Billionaire Elon Musk says he hopes the U.S. and Europe can develop their economic relationship toward eliminating the need for tariffs.
Musk made the statement during a video interview with Italian Deputy Prime Minister Matteo Salvini on Saturday.The billionaire says he has advised President Donald Trump to bolster the relationship with European countries.
‘At the end of the day, I hope it’s 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 said.
He went on to say he would like to see greater freedom of movement between Europe and the U.S. as well.
‘If people wish to work in Europe or wish to work in North America, they should be allowed to do so in my view,’ Musk said, adding that this ‘has certainly been my advice to the president.’
Musk’s statement comes less than a week after Trump unveiled sweeping tariffs against virtually every major country on earth.
The initial 10% ‘baseline’ tariff took effect at U.S. seaports, airports and customs warehouses on Thursday. Higher taxes on goods from 57 larger trading partners are set to start later this week.
European Union imports will face a 20% tariff, while Chinese goods will be hit with a 34% tariff, bringing Trump’s total new taxes on China up to 54%.
World leaders in Europe and elsewhere have vowed to retaliate against the tariffs. China, hit harder than any other nation, promised to ‘take countermeasures to safeguard its own rights and interests’ last week.
European Commission President Ursula von der Leyen says Europeans ‘feel let down by our oldest ally.’
‘Uncertainty will spiral and trigger the rise of further protectionism. The consequences will be dire for millions of people around the globe,’ she said.
Fox News’ Landon Mion and Reuters contributed to this report.
