Billionaire Elon Musk on Saturday criticized the latest version of President Donald Trump's tax and spending bill released by the U.S. Senate, calling it "utterly insane and destructive," weeks after the world's richest person and its most powerful ended a feud sparked by Musk's opposition to the bill.

U.S. trade tariffs weighed on profitability. Industrial profit fell 9.1% year over year in May, tumbling from April’s 3.0% rise, data released by the National Bureau of Statistics showed Friday. The decline was due to multiple factors,

China’s industrial profits swung back into sharp decline in May from a year earlier, as factory activity slowed in the face of broader economic stress and a fragile trade truce with the United States.