Elon Musk , billionaire founder of Tesla and advisor to President Donald Trump, urged the creation of a tariff-free trading relationship between the United States and Europe, just days after Trump imposed sweeping tariffs that sent global markets tumbling.
Musk adds that excessive rules are stifling business innovation across the continent. "Europe is overregulated. There are too many rules and regulations that make it very difficult to create a company and be successful," Musk stated.
"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 said Saturday via video link at a gathering of Italy's right-wing League party in Florence.
The comments stand in stark contrast to Trump's recent trade policy announcements, which included a 20% tariff on goods entering the US from the European Union as part of broader global tariffs affecting almost all trading partners.
Musk, who heads the Department of Government Efficiency in the Trump administration, also advocated for greater mobility between regions, saying there should be "more freedom for people to move between Europe and North America if they wish to work in Europe or wish to work in America."
"That's certainly been my advice to the president," Musk added, without clarifying whether his recommendations addressed tariffs, freedom of movement, or both.
Musk's advocacy for tariff elimination comes as his flagship company, Tesla, faces challenges in the European market. Tesla currently confronts significant tariffs from EU countries, and sales have reportedly slumped in Europe following Musk's involvement in Trump's Department of Government Efficiency (DOGE). The proposed arrangement from Musk could substantially benefit Tesla, and the elimination of tariffs would likely improve its competitive position in the European market.
Meanwhile, European Commission President Ursula von der Leyen reiterated the EU's commitment to negotiating with the US while maintaining readiness to "defend its interests through proportionate countermeasures if necessary."
Economists have warned that Trump's tariffs could disrupt global supply chains and potentially trigger a worldwide recession. Trump is expected to continue with his "America First" trade policies, which he claims will boost the domestic economy by bringing more investment and creating jobs.
Musk adds that excessive rules are stifling business innovation across the continent. "Europe is overregulated. There are too many rules and regulations that make it very difficult to create a company and be successful," Musk stated.
"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 said Saturday via video link at a gathering of Italy's right-wing League party in Florence.
The comments stand in stark contrast to Trump's recent trade policy announcements, which included a 20% tariff on goods entering the US from the European Union as part of broader global tariffs affecting almost all trading partners.
Musk, who heads the Department of Government Efficiency in the Trump administration, also advocated for greater mobility between regions, saying there should be "more freedom for people to move between Europe and North America if they wish to work in Europe or wish to work in America."
"That's certainly been my advice to the president," Musk added, without clarifying whether his recommendations addressed tariffs, freedom of movement, or both.
Musk's advocacy for tariff elimination comes as his flagship company, Tesla, faces challenges in the European market. Tesla currently confronts significant tariffs from EU countries, and sales have reportedly slumped in Europe following Musk's involvement in Trump's Department of Government Efficiency (DOGE). The proposed arrangement from Musk could substantially benefit Tesla, and the elimination of tariffs would likely improve its competitive position in the European market.
Meanwhile, European Commission President Ursula von der Leyen reiterated the EU's commitment to negotiating with the US while maintaining readiness to "defend its interests through proportionate countermeasures if necessary."
Economists have warned that Trump's tariffs could disrupt global supply chains and potentially trigger a worldwide recession. Trump is expected to continue with his "America First" trade policies, which he claims will boost the domestic economy by bringing more investment and creating jobs.
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