Illegal 'cuts'? Trump's shocking federal money freeze causing 'chaos,' Michigan Gov. Whitmer says
Donald Trump has ordered a halt on federal funding, as he talks about lowering taxes for billionaires. Michigan Gov. Gretchen Whitmer (D) joins The ReidOut with Joy Reid to discuss this and her new book, the young adult edition of her New York Times Best Seller, "True Gretch," which is out today.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
27 minutes ago
- Business Insider
US-China trade, inflation, Apple's big event: Here's what the stock market is watching this week
Investors will be monitoring a host of potentially market-moving events this week, with updates due on trade and inflation, while Apple kicks off a highly anticipated product event. Recession fears have edged down after the turmoil that racked markets earlier in the spring, but the market is still struggling with uncertainty regarding President Donald Trump's trade policies and their implications for the economy. While last week's jobs report showed a solid labor market, investors are monitoring how the inflation side of the Federal Reserve's dual mandate fares this week, and how it will influence the rate-cut outlook for the year. Meanwhile, Apple's Worldwide Developers Conference will provide insight into not only new software updates but also the future of the AI race among mega-cap tech companies. Here's what investors are watching this week. US-China trade talks After last week's phone call between Trump and Chinese president Xi Jinping, China and US trade officials are meeting in London on Monday for two days of trade negotiations. Last month's trade talks were key to calming recession fears and helped propel the S&P 500 to its highest levels since February, but concerns still remain. The biggest negotiation topic will be over China's exports of rare earth metals, which are critical components in manufacturing semiconductors, smartphones, and other technologies. Continued improvements in trade relations between the two countries will be critical to reducing volatility in the market and could shed clarity on the direction of tariff rates. CPI data The consumer price index for May will be released on Wednesday. Last month 's reading of 2.3% was fairly benign, but investors will continue to watch for signs of Trump's tariffs showing up in the hard data. Importantly, the reading will be key in determining the Fed's next move. The median forecast is for annual consumer inflation to have risen 2.5% last month. Meanwhile, expectations for the June 17 Fed meeting are for officials to keep interest rates unchanged. "The big surprise could be how little Trump's tariffs are boosting inflation despite upward pressures on prices-paid and prices-received indexes in the Fed's regional business surveys," wrote on Sunday. Yet, some strategists have predicted that inflation will pick up in the back half of this year, spurring stagflation concerns. Meanwhile, consumer sentiment will get a fresh reading on Friday. Sentiment has been low as Americans feel pessimistic about tariffs, though hard data that the Fed looks at has held up. Apple's Worldwide Developers Conference All eyes will be on Apple this week as it kicks off its annual Worldwide Developers Conference, where the company is expected to unveil new AI features embedded in iOS 19. The conference will be an opportunity for Apple to address several headwinds it has faced this year. "In a nutshell WWDC is a pivotal moment in Apple's future as the developers are the hearts and lungs of the Cupertino growth story with the Street being laser-focused on Apple today," Wedbush analyst Dan Ives wrote. The tech giant has trailed peers like Microsoft and Google in the AI race, and its stock has taken a beating this year as the worst-performing Magnificent Seven member, largely due to concerns about tariffs and iPhone production. Last month, Trump threatened a tariff of at least 25% on iPhones not made in the US. Investors will be looking for updates on Apple Intelligence as well, as the company's AI offering has been underwhelming to Wall Street. A key bond auction The US Treasury sells a lot of bonds, and usually the sale is unremarkable for markets. However, with deficit concerns running high as the GOP budget bill moves through Congress, a $22 billion auction of 30-year bonds on Thursday could move the market if demand appears weak. A weak sale of 20-year bonds last month rattled markets and sent yields surging, and all eyes are on this week's sale as a potential investor referendum on the sweeping tax and spending bill.
