Tesla Inc. CEO Elon Musk has publicly voiced his criticism of Trump trade advisor Peter Navarro over President Donald Trump’s tariffs. Navarro, however, has denied any feud with Musk.
What Happened
Early Saturday, Musk questioned Navarro’s support of Trump’s tariffs on his social media platform. Musk, who has generally been supportive of President Donald Trump, has not previously commented on the President’s trade policies and their effect on the stock market.
An X user posted a video of Navarro defending the administration’s tariff calculations while praising the trade adviser’s PhD in economics from Harvard. Musk responded to the video, implying that Navarro’s Harvard economics PhD was a disadvantage. Musk also responded “yup” to a post that quoted economist Thomas Sowell, stating, “In every disaster throughout American history, there always seems to be a man from Harvard in the middle of it.”
Navarro’s Response
Meanwhile, when asked on Fox News about Musk’s remarks and a possible disagreement, Navarro responded, “It’s fine, there’s no rift here.” He further suggested that Musk, as a businessman, was “simply protecting his own interest” by opposing him and Trump’s tariffs. Navarro stated that Musk is “great when he sticks to his DOGE lane,” but said that the billionaire “sells cars” and is “just looking out for his own interests” by opposing him and Trump’s tariffs— “just like any businessperson would.”
Why It Matters
Musk’s remarks surfaced as he has largely refrained from the tariff discussion. However, he later expressed a desire for the U.S. and Europe to move toward a zero-tariff system, in response to Trump’s imposition of a 20% tariff on goods from the European Union.
Musk’s net worth has taken a significant hit following Trump’s tariff announcement, with billions wiped off. Despite this, Forbes still ranks the billionaire as the world’s richest person, with an estimated net worth of $362.5 billion. Tesla’s stock plunged nearly 15% between Trump’s tariff announcement and Friday’s close at $239.43.
Impact on Tesla and SpaceX
In March, Musk acknowledged that although his auto company leads in U.S. manufacturing compared to competitors, “Tesla is still significantly impacted by tariffs.” Meanwhile, shares of Musk’s SpaceX, a privately held company, dropped 12% last week, as reported by secondary market data provider Notice. The decline is linked to SpaceX’s reliance on products sourced from Taiwan, Vietnam, and Thailand— countries heavily impacted by Trump’s tariffs.
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