The announcements led world share markets to gain on Wednesday.
Elon Musk speaks as his son X Æ A-Xii and President Trump look on in the Oval Office of the White House in Washington DC. FILE PIC/AFP
US President Donald Trump appeared to soften his stand on China after recent trade clashes as he pursues his economic agenda. Speaking in the Oval Office on Tuesday (local time), Trump also said he was optimistic about improving trade relations with China. “The level of tariffs imposed on Chinese imports would come down substantially, but it won’t be zero,” Trump said, adding that he would be “very nice” in negotiations with Beijing.
The US President also asserted that he had no intention of firing Jerome Powell, head of the US Federal Reserve, after repeatedly criticising him. “But I would like Powell to be a little more active on cutting interest rates,” he said. The announcements led world share markets to gain on Wednesday.
Musk to cut back on DOGE role for Tesla
Elon Musk says he’ll dedicate more time to Tesla starting in May after the company reported a 71 per cent (12 cents a share) drop in quarterly profits to $409 million. The company has faced anger over Musk’s leadership of the Department of Government Efficiency (DOGE)—the federal government jobs-cutting group. Musk also has supported far-right politicians in Europe and alienated buyers there. Investors have complained that Musk has been too distracted to run Tesla.
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