Business chiefs are travelling to Washington to contest newly proposed foreign investment tax measures, warning they could undermine job creation, hamper economic growth, and disrupt global markets.

Allies of Donald Trump and Elon Musk, concerned about the damaging repercussions of their public feud for both political and commercial interests, have called on them to reconcile despite no immediate signs of a resolution.

Trump and Xi have toned down their language and agreed to a new round of trade discussions, with state invitations extended, the US President indicating imminent talks, and investors remaining cautious.

A newly proposed legislative measure, branded a “big beautiful bill,” is projected to raise US debt by $2.4 trillion, with critics highlighting anticipated shortfalls in tax receipts and accusing the oversight body of partisanship.