Axiom private space mission could be glimpse of the future as ISS retirement looms
(WASHINGTON) — Private spaceflight is transforming from joy rides for billionaires into a gateway for nations to establish their space presence, one expert says, as the latest Axiom Space mission returned to Earth on Tuesday.
The mission marked a historic moment for India, Poland and Hungary, who sent astronauts to the International Space Station (ISS) for the first time in decades. Rather than waiting for traditional space programs, these nations booked private flights through Axiom Space, which aims to build the world’s first commercial space station, and SpaceX, which provided the spacecraft the astronauts traveled on.
“This is huge,” said ABC News contributor and astrophysicist Hakeem Oluseyi. “These nations didn’t go through NASA or wait for Russia. They booked the private flight and brought their own experiments. That is a global power flex.”
The mission serves as more than just a demonstration of private space capabilities, Oluseyi said. With NASA planning to decommission the ISS by the end of 2030, Axiom Space, headquartered in Houston, is positioning itself to become “the new landlord of low Earth orbit,” according to Oluseyi. The company has already secured agreements with multiple countries for its own planned space station.
However, the increasing privatization of space access raises questions about America’s future role in space exploration. While another private company, SpaceX, currently provides the only means for launching astronauts from U.S. soil, Oluseyi emphasized the importance of maintaining both public and private investment in space.
“We perform best when there is a combination of both public and private investment,” Oluseyi said, noting current federal budget pullbacks in space and science funding. “Strategically, America needs both public and private to maintain leadership… This is a time not to pull back, but to invest ever more aggressively.”
As space becomes more accessible to new participants, Oluseyi said continued investment and innovation are crucial for maintaining U.S. leadership in space exploration — even as private spaceflight takes off.
“You can’t stop that cat out of the bag, but you can maintain leadership, you can be the one to innovate and take us to the next level,” he said.
(WASHINGTON) — President Donald Trump is set to provide tariff relief for carmakers on Tuesday, just weeks after the onset of auto levies triggered warnings of price increases.
An administration official confirmed that the 25% tariff on finished foreign-made cars and parts will remain — but today’s announcement will prevent tariffs from stacking on top of other tariffs he’s imposed, such as duties on steel and aluminum.
Trump’s 25% tariff on foreign auto parts goes into effect on Saturday and automakers will also be reimbursed for those tariffs up to an amount equal to 3.75% of the value of a U.S.-made car for one year. Reimbursement would fall to 2.5% of the car’s value in a second year, and then completely phased out altogether.
Speaking at the White House on Tuesday, Treasury Secretary Scott Bessent touted the tariff adjustment as a means of ensuring carmakers bring manufacturing to the U.S.
“President Trump has had meetings with both domestic and foreign auto producers, and he’s committed to bring back auto production to the US. We want to give the automakers a path to do that quickly, efficiently and create as many jobs as possible,” Bessent said.
Trump is expected to deliver remarks about the policy change in Michigan on Tuesday. Details of the plan were first reported in the Wall Street Journal.
U.S. automakers on Tuesday applauded the easing of tariffs.
“Ford welcomes and appreciates these decisions by President Trump, which will help mitigate the impact of tariffs on automakers, suppliers and consumers,” Ford told ABC News in a statement.
GM also voiced praise for the move. “We’re grateful to President Trump for his support of the U.S. automotive industry and the millions of Americans who depend on us. We believe the President’s leadership is helping level the playing field for companies like GM and allowing us to invest even more in the U.S. economy,” the company told ABC News in a statement.
The 25% tariff on imported cars took effect on April 3. It applies to an array of passenger vehicles, including cars, SUVs, minivans, cargo vans and light trucks.
The tariffs will almost certainly raise foreign-made car prices, experts previously told ABC News, since importers typically pass along a share of the tax burden to consumers in the form of extra costs.
The policy change offers automakers a chance to relocate their manufacturing, Commerce Secretary Howard Lutnick told ABC News in a statement.
“This deal is a major victory for the President’s trade policy by rewarding companies who manufacture domestically, while providing runway to manufacturers who have expressed their commitment to invest in America and expand their domestic manufacturing,” Lutnick said.
The move aims to give automakers an opportunity to move their supply chains for parts back to the U.S.
“President Trump is building an important partnership with both the domestic automakers and our great American workers,” Lutnick also said in the statement.
(NEW YORK) — Stocks closed down significantly on Wednesday as bond yields spiked amid deficit concerns centered on a tax cut measure under consideration in the U.S. House as part of a megabill supporting President Donald Trump’s second-term agenda.
The Dow Jones Industrial Average closed down 817 points, or 1.9%, while the S&P 500 declined 1.6%. The tech-heavy Nasdaq dropped 1.4%.
The sell-off on Wall Street coincided with a surge in bond yields, which in turn raised the cost of U.S. borrowing and stoked investor fears about the wider impact across the economy.
The 10-year Treasury yield jumped from 4.48% to 4.58%, reaching its highest level since February.
The nonpartisan Congressional Budget Office on Tuesday found the tax policies backed by Trump would add $3.8 trillion to the national debt.
The bond sell-off arrives at a moment of heightened volatility in Treasury markets. Long-term bond yields soared last month in the immediate aftermath of Trump’s “Liberation Day” tariffs.
