Latest news with #OneBigBeautifulBill
Hindustan Times
2 hours ago
- Politics
- Hindustan Times
Did Trump approve student loan forgiveness for ICE agents? Here's the truth
President Donald Trump and the Department of Homeland Security announced that the administration is now offering new Immigration and Customs Enforcement recruits a whopping signing bonus of up to $50,000. The incentives don't end there. The DHS, in its press release, stated that student loan forgiveness is also on offer. This comes as Trump plans to hire 10,000 new ICE agents and deport a million people a year. Donald Trump, Florida Governor Ron DeSantis and U.S. Homeland Security Secretary Kristi Noem visit a medical tent (REUTERS) 'Your country is calling you to serve at ICE. In the wake of the Biden administration's failed immigration policies, your country needs dedicated men and women of ICE to get the worst of the worst criminals out of our country,' Secretary Kristi Noem said earlier this week. Read More: Trump's East Wing ballroom could cost $200 million; first white house photos out 'This is a defining moment in our nation's history. Your skills, your experience, and your courage have never been more essential. Together, we must defend the homeland.' The DHS has secured major funding from President Trump's 'Big Beautiful Bill', which was signed earlier this month. The department on Tuesday launched a new ICE campaign titled 'Defend the Homeland'. It featured posters of Trump and Noem along with pay benefits. 'The funding from President Trump's One Big Beautiful Bill will play a key role in fulfilling his promise to the American people to deport criminal illegal aliens,' White House spokesperson Abigail Jackson said in a statement. Read More: On Donald Trump's 'dead economies' remark, ex-Russia president's 'Dead Hand' comeback The ICE is offering a 'robust package' of federal law enforcement incentives, including: A maximum $50,000 signing bonus Student loan repayment and forgiveness options 25% Law Enforcement Availability Pay (LEAP) for HSI Special Agents Administratively Uncontrollable Overtime (AUI) for Enforcement Removal Operations (ERO) Deportation Officers Enhanced retirement benefits 'Recruitment materials will be distributed across major cities nationwide, college campuses, job fairs, and law enforcement networks beginning this week. ICE encourages Americans with a commitment to public safety, national service, and upholding the rule of law to apply today to jumpstart a fulfilling career in federal law enforcement,' the DHS said in its press release.
San Francisco Chronicle
2 hours ago
- Business
- San Francisco Chronicle
The Latest: Trump to sign executive order to impose new tariffs
President Donald Trump is engaging in a flurry of trade activity as the clock ticks down to his Aug. 1 deadline. At 12:01 a.m. ET Friday, new tariffs are scheduled to take effect on U.S. imports from dozens of other nations. Additionally, White House press secretary Karoline Leavitt said Thursday that Trump 'at some point this afternoon or later this evening' will sign an order to impose more tariff rates starting midnight on Friday. Leavitt said countries that have not received a prior letter on tariffs from Trump or negotiated a trade framework will be notified of their likely tariff rates, either in the form of a letter or Trump's executive order. Here's the Latest: EPA delays methane emission rule for oil and gas drilling The Environmental Protection Agency is delaying implementation of a Biden-era rule aimed at restricting planet-warming methane emissions from oil and gas drilling. The agency says the 18-month delay will allow energy companies time meet new inspection requirements and other provisions of the 2024 rule. The Biden administration rule targeted the U.S. oil and natural gas industry for contributing to global warming. The Trump administration has sought to reverse those policies in pursuit of what officials call U.S. 'energy dominance.' On Tuesday the EPA proposed revoking a scientific finding that has long been the central basis for U.S. action to regulate greenhouse gas emissions and fight climate change. The rule would rescind a 2009 declaration that determined carbon dioxide and other greenhouse gases endanger public health and welfare. GAO issues final report documenting federal response to COVID-19 pandemic Here are some of the highlights from a final report about the COVID-19 pandemic issued Thursday by the Government Accountability Office: The federal government provided about $4.65 trillion for response and recovery efforts through six different bills. Almost all that money has been spent. The full extent of fraud within the relief programs will never be known with certainty, but estimates indicate hundreds of billions of dollars in fraudulent payments were disbursed. Fraud-related charges have been brought against at least 3,205 defendants. Of those, 