Tech billionaire Elon Musk, CEO of Tesla, made direct appeals to U.S. President Donald Trump over the weekend to reverse newly imposed tariffs, according to a report from the Washington Post.
The calls came after Trump introduced a 10% baseline tariff on all U.S. imports, alongside higher duties on several other countries, sparking concerns about potential economic fallout. Musk, a close adviser to Trump, has been an advocate for reducing government inefficiencies and previously called for zero tariffs between the U.S. and Europe during a virtual address to Italy's right-wing League Party in Florence.
Despite Musk’s efforts, Tesla has struggled financially, with its quarterly sales taking a significant hit amid mounting criticism of Musk’s involvement in creating a new "Department of Government Efficiency." Tesla's stock has dropped more than 42% since the beginning of the year, closing at $233.29 on Monday.
Musk has openly expressed concerns about the impact of Trump’s auto tariffs on Tesla, calling them “significant.” Economists have warned that the tariffs could fuel inflation, increase the likelihood of a U.S. recession, and raise costs for American families, posing a challenge to Trump, who campaigned on promises to reduce living expenses.
Neither the White House nor Musk responded immediately to requests for comment from Reuters.
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Iran's Revolutionary Guards Navy said a Togo-flagged oil tanker was struck while attempting to make an “illegal passage” through the Strait of Hormuz, Iranian state media said early on Friday.
Russian air strikes injured 13 and damaged buildings in the Ukrainian capital of Kyiv and in the Black Sea port city of Odesa in the early hours of Thursday, officials said on the Telegram messaging app.
U.S. President Donald Trump said on Wednesday he hoped the war against Iran was nearing its end and that Tehran wanted to reach a deal, but Iran dismissed his comments as “mixed signals” as the conflict approaches its seventh month.
The European Union will disburse €3.3 billion ($3.8 billion) to Ukraine for missiles and drones, European Commission President Ursula von der Leyen said after a phone call with Ukrainian President Volodymyr Zelenskyy.
The U.S. State Department approved a $2.7 billion military sale to Ukraine for air-defence development upgrades, along with related equipment and services, the department said. Meanwhile, Ukrainian authorities reported at least 10 people had died in Russian attacks over the last 24 hours.
The U.S. State Department approved a $2.7 billion military sale to Ukraine for air-defence development upgrades, along with related equipment and services, the department said. Meanwhile, Ukrainian authorities reported at least 10 people had died in Russian attacks over the last 24 hours.
Cuba's electrical grid suffered a total collapse on Friday, plunging the nation into darkness and leaving millions without power amid a U.S. pressure campaign that has largely blocked oil from reaching the Caribbean's largest island.
A China Coast Guard vessel rammed a Philippine boat on a refueling mission in the South China Sea, the Philippine Coast Guard (PCG) said, in the latest confrontation between the two countries in disputed waters.
U.S. President Donald Trump said on Friday that additional news organisations could be barred from the White House, hours after announcing bans on CNN, MS NOW and Politico over coverage he described as “fake news”.
U.S. President Donald Trump announced an agreement with Denmark and Greenland on Friday that would significantly expand Washington’s military presence on the Arctic island and give the United States what he described as permanent authority over its security.
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