Elon Musk expects US-European tariffs to reach zero.
Witnessing plummeting sales, billionaire Elon Musk expects tariffs between the US and Europe to fall to zero.
According to CNN, Elon Musk, the world's richest man and the face of the Trump administration's Department of Government Efficiency, said he hopes for "zero tariffs" between Europe and the United States.
“Ultimately, I hope that both Europe and the US will agree to move towards zero tariffs. In fact, this is how to create a free trade area between Europe and North America,” Elon Musk said in a video interview with Matteo Salvini, Italy’s Deputy Prime Minister and leader of the far-right League party, at a League congress in Florence on April 5.
Italian Economy Minister Giancarlo Giorgetti said that Italy, which has a trade surplus with the US of around 39 billion euros ($42.74 billion) in 2024, aims to "de-escalate" the tariff dispute with the US.
Billionaire Elon Musk's comments came after President Donald Trump announced a 20% tariff on goods from the European Union on April 2nd.
In an exchange on the social media platform X, Musk criticized Peter Navarro, a senior trade and manufacturing adviser to the Trump administration who supports tariffs.
"A Harvard economics PhD is a terrible thing, not a good thing," billionaire Musk sarcastically remarked about Navarro's academic background. The Tesla CEO added, "He hasn't built anything worthwhile."
Meanwhile, Elon Musk has seen Tesla's sales plummet in recent months, amid his controversial cost-cutting role with DOGE.
According to the European Automobile Manufacturers Association, sales fell by 49% in Europe alone during the first two months of the first quarter of 2025.
European Commission President Ursula von der Leyen declared that Europe has a strong plan to respond to Trump's tariff policies. “Europe is not the initiator of this confrontation,” she said on April 3rd. “We don’t necessarily want to retaliate, but if necessary, we have a strong plan for retaliation and we will use it.”