2,331 defendants have been convicted as of the end of March. About 18% of adults in the U.S. aged 18 and older had experienced long COVID, and about 5% were currently experiencing it at the time of a Census Bureau survey conducted last year. Public health impacts have continued. For example, about 450 deaths were reported in March 2025. Congress had required GAO to report regularly on the pandemic's impact as part of the CARES Act passed in the first months of the outbreak. White House walks back Treasury Secretary's statements on SSA privatization White House Press Secretary Karoline Leavitt on Thursday said a new children's savings program President Donald Trump signed into law through the One Big Beautiful Bill 'will help supplement, not substitute Social Security.' Leavitt made the statement after Treasury Secretary Scott Bessent during a forum hosted by Breitbart News, Wednesday, said that the new investment accounts open 'a back door for privatizing Social Security.' Hours after the interview the Trump administration said it was committed to protecting Social Security. And on Thursday on CNBC, Bessent said the Trump accounts will serve as an 'incredible supplement' to Social Security and 'not a replacement.' Democrats and Social Security advocates have launched attacks at Bessent and the White House for his statements. Former Biden aide testifies to ex-president's fitness for office Mike Donilon, the top Biden aide who is testifying before House investigators Thursday, defended the former president's ability to serve as commander-in-chief. 'What I saw, day in and day out, was a leader who was deeply engaged and in command on critical issues, both at home and abroad,' Donilon told the Oversight committee in his opening statement, according to a copy obtained by The Associated Press. Donilon continued in his opening remarks that 'every president ages over the four years of a presidency and President Biden did as well, but he also continued to grow stronger and wiser as a leader as a result of being tested by some of the most difficult challenges any President has ever faced.' The aide, known as Biden's chief strategist who worked with him for more than four decades, said he believed Biden was the best person to be president from his first day in office and the last. Donilon is among a coterie of former aides who are appearing before the House committee as part of its investigation into Biden's competency for office. Another former top Biden aide, Steve Ricchetti, appeared before the committee earlier this week. Trump to sign executive order Thursday to impose new tariffs White House press secretary Karoline Leavitt said that Trump 'at some point this afternoon or later this evening' will sign an order to impose new tariff rates starting midnight on Friday. Leavitt said at Thursday's news briefing said that countries that have not received a prior letter on tariffs from Trump or negotiated a trade framework will be notified of their likely tariff rates, either in the form of a letter or Trump's executive order. Leavitt did not say what the baseline tariff rate would be under the order. White House announces ballroom construction to begin in September Trump has said for months that he will build a ballroom at the White House, citing lack of space to hold major functions. The 90,000-square-foot space will be located where the East Wing currently sits and would be able to seat 650 people. The East Wing currently is home to several offices, including the first lady's. Those offices would be relocated during construction. White House press secretary Karoline Leavitt said at her briefing Thursday that the president and other donors have committed to raising approximately $200 million to build the ballroom. Trump Middle East envoy and ambassador to Israel to visit food distribution centers in Gaza Steve Witkoff, Trump's special envoy to the Middle East, and Mike Huckabee, the U.S. ambassador to Israel, will inspect food distribution centers in Gaza on Friday, the White House said. The visit comes amid concerns about the growing food crisis among Palestinians there. Jeffries visit to Texas highlights Democrats' frustration, lack of options on redistricting A visit by U.S. House Minority Leader Hakeem Jeffries to Texas on Thursday allowed him and fellow Democrats to vent their anger over a Republican plan for redrawing the state's congressional districts more in their favor. It also highlighted the lack of options Democrats have for preventing it. Jeffries held a news conference at the Texas Capitol with Democrats in Congress and the Republican-dominated Legislature. Republicans have unveiled a plan designed to create five more winnable seats for the GOP, which President Donald Trump is pushing ahead of the 2026 elections. 