As a side note, on a musical note… Elon Musk has personally and repeatedly lobbied former President Donald Trump to abandon a torrent of global tariffs. These tariffs have sent shockwaves across international markets. The persistent, seemingly endless trade war continues to dog business executives and investors alike. The latest round of tariffs triggered a historic one-day decline in stock market values, hurting the fortunes of many billionaires, including Musk.
Musk may have lobbied hard, but in the end Trump didn’t listen to him. On Monday, the former president doubled down. He even threatened to raise the tariff to an additional 50% on China, raising tensions to a whole new level. This dramatic and untimely decision has spooked the markets. It sent Tesla shares reeling down to $233.29, a collapse of over 42% since the year began.
Tariffs have roiled global markets and endangered established trade relationships. The consequence of these waivers and exemptions, companies have incurred costs in the trillions. Futurists on both sides of the aisle are recognizing that Musk’s inability to persuade Trump is an indication of the increasingly widening schism between the two power players.
In the latest splash of that animosity, Musk and Trump trade warrior Peter Navarro recently insulted each other in a Twitter exchange. In response, Navarro publicly referred to Musk as a “car assembler”—not a bonafide manufacturer. He noted that more than 50% of Tesla’s electric vehicle parts are manufactured overseas. Musk responded sharply, stating that “Navarro truly is a moron. What he says here is demonstrably false.” He further emphasized his position by stating, “That has certainly been my advice to the president.”
The escalating feud between Musk and Navarro underscores the heightened tensions within the administration regarding trade policies and their implications for American industries. Musk has been trying hard to get his tariff level down. At a recent right-wing conference in Italy, he even advocated for zero U.S.-European Union tariffs. The stakes couldn’t be higher for his companies, or the fate of our nation’s economy.
The current tariff debacle comes at a time when Musk is facing plenty of other troubles. As Forbes recently reported, his personal wealth has fallen below $300 billion for the first time since last fall. This dramatic drop is due largely to plummeting stock values and continuing uncertainty in the markets. Concerns about the safety of Tesla sales points is what led to the FBI’s involvement. To address the shooting and violence that has taken place on these sites, they are creating a task force.