Elon Musk Made Unsucessful Appeals To Trump To Reverse New Tariffs As Tesla Likely To Take A Hit: Report

Elon Musk , CEO of Tesla Inc. TSLA , reportedly made direct appeals to President Donald Trump over the weekend to reverse sweeping new tariffs. What Happened : Despite being a key Trump adviser and significant political donor who contributed nearly $290 million to Republicans in last year’s elections, Musk’s intervention has been unsuccessful, reported The Washington Post.

Trump threatened Monday to add new 50% tariffs on Chinese imports on top of the 34% taxes announced last week. The dispute marks the highest-profile disagreement between Trump’s closest advisers . Musk publicly criticized White House trade adviser Peter Navarro on social media, writing, “A PhD in Econ from Harvard is a bad thing, not a good thing.



” In an interview with Italian Deputy Prime Minister Matteo Salvini, Musk advocated for a “free trade zone” between Europe and the United States, saying, “At the end of the day, I hope it’s agreed that both Europe and the United States should move ideally, in my view, to a zero-tariff situation.” Tesla did not immediately respond to Benzinga 's request for comment. See Also: Jim Cramer Says Market Rebound Feels ‘Strange’ After Nine Nights Of Losses: ‘Things Aren’t Better’ As Stock Futures Surge Over 1% Why It Matters : Musk’s brother and Tesla board member Kimbal Musk also criticized Trump’s policies , calling him “the most high tax American President in generations” and warning that tariffs create “a structural, permanent tax on the American consumer.

” Tesla stock closed at $233.29 on Monday, down more than 2.5%, and has lost over 38% of its value this year.

Analyst Dan Ives of Wedbush Securities lowered Tesla’s price target from $550 to $315 , noting that “Tesla has essentially become a political symbol globally...

and that is a very bad thing.” The tariff policies have sparked broader market turmoil , with BlackRock Inc. CEO Larry Fink warning that economic impacts are “going to freeze more and more consumption.

” Tesla is outperforming rivals Rivian Automotive RIVN , NIO NIO , and Lucid Group LCID in momentum, according to Benzinga Edge Stock Rankings. However, the Musk-led EV maker is showing a negative price trend across short to long-term timeframes. Sign up to learn more .

Read Next: ‘Dr. Doom' Roubini Warns Markets ‘Delusional' About Fed Rescue As Trump, Xi Jinping, Jerome Powell Locked In High-Stakes Standoff Image via Shutterstock Disclaimer : This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Stock Score Locked: Want to See it? Benzinga Rankings give you vital metrics on any stock – anytime.

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