'It's an all-hands-on-deck moment, and all options should be on the table to protect the people of Texas,' Jeffries said. But none of the Democrats provided any details about how they plan to stop Republicans from passing their proposed map. Jeffries said he is letting Texas Democrats decide how to try to thwart the GOP's plans. Democratic senator wants IGs to investigate DOGE Sen. Richard Blumenthal, D-Conn., is asking inspectors general throughout the federal government to investigate how much 'waste' of taxpayer dollars was created by the Trump administration's Department of Government Efficiency. The request turns the purpose of DOGE on its head. Instead of preventing the waste of taxpayer dollars, Blumenthal says that DOGE wasted billions of dollars. Blumenthal's request follows a report from Democrats on the Permanent Subcommittee on Investigations, which concluded DOGE has become a 'source of immense waste, opacity and harm.' Most of the projected $21.7 billion in 'waste' cited by the subcommittee's minority staff came from programs that allowed federal employees to get paid leave for up to eight months before resigning or retiring and for placing employees on administrative leave for weeks or months prior to their involuntary separation. The subcommittee did not include projected savings from the firings and early retirements, which Blumenthal said are unknown. 'It is critical that the American people have full accounting of DOGE's devastating, and possibly irreversible actions,' Blumenthal said in his letter to the IGs. Brazil calls Trump's new 50% tariffs unjust as talks continue Brazil's Vice President Geraldo Alckmin said Thursday that more than a third of exports to the U.S. will be affected by Trump's new 50% tariffs. Exemptions include aircraft parts, aluminum and fertilizers, which together make up 45% of Brazil's exports. Steel already faces tariffs. Trump didn't cite economics in declaring the steep taxes — he's expressed displeasure that the nation's former right-wing president, Jair Bolsonaro, is being tried at the Supreme Court for allegedly masterminding a coup attempt and plotting to kill his presidential rival. Foreign Minister Mauro Vieira said after meeting with Secretary of State Marco Rubio that Brazil's Supreme Court is independent and will not yield to foreign pressures. Finance Minister Fernando Haddad also called the move unjust, and said talks with U.S. officials are ongoing. US, NATO members warn of increasing Iranian threats in Europe, North America The United States and many of its NATO allies are accusing Iran's intelligence apparatus of stepping up threats throughout Europe and North America. The alliance is demanding that Tehran end attempts to kill, kidnap or harass Iranian dissidents. In a joint statement, NATO members Albania, Belgium, Britain, Canada, the Czech Republic, Denmark, Finland, France, Germany, the Netherlands, Spain, Sweden and the United States said they 'condemn the growing number of state threats from Iranian intelligence services in our respective territories.' Austria, a non-NATO member, also signed. 'We are united in our opposition to the attempts of Iranian intelligence services to kill, kidnap, and harass people in Europe and North America in clear violation of our sovereignty,' the statement said. 'These services are increasingly collaborating with international criminal organizations to target journalists, dissidents, Jewish citizens, and current and former officials in Europe and North America. This is unacceptable.' Trump announces 90-day negotiating period with Mexico as 25% tariff rates stay in place Trump said Thursday that there would be a 90-day negotiating period with Mexico after a call with its leader, and that meanwhile his 25% tariffs on U.S. imports of Mexican goods will stay in place. Trump, posting on Truth Social, said his phone conversation with President Claudia Sheinbaum was 'very successful in that, more and more, we are getting to know and understand each other.' Trump also said that Mexico would end its 'Non Tariff Trade Barriers,' but he didn't provide specifics. Biden's longest serving advisor appears before House in Republican inquiry into former president's age Mike Donilon, who has served as an aide to former President Joe Biden since 1981, has voluntarily appeared before the House Oversight Committee. Donilon, a senior advisor in the Biden White House, took no questions as he entered the committee room. The Republican-led committee is investigating allegations that the former president experienced such a cognitive decline in office that an autopen was used to execute laws and policies on his behalf. Another longtime Biden staffer, Steve Ricchetti, testified Wednesday that Biden was of sound mind 'at all times' during his presidency. Virginia Giuffre's family expresses shock over Trump saying Epstein 'stole' her Giuffre was among Jeffrey Epstein's most well-known sex trafficking accusers. Her family says it's shocking to hear Trump say the disgraced financier 'stole' her from him. They