logo
Trump calls Musk's new political party ridiculous in latest feud

Trump calls Musk's new political party ridiculous in latest feud

The Sun11 hours ago
MORRISTOWN: Former US President Donald Trump has dismissed Elon Musk's newly formed political party as 'ridiculous,' reigniting tensions between the once-allied billionaires. Speaking to reporters before boarding Air Force One, Trump criticised the idea of a third party, calling it unnecessary in America's long-standing two-party system.
'Third parties have never worked. So he can have fun with it, but I think it's ridiculous,' Trump said. The remarks follow Musk's announcement of the 'America Party,' aimed at challenging what he described as the US's 'one-party system.' The Tesla and SpaceX CEO had previously supported Trump's 2024 campaign before their relationship soured over policy disagreements.
Trump later took to Truth Social, accusing Musk of going 'off the rails' and becoming 'a TRAIN WRECK over the past five weeks.' He warned that a third party would cause 'Complete and Total DISRUPTION & CHAOS.' The former president suggested Musk's opposition stemmed from spending cuts affecting electric vehicle subsidies, a claim Musk denies, citing concerns over US debt instead.
Treasury Secretary Scott Bessent also weighed in, advising Musk to focus on his businesses rather than politics. 'I imagine that those board of directors did not like this announcement yesterday and will be encouraging him to focus on his business activities,' Bessent told CNN.
Musk's brief stint in Trump's administration as head of the Department of Government Efficiency (DOGE) ended in May, with Tesla's performance reportedly suffering during his political involvement. - AFP
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Amazon Prime Day set to lift US online sales to $23.8 billion, Adobe estimates
Amazon Prime Day set to lift US online sales to $23.8 billion, Adobe estimates

The Star

time34 minutes ago

  • The Star

Amazon Prime Day set to lift US online sales to $23.8 billion, Adobe estimates

FILE PHOTO: Packages are transported on a conveyor belt at the Amazon warehouse on Prime Day, in Melville, New York, U.S., July 11, 2023. REUTERS/Soren Larson/File Photo (Reuters) -Online spending is expected to surge to $23.8 billion across U.S. retailers during a 96-hour Amazon Prime Day event this week, according to an Adobe Analytics forecast released on Monday, as shoppers seek strong discounts on back-to-school gear ranging from apparel to electronics. Sales from July 8 to 11 are projected to rise 28.4% compared with the same period last year, the report said. Retailers recorded online sales worth $14.2 billion during the two-day Amazon shopping event last July. "This is equivalent to two Black Fridays," Adobe noted, adding that budget-conscious consumers are adjusting their shopping habits by using generative AI to find deals and get an early start on back-to-school purchases. Global trade uncertainties, fueled by President Trump's unpredictable rollout of tariffs, have unsettled consumer confidence and put businesses on edge ahead of the July 9 deadline for countries to negotiate trade agreements with the United States. E-commerce giant has extended its sales window to 96 hours, up from 48, as competitors such as Walmart and Target launch their own promotions. Shoppers are expected to take advantage of steep discounts to 'trade up' to higher-ticket items such as electronics, sporting goods, and appliances, while opting for more affordable alternatives in categories like home and garden or groceries. Clothing is forecast to see the deepest discounts at 24%, up from 20% last year, while discounts on electronics are expected to dip slightly to 22%, according to Adobe Analytics. Sales of backpacks, lunchboxes, and college essentials—including headphones and computers—are also expected to increase. The data firm expects Buy Now Pay Later (BNPL) usage to increase slightly during the Prime Day event, accounting for 8% of overall online spending compared to last year's 7.6% share. Adobe's forecast is based on an analysis of 1 trillion visits to U.S. retail ecommerce sites, covering 100 million SKUs and 18 product categories. (Reporting by Neil J Kanatt and Savyata Mishra in Bengaluru; Editing by Tasim Zahid)

Oil falls as OPEC+ hikes August output more than expected
Oil falls as OPEC+ hikes August output more than expected

New Straits Times

time3 hours ago

  • New Straits Times

Oil falls as OPEC+ hikes August output more than expected

SINGAPORE: Oil prices slipped on Monday after OPEC+ surprised markets by hiking output more than expected in August, while uncertainty over US tariffs and their potential impact on global economic growth weighed on demand expectations. Brent crude futures fell 24 sen, or 0.35 per cent, to US$68.06 a barrel by 0642 GMT, while US West Texas Intermediate crude was at US$66.31, down 69 sen, or 1.03 per cent. The Organisation of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed on Saturday to raise production by 548,000 barrels per day in August. "The increased production clearly represents a more aggressive competition for market share and some tolerance for the resulting decline in price and revenue," Tim Evans of Evans Energy said in a note. The August increase is a jump from monthly increases of 411,000 bpd OPEC+ had approved for May, June and July, and 138,000 bpd in April. The decision will bring nearly 80 per cent of the 2.2 million bpd voluntary cuts from eight OPEC producers back into the market, RBC Capital analysts led by Helima Croft said in a note. However, the actual output increase has been smaller than planned so far and most of the supply has been from Saudi Arabia, they added. In a show of confidence in oil demand, Saudi Arabia on Sunday raised the August price for its flagship Arab Light crude to a four-month high for Asia. Goldman analysts expect OPEC+ to announce a final 550,000 bpd increase for September at the next meeting on August 3. Oil also came under pressure as US officials flagged a delay on when tariffs would begin but failed to provide details on changes to the rates that will be imposed. The US is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, President Donald Trump said on Sunday, with the higher rates scheduled to take effect on August 1. Trump in April announced a 10 per cent base tariff rate on most countries and higher "reciprocal" rates ranging up to 50 per cent, with an original deadline of this Wednesday. However, Trump also said levies could range in value from "maybe 60 per cent or 70 per cent tariffs to 10 per cent and 20 per cent", further clouding the picture. Investors are worried higher tariff rates could slow economic activity which would reduce demand for oil. "Concerns over Trump's tariffs continue to be the broad theme in the second half of 2025, with dollar weakness the only support for oil for now," said Priyanka Sachdeva, a senior market analyst at Phillip Nova.

European shares mixed on caution ahead of US tariff deadline
European shares mixed on caution ahead of US tariff deadline

New Straits Times

time3 hours ago

  • New Straits Times

European shares mixed on caution ahead of US tariff deadline

LONDON: European shares were mixed on Monday, with investors alert for any trade-related headlines in the countdown to US President Donald Trump's tariff deadline. The pan-European STOXX 600 index was flat at 541.08 points, as of 0709 GMT. Other major regional indexes were mixed, with Germany's DAX up 0.4 per cent, France's CAC 40 down 0.1 per cent, Spain's IBEX edging 0.1 per cent higher, and the UK's FTSE 100 slipping 0.2 per cent. The US is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, Trump said on Sunday. The new rates are set to take effect from August 1. Trump also threatened an extra 10 per cent tariff on countries aligning themselves with the "anti-American policies" of the BRICS group of developing nations. Both the tariff levels and effective dates have become moving targets as Trump, on Friday, added to the confusion by mentioning that some tariffs could reach up to 70 per cent, levels far higher than the 10 per cent-50 per cent range he announced in April. A White House official said on Friday that US trade talks with the European Union were continuing and there was optimism an agreement could be reached in short order. European energy stocks fell 1.3 per cent, tracking oil prices. Banks were up 0.6 per cent. Capgemini fell 2.8 per cent after the French IT services firm agreed to buy technology outsourcing company WNS for a cash payment of $3.3 billion.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store