Elon Musk failed to convince Donald Trump to reverse global tariffs, sparking a rift as Tesla faces market losses and SpaceX lands in a political conflict of interest.
April 9, 2024
DIGITAL WORLDWIDE NEWS
The impact of Trump’s tariffs on Tesla and SpaceX has been severe
Did Elon Musk try to stop Donald Trump’s global tariff plans?
Yes, Elon Musk personally urged Donald Trump to stop global tariffs, according to multiple reports. Musk reached out to Trump several times in private to reverse a sweeping wave of international trade levies, but the Tesla CEO failed to sway Trump on tariffs, marking a growing rift between the two high-profile figures.
Trump’s tariffs caused a global market crash, wiping out trillions in company value and damaging the fortunes of billionaires including Musk. The Trump trade tariff backlash has sparked alarm among economists and business leaders.
What was Elon Musk’s main concern with Trump’s tariff strategy?
Musk feared the economic impact of Trump’s tariffs on global markets and the U.S. economy. As the head of the government efficiency advisory group “Doge,” Musk’s role included advising on smarter federal spending. The tariffs not only hurt Tesla’s stock value but also triggered retaliatory actions from other nations like China.
During the weekend, while lobbying Trump, Musk also appeared at a far-right conference in Italy where he called for zero tariffs between the U.S. and EU, which he said had been his advice to the president.
Did the Trump administration respond to Elon Musk’s efforts?
No formal response was given by either Trump or Musk’s camp. However, on Monday, Trump doubled down by threatening an additional 50% tariff on Chinese imports, ignoring Musk’s suggestions.
Meanwhile, Musk launched an online feud with Peter Navarro, Trump’s trade advisor. The Elon Musk vs. Peter Navarro trade spat included Musk calling Navarro a “moron” and ridiculing his Harvard economics PhD, saying, “He ain’t built shit.”
What does this mean for Musk’s role in government?
Reports suggest Musk may leave his White House role in Doge soon, signaling an end to his direct government involvement. Still, Trump praised Musk, saying, “Elon is fantastic,” and hinted that Musk will remain influential in U.S. politics.
How are Elon Musk’s businesses affected by the Trump tariffs?
The impact of Trump’s tariffs on Tesla and SpaceX has been severe. Tesla sales in the U.S. and Europe have dropped sharply, and the company has been the target of vandalism and protests. The FBI has launched a task force to address violence at Tesla dealerships and charging stations.
At the same time, Democrats in Congress are probing conflicts of interest between Musk’s Doge role and SpaceX’s $38 billion NASA contracts, raising ethical questions about his influence in government and business.