The president says tariffs on Chinese goods will be substantially lower, he has no intention of firing Fed Chief, and more news to start your day.

Elon Musk says he’ll be spending less time in Washington slashing government costs and more time running Tesla after his electric vehicle company reported a big drop in profits. Tesla struggled to sell vehicles as it faced angry protests over Musk’s leadership of DOGE,

Tesla sales have been slumping because of intense competition from China and Musk’s support of far-right causes, which has turned off some liberals and centrists.