Trump singles out Elon Musk's support for tariffs

Trump singles out Elon Musk's support for tariffs

Trump singles out Elon Musk's support for tariffs

But when Trump read Musk's tweets during a press event, he said that "at some point", the President was likely to enforce what he called a "reciprocal or mirror tax", where he would match the tariffs China has put on U.S. imports.

He asked Trump: 'Do you think the US & China should have equal & fair rules for cars? But to get around the high tariff, Tesla has indicated support for opening a factory in China - although Musk has resisted partnering with local manufacturers like other vehicle companies do.

Musk pointed to the differences in import duties on cars going back and forth between the US and China, as well as the contrasting rules on foreign ownership of factories.

'I am against import duties in general, but the current rules make things very hard.

"Just want a fair outcome, ideally where tariffs/rules are equally moderate", Musk tweeted.

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Tesla calls this a "production" run, but its target for actually producing these still seems to be 2019, with a likely delivery time frame more like 2020. But, President Trump urged that the United States must "act soon" to increase tariffs. To get around the 25 percent import tariff, though, the company has explored setting up a factory. "They send their auto over here, 2.5%".

"Rich guys, you know, they love rocket ships". They never did anything about it.

Musk then went on to describe how ownership rules among American automakers operating in China are skewed against the US-based firms.

"We are going to be doing a reciprocal tax program at some point, so that if China is going to charge us 25% or if India is going to charge us 75% and we charge them nothing". According to individuals who claim to have direct knowledge of the matter, Tesla and Shanghai officials have disagreed about the ownership of the proposed electric vehicle factory.

Tesla has sought to build a factory in China, and last November Musk said he hoped the plant would be operating within three years. In its most recent annual report, the company cited tariffs as one of the threats to its worldwide operations.

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