Money Still Talks

When it comes to chaos, even Trump has his limits.

One operative headline in the Wall Street Journal yesterday read like a sports report, “Tesla Profit Sinks, Hurt by Backlash Over Elon Musk’s Political Role.” The dropdeck told the rest: “CEO says he will spend significantly less time on DOGE starting in May; electric-vehicle maker’s net income falls 71%.”

For weeks, rumors coming out of the White House have had Musk cutting back on his role in the Trump administration; yesterday Musk finally confirmed it.

The main issue troubling Musk is Trump’s tariff policy. He’s been open in opposing it from the start and has been dismissive of the main policy architect, Peter Navarro, calling him a “moron.” 

Another big story yesterday, as reported by CNBC, “Trump says he has ‘no intention’ of firing Fed Chair Powell.” That had the effect of calming the traumatized stock and bond markets. 

In combination, these stories represent a major retreat for Trump. His tariff policy is largely on hold, Musk’s advisory role is diminishing, and the Fed will remain independent, for now.

So the money has spoken and Trump had to listen. For now.

(Thanks to Leslie for help with today’s roster of headlines.)

Leslie’s Links:

• U.S. proposes recognizing Crimea as Russian ahead of new round of talks (WP)

• The Market Is Discovering Trump May Be Crazy (Bulwark)

• The Force That Holds Trump's Coalition Together (Atlantic)

• Gov. Ferguson signs bill restricting out-of-state military forces in Washington (KATU)

• The Art of the F*ckup (Bulwark)

• Judge orders Trump administration to restore Voice of America (The Hill)

• Clinics begin closing as Trump admin continues freeze on family planning funds (Politico)

• Politically Connected Firms Benefit From Trump Tariff Exemptions Amid Secrecy, Confusion (ProPublica)

• US FDA suspends milk quality tests amid workforce cuts (Reuters)

• Dow Headed for Worst April Since 1932 as Investors Send ‘No Confidence’ Signal (WSJ)

• Al Gore draws parallels between Trump 2.0 and early Nazi Germany in speech (Guardian)

• Pete Hegseth's Pentagon Crisis Is So Much Worse Than You Think (Daily Beast)

• Under Hegseth, Chaos Prevails at the Pentagon (NYT)

• Woodward: Hegseth ‘radiates unseriousness’ (The Hill)

• Te Hegseth Pentagon Chronicles (WSJ)

David’s Links:

• A Ticking Clock on American Freedom (Atlantic)

• Hegseth lashes out at alleged Pentagon leakers he claims want to 'sabotage' Trump's agenda (ABC)

• Pete Hegseth, isolated and defiant, has Trump’s backing for now (WP)

• Transcript: Don Jr. and MAGA Erupt as GOPers Start Turning on Hegseth (TNR)

• Supreme Court weighs who should decide public school curriculum: Judges or school boards? (NPR)

• If Trump wants rate cuts, he would likely need to replace the Fed’s full board along with Powell (CNBC)

• Rubio unveils sweeping reorganization of State Department (WP)

• The Rise and Fall of Great-Power Competition (Foreign Affairs)

• Who Really Runs America? (Atlantic)

• Trump's public approval rating edged down to its lowest level since his return to the White House, as Americans showed signs of wariness over his efforts to broaden his power, a Reuters/Ipsos poll found. We look at how Trump moved swiftly to punish perceived foes in his first 100 days. (Reuters)

• India vows ‘very loud response’ to deadly Kashmir attack (Financial Times)

• Vance visit: What’s at stake for India-US trade amid Trump tariff threat? (Al Jazeera)

• Did the Supreme Court Just Grow a Spine? (The Nation)

• More Democratic lawmakers are visiting El Salvador on Abrego Garcia’s behalf (AP)

• Europeans outlined non-negotiable issues to US for Ukraine-Russia peace deal, French minister says (Reuters)

• China rolls out plan to promote its own payment system as US trade war simmers (South China Morning Post)

• Francis’s legacy could be shaped by his successor (WP)

• An old Italian saying warns: "He who enters a conclave as a pope, leaves it as a cardinal". Here are some candidateswho are being talked about. (Reuters)

• Draft executive order outlines plan to integrate AI into K-12 schools (WP)

• OpenAI Is Secretly Building a Social Network (Futurism)

• AI has grown beyond human knowledge, says Google's DeepMind unit (ZDNet)

• A columnist suggested dumping your AI lover. We asked AI to respond. (WP)

• Unpopular Pete Hegseth Forced To Drink Lunch Alone (The Onion)

MUSIC LINK: 

Vince Gill & Patty Loveless — My Kind of Woman/My Kind of Man — Live | 2024