Nikolas Sargeant
Elon Musk has publicly called for the elimination of trade barriers between the United States and the European Union, seemingly distancing himself from the Trump administration's protectionist trade policies. Speaking at an event hosted by Italy's Deputy Prime Minister Matteo Salvini on Saturday, Musk articulated his vision for international commerce.
"I hope it is agreed that both Europe and the United States should move, ideally, in my view, to a zero-tariff situation, effectively creating a free trade zone between Europe and North America," Musk stated. He further expressed support for increased freedom of movement between the two regions.
Billionaire Takes Aim at Trump's Economic Advisor
Musk's comments come just days after President Donald Trump announced a new round of tariffs affecting imports from countries worldwide, including a 20% levy on certain goods from the European Union. In what appears to be a direct criticism of Trump's trade policy architect, Musk took aim at Peter Navarro, a key White House economic advisor.
"A PhD in Econ from Harvard is a bad thing, not a good thing. Results in the ego/brains >>1 problem," Musk wrote, seemingly questioning Navarro's academic credentials and approach to economic policy. Navarro, who holds a doctorate in economics from Harvard University, responded on Sunday by claiming that Musk is "simply protecting his own interests."
Global Markets React to Trade Tensions
The European Union is reportedly preparing a unified response to Trump's tariffs, with plans to approve targeted countermeasures against approximately $28 billion worth of US imports, according to Reuters.
These escalating trade tensions have contributed to significant market volatility. Major indices including the S&P 500, NASDAQ 100, and Dow Jones Industrial Average experienced their worst trading week since the COVID-19 crash. The cryptocurrency market has also felt the impact, with Bitcoin dropping 6.4% to $78,000 in the past 24 hours, triggering over $900 million in liquidations across derivatives markets.
