Latest news with #economicturmoil
Daily Mail
05-06-2025
- Business
- Daily Mail
Elon Musk suggests Trump should be IMPEACHED and replaced with JD Vance as he makes chilling recession prediction
Elon Musk agreed Thursday that President Donald Trump should be impeached and replaced with 40-year-old Vice President J.D. Vance amid their fiery falling out on Thursday. X User Ian Miles Cheong wrote: 'President vs Elon. Who wins? My money's on Elon. Trump should be impeached and JD Vance should replace him.' 'Yes,' Musk responded. He also predicted that Trump's tariff policy would create economic turmoil. 'The Trump tariffs will cause a recession in the second half of this year,' Musk said. The impeachment call comes after Musk made the eye-popping claim that the president is 'in the Epstein files' and as he also threatened to decommission the space ships that are taking NASA astronauts and supplies to the International Space Station. That came after Trump threatened to cancel all of Musk's government contracts and said he had pushed the billionaire DOGE leader out and in turn the SpaceX CEO had gone 'CRAZY!' One of Trump's oldest advisers, Steve Bannon, went even further and suggested that Musk should be deported. 'They should initiate a formal investigation of his immigration status because I am of the strong belief that he is an illegal alien, and he should be deported from the country immediately,' Bannon said in a phone interview with The New York Times. The spectacular fallout between Trump and Musk - who were political allies for a little less than a year - started in recent weeks when the billionaire started resisting Republicans' 'big, beautiful bill,' arguing that the spending wiped out DOGE's efforts. Then, on Thursday, when Trump was supposed to be hosting the new German Chancellor Friedrich Merz he was asked about Musk's recent criticism. From there the dam broke. 'Elon and I had a great relationship. I don't know if we will any more, I was surprised,' Trump told reporters. The president suggested that Musk was angry - not over the bill ballooning the deficit - but because the Trump administration has pulled back on electric vehicle mandates, which negatively impacted Tesla, and replaced the Musk-approved nominee to lead NASA, which could hinder SpaceX 's government contracts. 'And you know, Elon's upset because we took the EV mandate, which was a lot of money for electric vehicles, and they're having a hard time the electric vehicles and they want us to pay billions of dollars in subsidy,' Trump said. 'I know that disburbed him.' Over the weekend, Trump pulled the nomination of Jared Isaacman to lead NASA. Isaacman had worked alongside Musk at SpaceX. 'He recommended somebody that I guess he knew very well, I'm sure he respected him, to run NASA and I didn't think it was appropriate and he happened to be a Democrat, like totally Democrat,' Trump continued. 'We won, we get certain privileges and one of the privileges is we don't have to appoint a Democrat.' Musk posted to X as Trump's Q&A with reporters was ongoing. 'Whatever,' the billionaire wrote. 'Keep the EV/solar incentive cuts in the bill, even though no oil & gas subsidies are touched (very unfair!!), but ditch the MOUNTAIN of DISGUSTING PORK in the bill,' he advised. 'In the entire history of civilization, there has never been legislation that [is] both big and beautiful. Everyone knows this!' Musk continued. 'Either you get a big and ugly bill or a slim and beautiful bill. Slim and beautiful is the way.' The spat quickly turned personal with Musk then posting that Trump would have lost the 2024 election had it not been for the world's richest man - him. Musk had publicly endorsed Trump on the heels of the July 13th assassination attempt in Butler, Pennsylvania and poured around $290 million of his fortune into the Republican's campaign. The billionaire also joined Trump on the campaign trail when he returned to the site of the Butler shooting in early October, a month before Election Day. Trump said in the Oval that he likely still would have won Pennsylvania without Musk's help and because Democratic Vice President Kamala Harris didn't choose the state's governor, Josh Shapiro, to be her running mate. Even with Shapiro on the ticket, Trump claimed, 'I would have won Pennsylvania, I would have won by a lot.' Musk said that was laughable. 'Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate,' Musk claimed. 'Such ingratitude,' the billionaire added. After his meeting with Merz, Trump continued to throw punches online. Trump asserted that he had asked Musk to leave his administration and said the billionaire went 'CRAZY!' 'Elon was "wearing thin," I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!' Trump wrote. The president then threatened to pull SpaceX and Tesla's government contracts. 'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it!' Trump wrote. Musk then taunted Trump to act.
New York Times
24-05-2025
- Business
- New York Times
Canada's Central Banker on Economic Turmoil and Diversifying Trade
You have a preview view of this article while we are checking your access. When we have confirmed access, the full article content will load. Newsletter Canada Letter Canada's Central Banker on Economic Turmoil and Diversifying Trade We spoke with Tiff Macklem, the governor of the Bank of Canada, after a meeting of top economic policymakers in Alberta. Share full article
Bloomberg
08-05-2025
- Business
- Bloomberg
Banker Bonuses Set to Drop as Tariffs Cause Economic Uncertainty
The outlook for some Wall Street bonuses looks grim, with an expected pullback in payouts after a strong 2024 amid economic turmoil caused by the US trade war and geopolitical tensions. Investment bankers, hedge fund employees and asset- and wealth-management professionals are all poised to see lower year-end incentive pay in 2025, according to a report Thursday from compensation consultant Johnson Associates Inc. It's a sharp reversal from last year, when payouts swelled and industry profits soared.
