Reuters World News Diddy, tax bill and UK gilts
Jul 2, 2025
U.S. Senate Republicans narrowly pass a massive tax-cut and spending bill, reigniting tensions as it heads back to the House. The conflict between Trump and Musk raises questions about Tesla's future amid economic uncertainties. Trump’s tour of a notorious Florida detention center highlights the ongoing debate over migrant policies. Meanwhile, Australia faces a child sexual abuse scandal, prompting urgent calls for reforms in childcare safety regulations.
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Budget Bill Faces Internal GOP Challenges
- The budget bill faces uncertainty despite Republican House control due to narrow vote margins and diverse concerns.
- Both conservative and moderate Republicans have reservations about debt levels and Medicaid cuts, complicating the passage.
Musk's Subsidies at Risk Amid Politics
- Elon Musk's companies risk losing billions in subsidies under Trump's budget bill.
- Tesla's sales are declining partly due to Musk's political alignment, compounding risks from subsidy cuts.
Trade Tensions Stir Market Nervousness
- Trade tensions persist with uncertain outcomes as Trump refuses to extend tariff deadlines.
- Tariff threats, especially on Japan, cause market jitters, while talks with India continue.