"In an interview with investor and entrepreneur Nikhil Kamath released on Sunday, Musk said he warned Trump against tariffs, arguing they "create distortions in markets." The Tesla CEO has previously expressed concern that import taxes would cause a recession and drive up the prices of goods. In April, the EV maker stopped taking orders for some models in China, which then faced a retaliatory 125% tariff."
""Would you want tariffs between you and everyone else at an individual level? That would make life very difficult," he continued. "Would you want tariffs between each city? No, that would be very annoying. Would you want tariffs between each state within the United States? No, that would be disastrous for the economy. So then, why do you want tariffs between countries?""
"U.S. manufacturing contracted in November for the ninth consecutive month, according to the Institute for Supply Management (ISM) Manufacturing PMI report released on Monday, with pullbacks in new orders and supplier deliveries, as well as employment. Some manufacturing industry personnel surveyed attributed slowing business and tightening labor to the levies, even saying they've increased overseas production."
Elon Musk warned President Trump against broad tariffs, arguing they create market distortions and could trigger a recession and higher consumer prices. Tesla halted orders for some China models and faced a retaliatory 125% tariff. Musk compared tariffs between countries to tariffs between states or cities, saying such measures would be disruptive. U.S. manufacturers connect recent levies to industry decline, job cuts, and increased offshore production, countering claims that tariffs would reshore jobs. The ISM Manufacturing PMI showed a ninth consecutive monthly contraction in November, with declines in new orders, supplier deliveries, and employment.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]