Trump tariffs slam stocks, Tesla's Musk problem, and Amazon's pays up: Politics news roundup
President Donald Trump’s tariffs are here and disrupting the markets, with new duties on aluminum and steel and threats against European spirits. He’s created a trade war with Canada, which just got a new prime minister, and slammed stocks.
Despite that, Trump officials — and the president himself — have said tariffs are key to the U.S.’ economic strategy, and more duties are waiting in the wings. That could cause issues for companies like Boeing, which has warned of potential supply issues if Trump’s tariffs stick around for a while.
Tesla is taking hits tied to CEO Elon Musk’s role leading the Department of Government Efficiency, which has helped federal agencies enact mass layoffs and other cost-cutting measures (and given Mark Cuban an idea). Amazon is also appealing to Trump, as founder Jeff Bezos courts the president.
Catch up on all that and more — including three senators’ demands for Health and Human Services (HHS) Secretary Robert F. Kennedy Jr — in this week’s politics roundup.
Trump may make your next bottle of champagne or wine a lot more expensive
President Donald Trump’s latest bid to tackle the European Union’s “hostile and abusive” trading practices is to tack new duties on alcohol imports. Not only would that make European wine more expensive for consumers, but it could devastate the restaurant business.
Elon Musk is distracted. Tesla stock is cratering. Some investors want a change
Tesla (TSLA) is struggling — and Elon Musk’s politics are to blame.
Donald Trump has united Canada — against Donald Trump
President Donald Trump has given Canadian politicians across the spectrum a fight they don’t want, but from which they can’t back down. This has created an unusual wave of national unity in the fractious country. — Josh Fellman
Amazon keeps finding ways to give Donald Trump money
Amazon (AMZN) said Monday that its Prime Video will be the sole streaming service to show ‘The Apprentice,” the reality TV series that helped skyrocket its host Donald Trump to political stardom — and to the presidency. — Ece Yildirim
Mark Cuban wants to ‘out-Elon’ Elon Musk and plug a hole created by DOGE
“Shark Tank” star and entrepreneur Mark Cuban knows a thing or two about getting a new business up and running. His next venture may be hiring the workers laid off by Tesla (TSLA) CEO Elon Musk’s Department of Government Efficiency (DOGE).
Boeing could get hit hard by Trump’s trade war. Airbus could get a boost
President Donald Trump’s trade war could become a major problem for Boeing (BA), and give European rival Airbus (AIR) a leg up on the competition.
Trump says he’ll buy a Tesla to support Elon Musk as the stock tanks
President Donald Trump says he will support Elon Musk’s “baby” by buying a new Tesla (TSLA) as the automaker faces protests and sees its stock sink, partially due to their “bromance.”
Lawmakers demand answers from RFK Jr. over Trump dinners with pharma execs
Three U.S. senators are urging Health and Human Services (HHS) Secretary Robert F. Kennedy Jr. to disclose details about several private dinners he attended with Donald Trump and healthcare executives at Mar-a-Lago. — Bruce Gil
Stocks will be volatile until the cost of Trump’s tariffs become clear, strategist says
Investors will need to have a sense of the cost of Donald Trump’s tariffs before the U.S. stock market finds a bottom, Empower’s chief investment strategist said, as reflected in the modest rebound in stocks after today’s better-than-expected CPI report. — Josh Fellman
Trump says tariffs are key to U.S. economic dominance — and jobs
President Donald Trump says tariffs are key to U.S. economic dominance. — Francisco Velasquez