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Tesla, led by Elon Musk, a supporter of Donald Trump, has alerted US authorities about the potential for disproportionate retaliatory tariffs against the company due to the escalating trade war.
The electric car manufacturer raised these concerns in a letter to the US Trade Representative’s Office on the same day that Trump purchased a Tesla vehicle, aiming to display support for Musk, following a significant decline in the company’s stock value.
Tesla’s market value has decreased by approximately £800 billion, or 50%, from its peak in December, primarily due to investor worries related to the trade war.
Opposition to the trade war intensified after Tesla experienced its worst daily stock loss in five years, with market analysts attributing these declines partly to domestic dissatisfaction with Musk’s efforts in government to reduce its size.
Tesla’s letter is part of an increasing number of complaints from businesses about the threat of rising costs and increased bureaucracy from tariffs.
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It was unclear who composed the Tesla document, which was unsigned, but it underlined the importance of ensuring that the Trump administration’s efforts to resolve trade issues “do not inadvertently harm US companies”.
Tesla emphasized its desire to avoid the kind of retaliation encountered in previous trade disputes, which increased tariffs for electric vehicles imported into countries that fell under US tariffs.
Canada and the EU have taken countermeasures after the US imposed tariffs on all steel and aluminum imports this week.
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<img loading="lazy" src="https://e3.365dm.com/25/03/768x432/skynews-trump-washington_6849098.jpg?20250307150502" alt="U.S. President Donald Trump speaks in the Oval Office, on the day he signs
Source: https://news.sky.com/story/trump-trade-war-tesla-warns-of-disproportionate-tariff-impact-13328372
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