Welcome, readers, to the Afternoon Update.
Tensions between Donald Trump and his erstwhile “first buddy” Elon Musk have risen further, prompting threats from the US president to terminate government contracts with Musk’s businesses. The spectacular public feud has also pushed Tesla shares into a freefall. Amid all the drama, precipitated by Trump’s signature “Big Beautiful Bill”, eyes are turning to the Republican lawmakers weighing whether to pass it.