Good morning. Tesla profit misses as the EV maker warns of more tariff pain ahead. Trump says the levies on China may come down “substantially.” Bitcoin’s latest bounce revives the bull case for “digital gold.” Listen to the day’s top stories.

Tesla backed away from an earlier view for 2025 sales growth and pledged to revisit its outlook next quarter after posting downbeat earnings. The dimmer view for the year adds to signs that tariff tumult, an aging vehicle lineup and backlash against Elon Musk are creating significant challenges for the electric-vehicle maker. Shares rose after the CEO said he’ll pull back “significantly” from the Department of Government Efficiency in May, building on a 4.6% gain during regular trading.

Rest easier, Jerome Powell. Donald Trump said he has no plan to boot the Federal Reserve chair, despite his frustration with the central bank being too slow to cut interest rates for his taste. “The press runs away with things,” the president said. “No, I have no intention of firing him.”

There may be good news for China as well, with Trump saying tariffs on its goods will come down “substantially” from the current 145%. Adding to signs of progress: Treasury Secretary Scott Bessent earlier told a closed-door investor summit that America’s trade standoff with China is unsustainable and will probably de-escalate. Bessent’s remarks—including about the potential for a deal with China—added fuel to a relief rally in markets.