Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Elon Musk now says he opposes US tariffs on Chinese EVs

Published 2024-05-23, 12:15 p/m
© Reuters. FILE PHOTO: Elon Musk, Chief Executive Officer of SpaceX and Tesla and owner of X looks on during the Milken Conference 2024 Global Conference Sessions at The Beverly Hilton in Beverly Hills, California, U.S., May 6, 2024.  REUTERS/David Swanson/File Phot
TSLA
-

By Martin Coulter

PARIS (Reuters) -Tesla founder Elon Musk told tech investors in Paris on Thursday he opposed U.S. tariffs on Chinese electric vehicles (EVs), an about-face from his January warning that trade barriers were needed or China would "demolish most other car companies in the world."

On Thursday, Musk said he did not favour measures that distorted the market.

This month, U.S. President Joe Biden rolled out new tariffs on an array of Chinese imports, including EVs, seeking to support American manufacturing.

The Biden administration has maintained a number of tariffs introduced by former President Donald Trump, while ratcheting up others, including quadrupling EV duties to more than 100%. The White House said the new measures affect $18 billion in imported Chinese goods.

"Neither Tesla (NASDAQ:TSLA) nor I asked for these tariffs, in fact I was surprised when they were announced. Things that inhibit freedom of exchange or distort the market are not good," Musk said at the Viva Technology conference in Paris via video link.

“Tesla competes quite well in the market in China with no tariffs and no deferential support. I’m in favour of no tariffs," Musk said.

In January, Musk warned Chinese automakers would "demolish" global competitors without trade barriers.

"If there are no trade barriers established, they will pretty much demolish most other car companies in the world," Musk said in a post-earnings analyst call at the start of the year.

© Reuters. FILE PHOTO: Elon Musk, Chief Executive Officer of SpaceX and Tesla and owner of X looks on during the Milken Conference 2024 Global Conference Sessions at The Beverly Hilton in Beverly Hills, California, U.S., May 6, 2024.  REUTERS/David Swanson/File Photo

Leading tech executives and political figures such as ex-Google CEO Eric Schmidt and former U.S. climate envoy John Kerry took to the stage this year at the annual VivaTech conference.

Linda Yaccarino, the CEO of Musk-owned social media platform X, is expected to participate in-person on Friday for a panel discussion on the future of content.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.