Citizens CEO: Worst of Tariff Pain is Behind Us
Citizens CEO Bruce Van Saun says businesses are adjusting to President Trump's tariffs. He joined Wall Street Beat on Bloomberg Open Interest to talk about the strength of the financial sector and how the US consumer is holding up.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
UPI
10 minutes ago
- UPI
Trump threatens to cut Musk government contracts amid agenda bill spat
Tesla CEO Elon Musk and President Donald Trump hold a press conference in the Oval Office at the White House on Friday as Musk ends his tenure as director of the Department of Government Efficiency. Photo by Francis Chung/UPI | License Photo June 5 (UPI) -- President Donald Trump on Thursday threatened to cut Elon Musk's government contracts through Tesla amid his departure from his role cutting government spending and opposition to Trump's sweeping legislative agenda bill. Trump threatened to end all government contracts with the Musk-founded Tesla in a post on Truth Social and suggested that would be a fast way to reduce government spending. "The easiest way to save money in our budget, billions and billions of dollars, is to terminate Elon's governmental subsidies and contracts," Trump wrote. Tesla share prices declined by more than 14% on Thursday and shed $152 billion in value from the EV maker. Trump on Thursday accused Musk of going "crazy" after the president canceled the federal electric vehicle mandate imposed by the Biden administration. "I took away his EV mandate that forced everyone to buy electric cars that nobody else wanted," Trump said in a Truth Social post on Thursday. "He just went crazy!" Trump said he asked Musk to leave his advisory position with DOGE, although Musk was scheduled to exit the position at the end of May. Musk earlier said Trump would not have won the Nov. 5 election without his help. He contributed an estimated $250 million to Trump's campaign effort. "Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate," Musk said Thursday morning in a post on X. Musk has criticized the proposed "one big, beautiful" federal government budget bill as increasing the nation's debt and negating his work with DOGE. The entrepreneur opposes the spending bill that the House has passed and is before the Senate because it removed tax credits and subsidies for buying EVs, Trump claimed. "I don't mind Elon turning against me, but he should have done that months ago," Trump said in a subsequent Truth Social post on Thursday afternoon. "This is one of the greatest bills ever presented to Congress," he continued. "It's a record cut in expenses, $1.6 trillion dollars, and the biggest tax cut ever given." If the measure is not passed, Trump said it will trigger a 68% tax increase, "and things far worse than that." The president said the "easiest way to save money ... is to terminate Elon's governmental subsidies and contracts" with Tesla. Later on Thursday, Musk in an X post said it is "time to drop the really big bomb" on the president. Trump "is in the Epstein files," Musk said. "That is the real reason they have not been made public." Musk did not say in what context Trump allegedly appears in the Epstein files, but ended his post with: "Have a nice day, DJT!" He made a subsequent post that asks: "Is it time to create a new political party in America that actually represents the 80% in the middle?" Trump and Musk often appeared together at high-profile events in the first four months of the administration.
Bloomberg
12 minutes ago
- Bloomberg
Bloomberg Daybreak: Trump-Musk Feud
On today's podcast: 1) Elon Musk and President Donald Trump engage in a public dispute the traded personal barbs and weighed down Tesla stock and Musk's personal wealth. The dispute began over differences on the GOP tax legislation, with Musk opposing the bill and Trump accusing Musk of being motivated by self-interest. After Tesla shares tanked 14% and Musk's personal wealth dropped by $34 billion, Musk signaled a willingness to cool tensions with Trump, responding to a user's advice to "cool off and take a step back for a couple days" with "Good advice." 2) Tensions appear to be easing between the US and China. President Trump and Chinese President Xi Jinping agreed to further trade talks to resolve disputes over tariffs and rare earth minerals. The two leaders had a 90-minute call, during which Trump acknowledged that the trade relationship with China had gotten "a little off track" but said they are now "in very good shape" with a trade deal. 3) Investors brace for a critical May Jobs Report. Traders are awaiting the key monthly nonfarm payrolls report, which may reinforce expectations that the Federal Reserve will cut interest rates at least twice this year.
