Wall Street Breakfast UK cars, planes get U.S. break
Jun 30, 2025
Tariff cuts on U.K. cars and planes open new trade doors between the U.S. and the U.K. Meanwhile, the obesity drug market heats up as Novo Nordisk and Eli Lilly face competition from China's Innovent. Elon Musk voices concerns over a Senate tax and spending bill, warning about potential economic repercussions. The conversation also touches on how the Senate's new excise tax impacts the renewables sector and Indonesia's push for U.S. investment in critical minerals.
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UK Trade Deal Tariff Cuts
- The UK-US trade deal cuts U.S. tariffs on UK car exports from 27.5% to 10%, boosting the auto sector.
- The aerospace sector benefits from zero tariffs on engines and aircraft parts, a unique advantage the UK secured.
China's Obesity Drug Breakthrough
- Chinese pharma Innovent gained approval for Masdutide, an obesity drug rivaling global leaders.
- This marks a major milestone for China's homegrown obesity and diabetes treatments.
Elon Musk Critiques Bill
- Tesla CEO Elon Musk called the new tax and spending bill "utterly insane," warning it will destroy millions of jobs.
- He criticized the bill's support for obsolete industries and its harm to U.S. technology and clean energy sectors.