also want Epstein's former girlfriend Ghislaine Maxwell to continue serving her 20-year sentence for sex trafficking. Giuffre accused Britain's Prince Andrew and other influential men of sexually exploiting her as a teenager trafficked by Epstein, and has been a central figure in conspiracy theories. She died by suicide this year. Her family said she had endured death threats and financial ruin for cooperating with authorities. Virginia Giuffre, center, holds a news conference outside a Manhattan court in New York, Aug. 27, 2019. (AP Photo/Bebeto Matthews, File) 'We and the public are asking for answers; survivors deserve this,' her family's statement said. It came shortly after Deputy Attorney General Todd Blanche, who was a criminal defense attorney for Trump, interviewed Maxwell. A Trump administration official said the president is not considering clemency. With growing urgency, more US Jews urge Israel to ensure food for Palestinians in Gaza For most Jewish Americans, whatever their political persuasion, support for Israel has been a bedrock principle. Thus it's notable that a broad swath of U.S. Jews — reacting to the humanitarian crisis in Gaza — have been urging the Israeli government to do more to ensure the delivery of food and medicine. There is no overwhelming consensus. On the left, some U.S. Jews contend that Israeli Prime Minister Benjamin Netanyahu's government is guilty of genocide. On the right, some conservative Jewish news outlets have suggested that the widely verified food crisis in Gaza is a hoax. What is clear is that the ranks of American Jews alarmed by the current conditions in Gaza have swelled and now include major organizations that customarily avoid critiques of Israeli policies. Trump administration cancels plans for new offshore wind projects More than 3.5 million acres of federal waters had been designated wind energy areas most suitable for offshore development. The Bureau of Ocean Energy Management is now rescinding all such designations. Wind lease sales were anticipated off the coasts of Texas, Louisiana, Maine, New York, California and Oregon, as well as in the central Atlantic, under a five-year schedule President Joe Biden announced. Trump is reversing such policies, relying on false and misleading claims as promoted fossil fuels in a series of executive orders. Among them: An order by his interior secretary this week described wind and solar as unreliable, foreign-controlled energy sources. Attorneys general from 17 states and the District of Columbia are suing in federal court to challenge the halt to wind energy leasing and permitting. Senate rejects Sen. Sanders on weapons for Israel, but opposition grows as Palestinians starve Sen. Bernie Sanders ' latest effort to block the sale of U.S. bombs and firearms to Israel was rejected, but the showed growing opposition to the arms sales amid widespread hunger and suffering in Gaza. 'Americans want this to end. They do not want to be complicit in an unfolding famine and deadly civilian massacres,' Sanders said. The independent from Vermont has repeatedly tried to block the sale of offensive weapons to Israel. This time, 27 Democrats — more than half the caucus — voted against selling 20,000 assault rifles, and 24 voted against selling $675 million in bombs. The tally showed how images of starvation in Gaza are creating a growing schism in Congress, where Israel has traditionally seen overwhelming support. Trump trades tough talk with former Russian leader Trump issued a warning to Dmitry Medvedev in a Truth Social post early Thursday, saying the former Russian president should 'watch his words' and that he's 'entering very dangerous territory!' Medvedev, a top lieutenant of Russian President Vladimir Putin, warned Trump this week against 'playing the ultimatum game with Russia,' saying 'each new ultimatum is a threat and a step towards war' between Russia and the United States. Trump lashes out at India for its relationship with Russia The president suggested on Truth Social that he plans to do as little trade as possible with India and Russia. 'I don't care what India does with Russia,' Trump posted. 'They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World. Likewise, Russia and the USA do almost no business together. Let's keep it that way.' Trump announced on Wednesday 25% tariffs on goods from India and additional penalties for India's reliance on Russia for oil and military equipment. How Americans' views of racial discrimination have shifted since 2021, according to AP-NORC polling Slightly less than half of U.S. adults believe Black people face 'a great deal' or 'quite a bit' of discrimination in the United States, according to a new poll. That's a decline from the solid majority, 60%, who thought Black Americans faced high levels of discrimination in the spring of 2021, months after racial reckoning protests in response to the police killing