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Tesla, run by Donald Trump cheerleader Elon Musk, has warned US officials it risks being exposed to “disproportionate” retaliatory tariffs under the president’s escalating trade war.
The electric carmaker raised the issue in a letter to the US Trade Representative’s (USTR’s) Office on the same day Mr Trump bought a Tesla car in a show of support for his close ally after a bloodbath for the company’s shares.
Investor concerns, mostly linked to the trade war, have pushed Tesla’s market value 50% down from its December peak – a hit of roughly £800bn.
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The backlash against the trade war intensified this week when Tesla suffered its worst daily loss in five years as part of broader stock market falls on fears that US consumers and businesses are now facing the prospect of a recession.
The declines at Tesla were also linked by market analysts to domestic anger over Mr Musk‘s work in government to shrink its size through leadership of the so-called Department of Government Efficiency.
Tesla’s letter was one in a growing mailbag, with businesses widely complaining about the threat of rising costs and red tape.
It was not clear who wrote the Tesla document, as it was unsigned, but it stated it was important to ensure that the Trump
administration’s efforts to address trade issues “do not inadvertently harm US companies”.
Tesla said it wanted to avoid retaliation of the type it faced in prior trade disputes, which resulted in increased
tariffs on electric vehicles imported into countries subject to US tariffs.
Canada and the EU are among…
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