Good morning. Tesla says it really wants Elon Musk to stay—definitely. Why you should look to the seas for a glimpse of the economy’s future. And even more soccer stuff is coming to Miami. Listen to the day’s top stories.
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Photographer: Shawn Thew/EPA
Tesla Chair Robyn Denholm dismissed a report that the board was looking to replace CEO Elon Musk as “absolutely false,” adding that directors are “highly confident” in his ability.The rebuke came after the Wall Street Journal said board members contacted executive search companies about a month ago to hunt for a successor. Reminder: Tesla stock has fallen 30% this year.
Donald Trump acknowledged that tariffs are politically risky for him but vowed to plow on regardless. “I just think that I’ll be able to convince people how good this is,” he told NewsNation in a town hall. Kamala Harris reemerged on the political stage to criticize Trump’s policies for “inviting a recession.”
The US and Ukraine signed a deal over access to the country’s natural resources. (Though it doesn’t actually have very much of the stuff.) The US will get first claim on profits transferred into a jointly managed investment fund. A key Trump ally said he has broad Senate support for a bill that would enact “bone-crushing” new sanctions on Russia if Vladimir Putin doesn’t engage in serious negotiations to end the war.
A federal judge threw a rather large shadow over Apple’s earnings. A US District Court judge ruled the company violated a 2021 court order to open up App Store payments, potentially costing billions in revenue. A win for Fortnite developer Epic Games.
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Deep Dive: By Air and Sea
A container ship docked at the Port of Oakland in California. Photographer: Justin Sullivan/Getty Images North America
Planes and ships. Collectively, they offer some of the first real-world reactions to a tariff war that’s meant to reset US relations with the nation’s top trading partners.
More than 40% of container ship capacity has been canceled between Asia and the US, and the world’s top shipbroker has cut its profit outlook. Trump’s plan to charge large Chinese ships millions of dollars to call at American ports hasn’t helped any.
Still, it’s nowhere near the dark days of the early pandemic when global shutdowns crushed energy consumption by about a third, and key producers were pumping as much oil as they could.
But the ramifications for the oil-consuming parts of the US economy are hiding in plain sight. As the executive director of the Port of Los Angeles noted: “If you’re a trucker and you’re hauling four or five containers today, you may haul two or three in the future.”
The Big Take
A bust of Elon Musk outside of Boca Chica Village in April 2021. Photographer: Mark Felix/Bloomberg
Elon Musk's SpaceX is transforming Boca Chica, Texas, into Starbase, a company town with 260 employees and their families. Residents are voting to incorporate, giving SpaceX control over zoning and development, while some original locals worry about being edged out. Read the story.
Saudi Arabia is driving oil prices down, puzzling observers who expect OPEC to push prices higher, Javier Blas writes. The kingdom's motives may include disciplining cheating producers, preparing for Iran's return to the market, or hedging against a potential split with Russia.
Fans wearing Lionel Messi jerseys at Chase Stadium in Fort Lauderdale. Photographer: Scott McIntyre/Bloomberg
FC Barcelona is moving its US headquarters from New York to Miami, bolstering the city’s credentials as a soccer hotbed. The move comes as Miami prepares to be one of 16 sites hosting the FIFA World Cup in 2026 and follows Lionel Messi’s 2023 signing with Inter Miami CF.
