sparring.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
11 minutes ago
- Yahoo
Why Nike Stock Was Sliding Today
A new announcement of tariffs on imports from countries like Cambodia and Indonesia weighed on Nike stock. Those two countries are major manufacturing hubs for the footwear giant. 10 stocks we like better than Nike › Shares of Nike (NYSE: NKE) were moving lower today, seemingly in response to President Trump's decision yesterday to reinstitute the reciprocal tariffs he had originally issued in April on several Asian countries as of Aug. 1. Nike, which imports much of its product from Asia, with Vietnam and China being its two biggest manufacturing markets, was seen as a potential loser on the news, even though those two countries weren't included in the announcement. As of 2:20 p.m. ET., Nike stock was down 3.2%. For most countries mentioned, tariffs were the same as was originally announced back in April. Japan and South Korea, which both received a 25% tariff rate, got the most attention, as those are the two biggest import markets of the group, but Cambodia and Indonesia seem to have the biggest implication for Nike. As of fiscal 2024, which ended in May 2024, Nike imported 27% of its Nike brand footwear from Indonesia and 15% from Cambodia. The 32% duty on Indonesia was identical to the one announced in April, while Cambodia's was lowered from 49% to 36%. Both were higher than Vietnam's at 20%. That was seen as a victory for Nike, as it was lower than the 46% announced back in April. Vietnam is its biggest manufacturing market. Investors seem to be taking the news in stride overall, as opposed to the "Liberation Day" tariff announcement back in April, when stocks crashed. Nike said in its recent quarterly earnings report that it expected tariffs to add $1 billion in costs this year, and it's unclear how this news will affect that. It does show that President Trump is serious about tariffs despite the 90-day pause, and Nike investors shouldn't ignore the headwinds around the trade war going forward. This won't be the last time we hear about it. Before you buy stock in Nike, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Nike wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $695,481!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $969,935!* Now, it's worth noting Stock Advisor's total average return is 1,053% — a market-crushing outperformance compared to 179% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of July 7, 2025 Jeremy Bowman has positions in Nike. The Motley Fool has positions in and recommends Nike. The Motley Fool has a disclosure policy. Why Nike Stock Was Sliding Today was originally published by The Motley Fool Sign in to access your portfolio
San Francisco Chronicle
17 minutes ago
- San Francisco Chronicle
Rubio will meet Russian foreign minister in Malaysia with Ukraine tensions high
KUALA LUMPUR, Malaysia (AP) — U.S. Secretary of State Marco Rubio and his Russian counterpart will meet Thursday in Malaysia for what could be a testy conversation as tensions between the countries rise over Moscow's increasing attacks on Ukraine and questions about whether Russia's leader is serious about a peace deal. Rubio and Foreign Minister Sergey Lavrov are to see each other in Kuala Lumpur, where both men are attending the annual Association of Southeast Asian Nations Regional Forum, which brings together all 10 ASEAN members and their most important diplomatic partners, including Russia, China, Japan, South Korea, the Europeans and the U.S. The meeting is set to take place shortly after the U.S. resumed some shipments of defensive weapons to Ukraine following a pause — ostensibly for the Pentagon to review domestic munitions stocks — that was cheered in Moscow. The resumption comes as Russia fires escalating air attacks on Ukraine and as President Donald Trump has become increasingly frustrated with Russian President Vladimir Putin. 'Putin is not, he's not treating human beings right,' Trump said during a Cabinet meeting Tuesday, explaining the pause's reversal. 