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In a turn of events nearly everyone knew was going to happen, Elon Musk launched a blistering attack on President Trump Thursday, declaring all-out war with a savage message on X: “Without me, Trump would have lost the election, Dems would control the House, and the Republicans would be 51-49 in the Senate.” Musk didn’t hold back, calling out what he called “ingratitude” as their once-close alliance descends into chaos. This dramatic public spat marks a shocking rupture between two of the biggest personalities in American politics and tech. The feud centers around Trump’s signature “One, Big, Beautiful Bill,” a massive tax-and-spending package projected to add trillions to the U.S. national debt over the next decade.

The U.S. declined to label China a currency manipulator in a new Treasury report released Thursday, but accuses Beijing of standing out among America’s major trading partners for lacking transparency in its exchange rate policies. Treasury’s semi-annual report to Congress — called Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States— comes as the Trump administration seeks to strike a trade deal with China, averting a trade war that has been brewing between the two nations. A Treasury official told reporters previewing the report that the U.S. could in the future find evidence that China is manipulating its currency and will make a determination in the fall whether China has been manipulating the renminbi, also known as RMB.