Trump and Musk Engage in Public Feud Over New Party

US President Donald Trump has criticized Elon Musk's plan to launch a new political party called the 'America Party', calling it 'ridiculous' and stating that it would add to the confusion in the existing two-party system. Musk had announced the party's formation on X, aiming to challenge the Republican and Democratic 'Uniparty'. The development comes amid a public spat between the two former allies, with Trump also criticizing Musk's push for an Electric Vehicle (EV) mandate.

The article discusses several key global events, including Elon Musk's formation of a new political party called the 'American Party', U.S. President Donald Trump's tariff announcements, and OPEC+'s decision to increase oil output. The news has impacted global markets, with U.S. stock futures slipping and Asian markets mostly falling. The article also touches on European banks' performance and the growing private credit industry.

The stock market experienced a significant downturn on July 7, 2025, with the Dow Jones Industrial Average plummeting 422.17 points, or 0.94%, following President Donald Trump's announcement of new tariffs on imported goods from several countries. The S&P 500 and Nasdaq Composite also fell, with the latter losing 0.92%. Trump's tariff announcements, which included steep rates for countries like South Korea, Japan, and Malaysia, sparked concerns about potential stagflation and its impact on the market. Shares of companies like Toyota Motor and Honda Motor dropped significantly, while Tesla's stock price fell nearly 7% after Elon Musk announced his intention to form a new political party.

Tesla's stock price plummeted nearly 7% on Monday after CEO Elon Musk announced plans to form a new political party called the 'America Party.' The move has made investors nervous, as Musk's involvement in politics has been a point of contention. Tesla shareholders have been concerned about the potential damage to the company's brand, particularly after Musk's stint at the Department of Government Efficiency earlier this year. The news comes as Tesla faces rising competition and reported a 14% year-on-year decline in car deliveries in the second quarter.

U.S. President Donald Trump criticized Elon Musk for forming a new political party called the 'American Party', calling it 'ridiculous' and stating that Musk had gone 'off the rails.' The move comes after a disagreement between the two over Trump's spending bill and Musk's push for an 'Electric Vehicle Mandate.' Musk had previously supported Trump's re-election bid and was appointed to lead the Department of Government Efficiency.

The FBI and US Justice Department have released a joint memorandum stating that Jeffrey Epstein died by suicide in 2019 and did not maintain a 'client list' or blackmail prominent figures in relation to his sex trafficking activities. The agencies conducted an exhaustive review of evidence and debunked several conspiracy theories surrounding Epstein's life and death.

The article reports on the deteriorating relationship between former President Donald Trump and billionaire Elon Musk. Musk announced the creation of a new political party, the America Party, which Trump criticized on Truth Social, calling Musk 'off the rails.' The rift between the two began when Musk opposed Trump's domestic policy bill, which added trillions to the federal debt. Trump claimed Musk had previously supported ending the electric vehicle mandate, which would have benefited Tesla, but Musk later changed his stance. Trump also withdrew Jared Isaacman's nomination to run NASA, citing Isaacman's donations to Democrats and his close friendship with Musk. Treasury Secretary Scott Bessent expressed support for Musk's government cost-cutting efforts but doubted Musk's ability to succeed in politics.