Elon Musk advocates that there are no tariffs on international trade between the US and the European Union.
Musk said at an event hosted by Italian vice-prime minister Matteo Salvini on Saturday:
I hope that both Europe and the US would, ideally, be moved to a zero tariff situation and that it is agreed to effectively create a free trade zone between Europe and Notor America.
He further said he hopes people have more freedom to move between the two regions.
That said, Musk's view appears to be in stark contrast to President Donald Trump's approach. On April 2, he condemned a new batch of tariffs on literal countries around the world, including 20% collection on imports from the European Union (specific goods).
At the same time, Musk took a jab on Peter Navarro, an aide at the White House and one of the leading supporters of Trump's tariff plans.
“A PhD at Harvard econ is a bad thing, not a good thing. It's an ego/bring >> one problem.”
Navarro holds a PhD in Economics from Harvard University. Navarro also responded Sunday, saying that Musk “simply protects his interests.”
Reuters reports that the EU is attempting to present a united front in the coming days against the tariffs mentioned above, and aims to approve the first “target measures” for targeted imports from the US worth around $28 billion.
The international stock market is under severe tension as the S&P 500, NASDAQ 100 and DJI expressed significant losses during trading sessions last week.
Bitcoin prices have also fallen in the last 24 hours, trading at $78,000 at the time of this writing, down 6.4%. As cryptopotato Reportedly, a sudden conflict has led to a major liquidation across the derivatives market, now at over $900 million.
