What to Know

• Trump said he is "very disappointed" in Elon Musk for his criticisms of the Republican policy bill, which includes many of the administration's priorities. He suggested Musk was upset that the bill removed a Biden-era electric vehicle tax break that benefited his company Tesla.
• In a tirade of over two dozen social media posts, Musk fired back and claimed that Trump "would have lost the election" without his help. Then, in a dramatic escalation of the conflict, Trump implied he could sever U.S. government ties with Musk's business, which amounts to billions in contracts and subsidies.
• Trump said he spoke with Chinese President Xi Jinping this morning in a nearly 1.5-hour call that focused on trade. Tensions between the two countries escalated after each side accused the other of violating a trade truce.