Bloomberg Daybreak: US Edition Trump Blasts Xi on Trade Talks; Musk Slams Tax Bill
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Jun 4, 2025 Tensions rise as President Trump criticizes Xi Jinping, calling negotiations tough amid escalating trade disputes. The U.S. imposes restrictions on critical exports to China, affecting companies like Huawei. Meanwhile, Elon Musk openly slams the president's tax bill, labeling it an 'abomination,' which spurs mixed reactions from politicians. In a positive turn, Wells Fargo breaks free from Federal Reserve asset caps, allowing for new growth strategies. These topics highlight the shifting landscape of U.S. economic relations and fiscal policy.
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Trump on Xi's Tough Negotiation Style
- President Trump finds it very tough and extremely hard to make a trade deal with China's Xi Jinping.
- US-China trade tensions are escalating with mutual accusations and restrictive measures on key tech exports.
Musk Slams Tax Bill
- Elon Musk called Trump's tax bill a "disgusting abomination" filled with excessive spending.
- This public criticism stirred political debate and may complicate the bill's passage.
Wells Fargo Freed From Asset Cap
- Wells Fargo has had its asset cap removed after meeting Fed conditions from past scandals.
- This marks a major recovery phase and growth opportunity under CEO Charlie Scharf.