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After more than a week of threats, Elon Musk formally launched the America Party over the July Fourth weekend, a move that not only creates a third political party he says will represent the silent majority of Americans but one that also officially marks his break from the Trump administration. It is, in some ways, a stunning reversal from just a month and a half ago, when Musk was still “first buddy” to Trump and wearing hats that read “Trump was right about everything.” Now, the world’s richest man has declared himself a political opponent of the Republican Party and attracted some notable backers. Starting a political party and effecting real change, however, are two very different things. While the America Party will presumably have plenty of funding, convincing voters en masse to support a candidate who isn’t Republican or Democrat may be easier said than done. Heres a look at Musks America Party and some of the hurdles it faces. Who is supporting Musk’s America Party? Musk says an online poll he ran on whether he should start a third political party showed a two-to-one preference in favor. The poll, though hardly scientific, was conducted on X.com. Still, the passage of the budget bill made it virtually certain that this was happening. By a factor of 2 to 1, you want a new political party and you shall have it!When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy.Today, the America Party is formed to give you back your freedom. https://t.co/9K8AD04QQN— Elon Musk (@elonmusk) July 5, 2025 Since then, a few notable figures have shown what appears to be support for the America Party. Mark Cuban has offered advice on how to get candidates on ballots, and former Trump communications director Anthony Scaramucci said he would “like to meet to discuss” the party with Musk. I work with @voterchoice . They will help you get on ballots. That is their mission. https://t.co/o4ERVGwQNH— Mark Cuban (@mcuban) July 5, 2025 What seats will the America Party target? Musk hasn’t offered specifics yet but said the party could be “laser-focus[ed] on just 2 or 3 Senate seats and 8 to 10 House districts. Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws.” He has not said whether the party will run a presidential candidate in 2028. Will the America Party be able to get on ballots? Cuban referred Musk to the Center for Competitive Democracy, whose mission is “to strengthen American democracy by increasing electoral competition.” That may help, but both state and federal requirements must be met before a party or candidate can appear on a ballot. This will likely require gathering a large number of petition signaturesthough Musk could potentially achieve that by hosting rallies and repeating the financial giveaways he used in the 2024 election and the Wisconsin Supreme Court race. It’s worth noting that no third-party candidate managed to appear on every state ballot during the 2024 presidential race. When is the last time a third party won electoral votes? Its been a while. George Wallace of the American Independent Party was the last third-party presidential candidate to win electoral votes, in 1968. Other notable third-party candidates since then, such as Ross Perot and Ralph Nader, won significant portions of the popular vote but failed to secure any electoral votes. Does Musk have the political strength to make the America Party a threat? Thats the big questionand one without a clear answer. Musks endorsement certainly helped Trump win in 2024, but his involvement with DOGE, along with blunt remarks about politicians and federal employees, alienated many who once idolized him. He also tried to influence voters in the Wisconsin Supreme Court race earlier this year, but the election went firmly to Democratsa result many political observers saw as a sign of Musks waning influence. Musk certainly has the financial means to support the America Party. The bigger question is whether his involvement will prove to be beneficial or a liability. Who will run for office as an America Party candidate? So far, no potential candidates have publicly aligned themselves with Musks new party. Does the formation of the America Party benefit Republicans or Democrats more? Right now, the odds are fairly low that America Party candidates will outperform both Republican and Democratic opponents, mainly because the party is so new and lacks a clearly defined platform (aside from Musks opposition to the budget bill and national debt). Given Musks previous alignment with conservatives, the America Party is likely to siphon votes from MAGA-aligned candidates and Republicans. While nothing is certain, Democrats are more likely than Republicans to benefit from having an America Party candidate on the ballot.
