The Daily Money: Elon has left the building
Good morning! It’s Daniel de Visé with your Daily Money. Thanks to Betty Lin-Fisher for piloting the newsletter ship these past few days.
Elon Musk has officially left the Trump administration, capping the billionaire’s turbulent four-month run leading a contentious effort to slash the federal government.
Musk announced his departure in a May 28 post on X. And there's a reason he's leaving now.
Court blocks Trump's tariffs
A federal court has ruled that President Trump can't use an emergency-powers law to impose tariffs on foreign countries, dealing a blow to his trade agenda.
Trump invoked the International Emergency Economic Powers Act of 1977 to justify his tariffs, portraying the nation's trade imbalance as a national emergency. The court, evidently, was not convinced. But the fight is not over.
What to know about recessions
The looming threat of recession has hung over American consumers for what seems like forever, an ongoing economic drama that stretches back to the early pandemic years.
The chances of a recession in 2025 currently stand at about 40%, according to a May 27 report from J.P. Morgan.
If a recession comes, how will we know? When will it end? What will be the fallout on Wall Street? Here are some answers.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from Paste BN, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.
Daniel de Visé covers personal finance for USA Today.