Elon Musk threatens Republican leaders who are set to pass Trump’s bill
As the Senate prepares to vote for Donald Trump’s tax and budget bill, Elon Musk vows to support a key challenge for Republicans who support it.
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U.S. stock futures are higher after the Senate passed a slightly legislation called “One Big Beautiful Bill” by President Donald Trump, handing it to the House for final approval.
Congress is aiming to get the law on Trump’s desk by July 4th, but it remains to be seen if that will happen. Many home representatives are still unhappy about Medicaid cuts, food aid and the deficits inflated in the days leading up to that deadline.
At 6:05am on ET, futures linked to the Blue Chip Dow rose 0.15%, while Broad S&P 500 futures rose 0.13%, while high-tech Nasdaq futures added 0.09%.
Trade issues remain
The mega-tax bill is in the spotlight, but trade issues continue to remain behind the scenes.
The deadline for Trump’s voluntary trade deal on July 9th is soon approaching, with a mixed message on whether the deadline is flexible. Last week, White House press chief Caroline Leavitt told reporters the July 9 deadline for reopening tariffs in countries that have yet to reach a trade deal “uncritical” yet.
U.S. Treasury Secretary Scott Bescent then said trade deals could take place by Labor Day in September.
But Trump said this week he wasn’t thinking of delaying the deadline for higher tariffs to resume, cutting off consultations and updating his threat to impose mandatory rates on several countries, including Japan. He shunned the US export of rice and criticised Japan for the unbalanced automobile trade between the two countries. He raised tariffs of 30% to 35% on Japanese goods, raising doubts about whether the US could reach deals with Japan.
So far, the market has eschewed fear of rising tariffs. “Investors are banking the bank for yet another Trump withdrawal and reversal,” said Mike O’Rourke, chief market strategist at Jonestrading.
Corporate News
- According to Bloomberg, Verint Systems is in talks with acquisition company Thoma Bravo.
- Centene has withdrawn its full-year outlook after the company said it received data indicating that it had fewer enrolled in the Affordable Care Act Insurance market than expected and was less healthy.
Medora Lee is a money, market and personal finance reporter for USA Today. mjlee@usatoday.com and Subscribe to our free daily money newsletter Personal finance tips and business news every Monday to Friday.
