ELON MUSK BATS FOR US-EUROPE ZERO-TARIFF DEAL

Sun 06 April 2025:

US billionaire Elon Musk on Saturday expressed hope for a “zero-tariff” system between the United States and Europe that would “effectively create a free trade zone.”

Joining Italy’s right-wing populist League party event via video link, Musk told Italian Deputy Prime Minister Matteo Salvini, “At the end of the day, I hope it’s agreed that both Europe and the US should move ideally, in my view, to a zero-tariff situation, effectively creating a free trade zone between Europe and North America.”

His remarks followed US President Donald Trump’s signing of an executive order on Wednesday to impose reciprocal tariffs on countries worldwide — a move that has contributed to months of market volatility.

The head of the European Parliament’s International Trade Committee sharply criticized Trump’s announcement of a new 20% tariff on goods from the EU.

He said the bloc would respond with “legal, legitimate, proportionate, and decisive measures,” vowing to protect the EU’s democratic decision-making and economic sovereignty.

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“Economic revolution”

Donald Trump’s recent announcement of sweeping “reciprocal” tariffs—ranging from 10% to 49% on imports, with some as high as 50% on specific countries—has sent shockwaves globally. Unveiled on April 2, key trading partners like China, the EU, and Canada initially responded with caution, wary of sparking a full-blown trade war.

China retaliated swiftly, imposing 34% tariffs on U.S. imports and launching an antitrust probe into Google, signaling escalation. The EU, facing a 20% tariff, saw leaders like Italy’s Giorgia Meloni call it “wrong,” urging negotiation over retaliation, though analysts warn Europe’s export reliance could force a stronger response.

Canada’s leaders, like Ontario’s Doug Ford, hit back by targeting Musk’s Starlink, while others proposed tariffs on Tesla imports.

Global markets plummeted—U.S. indices like the Dow and Nasdaq dropped over 5%—and billionaires like Musk, Bezos, and Zuckerberg lost billions. Musk, a key Trump advisor leading the Department of Government Efficiency, has drawn ire for his role, with Tesla facing export retaliation fears.

Yet, he’s publicly diverged, advocating a “zero-tariff zone” with Europe, clashing with Trump’s stance. Protests erupted across the U.S., targeting both Trump and Musk, while leaders like the UK’s Keir Starmer vowed to shield businesses. The world braces for economic fallout as Trump doubles down, calling it an “economic revolution.”

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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