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Two Large Tesla Shareholders Support Musk's $2.6B Award

10 March 2018

Hours before Donald Trump signed orders imposing stiff new tariffs on imported steel and aluminium, Tesla CEO Elon Musk posted a series of tweets directed at the US President asking for "equal and fair rules for cars" when it comes to the US and China.

An American vehicle sold in China is said to be penalized via a 25-percent import duty, while a Chinese auto coming to the U.S. only pays 2.5 percent - "a tenfold difference", Musk points out.

Replying to Trump's tweet on how the country plans to reduce its "One Billion Dollar" trade deficit, Musk laid out his frustrations with selling electric cars in China.

President Donald Trump on Thursday cited tech entrepreneur Elon Musk's supportive commentary on his decision to implement tariffs on steel and aluminum imports from almost every foreign country. After reading the tweet, he seemed to criticize the Obama Administration for failing to address the import tax disparity.

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While Donald Trump is yet to issue a direct response to Musk's statements on Twitter, the US President has been quite open about his support for Elon Musk. "They've known it for years, they never did anything about it". It's got to change'. "It is better if all countries lower tariffs", he wrote.

Musk noted that a USA auto 'going to China pays 25% import duty, but a Chinese vehicle coming to the United States only pays 2.5%, a tenfold difference'.

"Do you think the U.S. and China should have equal and fair rules for cars?" Musk tweeted at Mr. Trump earlier Thursday that he is "against import duties in general, but the current rules make things very hard".

Earlier Thursday, Trump praised Musk and SpaceX as he hailed the private space industry. An agreement hasn't been finalized because the two sides disagree on the ownership structure for a proposed factory. In addition, Musk pointed out that USA companies aren't allowed to hold majority ownership interest in factories operated in China, but Chinese companies are allowed 100 percent ownership of factories located in the U.S.

Two Large Tesla Shareholders Support Musk's $2.6B Award