Rolling coverage of the latest economic and financial news, as Trump declares ‘tariff letters and/or deals’ will be delivered from 12:00 PM (Eastern) today (5pm BST)Trump and US commerce secretary say tariffs are delayed until 1 August, sparking confusionUS Politics Live: US to make several trade announcements in next 48 hours, Trump treasury secretary says – live updatesOof! Tesla’s shares are down over 7% in pre-market trading in New York, as investors react to Elon Musk’s launch of the new America party.That, by my maths, knocks around $70bn of Tesla’s market value, pulling it below the $1tn level to around $945bn.Much to the dismay of Tesla’s shareholders, after a brief political hiatus, it looks like Musk is renewing his focus on Washington once again, meaning he’ll have less time to spend on the electric vehicle giant. There is a distant idea that Musk garnering great political influence could mean a bounce back in interest in the green energy transition and a boost to green subsidies which would help Tesla. However, the more realistic, shorter-term likelihood is that Musk’s political shift is negative for Tesla since it comes at a time when the company’s performance is lagging, which necessitates a more hands-on approach from its boss.It looks like shares in Tesla will open lower today on Wall Street, with its Frankfurt listed shares in the red this morning. The stock is already down around 17% this year, sharply underperforming most mega cap tech names and the wider US