of George Floyd. Significant numbers of Americans also think diversity, equity and inclusion efforts, also known as DEI, are backfiring against the groups they're intended to help, according to the survey from The Associated Press-NORC Center for Public Affairs Research, including many people who belong to those groups. The findings suggest Americans' views on racial discrimination have shifted substantially since four years ago, when many companies launched efforts to promote diversity within their workforces and the products they sold. Since then, many of those companies have reversed themselves and retreated from their diversity practices, a trend accelerating under pressure from Trump, who has sought to withhold federal money from schools and companies that promote DEI. Kamala Harris is promising a page-turner in new memoir about her presidential run The former vice president says '107 Days,' the length of her historic presidential run, will be published by Simon & Schuster on Sept. 23. 'I've spent a lot of time reflecting on those days,' Harris said in a video announcement on Thursday. 'I believe there's value in sharing what I saw, what I learned, and what it will take to move forward.' Simon & Schuster CEO Jonathan Karp declined to offer any specifics on what Harris will write about, including her thoughts on questions about President Joe Biden's fitness for office, but said Harris 'addresses everything we would want her to address.' Harris announced on Wednesday that she will not run for California governor in 2026. Trump to re-establish Presidential Fitness Test for American school children Press secretary Karoline Leavitt said on social media that the president will host professional athletes at the White House Thursday as he signs an executive order re-establishing the program. The program created in 1966 had children run and perform sit-ups, pull-ups or push-ups and a sit-and-reach test. It was changed in 2012 during President Barack Obama's administration to focus more on individual health than athletic feats. US applications for jobless benefits inch up for the first time in 7 weeks, but layoffs remain low The number of Americans filing for jobless benefits is inching up as businesses retain staff amid the economic uncertainty around U.S. trade policy. The Labor Department reported Thursday that jobless claims for the week ending July 26 ticked up by 1,000 to 218,000. It was the first time in seven weeks that benefit applications rose, although layoffs remain at historically low levels. Though the top line numbers reflect a broadly healthy labor market by historical standards, some weakness has surfaced. If consumers continue to pull back on spending, a decline in demand could push businesses to freeze hiring or cut staff. Companies announcing job cuts this year include Procter & Gamble, Dow, CNN, Starbucks, Southwest Airlines, Microsoft, Google, Meta and most recently, Intel and The Walt Disney Co. A key US inflation gauge rose last month as Trump's tariffs raised prices The Federal Reserve's preferred inflation gauge ticked higher last month in a sign that Trump's broad-based tariffs are starting to raise prices on many goods. Prices rose 2.6% in June compared with a year ago, the Commerce Department said Thursday, up from an annual pace of 2.4% in May. Excluding the volatile food and energy categories, prices rose 2.8% in the past year, the same as the previous month, which was revised higher. The figures are above the Fed's 2% goal. The uptick helps explain the central bank's reluctance to cut its key interest rate, despite Trump's repeated demands. On Wednesday, the Fed left its key rate unchanged at 4.3%. Fed Chair Jerome Powell suggested it could take months to determine whether the import duties will cause just a one-time increase in prices or a more persistent increase in inflation. Trump using Canada's recognition of Palestinian state in trade talks Trump said Canada's announcement it will recognize a Palestinian state 'will make it very hard' for the U.S. to reach a trade agreement with its northern neighbor. The threat posted in the early hours Thursday on Trump's social media network is the latest way he has sought to use his trade war to coerce countries on unrelated issues, and is a swing from the ambivalence he has expressed about other countries making such a move. 'Wow! Canada has just announced that it is backing statehood for Palestine,' Trump posted on Truth Social just past midnight. 