Politico
16 minutes ago
- Politico
Direct line
Presented by U15 CANADA – Canada's Leading Research Universities Send tips | Subscribe here | Email Canada Playbook | Follow Politico Canada Thanks for reading Canada Playbook. In today's edition: → MARK CARNEY and DONALD TRUMP are on the horn. → A one-on-one with Northwest Territories Premier R.J. SIMPSON. → A look back at MARC GARNEAU's early advice on countering Trump 2.0. POLITICO PRO SPACE: Need an insider's guide to the politics behind the new space race? From battles over sending astronauts to Mars to the ways space companies are vying to influence regulators, this weekly newsletter decodes the personalities, policy and power shaping the final frontier. Try it for free for a limited time starting today. Find out more. Trade war PICK UP THE PHONE — One of DONALD TRUMP's allies in Congress has some advice for MARK CARNEY: Call up the president, call him again and then call him some more. Sen. KEVIN CRAMER (R-N.D.), who joined a recent peacemaking congressional delegation to Ottawa that scored face time with Carney, told POLITICO's JONATHAN MARTIN that Trump is keen on a cellphone relationship with world leaders. The president wants to receive constant intelligence from guys like Carney, Cramer said, adding he was aware of at least one informal leader-level conversation between the two following the prime minister's trip to the White House last month. — High-stakes negotiations: Carney appears to have taken the counsel. Trump's Ottawa envoy, PETE HOEKSTRA, revealed to The Globe and Mail that the PM and president are directly engaged in negotiations on a new economic and security relationship. 'The indications that they are talking and in communications regularly is a clear indicator to me that both sides recognize the importance and the urgency of moving this forward,' Hoekstra told the Globe, adding that a prospective deal could touch on autos, critical minerals, defense spending, energy, border security — and steel and aluminum. The ambassador added the talks also include Canada-U.S. Trade Minister DOMINIC LEBLANC, U.S. Commerce Secretary HOWARD LUTNICK and U.S. Trade Representative JAMIESON GREER. — Official lines: The Prime Minister's Office isn't commenting on the Globe report, but Industry Minister MÉLANIE JOLY confirmed to reporters the two leaders are in touch. 'We won't negotiate in public,' she said. 'We'll let the prime minister do his work.' — Elsewhere in trade: Ontario's premier lashed out at any notion that Trump would show warmth to Chinese President XI JINPING, who landed a lengthy morning call with Washington on Thursday. 'China is getting better treatment than their closest allies and friends,' Ontario Premier DOUG FORD. Ford didn't hide his impatience with the Americans during a Thursday spot on MSNBC: 'I'm in constant communication with the prime minister as of even [Wednesday] afternoon, and if it doesn't go too well, then we have to start matching tariff for tariff, dollar for dollar.' — Speaking of China: 'Carney agrees to high-level talks with Beijing on resolving Canada-China trade war,' the Globe's STEVE CHASE reports THE ROOMS THAT MATTER — At 10:15 a.m., federal officials will hold an embargoed background media technical briefing on the introduction of a bill to 'build One Canadian Economy.' — Carney will lead a 12:30 p.m. media availability in West Block alongside ministers DOMINIC LEBLANC, CHRYSTIA FREELAND and TIM HODGSON. — Industry Minister MÉLANIE JOLY is in Hamilton. Joly is scheduled to visit ArcelorMittal Dofasco alongside local MPs LISA HEPFNER, JOHN-PAUL DANKO and ASLAM RANA. The minister will speak to reporters at 12:45 p.m. LISTEN UP, OTTAWA HE THE NORTH — Canada's North is having a moment — and R.J. SIMPSON is here for it. The Northwest Territories premier just wrapped up a trip to Ottawa, where he sat down with Prime Minister MARK CARNEY armed with a wishlist of nation-building projects — one of which is likely to bear fruit in the coming months. The meeting was a refreshing change for Simpson, who says he went through pains to get Ottawa's attention when former Prime Minister JUSTIN TRUDEAU held office. Even landing a meeting used to be a challenge. 