Elon Musk, the single biggest Republican donor in the 2024 elections, says he wants to create a new political party to lower the US national debt, which currently stands at $37 trillion.

U S President Donald Trump has hit out at former close ally Elon Musk over the multi-billionaire's plan to launch a new political party. "I am saddened to watch Elon Musk go completely 'off the rails,' essentially becoming a train wreck over the past five weeks," Trump posted on his Truth Social platform on Sunday.

With talks stalling and just three framework agreements announced, President Donald Trump is now planning to set some countries' tariff rate by letter and pressuring its larger trading partners to finalize a deal by August.