Trump hits out again at Musk

Good morning. Donald Trump takes aim at Elon Musk, again. Senate Republican leaders struggle to gather enough votes to pass the "Big, Beautiful Bill." And Jurassic World Rebirth fails to impress. Listen to the day's top stories.

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The feud between Trump and Musk continues. The president accused the Tesla CEO of benefiting excessively from electric vehicle subsidies and suggested the Department of Government Efficiency should take a look. It came after Musk threatened to ramp up his political spending to target Republicans who support Trump's tax bill. Remember, it's just last month that Musk voiced regrets over some of his comments on Trump after their dramatic breakup.

On the tax bill, Republican leaders are scrounging for votes to pass the $3.3 trillion legislation as intraparty fights linger. Senators are expected to vote into this morning on amendments after already killing a controversial effort to prevent US states from regulating artificial intelligence. Yale University economists forecast that the bill will cost the bottom 20% of taxpayers an average of $560 a year while giving a boost of $6,055 to those at the top end.

Trade Latest: Trump threatened to ramp up tariffs on Japan, citing the country's unwillingness to accept US rice exports. Meanwhile, the European Union is willing to accept a trade arrangement with the US that includes a 10% universal tariff on many of the bloc's exports, but wants lower rates for key sectors like drugs and chips, people familiar said.

US equity futures are taking a breather after the S&P 500 notched its best quarter since 2023. Despite the momentum in markets, investors are focused on the progress on trade talks and wrangling in Washington over the tax bill. North of the border, stocks in Canada are outperforming because of the rally in gold. Investors piled into precious metals miners as a hedge against the downside from Trump's tariffs.

In corporate news, Apple is considering using artificial intelligence technology from Anthropic or OpenAI to power a new version of Siri, sidelining its own in-house models. Read why Apple still hasn't cracked AI.

Get the inside scoop on all things Apple and consumer tech with the Power On newsletter with Mark Gurman.

Deep Dive: Sun Belt Slowdown

A house for sale in the Naples Park neighborhood of Naples, Florida. Photographer: Lisette Morales McCabe/Bloomberg

The once-hot housing markets in the Sun Belt are cooling fast with a buildup of unsold houses sitting on the market for weeks.

Real estate agents in the South and Southwest say they're seeing more people list homes, giving up on hopes that mortgage rates will drop anytime soon.
Houses in Florida now take a median 73 days to sell, up from 55 days two years ago and twice as long as in New Jersey and Virginia. Meanwhile, in Colorado, inventory has surged 51% in May from last year, according to Realtor.com.
It's a stark shift from the pandemic-era frenzy when cheap mortgages and an influx of people to the south triggered bidding wars and record-fast sales.
Meanwhile, tenants in New York City's roughly 1 million rent-stabilized apartments face a fourth straight year of price hikes.

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The Big Take

Photographer: Stefani Reynolds/Getty Images

A trio of major hacks at the US Treasury is deepening a rift between the agency responsible for protecting the integrity of the financial system and the Wall Street banks it regulates, a Bloomberg News investigation found.

Big Take Podcast

The Cruise Boom Straining Port Cities

Opinion

Federal Reserve chair Jerome Powell.
Photographer: Al Drago/Bloomberg

Trump's tactics to influence the Federal Reserve are becoming subtler but they will still age badly, John Authers writes. Drastic interest rate cuts will only make sense if the economy lapses into recession. In the short term, Trump wants a weak dollar, and he's achieving that goal beautifully.

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Before You Go

Jonathan Bailey and Scarlett Johansson in the Jurassic World Rebirth. Photographer: NBC Universal

Dead as a dinosaur. Jurassic World Rebirth is a reboot of the reboot that trudges along at a deathly dull pace toward making millions of dollars at the box office, our critic Esther Zuckerman writes. Despite some heavy-hitting talent, this latest entry reveals a franchise more brain-dead than ever.

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