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 >
Officials head into Fed meeting with uncertain long-term inflation outlook
Officials head into Fed meeting with uncertain long-term inflation outlook
Jun 18, 2025
(Reuters) -Among the uncertainties facing Federal Reserve officials as they debate the proper setting of monetary policy, one of the trickiest has been divining where inflation is going, especially over the longer run. Fed officials hold that expectations about where prices are heading exert a strong pull on current levels of inflation. More importantly, stable long-term expectations grant officials confidence...
Fed announces meeting to discuss easing bank leverage rules
Fed announces meeting to discuss easing bank leverage rules
Jun 18, 2025
WASHINGTON (Reuters) -The Federal Reserve will consider plans to ease leverage requirements on larger banks at a meeting later this month, kicking off what is expected to be a broad effort to reconsider bank rules. The U.S. central bank announced the board meeting, scheduled for June 25, to discuss changes to the so-called supplementary leverage ratio, which requires banks to...
Bitcoin Traders’ Are Looking at a Key Data Point in Fed Meeting and Its Not Interest Rate Decision
Bitcoin Traders’ Are Looking at a Key Data Point in Fed Meeting and Its Not Interest Rate Decision
Jun 17, 2025
The Federal Reserve's (Fed) Open Market Committee, comprising 12 officials, is scheduled to announce its decision on interest rates at 18:00 UTC on Wednesday, followed by Chairman Jerome Powell's press conference half an hour later. The CME Group's ( CME ) FedWatch tool indicates that the central bank is again likely to hold ground and keep interest rates unchanged in...
Fed set to hold rates steady as Middle East crisis, tariffs cloud outlook
Fed set to hold rates steady as Middle East crisis, tariffs cloud outlook
Jun 18, 2025
WASHINGTON (Reuters) -The Federal Reserve is expected to keep interest rates unchanged on Wednesday as its policymakers assess signs of a cooling economy and the risk of higher inflation from U.S. import tariffs and the escalating crisis in the Middle East. Since setting its benchmark interest rate in the current 4.25%-4.50% range in December, the Fed has watched the economic outlook...
Copyright 2023-2026 - www.financetom.com All Rights Reserved