financetom
Economy
financetom
/
Economy
/
Musk says he hopes for 'zero tariffs' between US and Europe
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Musk says he hopes for 'zero tariffs' between US and Europe
Apr 5, 2025 10:48 AM

ROME, April 5 (Reuters) - U.S. tech-billionaire Elon

Musk said on Saturday he hoped in future to see complete freedom

of trade between the United States and Europe, speaking days

after U.S. President Donald Trump announced tariffs on trading

partners.

Musk, a Trump adviser who has been working to eliminate

wasteful U.S. public spending, spoke via video-link at a

congress in Florence of Italy's right-wing, co-ruling League

Party.

"At the end of the day, I hope it's agreed that both Europe

and the United States should move ideally, in my view, to a zero

tariff situation, effectively creating a free trade zone between

Europe and North America," Musk said.

Under Trump's plans announced on Wednesday, Italy, which has

a large trade surplus with the United States, will be subject to

a general tariff of 20% along with other European Union

countries.

Interviewed by League leader Matteo Salvini, Musk, who has

repeatedly expressed support for right-wing parties across

Europe, said he also hoped to see greater freedom of movement

between Europe and the United States.

"If people wish to work in Europe or wish to work in North

America, they should be allowed to do so in my view," Musk said,

adding that this "has certainly been my advice to the

president."

Musk, who has been close in the past to Italy's rightist

Prime Minister Giorgia Meloni and her Brothers of Italy party,

has also expressed support for Salvini's League.

Both groups have a hard-right agenda based on law-and-order,

tax cuts and cracking down on irregular immigration.

Italy's Economy Minister Giancarlo Giorgetti, who is from

the League, said earlier on Saturday the government wanted

"de-escalation" with the U.S. following Trump's tariff

announcement, and warned against imposing retaliatory tariffs.

Musk last month expressed gratitude to Salvini after the

League chief said Italy should pick his Starlink company to

obtain a system for satellite communications.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US Dollar Improves Early Friday Ahead of Fed Appearances, State Unemployment
US Dollar Improves Early Friday Ahead of Fed Appearances, State Unemployment
Mar 22, 2024
07:38 AM EDT, 03/22/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Friday, except for a decline versus the yen, ahead of a series of appearances by Federal Reserve officials that compensate for a lack of major US data. Fed Chairman Jerome Powell is scheduled to make opening remarks at a Fed Listens conference at...
US Congress scrambles to pass $1.2 trillion spending bill, midnight deadline looms
US Congress scrambles to pass $1.2 trillion spending bill, midnight deadline looms
Mar 22, 2024
WASHINGTON (Reuters) - The Republican-controlled U.S. House of Representatives and Democratic-majority Senate on Friday will scramble to beat a midnight government shutdown deadline by passing a $1.2 trillion bill keeping the government funded through September. If they succeed, it will end a more-than-six-month battle over the scope of Washington's spending for the fiscal year that began Oct. 1. If they...
U.S. companies' stock purchases via buybacks, M&A to hit 6-year high in 2024, Goldman says
U.S. companies' stock purchases via buybacks, M&A to hit 6-year high in 2024, Goldman says
Mar 22, 2024
(Reuters) - U.S. companies' purchases of domestic equities through more stock buybacks and corporate acquisitions will hit a six-year high of $625 billion this year, about as much as mutual funds and pension houses will offload, Goldman Sachs said. A surge in share buybacks and continued growth in cash mergers and acquisitions (M&A) will be the primary drivers of corporate...
Fed Chair Powell says pandemic has had lasting effects on economy
Fed Chair Powell says pandemic has had lasting effects on economy
Mar 22, 2024
(Reuters) - Federal Reserve Chair Jerome Powell on Friday opened a Fed Listens event on how Americans are experiencing the economy, saying the pandemic has had lasting effects and that to make good policy the U.S. central bank cannot rely only on macroeconomic data but needs to hear directly from people and businesses. He did not make any remarks about the...
Copyright 2023-2025 - www.financetom.com All Rights Reserved