'I just met with Prime Minister Carney, and it hasn't been that long since he's been in office,' Simpson told Playbook. 'We've had a number of face-to-face First Ministers Meetings, which was not common in the last government either.' — Breaking the ice: The Liberal government took a renewed interest in the North in January, Simpson said, when President DONALD TRUMP returned to the White House. — Slap on the wrist: In a February trip to D.C. with other premiers, Simpson said U.S. lawmakers flagged Canada's lack of Arctic infrastructure compared to Russia and other Nordic countries. 'They view it as a missing component in their defense,' Simpson said. Some proposed infrastructure projects have languished for up to 70 years, Simpson said. — Elevator pitch: This isn't merely a list-checking exercise for Simpson. Infrastructure projects can feed national defense and economic strategies. They can help Canada meet NATO spending targets, keep China out of its backyard and unlock critical minerals, Simpson insists. The premier teased that some of his priority projects could gain traction 'in the next couple of months.' — Wishlist: That fast track could include an Arctic Security Corridor, Simpson said, which would run through the territory's Slave Geological Project — an untapped critical mineral zone. 'It is one of the most mineral resource-rich areas in the world. We know there's critical minerals. We know there's rare earth elements,' Simpson said. He's also pushing for a road to NORAD's forward operating location in Inuvik — to facilitate military infrastructure and transport goods to communities. — For sovereignty's sake: As past governments pursued different priorities, China has attempted to move in, Premier Simpson said — including by buying into N.W.T. mining firms. — Watch your back: 'We have not received a lot of investment in the North, ever. And when an area is not receiving any investment from their own government, they become more open to investment from elsewhere,' Simpson said. 'It would deter Chinese interference in the North if the North was getting what it needed from the government of Canada.' WHO'S UP, WHO'S DOWN Up: House of Commons confidence in the Liberal government, which watched its throne speech sail through the chamber Wednesday without a recorded vote. Shortly after the anticlimactic victory, Liberal MPs indulged at various Sparks Street watering holes. Down: Canada's merchandise exports, which Statistics Canada said dropped 10.8 percent in April compared to a month earlier. The agency called the country's global trade deficit in merchandise the 'largest … on record' at C$7.1 billion. IN MEMORIAM MARC GARNEAU — The trailblazing astronaut and former Cabinet minister offered what turned out to be his parting thoughts on the trade war with Trump in an April 24 interview with Playbook co-host MIKE BLANCHFIELD. — No illusions: Days before the federal vote, Garneau offered an unvarnished take on the cross-border state of play in Trump 2.0. 'We have to take a very aggressive approach with the full realization that, you know, never mind trying a charm offensive. That's a waste of time. The world order has changed, and at this point there should be no illusions about ever going back to what existed before. And in fact, I think it would be a mistake to try to go back to what existed before,' Garneau said over the phone. 'From Canada's point of view, we have to be resolute in dealing with the tariffs that he ends up imposing on us. There will be pain, there's no question about it.' Most recently, Garneau was the Canadian co-chair of the Canada-Korea Forum. He saw a good opportunity in the Indo-Pacific region to diversify Canada's trade portfolio. — Spreading our wings: 'They are a like-minded country to us, and so we should try to strengthen our trade ties to that part of the world, not only to Europe,' Garneau said. 