A U.S. credit downgrade at Moody’s last week further roiled debt markets.
Bond yields rise as bond prices fall. When a sell-off hits and demand for bonds dries up, it sends bond prices lower. In turn, bond yields move higher.
The yield for long-term Treasury bonds helps set interest rates for a host of consumer loans, including mortgages and credit cards.
When interest rates rise, businesses also face higher borrowing costs, making it less likely that firms would move forward with an office expansion or round of hiring, analysts previously told ABC News. In turn, such conditions risk an economic slowdown.
(NEW YORK) — The country’s electric vehicle market has an affordability problem.
Enter Slate, a new company backed by Amazon CEO Jeff Bezos and two investment funds. On Thursday, company executives unveiled an inexpensive, spartan electric truck that comes at a critical time for U.S. consumers and the industry.
Priced below $30,000, the truck, which will be built in an undisclosed location in the Midwest, could sway more price-conscious Americans to buy an EV. Plus, the $7,500 federal tax credit drops the starting price to under $20,000, according to Chris Barman, Slate’s CEO.
“This is a radically affordable and customizable vehicle,” Barman told ABC News ahead of the truck’s global debut. “We only put the essentials, the basics, in the vehicle. We wanted to strike a good balance with price and range.”
The truck’s range is 150 miles and jumps to 240 miles if a customer chooses to purchase the extended battery pack. Barman, an industry veteran, described the philosophy of the truck as “plug and play,” saying customers can opt for a basic version or pay more for luxuries like power windows and an exterior color. The truck, which can also be transformed into an SUV, rolls off the line in a standard gray hue.
“It’s all about value and keeping the price low,” Barman noted. “There’s no radio or infotainment system. Customers can bring in a Bluetooth speaker. Manual windows that you crank by hand was a cost-saving measure. But there is heat and air conditioning.”
Barman estimates that adding back popular features would raise the price by about $10,000. The vehicle may not have a “native” navigation system but it does come equipped with standard safety tech: a backup camera, automatic emergency braking, forward collision warning, a forward-facing camera and auto high-beam headlights.
For $50, interested buyers can place a reservation on the Slate website. Production begins in the fourth quarter of 2026, according to Barman.
Tony Quiroga, editor-in-chief of Car and Driver, said he’s “really excited” to see the truck in person.
“It’s a bare-bones, stripped-down EV for people who wouldn’t necessarily be able to buy one,” he told ABC News. “For some EV buyers, price is more important. If your commute is pretty short and you have charging at home, you can use an EV that doesn’t have a lot of range.”
He added, “Hopefully it does what the [Ford] Maverick did for the small pickup truck segment — opening up an entirely new segment that no one had really filled.”
The high MSRPs of electric cars and SUVs, even with federal and state credits, have prevented a large chunk of Americans from owning one. Even some of the cheapest models currently available — the Hyundai Kona, Toyota bZ4x, Fiat 500e, Chevy Equinox EV and Nissan Leaf and Nissan Ariya — cost more than $30,000. Earlier this week, Tesla CEO Elon Musk reaffirmed that his company was on track to build a low-cost vehicle, with production starting at the end of June.
“There are a lot of people — way more than we talk about — who just need an affordable car,” Erin Keating, executive analyst at Cox Automotive, told ABC News. “Why does someone buy a 10-year-old car? It’s affordable and gets you from A and B. People overestimate the technology lower-income individuals need.”
The average transaction price of a new EV in March was $59,205 before incentives and discounts, according to Cox Automotive. To move inventory, dealers across the country are offering competitive deals on new models, including luxury brands.
“Recent tariffs on imported EV batteries and components from China, which accounted for approximately $1.9 billion worth of lithium-ion batteries in 2024, could further increase transaction prices, as these tariffs could raise the cost of imported materials by up to 82%,” Cox analysts noted in their analysis.
Keating noted that Slate could become the “Spirit Airlines” of the auto industry and its low-cost strategy may work — if federal tax incentives stick around.
“We’re struggling with affordability for vehicles and this is a solid opportunity for Slate to grab some market share off the bat,” she said. “Don’t hold breath though that the EV credit will stick around for long. Everyone assumes it will go away.”
Tyson Jominy, vice president of data and analytics at J.D. Power, said it’s unclear if consumers will accept an austere vehicle when many are willing to pay up for driver assistance systems and luxe interiors.
“Will consumers give up all the screens and creature comforts and tech? We’re getting really close to finding out that answer,” he told ABC News. “Everyone wants to talk about affordability and yet we continue to move further away from it. Monthly payments continue to trend higher because of interest rates but also because trade-in values of cars continue to go down.”
He went on, “The pressure to have an affordable vehicle will only increase as the number of affordable vehicles likely decreases because of tariffs.”
Jominy pointed out that Slate executives chose a two-seat, single cab design, a questionable move when SUVs dominate the nation’s roads and driveways.
“Single cab pickup sales are under 1% … and SUVs outsell regular cab pickups 100 to 1,” he said. “If you have the ability to launch as an SUV, just do the SUV.”
Barman argued that Slate fills a gaping hole in the U.S. auto market.
“It’s all about value and keeping the price low,” she said. “It’s feasible to produce a low-cost EV.”
