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Trump says China trade deal that includes rare earths “is done.” While the full details of the framework of a deal reached in London this week to deescalate trade tensions between the US and China haven’t been made public, President Trump posted on Truth Social that it would include China easing restrictions on exports of the rare earth minerals and magnets US manufacturers need “UP FRONT.” The Wall Street Journal reports that this easing will only last six months. Trump’s post also said that tariffs on China would be at 55%, which appears to include the 10% rate Trump has put on all imports, the 20% duty Trump recently added over fentanyl trafficking, and the ~25% tariffs that remain on China from Trump’s first term. Meanwhile, he said China will set a 10% levy on US goods. He also said the deal would allow Chinese students to attend US universities. Trump and China’s Xi Jinping must still officially sign off.
Inflation rose less than expected in May. As of last month, President Trump’s tariffs had yet to deliver the significant price spikes economists feared they would bring, new consumer price index data released yesterday shows. The CPI rose by just 0.1% for the month, putting the annual inflation rate at 2.4%, which is less than was anticipated after businesses warned that tariffs would force them to raise prices. But the lack of impact from tariffs may simply reflect that many of them have been paused and that businesses stockpiled inventory to prepare, so they could still spur inflation down the road. Still, Vice President JD Vance echoed the president’s call for the Fed to cut interest rates, calling a failure to do so “monetary malpractice.”
Regrets? Elon Musk has a few. In a surprisingly relatable move from the world’s richest person, Elon Musk tweeted at 3am yesterday, “I regret some of my posts about” President Trump, saying “they went too far.” In case you spent last week on a darkness retreat: Musk and the president had a public falling out on social media, with Musk accusing Trump of being connected to Jeffrey Epstein and calling for his impeachment, and Trump suggesting the US yank government contracts from Musk’s companies. Less relatably, the Wall Street Journal reports that Musk’s remorse came after a phone call from Vice President Vance and White House Chief of Staff Susie Wiles urging him to stand down. He also reportedly spoke to the president before posting. But like all of us after a breakup, Musk is also throwing himself into work: He announced Tuesday that Tesla will debut its self-driving car service in Austin as soon as June 22.—AR
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