German Vice Chancellor Robert Habeck said that Elon Musk's comments on supporting a transatlantic trade system with zero duties are a sign of weakness and fear on the part of the billionaire. This is reported by Bloomberg, writes UNN.
Details
According to media reports, Musk put forward this idea as his own point of view, speaking before a gathering of right-wing Italian politicians in Florence on Saturday. Relations between the US and the European Union are deteriorating after US President Donald Trump introduced global tariffs last week. Habeck on Monday joined calls for the bloc to use its most powerful tool as a retaliatory measure.
"I read what Elon Musk said and I think it's a sign of weakness and perhaps fear," Habeck said on the sidelines of a meeting of European trade ministers in Luxembourg, as Trump's tariffs continue to trigger a sell-off in global financial markets.
Musk's Tesla, which produces many of its electric vehicles in California and Texas, is less susceptible to Trump's auto tariffs, which took effect this week, than other automakers. But he said Tesla, which has a large presence in China, would also experience some difficulties.
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The Bloomberg Billionaires Index shows that Musk's fortune has decreased by $130 billion since the beginning of the year. Tesla shares have lost half of their value since mid-December.
Habeck said Musk should demand that Trump end the trade war before talking about any zero-tariff situation.
It's nonsense, and the only thing I can explain about it is that he now sees that his own companies and even the economy will collapse because of the mess they created, so he's afraid.
Reminder
Earlier, Politico reported that US President Donald Trump informed his inner circle, including members of his cabinet, that Elon Musk will leave his position as head of the Department of Public Administration Efficiency (DOGE) in the coming weeks.