Billionaire founder and U.S. government efficiency advisor Elon Musk is applying his signature outsized thinking to an urgent economic problem: how to prevent the U.S. from falling into a recession.

As fears of a U.S. recession escalate and government debt balloons, Musk’s Department of Government Efficiency (DOGE) is making surprising progress.

With the U.S. 10-year Treasury yield nearing 4.5% and the probability of a recession within 12 months from May 2024 reaching 43%, the urgency to avert such an economic downturn is becoming increasingly apparent.

But in a surprising move, DOGE is making significant strides in its mission to drastically reduce government waste.

Having set an ambitious goal to save $2 trillion, which amounts to one-third of the entire federal budget, DOGE has already achieved savings of $170 billion by May.

This milestone marks 17% of its $1 trillion goal and 8.5% of the “dream target” for the year.

Those who wish to follow DOGE’s progress can monitor it on the official website, where reports on which sectors are becoming more efficient are also shared regularly.

Bitcoin price falls after Trump’s new trade tariffs

Bitcoin and other cryptocurrencies fell on Monday after former President Donald Trump warned that the U.S. may impose new tariffs on goods from Europe in retaliation for what he called unfair trade practices.

The crypto market, especially Bitcoin, has become very sensitive to any moves in the political arena, especially anything related to trade tensions. As these tensions escalate, crypto prices are reacting quickly to the unfolding events.

Recently, Bitcoin price records new highs as it trades above the $112,000 mark. However, after the news, Bitcoin is down 2.7%, now trading at $107,937.

Trump took to his Truth Social platform to share his thoughts on the state of trade with Europe. He expressed his disappointment with the lack of progress in resolving trade imbalances despite his efforts to forge a good relationship with European leaders.

“They promise to change but they never do. They are slashing interest rates (to help them compete with the U.S.) while the U.S. raises them to keep our economy in good shape-and they have large trade surpluses with the U.S. which they don’t want to close. They are also taxing our companies at record high levels. Not fair!” Trump wrote.

Moreover, Trump noted that the European Union is planning to impose a 25% tariff on Spanner, a product manufactured by Stanley Black & Decker. He pointed out that the company employs a large number of people in the U.S. and contributes significantly to the American economy.

According to reports by Xinhua, the European Commission is set to introduce a 25% tariff on Spanner products in the upcoming weeks as part of a broader trade dispute with the U.S. This move is a response to the U.S. administration’s decision to impose tariffs on steel and aluminum imports.

Earlier this year, the U.S. imposed tariffs of 25% on steel imports and 10% on aluminum imports, citing national security concerns. In response, the European Commission announced plans to impose tariffs on a range of U.S. products, including Spanner products, peanut butter, and motorcycle parts.

The European Commission is currently in the process of selecting specific U.S. products for the tariffs and will finalize the list in the coming weeks. Once the list is finalized, the tariffs will be implemented shortly.

As the world’s leading cryptocurrency, Bitcoin is known for its volatility and sensitivity to macroeconomic and geopolitical events. In the past, Bitcoin price has reacted to a variety of factors, including government policies, institutional investment, and major news stories.