good morning! It’s Daniel de Vis with your daily money. Thank you to Betty Lin-Fisher for piloting the newsletter ship over the past few days.
Elon Musk officially left the Trump administration, closing the billionaire’s turbulent four-month run, leading to a controversial effort to cut the federal government.
Musk announced his departure in a May 28th post on X. And there’s a reason he’s gone now.
Court blocks Trump’s tariffs
A federal court ruled that President Trump cannot use the emergency power law to impose tariffs on foreign countries to tackle his trade agenda.
Trump summoned the International Emergency Economic Force Act of 1977 to justify his tariffs and portray the imbalance of the country’s trade as a national emergency. The court was clearly not certain. But the battle is not over.
Things you need to know about recession
The looming threat of a recession rests on what appears to be eternal to American consumers.
According to a report from JP Morgan on May 27, the chances of a recession in 2025 are currently around 40%.
How do you know when a recession comes? When will it end? What happens to the fallout on Wall Street? Here are some answers.
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About daily money
Every day, Daily Money will provide you with the best consumer and financial news from USA Today, breaking complex events, providing you with the TLDR version, and explaining how everything from the Fed rate to bankruptcy will affect you.
Daniel de Vice covers USA Today’s personal finances.
