President Donald Trump, right, speaks during a news conference with Elon Musk in the Oval Office of the White House, May 30, 2025, in Washington. (AP)

NEW YORK, July 7, (AP): Shares of Tesla tumbled 8% at the opening bell Monday as the feud between CEO Elon Musk and Trump reignited over the weekend.

Musk, once a top donor and ally of Trump, announced that he was forming a third political party in protest over the Republican spending bill that passed late last week.

Musk has been highly critical of the bill, which he said would kill jobs and bog down burgeoning industries.

In a social media post on Sunday, Trump said that the billionaire owner of SpaceX, Tesla and X had gone “off the rails” in recent weeks. Investors fear that Musk’s companies, which receive significant subsidies from the federal government, could suffer further if his feud with Trump continues to fester.

“With the autonomous future ahead and the AI Revolution in full force Musk/Tesla do not need to keep poking the bear as Trump can create more hurdles for Musk/Tesla/SpaceX over the coming years if this political battle gets nastier heading into mid-terms in 2026,” Wedbush Securities analyst Dan Ives wrote in a note to clients late Sunday.

Tesla shares have been extremely volatile since Musk went all-in for Trump in the run-up to last year’s election with the company facing a growing backlash as a result of Musk’s embrace of right-wing politics and his role in the Trump administration.

Shares have plunged in Europe and the U.S.. Industry analysts believe a large part of that slump is being driven by Musk’s affiliation with Trump and far-right parties like Germany AfD. But Tesla is facing rising competition globally, particularly in China.

Since hitting an all-time high of $479.76 on Dec. 17, Tesla shares have lost about 40% of their value. Tesla shares are down about $26 each since Thursday’s close, to $289.75.

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between US dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea on July 7. (AP)

MANILA, Philippines, July 7, (AP): Global shares mostly fell Monday as the Trump administration stepped up pressure on trading partners to quickly make new deals before a Wednesday tariff deadline, with plans for the United States to start sending letters warning countries that higher tariffs could kick in Aug. 1. In early European trading, Britain’s FTSE 100 was down 0.2% to 8,809.23 while Germany’s DAX added 0.3% to 23,854.32.

In Paris, the CAC 40 edged down 0.1% to 7,688.34. Japan’s Nikkei 225 shed 0.6% to 39,587. 68 while Hong Kong’s Hang Seng index edged down 0.1% to 23,887.83. South Korea’s KOSPI index rose 0.2% to 3,059.47 while the Shanghai Composite Index edged 0.1% higher to 3,473.13. Australia’s S&P ASX 200 fell 0.2% to 8,589.30.

Oil prices also fell after OPEC+ agreed on Saturday to raise production in August by 548,000 barrels per day, accelerating output increases since oil prices jumped, then retreated, in the aftermath of Israel and US attacks on Iran. US benchmark crude was down 71 cents to $66.29 per barrel. Brent crude, the international standard, shed 41 cents to $68.39 per barrel.

US shares were set to drift lower with S&P 500 futures declining 0.4% to 6,295.50 and Dow futures down 0.2% at 45,012. “We expect markets to be volatile into the 9-July deadline when the 90-day pause on President Trump’s reciprocal tariffs expires for non-China trading partners,” the Nomura Group wrote in a commentary. It said the near-term outlook will likely hinge on several key factors like the extent to which trading partners are included in Trump letters, the rate of tariffs, and the effective date of such tariffs.

A more distant implementation date might leave scope for some last-minute trade negotiations and maintain market optimism for potential resolutions or extensions, it added. “With the July 9 tariff deadline fast approaching, all eyes are trained on Washington, scanning for signs of escalation or retreat. The path forward isn’t clear, but the terrain is littered with risk,” Stephen Innes, managing partner at SPI Asset Management said in a commentary.

On Thursday, a report showed the US job market performed stronger than Wall Street expected. The S&P 500 rose 0.8% and set an all-time high for the fourth time in five days. The Dow Jones Industrial Average added 344 points, or 0.8%, and the Nasdaq composite gained 1%. In other dealings Monday, the U.S. dollar rose to 145.18 Japanese yen from 144.44 yen. The euro edged lower to $1.1734 from $1.1779. 

Kuwait’s Finance Minister Noura Al-Fassam meets UK Secretary David Lammy.

KUWAIT CITY, July 7: Kuwait’s Minister of Finance and Minister of State for Economic and Investment Affairs, Noura Al-Fassam, met on Sunday with the UK Secretary of State for Foreign, Commonwealth, and Development Affairs, David Lammy, to discuss ways of increasing bilateral trade and advancing investment cooperation between the two nations.

According to a statement issued by the Ministry of Finance, the meeting reviewed the outcomes of the recent historic visits of His Highness the Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, to the United Kingdom. Both sides affirmed their commitment to further developing the strategic investment partnership between Kuwait and the UK.

As the current president of the Gulf Cooperation Council (GCC), Kuwait emphasized its intention to accelerate negotiations on a free trade agreement between the GCC and the UK. Minister Al-Fassam conveyed this position during her discussions with the British official.

Also present at the meeting was Sheikh Saud Salem Abdulaziz Al-Sabah, Managing Director of the Kuwait Investment Authority (KIA), who reiterated the Authority’s interest in reinforcing investment relations with the UK. He highlighted the Kuwait Investment Office (KIO) in London, established over 70 years ago, as a key player in managing Kuwaiti assets across various sectors, laying a solid foundation for further expansion.

Minister Lammy expressed the UK’s readiness to support Kuwait’s development goals and contribute to major infrastructure and economic projects through British investment.

The talks were also attended by Undersecretary of the Ministry of Finance Aseel Al-Mneify, Kuwait’s Ambassador to the UK Bader Al-Munayekh, and the UK’s Ambassador to Kuwait Belinda Lewis.