'That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!! The Republican president said this week that he didn't mind British Prime Minister Keir Starmer taking a position on the issue of formally recognizing Palestinian statehood. And last week, he said French President Emmanuel Macron's similar move was 'not going to change anything.' All the ways Republicans want to honor Trump, from the $100 bill to Mount Rushmore Imagine getting the day off work for Donald Trump's birthday. Receiving a $100 bill with Trump's portrait on it. Touching down at Donald J. Trump International Airport near the nation's capital. And taking in a show at the Donald J. Trump Center for Performing Arts. All would be possible under a series of bills Republican lawmakers have sponsored this year. Trump is little more than six months into his second term, but some Republicans are ready to elevate him into the pantheon of American greats, proposing an ever-growing list of bills paying tribute well before his second term ends. One lawmaker even proposes carving his face into Mount Rushmore. It's a legislative exercise that mixes flattery and politics, providing another stark reminder of the Republican Party's transformation under Trump as lawmakers from red-leaning states and congressional districts look for ways to win the president's good graces — and stay close to his supporters. Trump's flurry of trade activity includes tariffs on Brazil and a deal with South Korea The United States will impose a 25% tariff on goods from India, plus an additional import tax because of India's purchasing of Russian oil, Trump said Wednesday. The new tariffs were part of a flurry of trade activity that included a series of executive actions regarding Brazil, copper and shipments of goods worth less than $800, as well as a reduced 15% tax on imports from South Korea, including its autos. It was all a prelude to Friday when Trump's new tariff regime is scheduled to start, an event the White House has portrayed as a testament to Trump's negotiating skills even as concerns persist about the taxes hurting growth and increasing inflationary pressures. The South Korea agreement will impose a 15% tariff, instead of the 25% Trump had threatened. South Korea would also buy $100 billion in energy resources from the U.S. and provide $350 billion for 'investments owned and controlled by the United States, and selected by myself, as president,' Trump said. Triumphant in trade talks, Trump and his tariffs still face a challenge in federal court Trump has been getting his way on trade, strong-arming the European Union, Japan and other partners to accept once unthinkably high taxes on their exports to the United States. But his radical overhaul of American trade policy has not gone unchallenged. He's facing at least seven lawsuits charging that he's overstepped his authority. The plaintiffs want his biggest, boldest tariffs thrown out. And they won Round One. Now it goes on to Round Two. On Thursday, the 11 judges on the U.S. Court of Appeals for the Federal Circuit in Washington, which typically specializes in patent law, are scheduled to hear oral arguments from the Trump administration and from the states and businesses that want his sweeping import taxes struck down. That court earlier allowed the federal government to continue collecting Trump's tariffs as the case works its way through the judicial system.
Politico
3 hours ago
- Business
- Politico
Leavitt cleans up Bessent's Social Security privatization comments: ‘Supplement, not substitute'
Press secretary Karoline Leavitt said Trump will protect Social Security, after Bessent said newborn accounts are a 'backdoor for privatizing' it. Treasury Secretary Scott Bessent arrives before President Donald Trump speaks at an event to promote his proposal to improve Americans' access to their medical records in the East Room of the White House, July 30, 2025. | Mark Schiefelbein/AP By Nicole Markus 07/31/2025 02:56 PM EDT White House press secretary Karoline Leavitt said Thursday that President Donald Trump is 'wholeheartedly committed' to protecting Social Security, after Treasury Secretary Scott Bessent framed his 'Trump accounts' as a 'backdoor for privatizing' it. 'What the secretary of Treasury was saying, and what this administration believes, is that these Trump newborn accounts — which is an incredibly creative and great provision that was in the One Big Beautiful Bill for newborn children, and families and future generations of Americans — will help supplement, not substitute, Social Security,' Leavitt said during Thursday's briefing. The tax-deferred investment accounts allow parents to contribute up to $5,000 a year for their children. The accounts allow for penalty-free withdrawals after age 59. The government will also contribute $1,000 to each baby born from 2025 to 2028.
Business Journals
3 hours ago
- Business
- Business Journals
Comcast projects $1 billion annual tax savings from Trump's 'One Big Beautiful Bill'
Comcast Corp. estimates it will save $1 billion annually in cash taxes thanks to recently passed changes in President Donald Trump's One Big Beautiful Bill, even as the media giant often finds itself in the president's crosshairs.
Yahoo
5 hours ago
- Automotive
- Yahoo
Trump Won't Take Away Tesla's Subsidies. Does That Make TSLA Stock a Safe Buy Here?