News24
32 minutes ago
- News24
‘Elon is sticking to his principles': Musk's father says Trump dispute triggered by stress
The clash between Donald Trump and Elon Musk intensified after Musk criticised the president's tax and spending bill, sparking a heated social media exchange. Errol Musk, Elon's father, highlighted the intense stress both sides faced over months and urged for an end to the public battle. Trump warned of 'serious consequences' should Musk support Democrats, despite Musk's prior financial backing of Trump's 2024 campaign and collaboration on downsising government operations. The dispute between Donald Trump and Elon Musk was triggered by months of intense stress on both sides, and the public battle between the US president and the billionaire donor needs to stop, Musk's father told Reuters on Monday. Trump and Musk began exchanging insults last week on social media, with the Tesla and SpaceX CEO describing the president's sweeping tax and spending bill as a "disgusting abomination". Asked whether he thought his son had made a mistake by engaging in a public clash with the president, Errol Musk said people were sometimes unable to think as clearly as they should "in the heat of the moment." "They've had five months of intense stress," Musk told Reuters at a conference in Moscow organised by conservative Russian tycoons. "With all the opposition cleared and two people left in the arena, all they have ever done is get rid of everything and now they are trying to get rid of each other - well that has to stop." Asked how it would end, he said: Oh, it will end on a good note - very soon. Neither the White House nor Musk could be reached for comment outside normal US business hours. Trump said on Saturday his relationship with Musk was over and that there would be "serious consequences" if the world's richest man decided to fund US Democrats running against Republicans who vote for the tax and spending bill. Musk bankrolled a large part of Trump's 2024 presidential campaign. Trump named Musk to head an effort to downsize the federal workforce and slash spending. Musk's father told reporters he was standing by his son. "Elon is sticking to his principles but you cannot always stick to your principles in the real world," Musk's father said. "Sometimes you have to give and take." Speaking beside sanctioned Russian businessman Konstantin Malofeyev, Musk's father praised President Vladimir Putin as a "very stable and pleasant man." He accused "fake media" in the West of projecting "complete nonsense" about Russia and for casting it as an enemy.
Yahoo
42 minutes ago
- Yahoo
US, China hold trade talks in London amid high tensions over tariffs
(NewsNation) — President Donald Trump's top trade advisers are set to negotiate with Chinese officials in London on Monday in the latest attempt to reach a deal and ease the friction with China. Tensions over tariffs and supply chain disruptions were high heading into the meeting between Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, U.S. Trade Representative Jamieson Greer and their Chinese counterparts. The talks are expected to last at least a day, the Associated Press reported. In fight with Columbia, Trump seeks 'death sentence' Last week, Trump and Chinese leader Xi Jinping spoke via phone. Trump said on social media the call reached a 'very positive conclusion' and teased Monday's talks: 'Our respective teams will be meeting shortly at a location to be determined.' Both sides have accused each other of breaking a month-old deal to roll back triple-digit tariffs for 90 days, which was agreed upon during last month's meeting in Geneva. The White House is optimistic about reeling in the trade deficit with China, which was nearly $300 billion last year, according to the U.S. Trade Representative's Office. Speaker Johnson teases follow-ups to the 'one big, beautiful bill' 'President Trump, being a deal maker, talked with President Xi, and he said, let's take, you know, our senior guys and the people who are the same level as you. Let's have them meet somewhere, and let's get these things cleared up,' Kevin Hassett, director of the U.S. National Economic Council, told reporters Sunday. 'He literally said I want to meet in London and shake hands on it, so we know we've got a deal,' Hassett continued. Despite positive posturing, there is plenty for the two countries to disagree on during Monday's meeting. The Commerce Department has warned U.S. companies against using Chinese semiconductor chips, saying they could violate the nation's export rules. Another point of contention is the flow of rare earth minerals to the United States. China is a top producer of those minerals, which are used in the production of cars, cell phones, robots and military equipment. The U.S. has called for China to lift export restrictions on the minerals, and China could use that as leverage in Monday's talks. GOP braces for first 'test run' on codifying DOGE cuts Another likely topic of discussion is the Trump administration's recent decision to revoke visas for Chinese college students studying in 'critical fields' with alleged ties to China's Communist Party. According to a report from the Institute of International Education, nearly 250,000 college students from China were enrolled in the U.S. during the 2023-24 school Commerce Ministry has accused the U.S. of provoking frictions between the two sides. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
