Summary
Germany’s Economy Minister Robert Habeck criticized Elon Musk’s proposal for zero tariffs between the US and Europe, calling it a “sign of weakness” driven by fear of economic fallout.
Habeck said Musk should instead pressure Trump to lift the newly imposed tariffs, including those targeting the European Union.
Musk’s call for zero tariffs comes amid market chaos after Trump’s “Liberation Day” tariffs, which included a 20% rate on the EU. The S&P 500 plunged 10% and the Nasdaq 100 entered a bear market.
The EU prepared retaliatory measures, while China and Canada vowed to respond. Analysts warned of rising recession risks amid escalating global trade tensions.
There was no need for tariffs in the first place. This was a unilateral trade war based on absolute stupidity on Donnie’s part and the desire to crash the markets so the rich can buy up whatever they like at a discount.
I would stay with absolute stupidity until proven there are hidden more complex interests there. But sure, it’s not impossible.