After weeks of escalating tension between two of America's most high-profile figures — Elon Musk and President Donald Trump — a surprising shift in tone has emerged. In a recent post, Trump denied claims that he intends to 'destroy' Musk's companies, including Tesla (TSLA) and SpaceX, insisting instead that he wants Musk to 'THRIVE like never before.' The statement appeared to be an olive branch, but does it really change the equation for Tesla? In this article, we'll unpack the implications of Trump's recent statements and explore whether TSLA stock is truly a safe buy today, or if investors should brace for further turbulence ahead. More News from Barchart Morgan Stanley Says Nvidia Has 'Exceptional' Strength. Should You Buy NVDA Stock Here? Dear MicroStrategy Stock Fans, Mark Your Calendars for July 31 2 Growth Stocks Wall Street Predicts Will Soar 74% to 159% Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. With that, let's dive in! About Tesla Stock Tesla (TSLA) is a prominent innovator dedicated to accelerating the global transition to sustainable energy. The Elon Musk-led powerhouse designs, develops, manufactures, leases, and sells high-performance fully electric vehicles, solar energy generation systems, and energy storage products. It also offers maintenance, installation, operation, charging, insurance, financial, and various other services related to its products. In addition, the company is increasingly focusing on products and services centered around AI, robotics, and automation. TSLA has a market cap of $1.02 trillion. Shares of the EV maker have fallen 21.7% on a year-to-date basis. Tesla faced renewed selling pressure following its Q2 earnings report, after CEO Elon Musk warned of tough times ahead for the company as incentives like the EV tax credit phase out in the U.S. Still, the recent U.S.-EU trade agreement and Tesla's $16.5 billion deal with Samsung to manufacture next-generation chips provided some relief, helping to protect the stock from further losses. Trump Says He Won't 'Destroy' Musk's Companies — But Does It Matter Anymore? Last Thursday, President Donald Trump dismissed allegations that he intends to undermine Elon Musk's companies or their work with the U.S. government. 'Everyone is stating that I will destroy Elon's companies by taking away some, if not all, of the large-scale subsidies he receives from the U.S. Government. This is not so!' Trump said in a post to Truth Social. The president, who has repeatedly threatened to revoke Musk's government contracts and subsidies since their public feud last month, emphasized that he wants Musk to 'THRIVE like never before.' The post seemed to be an attempt to ease tensions in the feud. In June, Trump threatened to cut some of Musk's government contracts as tensions escalated between the two over the president's 'One Big Beautiful Bill' and their relationship unraveled. Still, in a post on X, Musk insisted that his companies do not receive any special subsidies or preferential contracts from the federal government, effectively rejecting what appeared to be a peace offering from Trump. 'The 'subsidies' he's talking about simply do not exist,' Musk wrote. Musk then alleged that Trump, whom he referred to only as 'DJT,' had 'already removed or put an expiry date on all sustainable energy support while leaving massive oil & gas subsidies untouched,' taking a swipe at the president's sweeping spending bill that eliminated the $7,500 federal EV tax credit. Besides phasing out tax credits for EV purchases, the law also dismantled federal fuel-economy standards that have been a significant source of revenue for Tesla over the years. According to FedScout, Tesla has generated $12.24 billion in revenue from the sale of 'automotive regulatory credits,' also known as environmental credits, since 2015. During the Q2 earnings call, Musk cautioned that Tesla could face 'a few rough quarters' as a result of tariff-related costs and the expiration of federal EV incentives at the end of September. In its most recent 10-Q filing, Tesla referenced Trump's 'One Big Beautiful Bill Act' using its initials, OBBBA, in the Risk Factors section. 'The loss of previously available tax credits and carbon offset mechanisms may further negatively impact our financial results,' according to the filing. In addition, the company said that 'provisions of the OBBBA could affect battery cell expenses and impact costs for our consumers, negatively impacting demand.' Musk also dismissed claims that his rocket company, SpaceX, was receiving preferential treatment, stating that 'SpaceX won the NASA contracts by doing a better job for less money.' Musk argued that moving SpaceX's contracts to 'other aerospace companies would leave astronauts stranded and taxpayers on the hook for twice as much!' Meanwhile, a recent report from the Wall Street Journal appeared to confirm Musk's claims regarding SpaceX. The