Good morning. Here's what happened overnight and what you need to know today.
1.
Trump’s abomination: Elon Musk called Donald Trump’s sweeping tax and spending bill a “disgusting abomination,” saying it will “massively increase the already gigantic budget deficit.” Musk wrote on X: “I’m sorry, but I just can’t stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,” adding, “Shame on those who voted for it: you know you did wrong.” The bill, which Trump calls his “one big, beautiful bill,” passed the House last month by one vote and is now before the Senate. It is forecast to add USD3.8 trillion ($5.9 trillion) to the national debt. Musk, who recently left his role leading the Department of Government Efficiency, has said the bill threatens the initiative’s savings. Trump has remained publicly unmoved by Musk’s criticism, with his press secretary saying he “already knows where Elon Musk stood on this bill”. Meanwhile, Trump is expected to sign an order today doubling US steel and aluminium tariffs to 50%, while trade partners were asked to submit their best offers by Wednesday, ahead of the 9 July tariff reprieve deadline. (Reuters)(Bloomberg)(WSJ)
2.
Lee wins: Liberal opposition candidate Lee Jae-myung is set to become South Korea’s next president after conservative rival Kim Moon Soo conceded and exit polls projected a clear win for Lee. With almost 95% of ballots counted, Lee led 48.8% to Kim’s 42%. An earlier joint exit poll put Lee at 51.7% and Kim at 39.3%. Voter turnout was nearly 80%—among the highest since 1997. The vote follows the impeachment of President Yoon Suk Yeol, ousted after imposing a short-lived martial law last December. Lee will replace acting president Han Duck-soo and be sworn in for a full five-year term. Kim congratulated Lee, who pledged unity, economic revival and renewed inter-Korean dialogue. (Capital Brief)(AP)(Bloomberg)(Reuters)(WSJ)
