Shares in Tesla tanked by as much as 7.6% in premarket trading Monday after its CEO Elon Musk said he is forming a new American political party, provoking an irate response from US President Donald Trump.

"I am saddened to watch Elon Musk go completely "off the rails," essentially becoming a TRAIN WRECK over the past five weeks,' Trump wrote on social media.

"When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy," Musk posted on X on Saturday. "Today, the America Party is formed to

Mr. Trump said his administration was working with state and local officials and that Department of Homeland Security Secretary Kristi Noem would be arriving in Texas shortly. DHS oversees the Federal Emergency Management Agency.

President Donald Trump announced that he signed a disaster declaration for Kerr County, Texas, where flash floods have killed scores of people. Trump said families of victims were experiencing "unimaginable tragedy.

Trump's so-called reciprocal tariffs will now take effect on Aug. 1, White House press secretary Karoline Leavitt told reporters. Minutes earlier, Trump announced 25% tariffs on South Korea and Japan that would take effect at the start of August.

Stocks retreated at the start of a potentially volatile week, as U.S. trading partners rushed to finish trade deals ahead of a July 9th tariff deadline. President Trump said those aligning with the BRICS group of nations will face an additional 10% levy,

Former Trump Economic Policy Acting Assistant Secretary Diane Furchtgott-Roth discusses President Donald Trump's trade policy ahead of the looming tariff deadline and the economic impact of the 'big,