Fri, 14 Mar 2025

Fri, 14 Mar 2025 Musk's Tesla raises concern over Trump tariffs

The electric carmaker’s warning about tariffs comes despite its boss's key position in the Trump administration.

* Tesla, led by Elon Musk, warns that US exporters could be harmed by countries retaliating to Donald Trump's trade tariffs.
* The electric carmaker says it "supports" fair trade but is concerned about being exposed to disproportionate impacts if other countries retaliate with tariffs.
* Tesla's share price has dropped 40% since the start of the year, with market analysts attributing the fall to production and sales worries rather than Trump's influence.
* The company is making changes to its supply chains to find local suppliers and reduce reliance on foreign markets.
* However, it warns that even with localization efforts, some parts and components are still difficult or impossible to source within the US.
* China, which is Tesla's second biggest market after the US, has responded to Trump's tariffs with retaliatory levies including on cars.
* The EU and Canada have threatened sweeping retaliations for tariffs on steel and aluminum imports into the US.
  >>