report stated that the Trump administration had recently reviewed SpaceX's federal contracts to assess potential areas for cuts. However, the review found that most of the contracts were critical. Notably, SpaceX has received more than $22 billion through federal government contracts since 2008, according to FedScout. To sum up, Trump's recent remarks don't make TSLA stock a safe buy, as his tax bill has already dealt a blow to the company — regardless of what he now says. With that, let's shift our focus to the company's recent earnings report for a closer look. Tesla's Struggles Persist With More Challenges on the Horizon On July 24, TSLA stock dropped more than 8% after the company reported its steepest revenue decline in at least a decade, with CEO Elon Musk cautioning about challenging times ahead. Musk said that Tesla is entering a transition period that could last a year or longer, as it loses U.S. electric vehicle incentives and requires time to roll out its autonomous vehicles. 'We probably could have a few rough quarters,' he noted. Musk's remarks were his most direct yet regarding the impact of the tax bill signed by President Donald Trump this month on Tesla. I covered TSLA's Q2 results in depth in my previous article, so here I'll briefly highlight the headline numbers and focus more on the fallout from the tax bill. Tesla's total revenue stood at $22.5 billion, down 11.8% year-over-year and the sharpest decline since 2012. Its adjusted EPS slumped 23% year-over-year to $0.40, but was in line with expectations. The company's core automotive business continued to struggle amid intensifying competition and backlash from Musk's political activities. Revenue from the automotive segment declined 16% year-over-year to $16.7 billion due to lower vehicle deliveries, falling average selling prices, and lower revenue from regulatory credit sales. And this is where it gets most interesting. Revenue from regulatory compliance credits that Tesla sells to rival automakers fell to $439 million in Q2, down 26% from the first quarter and 51% year-over-year. This revenue stream is now at risk following the tax law signed by Trump this month, which removed penalties automakers previously faced for not meeting federal fuel-economy standards. Most importantly, revenue from regulatory credit sales flows directly to Tesla's bottom line. Trump's tax bill is poised to eliminate penalties for automakers that fail to meet the National Highway Traffic Safety Administration's Corporate Average Fuel Economy (CAFE) standards, which are a key driver of demand for these regulatory credits. The future of two other credit sources — those from the U.S. Environmental Protection Agency and California's zero-emission vehicle program — remains uncertain due to proposed rule changes and political and legal challenges. Earlier this month, William Blair analysts estimated that roughly 75% of Tesla's credit revenue is derived from CAFE standards. Just days after the new law was enacted, they cut their estimate for the company's 2025 credit revenue by nearly 40%, bringing it down to around $1.5 billion. The analysts project it will drop to $595 million next year and be completely wiped out in 2027. 'The elimination of the CAFE fines requires a reset in expectations,' the William Blair analysts said in a note. What Do Analysts Expect for TSLA Stock? Wall Street analysts remain divided on Tesla, as the stock currently holds a consensus rating of 'Hold.' Of the 41 analysts covering the stock, 12 rate it a 'Strong Buy,' two label it a 'Moderate Buy,' 17 suggest holding, and 10 have assigned a 'Strong Sell' rating. Notably, the stock currently trades at a premium to its average price target of $299.28. The company's valuation reflects a similar trend, with a forward non-GAAP price-earnings ratio of 190.14x, well above both the sector median and its own 5-year average. The premium stems from investors' confidence in Musk's promises surrounding artificial intelligence, robotics, and self-driving technology. Meanwhile, analysts tracking the company anticipate a 30.38% year-over-year decline in its adjusted EPS to $1.68 for fiscal 2025, with revenue expected to drop 5.19% year-over-year to $92.62 billion. The Bottom Line on TSLA Stock Putting it all together, as I noted earlier, TSLA doesn't appear to be a safe buy in light of Trump's recent remarks. Actions speak louder than words — and Trump's tax legislation has already significantly damaged Tesla's financial outlook. On top of that, the company's valuation looks expensive even for a high-growth company, but Tesla doesn't look like a growth story anymore, with both its revenue and earnings projected to decline this year. On the date of publication, Oleksandr Pylypenko did not have (either directly or indirectly) positions in any of the securities mentioned in this article. 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