🚀 Trump claims tariff pauses are part of his negotiation strategy

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. President Trump dismissed criticism that he’s inconsistent on tariffs, rejecting the “TACO trade” label—short for “Trump Always Chickens Out”—which mocks his pattern of announcing steep tariffs only to later delay or soften them. Speaking to CNBC, Trump defended his tactics as effective negotiation, not retreat, citing the EU’s willingness to resume talks after his latest 50% tariff threat, which he postponed days later. Markets fell on the initial announcement but rebounded after the delay, reinforcing the “TACO” narrative. Trump, unfazed, insisted his brinkmanship is strategic and has strengthened America’s hand in global trade talks.

2. Elon Musk slammed the House-passed Republican spending bill, saying it undermines his work leading the Department of Government Efficiency (DOGE), which he claims has saved taxpayers $170 billion by cutting waste. In a preview clip of a June 1 CBS Sunday Morning interview, Musk criticized the “big, beautiful bill” for increasing the deficit by $3.8 trillion over a decade, saying it works against DOGE’s mandate and his broader aim of fiscal discipline. Despite his claims, watchdogs and media reports have questioned the actual savings from DOGE, noting that many cuts failed to deliver real cost reductions. With layoffs attributed to DOGE exceeding 275,000, Musk’s role has become a political lightning rod. He now plans to scale back his government work, though he’ll still spend “a day or two per week” on it through the end of Trump’s term.

3. John Laurinaitis, the former WWE executive and co-defendant in the high-profile sex trafficking and abuse lawsuit against Vince McMahon. He has reached a confidential settlement with accuser Janel Grant and agreed to cooperate with her case. Grant sued McMahon, WWE, and Laurinaitis in January 2024, prompting McMahon to resign as executive chairman of WWE’s parent company. The court has now dismissed Laurinaitis from the suit “with prejudice,” meaning it cannot be refiled against him. His cooperation could prove pivotal as McMahon faces mounting legal troubles, including a separate SEC settlement over secret payouts and another lawsuit alleging he enabled child sexual abuse within WWE in the 1980s and 90s.

4. Headlines

   1. Joby Aviation shares increase 28% after a $250M investment from Toyota.

   2. Trump is removing barriers to holding crypto in a 401(k)

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Onwards and Upwards,

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