Burying the hatchet, maybe

Good morning. Elon Musk and Donald Trump may be coming to their senses. “America First” is turning into “America the Avoidable.” And not even the legacy of Trump’s mother can save Harris Tweed. Listen to the day’s top stories.

Keep calm and carry on. Signs are Donald Trump and Elon Musk may be heading toward a detente, but nothing is for certain quite yet. Musk has signaled he’s open to cooling tensions and backed off on a threat to decommission SpaceX’s Dragon spacecraft. White House aides have scheduled a call with the Tesla CEO to broker peace, according to Politico. Here’s a timeline of their very public spat.

Markets breathed a sigh of relief, with stock futures rising and Tesla rebounding premarket—but nowhere near enough to claw back all of yesterday’s 14% plunge. “Elon isn’t functioning to the benefit of his shareholders,” Tesla investor Ross Gerber said. Other assets posted smaller moves as traders looked to the monthly nonfarm payrolls report for signs of how Trump’s trade war is affecting the economy.

The data are expected to show the US added 126,000 jobs last month, marking a slowdown in hiring but still stronger than if tariffs on China had continued. The Treasury singled out Beijing for “its lack of transparency” in its latest forex report, but refrained from naming any country a currency manipulator. But it did, incredibly, call on the BOJ to raise rates to strengthen the yen.

President Trump told Senate Republicans he’s open to a SALT cap below the $40,000 in the House-passed version of his tax bill, a person familiar said. The comments added momentum to Senate GOP efforts to enact a lower cap. Here’s a reminder what’s in the bill.

Harvard won a temporary reprieve from Trump’s foreign student ban. A US District Judge said the university would face “immediate and irreparable injury” if the president’s proclamation went into effect. Here are the many ways Trump is attacking the Ivy League college.

Deep Dive: Destination Anywhere (But the US)

America the avoidable. Donald Trump’s travel ban, stricter border controls, trade war and LGBTQ rights rollback have discouraged global travel to the US, and could end up costing the economy $12.5 billion this year, according to the World Travel & Tourism Council.

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The Big Take

Health-care hustlers. Read how fake Taylor Swift ads, a wannabe hip-hop mogul and a onetime porn-video recruiter turned Obamacare into a lucrative get-rich-quick scheme, with a little help from Bain Capital. This is the second in our series about the shady side of health-care telemarketing. Here’s the first.

Opinion

The government can’t force interest rates lower, Allison Schrager writes. Financial repression has a poor track record and may lead to inflation, debasement of the dollar, or other negative consequences. A more effective solution would be for the government to develop a credible plan to reduce long-term debt.

Before You Go

Getting personal. In 1957, a clergyman from Scotland’s Outer Hebrides defied President Dwight D. Eisenhower’s tariffs to save the tweed trade that was the lifeblood of the islands’ economy. That hard-won victory is under threat once again from Donald Trump, whose own mother was born on these very islands.

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