Elon Musk. Photo: Ryan Collerd/ AFP
Elon Musk, the billionaire CEO of Tesla, personally appealed to US President Donald Trump to cancel import duties, but his appeal was unsuccessful. This was reported by The Washington Post, citing sources familiar with the situation.
The conflict has become the most visible public clash between the two allies – Trump and Musk – amid a new tariff policy, according to which the US president announced a base rate of 10% on all imports and increased duties for dozens of countries. Musk himself, speaking at a forum of the right-wing League party in Italy, called for ‘zero duties’ between the US and the EU.
Tesla’s shares have lost sharply in value to $233.29, down more than 42% since the beginning of the year. It is also reported that the company’s sales have declined due to the negative public reaction to the new ‘Government Performance Department’, in which Musk is involved.
Earlier, the entrepreneur said that the duties initiated by Trump are having a negative impact on Tesla. Despite this, in 2024, Musk donated almost $290 million to Trump’s presidential campaign.
Analysts warn that the new tariff policy could increase inflation, prices for average families, and even lead to a recession – which could seriously damage Trump’s image, who promised to reduce the cost of living for Americans.
