Market Beats | Trump Says He’ll ‘Take a Look’ at Deporting Elon Musk; Trump Tax Bill Cuts $560 From Poorest While Giving $6,055 to Richest; US Auto Sales Slump After Spring Surge as Tariffs and High Prices Bite; Apple Weighs Using OpenAI or Anthropic Models for Siri; US Dollar Suffers Worst Start to a Year Since 1973

—— Trump Says He’ll ‘Take a Look’ at Deporting Elon Musk; Trump Tax Bill Cuts $560 From Poorest While Giving $6,055 to Richest; US Auto Sales Slump After Spring Surge as Tariffs and High Prices Bite; Apple Weighs Using OpenAI or Anthropic Models for Siri; US Dollar Suffers Worst Start to a Year Since 1973

1. Trump Says He’ll ‘Take a Look’ at Deporting Elon Musk

President Donald Trump said Tuesday he would “take a look” at deporting Elon Musk, responding to a reporter’s question about the South African-born billionaire’s opposition to the administration’s tax and spending legislation.

“I don’t know. We’ll have to take a look,” Trump said at the White House. The remark marks the latest escalation in tensions between Trump and Musk, who has become a vocal critic of a GOP tax bill that accelerates the expiration of consumer EV credits. Shares of Tesla Inc., where Musk serves as CEO, fell over 4% in premarket trading following the exchange.

Trump suggested Musk’s opposition stems from the bill’s removal of subsidies that benefit his companies. Earlier Tuesday, Trump warned on social media he could revoke those subsidies — a threat he reiterated in his public remarks.

“Elon is losing his EV mandate,” Trump said, adding, “he could lose a lot more than that.”

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2. Trump Tax Bill Cuts $560 From Poorest While Giving $6,055 to Richest

A new analysis by economists at Yale University’s Budget Lab finds that the Senate version of President Donald Trump’s tax cut bill would cost the bottom 20% of taxpayers an average of $560 per year, while delivering an average gain of $6,055 to the top earners.

The report supports Democratic claims that the bill disproportionately favors the wealthy at the expense of the working poor. The disparity stems from a mix of tax cuts and spending reductions. The poorest Americans would be hit hardest by cuts to Medicaid and SNAP (food stamps), while wealthier taxpayers benefit from income rate reductions and expanded SALT deductions.

A proposal by GOP Senator Rick Scott would cut Medicaid even more, though the Budget Lab notes that over half of Medicaid cost reductions fall on providers rather than enrollees. The analysis also assumes states will replace about 1% of lost income for low-income families.

The Senate is expected to finalize the bill before July 4. The analysis excludes tariffs, which have been floated as a funding source. Including tariffs would make the legislation even more regressive, the Budget Lab warned.

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3. US Auto Sales Slump After Spring Surge as Tariffs and High Prices Bite

The springtime rebound in US auto sales faded in June, setting the stage for a broader slowdown as tariffs and high prices weigh on demand. Consumers rushed to buy cars earlier this year to beat President Donald Trump’s auto import tariffs, lifting Q2 sales by an estimated 2.5% year-on-year, according to J.D. Power.

But that momentum has faded. The annualized selling rate in June fell to 15 million units — the slowest in a year — from 17.6 million in April, as economic uncertainty makes buyers hesitant to commit to big-ticket purchases. Vehicle prices are expected to rise further as automakers pass on billions in tariff costs.

“The party is over,” said Jonathan Smoke, chief economist at Cox Automotive. “Affordability is deteriorating, and that’s going to force production cuts to keep supply in check.”

Smoke expects monthly sales to hover near a 15 million annualized rate in the second half of 2025, down from 16.3 million in the first half. Americans bought about 16 million cars and light trucks in 2024.

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4. Apple Weighs Using OpenAI or Anthropic Models for Siri

Apple Inc. is exploring a major shift in its AI strategy by considering Anthropic or OpenAI models to power a revamped version of Siri, marking a potential departure from its reliance on in-house AI.

According to people familiar with the discussions, Apple has asked both companies to train versions of their large language models that could run on Apple’s cloud infrastructure for testing. This move would signal a major reversal from the company’s plan to launch a new Siri version powered by its own Apple Foundation Models in 2026.

If Apple proceeds with this plan, it would be an implicit admission that its efforts to build competitive generative AI have fallen short. Although Siri can already delegate web queries to ChatGPT, the assistant’s core functions are still run by Apple’s proprietary technology.

The move highlights how Apple, once hesitant about third-party AI integrations, may now be prioritizing performance and competitiveness in the fast-moving generative AI space.

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5. Harvard’s Talks with White House Stall

Talks between Harvard University and the White House have stalled, casting doubt on a potential resolution to a conflict that threatens Harvard’s finances and its ability to enroll foreign students.

A possible deal collapsed last week, though hopes for an eventual accord remain, according to a person familiar with the matter. The Trump administration ramped up pressure on Monday, citing a civil rights investigation that found Harvard discriminated against Jewish and Israeli students. The government warned that without immediate reforms, all federal financial support would be withdrawn.

The administration has already revoked over $2.6 billion in research funding, threatened Harvard’s tax-exempt status, and moved to block foreign student admissions.

Earlier this month, President Donald Trump said he was nearing a deal with the university — a prospect now thrown into question.

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6. US Dollar Suffers Worst Start to a Year Since 1973

The US dollar is off to its worst start to a year since 1973, plunging 10.8% in the first half of 2025 as President Donald Trump’s trade and fiscal policies shake investor confidence. The dollar index, which measures the currency against a basket of six others, posted its biggest six-month drop since the global financial crisis.

Analysts point to Trump’s erratic tariff battles, ballooning US debt, and concerns over the independence of the Federal Reserve as key reasons for the dollar’s decline. ING FX strategist Francesco Pesole said, “The dollar has become the whipping boy of Trump 2.0’s erratic policies.”

The US Senate is currently debating amendments to Trump’s sweeping tax legislation, which could add $3.2 trillion to the federal deficit over the next decade. That has further eroded investor appetite for US Treasuries and undermined the dollar’s traditional role as a safe haven.

This marks the weakest first-half performance for the greenback since the collapse of Bretton Woods in 1973 and the worst six-month stretch since 2009.

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7. Tesla Rolls Out Robotaxi Service, Shares Jump Nearly 9%

Tesla Inc. shares rose sharply after the company launched its long-awaited driverless taxi service, marking a quiet but meaningful step toward what Elon Musk envisions as a transformative business model.

The first robotaxi rides began Sunday in a limited area of Tesla’s hometown, Austin, Texas. Each vehicle had a company employee in the front passenger seat to monitor for safety. Tesla selected a group of loyal retail investors and social-media influencers to test the service and live-stream their experiences.

In one video, Herbert Ong, who runs a Tesla fan account, praised the car’s acceleration and parking capabilities. Another user, @BLKMDL3, said his ride was smoother than with a human driver. Sawyer Merritt, a well-known Tesla-focused investor, called the experience “awesome.”

Tesla opted for an unusually low-key rollout with no formal launch event, relying on word of mouth and media buzz instead. This contrasted sharply with past unveilings like the 2022 “Cyber Rodeo” or last year’s invite-only prototype event in Hollywood.

While Musk has warned that autonomy may not significantly impact Tesla’s financials until at least next year, the debut of the service boosted investor optimism.

Tesla shares jumped as much as 11% on Monday—the biggest intraday gain since April 9—before settling at an 8.7% rise by early afternoon.

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