Category:
E-Commerce
President Donald Trump on Monday placed a 25% tax on goods imported from Japan and South Korea, citing persistent trade imbalances with the two crucial U.S. allies in Asia. Trump provided notice of the tariffs to begin on Aug. 1 by posting letters on Truth Social that were addressed to the leaders of both countries. The letters warned both countries to not retaliate by increasing their own import taxes, or else the Trump administration would further increase tariffs. If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge, Trump wrote in the letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung. The letters were not the final word from Trump on tariffs, so much as another episode in a global economic drama in which the U.S. president has placed himself at the center. His moves have raised fears that economic growth will slow to a muddle, if not make the U.S. and other nations more vulnerable to a recession. But Trump is confident that tariffs are necessary to bring back domestic manufacturing and fund the tax cuts he signed into law last Friday. The S&P 500 stock index was down nearly 1% in Monday afternoon trading, while the interest charged on the 10-year U.S. Treasury noted had increased to nearly 4.39%, a figure that could translate into elevated rates for mortgages and auto loans. Trump has declared an economic emergency to unilaterally impose the taxes, suggesting they are remedies for past trade deficits even though many U.S. consumers have come to value autos, electronics and other goods from Japan and South Korea. But it’s unclear what he gains strategically against Chinaanother stated reason for the tariffsby challenging two crucial partners in Asia who could counter China’s economic heft. These tariffs may be modified, upward or downward, depending on our relationship with your Country, Trump wrote in both letters. Because the new tariff rates go into effect in roughly three weeks, Trump is setting up a period of possibly tempestuous talks among the U.S. and its trade partners to reach new frameworks. Trump initially sparked hysteria in the financial markets by announcing tariff rates on dozens of countries, including 24% on Japan and 25% on South Korea. In order to calm the markets, Trump unveiled a 90-day negotiating period during which goods from most countries were taxed at a baseline 10%. The 90-day negotiating period technically ends before Wednesday, even as multiple administration officials and Trump himself suggested the three-week period before implementation is akin to overtime for additional talks. Administration officials have said Trump is relying on tariff revenues to help offset the tax cuts he signed into law on July 4, a move that could shift a greater share of the federal tax burden onto the middle class and poor as importers would likely pass along much of the cost of the tariffs. Trump has warned major retailers such as Walmart to simply eat the higher costs, instead of increasing prices in ways that could intensify inflation. Trump’s team promised 90 deals in 90 days, but his negotiations so far have produced only two trade frameworks. His trade framework with Vietnam was clearly designed to box out China from routing its America-bound goods through that country, by doubling the 20% tariff charged on Vietnamese imports on anything traded transnationally. The quotas in the United Kingdom framework would spare that nation from the higher tariff rates being charged on steel, aluminum and autos, still British goods would generally face a 10% tariff. The United States ran a $69.4 billion trade imbalance in goods with Japan in 2024 and a $66 billion imbalance with South Korea, according to the Census Bureau. According to Trump’s letters, autos would be tariffed separately at the standard 25% worldwide, while steel and aluminum imports would be taxed on 50%. The broader 25% rates on Japan and South Korea would apply to goods not already covered by the specific sectoral tariffs. This is not the first time that Trump has tangled with Japan and South Korea on tradeand the new tariffs suggest his past deals made during his first term failed to deliver on his administration’s own hype. In 2018, during Trump’s first term, his administration celebrated a revamped trade agreement with South Korea as a major win. And in 2019, Trump signed a limited agreement with Japan on agricultural products and digital trade that at the time he called a huge victory for Americas farmers, ranchers and growers. Josh Boak, Associated Press
Category:
E-Commerce
AI cloud computing giant CoreWeave announced on Monday it has signed a deal to acquire Core Scientific, a data center provider, in an all-stock deal valued at $9 billion. The news sent share of both companies tumbling in early trading on Monday, with CoreWeave (NASDAQ: CRWV) slightly recovering by midday, down almost 3%, while Core Scientific (NASDAQ:CORZ) remained in the red, down a staggering 16%. However, Core Scientific stock is still up about 25% since the deal was first reported by the Wall Street Journal last month, as noted by Investopedia. The deal, which is expected to close by the fourth quarter of 2025subject to both regulatory approval, and approval from Core Scientific’s stockholderswill enable CoreWeave to bring Core Scientific’s nationwide data center infrastructure in-house, so it can support large-scale artificial intelligence development as it races to compete in the AI boom. “This acquisition accelerates our strategy to deploy AI and HPC workloads at scale,” CoreWeave’s CEO and co-founder Michael Intrator said in a statement. “Verticalizing the ownership of Core Scientifics high-performance data center infrastructure enables CoreWeave to significantly enhance operating efficiency and de-risk our future expansion, solidifying our growth trajectory. Owning this foundational layer of our platform will enhance our performance and expertise as we continue helping customers unleash AIs full potential.” Both companies have a history of working together, and the deal follows a previous merger bid last year, which Core Scientific rejected on the grounds it was too low, per the Journal. The deal is forecast to save CoreWeave some $10 billion in future leasing contract costs from Core Scientific, according to Yahoo Finance. CoreWeave and Core Scientific by the numbers CoreWeave went public this past March in a highly anticipated initial public offering, which CNBC called the biggest venture-backed IPO for a U.S. company since 2021, following a long lapse of tech IPOs. In its March prospectus filing, the company, whose largest customer is Microsoft, reported a net loss of $863 million, with revenue growth of 737% last year to $1.92 billion. It has a market capitalization of $76.73 billion. Core Scientific reported earnings for the first quarter of 2025 totaling $79.53 million in quarterly revenue, which fell short of analyst estimates of $92.04 million, although its earnings per share (EPS) of -$0.10 beat the street’s estimates of -$0.12. It has a market capitalization of $4.46 billion.
Category:
E-Commerce
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