Bloomberg Daybreak: US Edition Trump, Musk Trade Threats; US-China Tensions Cool
Jun 6, 2025
Elon Musk and Donald Trump are locked in a public spat that has drastically affected Tesla's stock price and Musk's wealth. Musk is considering a more conciliatory approach after significant financial losses. Meanwhile, tensions between the U.S. and China appear to be calming as the two leaders agree to resume trade talks aimed at resolving tariff disputes. Investors are also anticipating the crucial May Jobs Report, which could influence Federal Reserve interest rate decisions this year.
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Trump-Musk Spat Impacts Tesla
- The public dispute between Elon Musk and President Trump caused significant damage to Musk's wealth and Tesla's stock price.
- Their once-strong relationship deteriorated quickly due to political disagreements and personal barbs exchanged publicly.
US-China Trade Talks Resume
- Tensions are easing between the US and China with resumed trade talks focusing on tariffs and rare earth mineral supply issues.
- Presidents Trump and Xi Jinping expressed optimism about reaching a trade deal after a 90-minute call.
Jobs Report Crucial for Markets
- Investors expect the May jobs report to reflect a slowdown in job growth, increasing expectations of Federal Reserve rate cuts.
- The unemployment rate will be key to market reactions rather than just payroll numbers.