Elon Musk on Tuesday amplified his criticism of the sweeping tax and spending bill that Trump has been pushing fellow Republicans in Congress to embrace, calling it a “disgusting abomination” that will increase the deficit.
“I’m sorry, but I just can’t stand it anymore,” the billionaire Musk wrote in an X post. “This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination.
“Shame on those who voted for it: you know you did wrong. You know it.”
On the trade front, hopes are still high on Wall Street that Trump will reach trade deals with other countries that will ultimately lower tariffs, particularly with the world’s second-largest economy. The US side said President Donald Trump was expecting to speak with Chinese leader Xi Jinping this week. A Chinese foreign ministry spokesperson said Tuesday that they had no information on that.
Treasury Secretary Scott Bessent said Beijing has a choice on whether or not to be a dependable partner with the rest of the world, reiterating that China needs to shift to a more consumption-led economy to help ease global imbalances.
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“They either want to be a reliable partner to the rest of the world, or they don’t,” Bessent said via video link to the American Swiss Foundation Leadership Summit in Zurich on Tuesday.
On Wall Street, Constellation Energy fell 0.1 per cent after signing a 20-year deal to provide Meta Platforms with power from its nuclear plant in Clinton, Illinois.
In the bond market, Treasury yields held relatively steady. The yield on the 10-year Treasury remained at 4.46 per cent from late Monday, though it had been lower earlier in the morning before the stronger-than-expected report on US jobs openings.
It’s a cooldown following a sharp rise for yields over the last two months. Yields had been climbing in part on worries about how the US government may be set to add trillions of dollars to its debt through tax cuts.
Besides making it more expensive for US households and businesses to borrow money, higher Treasury yields can also discourage investors from paying high prices for stocks and other investments.
In stock markets abroad, indexes were mixed amid mostly modest moves across Europe and Asia.
Hong Kong was an exception, where the Hang Seng jumped 1.5 per cent. That came despite a report showing Chinese manufacturing activity slowed in May.
South Korean markets were closed for a snap presidential election that resulted in a victory for opposition leader Lee Jae-myung. The election was triggered by the ouster of Yoon Suk Yeol, a conservative who now faces an explosive trial on rebellion charges over his short-lived imposition of martial law in December.
