Elon Musk has publicly called on President Donald Trump to rescind his newly imposed sweeping tariffs, warning that they amount to a “structural, permanent tax on the American consumer.” In a statement shared over the weekend, Musk emphasized the importance of free trade between the United States and Europe, arguing that the tariffs threaten economic stability and consumer prices.
The Tesla and SpaceX CEO’s appeal comes amid mounting personal financial losses. Musk’s net worth fell below $300 billion on Monday for the first time since November 2024, dropping to $297.8 billion after a $4.4 billion single-day loss. Since the start of 2025, Musk has seen a $134.7 billion decline in his wealth—approximately 31% of his total fortune—according to Bloomberg Billionaires Index data.
The billionaire is not alone in his criticism. Kimbal Musk, Elon’s younger brother and a well-known entrepreneur and board member at Tesla, also slammed the tariff strategy. He echoed the sentiment that the new trade policies are effectively a tax burden on U.S. consumers, further inflaming concerns among business leaders and economists.
In response, White House trade adviser Peter Navarro pushed back against Musk’s remarks, suggesting the Tesla CEO is “simply protecting his own interests,” noting that Musk’s businesses heavily rely on global supply chains—many of which are directly impacted by the new tariffs.
The latest escalation in the trade policy debate adds to broader concerns about the economic impact of Trump’s tariff measures, which have already triggered volatility in global financial markets and prompted warnings from Wall Street executives.
