Beauty is in the eye of the beholder

Daily update

US President Trump’s mega-donor Musk was strongly critical of the “big, beautiful bill” currently before Congress. The bill contains many things markets are worried about. Musk’s opposition may embolden some Republican senators to oppose parts of the bill (Musk has more money than Trump, but their recent political forays have not been universally successful).
Trump’s latest big, but perhaps not beautiful tax increases come into effect today, with US consumers of foreign steel paying 50% tax (assuming there are people employed to collect the tax). Consumers of UK steel only have to pay 25% because of the as-yet inoperable trade “agreement”. UK steel exports were supposed to incur no tariff, so Trump’s abrupt change may cause UK negotiators to question the value of “agreements” made.
The Dutch government collapsed yesterday—an event not without precedent—as the far-right Party for Freedom withdrew. This is very unlikely to impact the euro or the ECB. South Korea’s presidential election was won by the left-wing opposition, as generally expected. The won and Korean equities strengthened.
The US Bureau of Labor Statistics announced it will revise April employment data owing to errors in the weightings used. The changes should not be substantial, but it reminds investors that economic data is becoming less precise in real time.