'It's killing too many people. So we're sending some defensive weapons to Ukraine, and I've approved that.' A US diplomatic push could be overshadowed by tariff threats Rubio will also see other foreign ministers, including many whose countries face tariffs set to be imposed on Aug. 1. That threat could overshadow the top diplomat's first official trip to Asia, just as the U.S. seeks to boost relations with Indo-Pacific nations to counter China's growing influence in the region. Trump notified several countries on Monday and Wednesday that they will face higher tariffs if they don't make trade deals with the U.S. Among them are eight of ASEAN's 10 members. State Department officials said tariffs and trade will not be Rubio's focus during the meetings, which Trump's Republican administration hopes will prioritize maritime safety and security in the South China Sea, where China has become increasingly aggressive toward its small neighbors, as well as combating transnational crime. But Rubio may be hard-pressed to avoid the tariff issue that has vexed some of America's closest allies and partners in Asia, including Japan and South Korea and most members of ASEAN, which Trump says would face 25% tariffs if there is no deal. Malaysian Prime Minister Anwar Ibrahim has warned that global trade is being weaponized as U.S. tariffs loom over Southeast Asia. Speaking at an ASEAN foreign ministers' meeting on Wednesday, Anwar urged the bloc to strengthen regional trade and reduce reliance on external powers. Rubio's 'talking points on the China threat will not resonate with officials whose industries are being battered by 30-40% tariffs,' said Danny Russel, vice president of the Asia Society Policy Institute and a former assistant secretary of state for East Asia and the Pacific during the Obama administration. When Anwar said "ASEAN will approach challenges 'as a united bloc' — he wasn't talking about Chinese coercion but about U.S. tariffs,' Russel noted. 8 of ASEAN's 10 members face major tariff hikes Among ASEAN states, Trump has so far announced tariffs on almost all of the 10 members of the bloc, which would face a 25% tariff that could specifically hit its electronics and electrical product exports to the United States. Trade Minister Zafrul Aziz said Wednesday that while Malaysia is ready to resume tariff negotiations, it would not cross its red lines, including U.S. requests for changes to government procurement, halal certification, medical standards and digital taxes. Trump sent tariff letters to two more ASEAN members Wednesday: Brunei, whose imports would be taxed at 25%, and the Philippines, at 20%. Vietnam recently agreed to a trade deal for 20% tariffs on its imports, while Singapore wasn't part of Trump's original April 2 tariffs. Both are ASEAN countries. The Trump administration has courted most Southeast Asian nations in a bid to blunt or at least temper China's push to dominate the region. In Kuala Lumpur, Rubio also will likely come face-to-face with Chinese Foreign Minister Wang Yi during his brief visit of roughly 36 hours. Russel noted that Chinese Foreign Minister Wang Yi is a veteran of such gatherings and 'fluent in ASEAN principles and conventions,' while Rubio 'is a rookie trying to sell an 'America First' message to a deeply skeptical audience.' Issues with China, including on trade, human rights, the militarization of the South China Sea and China's support for Russia in Ukraine, remain substantial. ___
Boston Globe
18 minutes ago
- Boston Globe
Russia hits Kyiv with more missiles and drones, causing fires and injuring at least 10
He said three of the injured had shrapnel wounds. Russia has recently sought to overwhelm Ukraine's air defenses with major attacks that include increasing numbers of decoy drones. The previous night, it fired more than 700 attack and decoy drones, topping previous nightly barrages for the third time in two weeks. Russia's army has also launched a new drive to punch through parts of the 1,000-kilometer (620-mile) front line, where short-handed Ukrainian forces are under heavy strain. Advertisement U.S. President Donald Trump said Tuesday that he was 'not happy' with Russian President Vladimir Putin, who hasn't budged from his ceasefire and peace demands since Trump took office in January and began to push for a settlement. Trump said Monday that the U.S. would have to send more weapons to Ukraine, just days after Washington paused critical weapons deliveries to Kyiv. On Wednesday, the U.S. resumed deliveries of certain weapons, including 155 mm munitions and precision-guided rockets known as GMLRS, two U.S. officials told The Associated Press on condition of anonymity so they could provide details that hadn't been announced publicly. It's unclear exactly when the weapons started moving. Advertisement Associated Press reporter Tara Copp in Washington contributed.
