Elon Musk now says he opposes US tariffs on Chinese EVs

admin admin | 05-24 16:30

"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.
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 USD 18 billion in imported Chinese goods.

"Neither Tesla 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.

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.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.


ALSO READ

Ola Electric responds to ARAI notice, says prices of S1 X 2 kWh scooter unchanged

Ola Electric provided an invoice dated October 6, showing a INR 5,000 discount given to customers, a...

Hyundai Motor IPO’s off to a slow start

Around 35% of the total shares in the offering are reserved for retail investors, while QIBs and NII...

Under fire, Ola Electric taps EY India to get back on track

Close to a dozen executives from EY came on-board at Ola Electric a few weeks ago on deputation for ...

Tata Motors secures 5-star BNCAP safety ratings for Nexon, Curvv, and EV models in latest crash tests

Tata Curvv.EV BNCAP testTata Motors did it again! Tata Motors has once again secured 5 star rating i...

India needs to step up manufacturing to meet Viksit Bharat goal: Volvo Grp India MD

Volvo Group India Managing Director and President, Kamal Bali. The manufacturing sector is a weak li...

Dollar pullback to help Indian rupee, weak risk appetite to weigh

Investors are now nearly certain that the U.S. Federal Reserve will deliver a 25-basis-point rate cu...