'Free trade zone': Elon Musk wants 'zero tariff situation' between US, EU after Tesla loses BILLIONS amid Trump's tariff war
World: Musk's comments come on the heels of President Donald Trump's announcement of a 20 per cent tariff on all imports from the European Union and a 10 per cent standard tariff on almost all other countries.
Elon Musk, the tech mogul and current US government official running DOGE (Department of Government Efficiency), has voiced his aspiration for a tariff-free trade zone between the United States and Europe.
Speaking via video link at a congress organised by Italy's right-wing League Party, Musk said he hoped that both regions would "move ideally, in my view, to a zero tariff situation, effectively creating a free trade zone between Europe and North America."
Diverging from Trump's protectionist policies
Musk's comments come on the heels of President Donald Trump's announcement of a 20 per cent tariff on all imports from the European Union and a 10 per cent standard tariff on almost all other countries, a move that has caused economic disruptions globally.
Despite his role as head of the Department of Government Efficiency (DOGE) and his close advisory relationship with Trump, Musk's call for eliminating tariffs marks a notable deviation from the administration's current protectionist stance.
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Tesla's challenges
Tesla has had a rough start to the year. The company recently reported a sharp drop in vehicle deliveries for the first quarter, with sales falling significantly in multiple European markets. The company’s share price has nearly halved since December.
Musk himself has taken a major financial hit, losing billions following Trump’s tariff decisions. The latest trade policies could worsen Tesla's already strained supply chain and further affect its global performance.
Musk wants freer movement and fewer rules
During the interview, Musk also called for greater freedom of movement between Europe and North America and criticised the level of regulation in Europe.
“There are too many rules and regulations that make it very difficult to create a company and do too much to protect large companies at the expense of small to medium-sized companies,” Musk said. He added that Brussels is “amplifying” the issue, arguing that “radical deregulation is necessary.”
(With inputs from agencies)
