Thursday, 19 July, 2018

Tesla CEO Elon Musk weighs in on Trump trade battle with China

Scammers claim Elon Musk is giving away crypto-currency Scammers claim Elon Musk is giving away crypto-currency
Deanna Wagner | 10 March, 2018, 02:37

Tesla began selling cars in China in 2014 and sold $1 billion worth of cars to the country in 2016, despite the 25 percent import tariff, helping earn it a spot on the Fortune 500.

Trump's remarks came after Musk, who founded Tesla and SpaceX, asked the president on Twitter whether he thought the US and China should have the same guidelines on trade involving cars. Musk lamented that an American auto sold in China pays a 25% import duty compared to just 2.5% for Chinese cars entering the United States (both of these figures were reported by the New York Times).

Tesla "raised this with the prior administration and nothing happened". Just want a fair outcome, ideally where tariffs/rules are equally moderate. "Nothing more. Hope this does not seem unreasonable", he wrote.

Musk used a tweet President Donald Trump wrote on Wednesday as an opportunity to air his frustrations with China's policies toward foreign automakers and ask if the Trump Administration will address them. An announcement is expected Thursday afternoon.

By noon on Thursday, Trump had not responded to Musk's tweets. For me, that's more wonderful than watching the rocket go up, 'cause I've never seen that before. They came back without wings or without anything, they landed so beautifully'.

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Most large USA auto companies already have manufacturing facilities in China, along with large sales.

Trump referenced the SpaceX launch last month that brought home two of the rocket's boosters, getting them to land within miles of the launch pads where they had launched - and touted the benefits of further private investments in space. "It's got to change", the president said, seemingly taking the lead from Musk.

Tesla has said it essentially doubled sales in China to about $1 billion a year ago, which makes it a very successful luxury vehicle in the world's largest auto market. "Meaning, same import duties, ownership constraints & other factors", Musk tweeted.

A 25 percent import tariff on Teslas shipped to China "catapults the sticker price beyond the means of most consumers" and gives manufacturers of cheaper electric vehicles an advantage over Tesla, according to Bloomberg. It will come with Tesla's Autopilot system, which is the auto maker's driver assistance system that uses sensors, radar and cameras to steer, speed up and slow down a vehicle based on traffic and road conditions.

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