'I'm also talking about the ASEAN countries, and I'm also talking about India, where we have had some challenges.' MORNING MUST-CLICKS — Top of POLITICO this morning: DONALD TRUMP, White House aides signal a possible détente with ELON MUSK — 'Insiders say Mark Carney could compromise on emissions cap,' reports the Toronto Star's ALEX BALLINGALL. — CP's ANJA KARADEGLIJA reports on Canada's years-long wait for a national disaster response agency. — The House of Commons unanimously voted Thursday for a government-proposed tax cut for middle-income earners. PLAYBOOKERS Birthdays: HBD to House Speaker FRANCIS SCARPALEGGIA and former diplomat HOWARD BALLOCH. Also celebrating today: Quebec Education Minister BERNARD DRAINVILLE, as well as former MPs RAMESH SANGHA and NICK WHALEN. Celebrating Saturday: Liberal MP ROB OLIPHANT, NDP politician JINNY SIMS, former Ottawa Centre provincial Liberal candidate THOMAS SIMPSON, and GUY GALLANT, chief of staff to Agriculture Minister HEATH MACDONALD (40!). On Sunday: Former Bank of Canada governor DAVID DODGE and McMillan Vantage founding partner MARK RESNICK. Spotted: Prime Minister MARK CARNEY, stopping in for lunch at Cocotte Bistro. Environmental activist DAVID SUZUKI, strolling past West Block Thursday afternoon: 'What I'm here to tell people is we have very little time to take big steps, and if we don't take them, guess what? Extinction in our grandchildren's lifetime is what faces us.' Noted: Parliament Hill's cutest dog award went to LOUIS, whose owner is Liberal MP KODY BLOIS … The Bloc Québécois' Bill C-202, a private member's bill that would shield supply management from future trade negotiations, cleared third reading in the House on Thursday by unanimous consent. Movers and shakers: The PM revealed his new parliamentary secretary team. Some standouts: — ALI EHSASSI and TIM LOUIS: Canada-U.S. Trade Minister DOMINIC LEBLANC — ROB OLIPHANT and MONA FORTIER: Foreign Affairs Minister ANITA ANAND — KARIM BARDEESY and CARLOS LEITíO: Industry Minister MÉLANIE JOLY — COREY HOGAN and CLAUDE GUAY: Energy Minister TIM HODGSON — RYAN TURNBULL: Finance Minister FRANÇOIS-PHILIPPE CHAMPAGNE — LESLIE CHURCH: Jobs Minister PATTY HAJDU (with responsibility for persons with disabilities) — ÉLISABETH BRIÈRE is deputy chief government whip, and ARIELLE KAYABAGA is deputy government House leader. JEREMY NIXON, Hogan's Conservative opponent in Calgary Confederation and a former Cabinet minister in Alberta, is now a principal at Navigator in Calgary. Lobby watch: The Canadian Canola Growers Association posted a Wednesday meeting with Agriculture Minister HEATH MACDONALD, Deputy Minister LAWRENCE HANSON and senior political aides. Media mentions: Unionized employees at The Canadian Press are publicly calling out their employer's latest offer amid collective bargaining … La Presse won the 2024 Michener Award. Send Playbookers tips to canadaplaybook@ PROZONE For Pro subscribers, our latest policy newsletter from MIKE BLANCHFIELD: Trump tariffs pound Canada's exports In other Pro headlines: — What do Musk and Tesla want from the Republican megabill? — Army leaders warn US is losing drone race, tout big changes. — Senate bill would add $10B to NASA budget. — GAVIN NEWSOM met privately with Trump's Hollywood ambassador JON VOIGHT TRIVIA Thursday's answer: Six foreign ministers have served since the Liberals were elected in 2015: STÉPHANE DION, CHRYSTIA FREELAND, FRANÇOIS-PHILIPPE CHAMPAGNE, MARC GARNEAU, MÉLANIE JOLY and ANITA ANAND. Props to CHRIS LALANDE, MARCEL MARCOTTE, JOHN PEPPER, ANDREW BALFOUR, STEVE YANG, CHRISTINA DE TONI, SHAUGHN MCARTHUR, ELIZABETH BURN, MARC LEBLANC, DARREN MAJOR, CAMERON RYAN, JEFF VALOIS, JIM REILLY, ROBERT MCDOUGALL, MALCOLM MCKAY, BOB ERNEST, ALEX BALLINGALL, HEATHER CHIASSON, DUANE BRATT, WAYNE EASTER and GARY COLLINS. Props +1 to JEFF VALOIS, too. Friday's question: On this day in history, British and American forces have fought on both the same side and opposing sides. In 1944, they joined forces on the beaches of Normandy. During which war did they once engage in battle on June 6? Answer to canadaplaybook@ Writing Monday's Playbook: MICKEY DJURIC Canada Playbook would not happen without: Canada Editor Sue Allan, editor Willa Plank and POLITICO's Grace Maalouf.
