Tech mogul Elon Musk, a close adviser to President Donald Trump, on Saturday broke with Trump's decision to impose expansive tariffs on most foreign countries, saying he hopes to see a "zero-tariff situation" between the United States and Europe.
"I hope it is agreed that both Europe and the United States should move, ideally, in my view, to a zero-tariff situation, effectively creating a free trade zone between Europe and North America," Musk told The League Congress, an event hosted Saturday by right-wing Italian Deputy Prime Minister Matteo Salvini.
"That's what I hope occurs, and also more freedom of people to move between Europe and North America if they wish, if they wish to work in Europe or wish to work in America, they should be allowed to do so, in my view. So that has certainly been my advice to the president," Musk added.
Trump announced tariffs this week on some of the country's largest trading partners. The United States is set to impose a 20% tariff on the European Union under his plan.
Markets plunged Thursday, the day after Trump's announcement, as the S&P 500 index fell nearly 5%, the Dow Jones Industrial Average dropped 4% and the Nasdaq plummeted 6%, with all three posting some of the largest declines since the start of the Covid pandemic in 2020.
At a White House event announcing the tariffs Wednesday, Trump said the United States has been “looted, pillaged, raped and plundered" by other countries' trading policies and called the next era in the United States the "golden age of America."
After two days of the stock market’s falling, Trump was steadfast Saturday on Truth Social in his rationale for having imposed the widespread tariffs, writing that China "and many other nations, have treated us unsustainably badly. We have been the dumb and helpless 'whipping post.'"
"THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH, it won’t be easy, but the end result will be historic. We will, MAKE AMERICA GREAT AGAIN!!!" he added.
So far, European leaders have threatened to respond to the tariffs, with the president of the European Commission, Ursula von der Leyen, writing on X that: "Europe is prepared to respond. We’ll always protect our interests and values. We’re also ready to engage. And to go from confrontation to negotiation."
The European Union, as well as other countries targeted by tariffs, has threatened to impose countermeasures later this month.
Trump has long railed against free trade, which Musk expressed support for Saturday. The White House and Musk did not immediately respond to requests for comment.
