Trump's tax reform goes to Congress
President Trump's major tax reform has now taken a decisive step in Congress. The Republicans in the Senate have approved their bill by 51 votes to 50, with Vice President JD Vance carrying the decisive weight. Now it is up to the House of Representatives, where there has been lively discussion since this morning about how the rules for the upcoming vote should be set. Speaker Mike Johnson and his colleagues are anxious to get the bill to Trump's desk unchanged in order to meet the July 4th deadline. But uncertainty over the timetable remains, with storms preventing many lawmakers from returning. Currently, some 28 Republicans are expressing skepticism about the Senate's changes, and Johnson will need to reduce that number significantly to secure a majority. The additional costs of around 900 billion dollars in particular are causing uproar among fiscally conservative MPs, which is further complicating the negotiations.
Tesla's energy storage business suffers from decline
In the USA, Tesla's energy storage business $TSLA (+2.35%)which was long regarded as a small but remarkable beacon of hope, is now struggling with a decline. For the second year in a row, installations of Powerwall and Megapack products have declined. In the second quarter of 2024, Tesla installed 9.6 gigawatt-hours of storage, a decrease of 0.8 gigawatt-hours compared to the first quarter. The energy storage division peaked in the fourth quarter of 2024 with 11 gigawatt hours. This development is in stark contrast to the broader energy storage market, which is currently at a record high. Analysts estimate that new installations increased by 57% year-on-year in the first quarter. However, new tariffs on Chinese goods and the impact of a Trump-backed bill could significantly impact Tesla's future growth momentum.
Sources:
https://finance.yahoo.com/video/trumps-tax-bill-advances-house-150531095.html
https://finance.yahoo.com/news/tesla-energy-storage-business-gets-183517950.html