Elon Musk urges Trump to lift tariffs amid economic turmoil and stock market decline
The trade war initiated by U.S. President Donald Trump through widespread tariffs has caused severe volatility in financial markets and a significant drop in stock values in the United States.
Amid this economic turmoil, the Washington Post reported on Monday, April 7, that Elon Musk, CEO of Tesla and head of the Office of Government Efficiency (DOGE), directly asked Donald Trump to lift the imposed tariffs.
Musk, a major supporter of Trump’s election campaign, contributing over $300 million, is now facing challenges for his companies, especially Tesla. The company, heavily reliant on the global supply chain, has been harmed by the tariffs, with its stock falling by about 40% since the beginning of 2025.
According to sources cited by the Washington Post, Musk argued during a private meeting with Trump at Mar-a-Lago that the tariffs not only hurt Tesla but also the entire U.S. economy. He warned that rising production costs and reduced competitiveness in global markets could weaken U.S. companies.
Musk also indirectly voiced his opposition to the tariffs in a post on social media platform X, sharing a video of Milton Friedman, a proponent of free markets. He called for “free trade without tariffs” between the U.S. and Europe.
The imposition of heavy tariffs has pushed U.S. stock markets into a decline and poses a threat of global recession. The Washington Post also quoted Larry Fink, CEO of BlackRock, stating that “the economy is already weakening,” and markets may drop another 20%.
The ongoing trade conflict has disrupted economic stability, affecting both U.S. businesses and global markets. Musk’s appeal to Trump highlights the significant financial consequences of the trade war and the urgent need for diplomatic and economic solutions to prevent further damage. As the situation evolves, it remains to be seen how policymakers will respond to the mounting pressure from business leaders and economists alike.
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